New Delhi: Mumbai’s I-T department says ABG Shipyard has violated tax rules. After two days of searches at the company’s offices, the I-T department says it has found “undisclosed income” of some Rs122 core. But ABG Shipyard is denying the allegations and says it believes it has complied with tax laws. The latest developments come at a time when ABG is in a bidding war with Bharti Shipyard for a controlling stake in Great Offshore, India’s largest offshore services company.
Finance minister Pranab Mukherjee says he expects an improvement in annual GDP growth in the October to December quarter but has added that India also needs a balanced approach on interest rates so it can encourage growth and keep inflation in check. Mukherjee’s statement comes soon after the RBI indicated that it was time to reign in its loose monetary policy.
Infosys posted better than expected second quarter results. Net profit went up 7.5% to Rs1,540 crore while revenue for the quarter increased 3% to Rs5,148 crore. The company also raised its full year guidance to Rs21,961 crore and Rs22,055 crore, which is an yearly growth of 1.2% to 1.7%.
Tata Motors says it has raised $750 million through GDRs and convertible bonds to help pay off the debt it accumulated after it bought Jaguar Land Rover last year. The company had a consolidated debt of about $5.2 billion partly because of the $2.5 billion purchase of the two car companies.
Bhel said it is planning overseas acquisitions to enter new markets and will diversify into transmission, transportation and even nuclear power. The company says it will focus on the former Soviet republics and Europe.
Parsvnath Developers says it expect revenues of over Rs5,000 crore in the next two and a half years and is looking to raise about Rs5,000 crore in the current fiscal year by selling equity. The company also says it plans to cut down it’s current debt of about Rs1,400 crore rupees by more than Rs500 crores.
Bharat Petroleum plans to raise Rs1,000 crore in a bond sale to fund its capital expenditure. The bonds will mature in October of 2012 and will pay an interest of 7.73%.
Anil Ambani’s Reliance infrastructure has agreed to pay RIL a marketing margin, but says it’s doing so under protest. Reliance Infrastructure had been paying a marketing margin of $0.135 per million British thermal units for over four months. But in September it stopped the payments, calling them “unauthorized and illegal”. RIL and Anil Ambani’s RNRL are in the midst of a legal dispute over gas supplies.
Markets fell on Friday taking losses for the week to almost 3%. The Sensex plummeted 201 points to end trade at 16,643 and the Nifty went down 57 points to close at 4,945.