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Weak pillars
Last week’s tragic accident at the construction site of Delhi Metro Rail Corporation (DMRC) has raised questions about the role of its contractor, Gammon India, in the mishap. The movement in Gammon’s share price reflects the market’s concern, given that it has underperformed the broader markets since the accident. While the share price took a severe beating as it plunged nearly 20 per cent intra-day on last Monday (July 13) after the accident (which occured on July 12), it later recovered during the day. However, through the week, the stock was down 7.5 per cent as against the 9.2 per cent rise in the BSE Sensex and 5-8 per cent rise in the share price of other construction companies.

NID to apply for Centre of Excellence status
The status would enable the institute to offer graduate, post graduate and PhD degrees instead of diplomas

News of the day

FIIs net buyers Rs 647cr in F&O on Friday
The Foreign Institutional Investors (FIIs) were net buyers of Rs 647.45 crore in futures and options segments on Friday.
Public Company

Extend I-T tax benefits to software exporters: Nasscom to FM

The IT industry today asked the government to extend the income tax benefits to software exporters beyond this year to sustain growth and overcome the downturn challenges. - IT industry to meet FM today for pre-budget consultations - IT Services: Go Local - Gold hits Rs 15k-mark on sliding $ - NCDEX to focus on liquid contracts - Colgate Palmolive India Q4 net at Rs 77 cr - TimesofMoney to launch DirecPay soon The industry, led by both the software and the hardware associations, today met Finance Minister Pranab Mukherjee and demanded incentives for their respective industries. Export revenues of software firms are exempted from income tax but the exemption would come to an end this fiscal. "It is imperative that the government announces an extension of fiscal benefits under section 10 (A) and (B) to mitigate the impact of recession and protectionist measures being adopted globally... "This is particularly important for SMEs to facilitate their continued growth, provide parity with incentives under the SEZ scheme and encourage industry to move into the tier-II and III cities," Nasscom President Som Mittal said. Nasscom has asked the government to resolve duplicity in indirect taxes for packaged software, provide clarity in policies for service tax refunds, develop uniform approach on transfer pricing and amend Fringe Benefit tax on ESOPs. "We have sought removal of 4 per cent Special Additional Duty on all IT products and components," MAIT ED Vinnie Mehta said.


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