Rupee opens lower

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• Rupee opens lower
• No Indian on Maruti board in exec role
• Flipkart faces heat of rivals’ discounts
• Murugappa enters race to acquire Mallya’s MCF
• Mark Zuckerberg to take nearly Rs 5000 crore tax hit
• Rupee dips, foreign dreams take a hit
• Nokia's woes might call for Microsoft aid
• Position limits in gold contracts hiked
• Egypt's foreign reserves up, 1st time in 15 months
• Investors fret as India deliberates tax measures
• Over 100 Indian companies mark presence in Dubai
• Govt may waive penalty in Vodafone-like cases

Rupee opens lower Posted: 06 May 2012 08:39 PM PDT The rupee was trading at 53.68/69 to a dollar in the morning as against 53.47/48 at Friday close.

No Indian on Maruti board in exec role Posted: 06 May 2012 06:03 PM PDT The company, though one of the most-recognized brands in India, has the dubious distinction of not awarding a board level executive position to any Indian since the departure of Jagdish Khattar in 2007, who was a government-inducted official at the company.

Flipkart faces heat of rivals’ discounts Posted: 06 May 2012 06:00 PM PDT Flipkart, the big daddy of the online books trade, is feeling the heat of competition . Of late, several other portals are making a strong pitch for the pie with bigger discounts .

Murugappa enters race to acquire Mallya’s MCF Posted: 06 May 2012 05:49 PM PDT Mallya's investment holding company United Breweries Holdings owns 30.44% promoter stake in MCF, which has been long considered a non-core asset.

Mark Zuckerberg to take nearly Rs 5000 crore tax hit Posted: 06 May 2012 05:39 PM PDT The US tax authorities are in for a major windfall from Facebook chief Mark Zuckerberg, as the upcoming IPO of the social networking giant could make him pay in taxes as much as $903 million (about Rs 5,000 crore).

Rupee dips, foreign dreams take a hit Posted: 06 May 2012 01:22 PM PDT Right from those planning to study or holiday abroad, or wanting to dine at a restaurant of their choice, everyone has been forced to loosen his purse strings with the rupee standing at a little over Rs 53 per dollar.

Nokia's woes might call for Microsoft aid Posted: 06 May 2012 10:11 AM PDT Nearly a year and a half on, and with Nokia's Lumia mobile phone range failing so far to revive sales, its position still looks frail.

Position limits in gold contracts hiked Posted: 06 May 2012 09:11 AM PDT India's commodity markets regulator has asked the Multi Commodity Exchange (MCX) to increase the maximum positions that can be taken at an individual or member level for new gold contracts, without giving any reason.

Egypt's foreign reserves up, 1st time in 15 months Posted: 06 May 2012 07:16 AM PDT Egypt's central bank says the nation's foreign currency reserves have recorded their first rise since the uprising that toppled longtime ruler Hosni Mubarak 15 months ago.

Investors fret as India deliberates tax measures Posted: 06 May 2012 05:44 AM PDT India's move to target tax evaders through a general anti-avoidance rule has spooked investors and added to an exodus of funds, battering the rupee.

Over 100 Indian companies mark presence in Dubai Posted: 06 May 2012 12:14 AM PDT The Dubai Multi Commodities Centre Authority, licensing authority for the Jumeirah Lakes Towers (JLT) Free Zone, has announced that it has registered 612 companies in the first four months of 2012, of which over a 100 are from India.

Govt may waive penalty in Vodafone-like cases Posted: 06 May 2012 12:11 AM PDT Faced with criticism over the proposed amendments to tax laws with retrospective effect, the government may dilute the provisions to allow waiver of penalties on tax demands to be raised on Vodafone-like acquisitions involving domestic assets.

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