05-May-09 News Headlines

Corporate News Headline

•HDFC reported Q4'09 results, total income increased 36% yoy to Rs. 31.52 bn, and net profit dipped 4.5% yoy to Rs. 7.33 bn. (BS)
•Siemens has received an order worth Rs. 790 mn from Qatari German Switchgear for supplying 11kv air insulated switchgear. (BS)
•JSL is planning to invest Rs. 1.5 bn in the next 3-4 years for developing its captive railway line in a bid to save cost on its cargo movement. (BS)


Economic and Political Headline

•The Finance Ministry informed that it will shortly meet representatives from the packaged software industry to settle the issue of double taxation on the sector. (BS)
•The US President Barack Obama proposed to raise about USD 190 bn over the next decade by outlawing three offshore tax-avoidance techniques used by the US companies such as Caterpillar Inc. and Procter & Gamble Co. (Bloomberg)
•Pending sales of the US existing homes jumped 3.2% in March after a 2% gain in February and construction spending ended a six-month slide, spurring a rally in stocks and sell-off in Treasuries. (Bloomberg)
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