Desi branches of foreign companies to take deeper roots
25 Jul
Business News

Desi branches of foreign companies to take deeper roots

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Business new tamfitronics It is good news for foreign companies operating in India as branches or project offices. Corporate tax is to be cut from 40% to 35%.'Foreign companies' denotes branches of foreign companies - such as branches of foreign banks who are not permitted to operate as a subsidiary. It also includes project offices such as an infrastructure project office set up by a foreign company for a particular project.It does not include Indian subsidiaries of foreign companies.At times, foreign companies test the waters in India before setting up a full-fledged subsidiary. "The rate reduction signals a strong play for foreign investment in India," Jiger Saiya, partner and tax leader at MSKA & Associates, said.Withdrawal of the 2% equalisation levy provides relief to digital companies as the consideration received or...
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Bonds steady on fisc ishq, Re fears foreign fund flight
25 Jul
Business News

Bonds steady on fisc ishq, Re fears foreign fund flight

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Business new tamfitronics The rupee closed at a new low of 83.69 against the dollar on Tuesday, down three paise from its previous close of 83.66. The currency was under pressure because of volatility in the stock markets coupled with uncertainty over the US political situation. Dealers said that there were transactions at 83.71 in intraday trade. While RBI did intervene, it was not seen as aggressively defending the rupee."With the US elections in focus and the Fed's policy decision at the end of the month on July 31, rupee volatility near the lower range continues," Jateen Trivedi, VP at LKP Securities, said."The rupee range can be seen between 83.45 and 83.90 in upcoming sessions."The rupee has been under pressure since Monday following a decline in the Chinese yuan even as RBI has been...
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Budget 2024: Imported high-end phones to get cheaper as India reduces duty
25 Jul
Business News

Budget 2024: Imported high-end phones to get cheaper as India reduces duty

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Business new tamfitronics A 5% duty cut in imported mobile phones is likely to reduce the cost of high-end products such as Apple's iPhone Pro and Google's Pixel. The measure isn't expected to impact most other devices as nearly 99% of mobile phones being made in India."With a three-fold increase in domestic production and almost 100-fold jump in exports of mobile phones over the last six years, the Indian mobile phone industry has matured.In the interest of consumers, I propose to reduce the BCD (basic customs duty) on mobile phones, mobile PCBAs (printed circuit board assembly) and mobile chargers to 15%," the FM said in the Budget speech. The duty, previously at 20%, was originally introduced to support local manufacturing of smartphones.If companies decide to pass on the benefits, imported iPhone Pro models could...
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Andhra Inc stocks lap up coalition dhan

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Business new tamfitronics HYDERABAD: Market indices may have closed B-Day in the red, but stocks of several Andhra Pradesh-based companies as well as those linked with AP chief minister Nara Chandrababu Naidu rallied on the bourses after a slew of sops were announced for the state.Heritage Foodsfor instance - a dairy products company promoted by Naidu's family - hit the 5% upper circuit on Tuesday before closing at Rs 575.The company's market capitalisation stands at Rs 5,333 crore, up 35% from Rs 3,957 crore on June 3 - the day before Lok Sabha results were announced. The paneer player's market fortunes have seen a sharp revival since June 4, when Naidu emerged as one of the two kingmakers, along with JD(U)'s Nitish Kumar, in the coalition govt led by PM Modi.Tirupati-based Amara Raja Energy &...
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