L&T Fin Buys 50% Of Future Group`s Insurance Biz

Monday, Mar 25, 2013 L&T FIN BUYS 50% OF FUTURE GROUP'S INSURANCE BIZ   CNBC-TV18 learns that Indian retail chain operator Future Group has agreed to sell a 50% stake in its general insurance joint venture with Italy's Generali SpA to L&T Finance for roughly Rs 550 - 600 cr, a source with direct knowledge of the matter said. read more   LEAD STORIES NHAI PROJECT AWARD TOUCHES NEW LOW OF 787 KM IN FY13  Even after revising target down to 5,000 km for 2012-13 from 6,000 km in 2011-12, NHAI touched a new low last seen only in 2008-09. read more MULAYAM MAY PULL PLUG ON UPA AFTER HOLI  SP chief Mulayam Singh Yadav feels its the time for 'like minded' parties to come together to form a government.He wants an early election in 2013. read more SENSEX HITS 4-MONTH LOW; POLITICAL UNCERTAINTY WEIGHS  Sensex fell 54.18 pts, to end at 18,681.42, while Nifty closed at 5.633.85 over worries of Samajwadi Party removing support from the govt. read more CYPRUS CLINCHES BAILOUT DEAL; BANKS TO SHUT DOWN  Cyprus clinched a last-ditch deal of 10 bn Euros & in return will shut down its 2nd largest bank & inflict heavy losses on uninsured depositors. read more TOP STORIES • P-Notes investment rises to Rs 1.62 lakh cr in Jan   • EU FTA to hit Indian generic drug makers   • Corporate revenue to slump to 6-7% in Q4: CRISIL   • Over 100 companies trading at multi-year lows   • Ford India, WPP say sorry for indecent ads   • RIL digs up 1st exploration well in 5 yrs in KG-D6 block   • Videocon to cut debt via stake sale in gasfield   • TCS wins $43 mn contract from Norway Post   • TN govt halts GAIL's pipeline project   • Interest rate on small savings, PPF cut by 0.10%   • Rail haulage for container cargo to be reduced by 5%   • Bank borrowings today hit highest level in FY13   • Yash Birla enters 'international school' space in India   • Suzlon launches $650mn bond to repay dollar loans   • VMWare to invest $120 mn to scale up India ops   • DB Realty promoter firm pledges 2.6 cr shares to HDFC   • TRAI notifies 12-minute per hour advtg rule for TV   • Aditya Birla, Tata Motors, LIC top reputation index   • Computer users to spend $ 22 bn battling malware   • TNT to shed 4,000 jobs after UPS takeover fails   more stories TOP VIDEOS No Diesel Price Hike Rollback, Losses At Rs 8.50-9/Litre: RK Singh, Chairman, BPCL   RBI Wearing Too Many Hats, Results In Unavoidable Conflict Of Interests:M Damodaran, Ex-SEBI Chief   Investing In India Is Like Investing In A Monkey Market Where One Has To Keep Jumping From One Side To The Other: Samir Arora, Helios Capital   AT A GLANCE BSE 18681.42 -54.18 NSE 5633.85 -17.5 TURNOVER Rs. 211,563 cr BSE CASH Rs. 1,987 cr NSE CASH Rs. 9,979 cr NSE F&O Rs. 183,401 cr BULLION GOLD 29407 -286 SILVER 53895 -264 CRUDE NYMEX 95.51 +1.8 BRENT 108.96 +1.3 FOREX $ / Re 54.175 -0.16 £ / Re 82.213 -0.57 € / Re 69.979 -0.48 EVENTS TO WATCH 26 March SAT Hearing Of Subrata Roy's Appeal Against Freezing Of His Personal Accounts By SEBI Ajit Singh, Aviation Minister & Tony Tyler, IATA DG To Address CII Members, New Delhi 26 - 27 March 5th Annual BRICS Summit, Durban, South Africa 27 March U.K GDP Data To Be Released 28 March U.S. GDP Data To Be Released

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EXPERT VIEWS

"We have been sending letters. We are getting results. The number of returns filed are showing an increase. We intend to continue with the efforts, Tax department's effort is to widen the tax base in order to augment revenue and as the tax base widens, hopefully in near future, tax rates could fall." Sumit Bose Revenue Secretary "The leaked text (India-EU FTA) is indicative of the aggressive pursuit of its objectives by the EU. The EU has sensed an opportunity in the outgoing government's anxiety to showcase its achievement by concluding the FTA. In the process, provisions such as injuncting a generic drug manufacturer on suspicion of infringement, pending a decision on the validity of the patent, completely negates the doctrine of 'unjust enrichment'." DG Shah Secretary General, Indian Pharmaceutical Alliance "We averted a disorderly bankruptcy which would have led to an exit of Cyprus from the euro zone with unforeseeable consequences, The assessment is that it will be under or around 30% (level of losses on uninsured depositors), But that is a bit of an arbitrary estimate." Christos Stylianides Spokesman, Cyprus Govt