Real estate entity Housing Development and Infrastructure (HDIL) has fixed a price band of Rs 430-500 per share for its 2.97-crore share initial public offering, which opens on June 28 and closes on July 3. This will help the company fund part of its ongoing and proposed projects. The company plans to raise around Rs 1500 crore from the offer.

HDIL is a part of the Wadhawan group, which has been engaged in real estate development for the past thirty years. The group also has interests in various other sectors such as Housing Finance (DHFL) hospitality (Dish) and food retail (Spinach).

The group has a total of about 112 million square feet of land that is scheduled for sale. Of this 45.86 million square feet is in ongoing projects and 66.57 million square feet is in planned projects. From the total, 93.11 million square feet representing 82.8 percent of the company’s area is in Mumbai.

HDIL’s land bank is Mumbai-centric: Knight Frank
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Source: Moneycontrol.com

HDIL sees good response to its IPO
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Source: The Financial Express

HDIL an expensive issue, invest at Rs 430: Experts
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Source: Moneycontrol.com

HDIL: Invest at cut-off
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Source: The Hindu, Business Line

HDIL IPO to raise Rs 1,485 cr from mkt
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Source: The Economic Times

Indian tax payers have an alternate way of filing their tax returns without the help of chartered accountants (CAs).

Two websites, www.taxshax.com and taxsmile.com are already offering professional help for filing the tax returns online.

Kotak Mahindra Bank tied up with Taxshax to offer services to bank’s customers. The website also has tie-up with moneycontrol.com.

Need a CA to file tax returns? Try the Net
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Source: DNA Money

With RBI relaxing norms for resident Indians to invest in overseas markets, various domestic mutual fund houses are preparing themselves to join hands with global fund houses and investment advisors to offer global investment products to Indian investors.

The Kotak Mutual Fund recently joined hands with the US-based T Rowe Price, to invest money raised in India into Luxembourg-domiciled T Rowe Price Funds Sicav-Global Emerging Markets Equity Fund.

UTI Mutual Fund, the largest domestic fund house, has tied up with global investment advisors SSgA

Reliance Mutual Fund and Tata Mutual Fund are in advanced talks with global fund houses and investment advisors to offer such products.

MFs look to offer global investment avenues
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Source: Business Standard

Investing abroad under the raised cap
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Source: The Hindu, Business Line

4 steps to simplifying investing in MFs
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Source: Moneycontrol.com

How are the markets looking? Ramesh Damani gives his views on stocks, sectors and investment strategies in a chat with investors.

Damani’s view on stocks and sectors

Ramesh Damani chats with investors on Moneycontrol.com
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Source: Moneycontrol.com

The Central Board of Direct Taxes (CBDT) has issued a circular clarifying how an investor, as well as a tax assessing officer, can distinguish between capital gains and business income arising from the sale of shares.

The CBDT has also said taxpayers can have two portfolios — an investment one, comprising securities treated as capital assets, and a trading one, comprising stock-in-trade, treated as trading assets.

The income from trading assets is treated as business income, attracting a tax of slightly over 30 per cent. Income from investments attracts capital gains tax — 10 per cent for short-term (less than 12 months) and no tax on long-term gains.

The circular implies that tax assessing officers will henceforth have to look into the holding pattern of the securities bought and sold, the sale-purchase ratio, the time involved, the funding sources and the overall trade volume when determining the tax liability involved among others.

Divide your stock bouquet & save tax
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Source: The Economic Times

New norms for holding shares in companies
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Source: The Financial Express

CBDT issues new circular on share cap gains
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Source: Moneycontrol.com

CBDT issues norms for stock gains
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Source: Business Standard

CIRCULAR NO 4/2007, Dated: June 15, 2007
Sub : Distinction between shares held as stock-in-trade and shares held as investment – tests for such a distinction
Click here to view the circular.

According to the top officials of Infosys Technologies, Indian IT industry would see the erosion in the margin due to the strengthening of Indian rupee.

The value of the rupee has risen by about nine per cent against the US dollar since December 2006.

Rupee rise will erode Indian IT industry margins: Infosys
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Source: Zeenews.com

Stronger rupee to hit mid-cap IT cos
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Source: NDTVPROFIT.COM

Rupee bloodbath over for IT stocks?
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Source: Daily News & Analysis

Rising rupee makes IT sector see red
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Source: CNN IBN

In an exclusive interview on CNBC-TV18, Rakesh Jhunjhunwala shares his perspective on what has happened over last four months and what the road looks like from here for the next three-four quarters and the next three-four years.

Consolidation healthy for mkts: Rakesh Jhunjhunwala
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Source: Moneycontrol.com