Indian economy sees positive change in growth momentum: OECD

Indian economy is seeing a tentative positive change in momentum while most of the major economies are witnessing improved growth prospects, Paris-based think tank OECD said on Monday. Besides India, China and Russia too are showing similar trends. "In the emerging economies, the CLIs point to growth around trend in Brazil and to a tentative positive change in momentum in China, Russia and India," OECD said. The Organisation for Economic Cooperation and Development (OECD ) is a grouping of mostly developed nations. The latest conclusions are based on its Composite Leading Indicators (CLIs), that are designed to anticipate turning points in economic activity. India registered a higher-than-expected economic growth of 4.8 per cent in the September quarter, helped by better agriculture and factory output. In the June quarter, GDP expansion had touched a four-year low of 4.4 per cent. According to OECD, India's CLI in October stood at 97.6 unchanged from the previous month. The level was the same in July and August as well. "CLI for Canada indicates a positive change in momentum. In the US, the CLI points to growth around trend. In the euro area as a whole, in France and in Italy, the CLIs continue to indicate a positive change in momentum," OECD said.

Open to joining hand with Airtel for 4G services in Punjab: Mukesh Ambani

 
Two of the country's biggest business moguls could come together to set up a digital infrastructure in the country. Reliance Industries Ltd chairman Mukesh Ambani has said that he is open to joining hands with telecom giant Bharti Airtel for improving telecom network for 4G services in Punjab.

"Punjabis are the brand ambassadors of India. We are present in Punjab in manufacturing, retail. We are also rolling out our first digital infrastructure for 4G in the state with an investment of about Rs 2,500 crore," Ambani said at the Progressive Punjab Summit in Mohali on Monday.

"For further enhancing the digital experience, we can have a collaborative partnership with our friend Mr Mittal," Ambani further said. Reliance Jio Infocomm is the only company which has pan-India airwaves that can be used for 4G services. In April, Reliance Jio and Airtel joined hands to share capacity of a submarine cable.

"We are working towards making Punjab a digital technology hub in the near future. We also have large retail presence in the state, and also as part of our CSR (corporate social responsibility) initiative, our Bharti Foundation is working in 80 villages educating close to 13,000 children," Sunil Bharti Mittal, chairman, Bharti Group, said.

Ambani added that his company would look forward to forge a partnership with Airtel. "We look forward to Sunil and me for a partnership to serve people and build infrastructure." Meanwhile, Airtel signed an initial agreement with the Punjab government committing an investment of Rs 4,000 crore towards building digital infrastructure for 4G services.

99 stocks hit 52-week high as stock markets hit records peaks

 
As many as 99 stocks on Monday tracked the strong momentum in the broader market and touched their one-year high level on the Bombay Stock Exchange.

The BSE Sensex on its part ended at a closing high of 21,326.42, a gain of 329.89 points or 1.57 per cent, as the BJP swept three out of 4 state polls and boosted hopes that a new government in 2014 general elections would be more business-friendly.

BJP on Sunday handed a severe 4-0 drubbing to Congress in Assembly polls, snatching Rajasthan by a landslide victory and retaining Madhya Pradesh and Chhattisgarh. It also leads in Delhi, leaving Congress at the third position in the state after the Aam Aadmi Party made a stellar debut.

Cheering the news, the Sensex rose to a lifetime high of 21,483.74 points in early day before paring some gains to settle at an all-time closing high of 21,326.42.

Among the stocks that touched their 52-week high were Axis Bank, Biocon, JSW Steel and Larsen & Toubro. However, 105 scrips hit their respective one-year low level on the exchange. These include stocks like Videocon Industries and Amar Remedies.

"Sensex hit a new record with 4 month high with the BJP win. With BJP winning in three big states, the investors see India as a great marketplace to invest. BJP being called a more business-friendly government, leaves a great impression on Sensex after the first day opening post results," said Praveen Nigam, MD, Amplus consulting.

Among the 30-Sensex stocks, 26 ended the day in green led by ICICI Bank that rose by 5.16 per cent.

Of the 13 BSE sectoral indices, 12 made gains where bankex and capital goods stocks were the best performers.

Besdies, following the buoyant market mood, the total investor wealth soared by about Rs 75,000 crore to Rs 68.44 lakh crore.

Wipro to hire 500 IT professionals in Kolkata

 
Wipro has plans to hire 500 IT professionals in the next 2-3 years as part of expansion in the company's existing facility in the city.

"We are carrying out the expansion on our existing project and planning to hire 500 people in 2-3 years," Wipro V-P and corporate affairs head Partha Sarathi Guha Patra said.

Wipro's existing project, an SEZ, in the satellite township of Salt Lake employs around 6,500-7,000 people at present.

Speaking on the sidelines of IT conclave 'INFOCOM 2013', he said Wipro was working on an alternate proposal for their second campus as the state government was against SEZ in principle.

"It is not possible to match the benefits of SEZs but it is to be seen how much state government can get closer to it," Patra said.

The company has 50 acres of land but the new government was not ready to offer SEZ status to it.

Meanwhile, speaking about PC hardware business he said the company has decided to exit the business but the land of main unit at Kotdwar, Uttarakhand is been evaluated for alternate use.

The 150 people deployed there would redeployed in the company, he said.

'Nokia will have to clear Rs 6,500 cr tax liability'

A top finance ministry official has asserted that Nokia will have to clear a total tax liability estimated around Rs 6,500 crore. "Nokia will have to pay total tax liability," the senior official said when asked to respond to the recent statement of Finland's Foreign Minister Erkki Tuomioja. Finland's foreign minister Erkki Tuomioja said last week that failure to resolve the case before December 12 could lead to closing down of the Chennai plant . "There is an agreement between Nokia and Microsoft that unless this dispute is solved and the assets of its Chennai plant unfreezed before December 12, the Chennai plant would be left outside of Nokia-Microsoft agreement. "That of course, in the worst case, could lead to closing down of the Chennai plant, which is employing many thousand people, and with sub contractors up to 30,000 people. So, I think that would not be (in) anyone's interest," he had said. The Income Tax Department had slapped a notice on Nokia's Indian subsidiary for violating withholding tax norms since 2006 while making royalty payments to its parent company in Finland. Nokia had moved the Delhi High Court seeking lifting of stay on transfer of its assets here and offered to pay a minimum deposit of Rs 2,250 crore as tax, contending that the injunction will jeopardise the sale of its Indian arm to US-based tech giant Microsoft under the global deal. The I-T Department this week told the Delhi High Court that the offer of Nokia to pay a minimum deposit of Rs 2,250 crore to it, out of the company's total tax liability of nearly Rs 6,500 crore, is not acceptable. Nokia India, however, had stuck to its offer and said it is for the department to decide if they are better off with the proposed amount or without it. The matter has been listed for December 9 when Nokia has to give details of its assets and liabilities as well as how much tax it has paid here. Nokia's Chennai plant is one of its biggest facilities. It may be excluded from the $7.2 billion agreement between Nokia and Microsoft if the company's assets are not released by December 12.