1. Weekly News
(17 – 22 oct)

2. INDIAN BANK Q2 NET PROFIT UP 11.77%
 Public sector Indian Bank on Friday reported a net profit of Rs 415.77
crore for the quarter ended September 30, 2010, a rise of 11.77 per cent,
over the corresponding period last year.
 The total income of the bank for the quarter ending September 30, 2010,
stood at 2,559.28 crore, as against Rs 2,174.37 crore in the same period of
previous year.
 During the quarter, the bank's net interest income grew by 38 per
cent, while the net interest margin improved to 3.76 per cent

3. HUTCH DEAL: I-T DEPT ASKS VODAFONE
TO PAY RS 11,218 CR AS TAX
 Indian tax authorities on Friday asked Vodafone to pay Rs 11,218 crore
($2.53 billion) tax on its 2007 purchase of Hutchison Whampoa Ltd's mobile
business in the country.
 "The tax demand is to be paid within 30 days of the receipt of the notice of
demand," the tax office said in a statement. Vodafone argues that only the 15%
is subject to tax, according to its reading the judgement. The IT department
disagrees with this analysis of HC ruling.
But, if the company is viewed as an acting agent to pay tax on behalf of Hutch,
its liability and the method for calculating outstanding tax will be different.

4. GOOGLE PLANS TO LAUNCH ONLINE
MUSIC SERVICE IN INDIA - WSJ
 Google Inc plans to launch an online music service in India that would enable
users to search for legal music streams and downloads, the Wall Street Journal
said
 Google would soon add a music feature in its search service, which will allow
users in India to search for songs. The top search results would be from
Google's partners, according to the Journal.
 The U.S. web search giant will partner with three digital music providers, who
hold rights to hundreds of thousands of Indian tracks -- ranging from
Bollywood hits to Indian classical music -- the Journal said, citing people
familiar with the matter.

5. TCS TO ADD 20,000 PERSONS IN H2 2010-11
 Country's largest software firm Tata Consultancy Services (TCS) on Thursday
said it expects to add 20,000 people in the second half of FY'11, taking its total
hiring during this fiscal to over 50,000 persons.
The company, at the beginning of this fiscal, had forecast hiring 30,000 people
during 2010-11.
 TCS added 19,293 people during the July-September quarter, the highest ever
for the company, taking the total headcount to 1.74 lakh at the end of September
2010.

6. CHINA C.BANKER SAYS WORLD RECOVERY ON
SHAKY GROUND
 The global economic recovery is not yet on solid ground, with imbalances
within the euro zone worsening and emerging markets pressured by capital
inflows, a Chinese central banker said in comments published on Friday.
 In unusally candid remarks, Li Dongrong, an assistant governor of the People's
Bank of China , also said that Japan had no choice but to intervene when the
yen's exchange rate was rapidly appreciating last month.
Given the fragilities of the world economy , Li said in a speech published on the
central bank's website that it was essential for countries to continue to support a
stable recovery.