2. IMF pegs India's growth at 9.7 pc in 2010 The International Monetary Fund has revised its growth forecast for India in FY '10, raising it to 9.7 percent from the July figure of 9.5 pc. The growth is based on strong local consumer demand. The RBI projection for India’s growth in 2010 is however conservative – 8.5 percent - same as PM’s economic advisory council's prediction. (http://www.governancenow.com/views/think-tanks/imf-pegs-indias-growth-97-pc-2010)
3. Entire interest income on PF to be tax-exempt The finance ministry has assured the Employees Provident Fund Organisation , or EPFO, that the entire 9.5% interest on the accumulated corpus of account holders for the current fiscal will not be taxed. The EPFO declared a one percentage point higher interest for the current year after it discovered Rs 1,731 crore of surplus funds in one of its accounts. (http://economictimes.indiatimes.com/personal-finance/savings-centre/savings-news/Entire-interest-income-on-PF-to-be-tax-exempt/articleshow/6695850.cms)
4. Wal-Mart ends profit sharing with employees Wal-Mart Stores plans to end automatic profit-sharing contributions for its employees in a revamp of its benefits package that it says will give workers more chance to share in its financial success. Wal-Mart started profit sharing in 1971. It has 1.4 million employees in the US and annual revenue worldwide of about $400 billion, most from its US stores. (http://profit.ndtv.com/news/show/wal-mart-ends-profit-sharing-with-employees-106593)
5. Auto industry to grow in high teens in Q3, Q4: SIAM The passenger vehicles segment grew at 33% during the April to September period while the commercial vehicle segment grew by 41.6% growth. Exports to a large extent for passenger vehicles depends on what happens in Europe because of a very large percentage of passenger vehicles from India are imported to Europe – PawanGoenka, President SIAM. (http://www.moneycontrol.com/news/business/auto-industry-to-growhigh-teensq3-q4-siam_489996.html)
6. Bankers warn against accelerating Basel timetable The new rules will force banks to hold top-quality capital equal to 7% of their risk-bearing assets, more than triple than current standards, so they can better withstand economic downturns and financial shocks. Banks will have until 2015 to meet the minimum core tier 1 capital requirement, which consists of shares and retained earnings worth at least 4.5% of assets. An additional 2.5% "capital conservation buffer" will have to be in place by 2019. (http://www.moneycontrol.com/news/business/bankers-warn-against-accelerating-basel-timetable_490166.html)
7. Improved supplies keep food inflation nearly flat at 16.24% Food inflation eased marginally to 16.24% for the week ended September 25, from 16.44% in the previous week, as improved supplies lowered prices. Fuel inflation remained unchanged at 10.73%. (http://economictimes.indiatimes.com/news/economy/indicators/Improved-supplies-keep-food-inflation-nearly-flat-at-1624/articleshow/6710463.cms)
8. Market Watch Top Gainers (Previous Week) Top Losers (Previous Week) NSE LIVE 6,103.45 -16.85 (-0.28%) BSE LIVE 20,250.26 -65.06 (-0.32%) (http://money.rediff.com/)
