Indian indices log best rise in 7 wks on easing Ukraine tension
Mumbai: Indian equity benchmark indices bounced back to clock their best daily gain in seven weeks as global appetite for emerging market assets recovered on reports of easing tension between Russia and Ukraine. Sustained buying by Foreign Institutional Investors amid firm opening in European stocks and rise in US index futures also boosted sentiments. The Sensex settled at more-than five-week high of 21,209.73, a rise of 263.08 points — its biggest gain since January 13, 2014 when it had shot up by 375.72 points. On Monday, it plunged by 173.47 points, or 0.82 per cent, on escalating tensions between Russia and Ukraine. ICICI Bank, RIL and L&T led 28 gainers in 30-share Sensex. Hindalco and Sesa Sterlite were the biggest gainers. Russian troops reportedly were ordered to return to their bases from Ukraine border, lessening tensions on Tuesday.
Govt scraps onion minimum export price
New Delhi: The government removed restrictions on onion exports by doing away with the minimum export price (MEP), a move aimed at boosting shipments. In December 2013, the MEP was reduced to $150 per tonne. The government had imposed MEP on onion in September 2013 and then it was raised several times to curb exports and boost domestic supplies as retail prices had shot up as high as Rs 100 per kg in major parts of the country. The country had to even import onion to control price rise. MEP reduction has helped in checking exports, which fell to 11 lakh tonnes (LT) during April-January period of this fiscal against 18.22 LT in the same period in 2012-13. Sharp reduction in onion prices have led to removal of MEP. The retail price currently ranged between Rs 15-20 per kg.
Neelakantan returns to SpiceJet as CFO
Mumbai: Second largest low-cost carrier SpiceJet Ltd appointed R Neelakantan as its chief financial officer, marking his second coming to the Chennai-based airline, and also appointed four senior vice presidents. Neelakantan, who had served as CFO from November 2010 to February 2013, is returning to the role after serving as the internal audit head at the parent Sun Group. Neelakantan’s entry will strengthen our senior leadership team, which had earlier been boosted by the hiring of new chief commercial officer Kaneswaran Avili who will be joining SpiceJet from April 1, chief operating officer Sanjiv Kapoor said.
Tata Motors’ JLR US sales up 10%
MUMBAI: Jaguar Land Rover Automotive plc sold a total of 5,558 vehicles in the US in February, 10% higher than the corresponding period a year ago, the company said in a release. Tata Motors’ UK-based subsidiary sold 1,552 Jaguar cars in the US during the month, 35% higher on year. Land Rover sales growth was relatively muted, up 3% on year at 3,905 units. Sales were affected by severe cold in several parts of the US. “Jaguar Land Rover had a strong February despite difficult weather conditions,” Joe Eberhardt, president and chief executive officer Jaguar Land Rover North America, was quoted as saying in the release.
Blackmoney: Indian officers in 7 nations
New Delhi: As part of its strategy to curb offshore tax evasion and promote foreign investment, India has recently operationalised seven new Income Tax Overseas Units (ITOUs) in countries like Germany, USA and France. A similar Income Tax office in Cyprus has, however, not been activated as India, last year in November, classified the island nation as a notified jurisdictional area and suspended tax benefits. Both the countries are on the talking table now to revoke the decision taken by India owing to non-cooperation in tax cases. In a recent statement on renegotiation of the existing DTAA (Double Taxation Avoidance Agreement), Cyprus also said a new tax treaty is expected to be finalised soon.
Sanofi sues Glenmark for patent breach
MUMBAI: Sanofi Aventis US LLC has filed a suit against Glenmark Pharmaceuticals Ltd and its subsidiaries Glenmark Generics Ltd and Glenmark Generics Inc for alleged infringement of patent on its heart drug Multaq, according to documents available with Cogencis. Multaq is an antiarrhythmic medication that is prescribed to treat irregular heartbeat, or atrial fibrillation. It helps keep the heart beating normally in people with life-threatening heart rhythm disorders of the atrium. The main patent on the drug is due to expire in July 2016. Multaq generated sales of 269 mln euro (22.93 bln rupees) in 2013.