Advance tax numbers beat market gloom

Confused and intimidated by the amount of news hurtling at you everyday? Well, to make your life easier, here’s a quick round-up of the major local and international business and economic news events.

Seven months ago, a team of Enforcement Directorate officials went abroad to sniff out a money trail related to the 2G scam. Under their scanner were all the first-timer telecom companies, including Unitech, about whom for the first time the ED got wind of some shadowy money transfer. They sniffed the money trail but sat on it. Why?

The big question on everyone’s mind is this: will Reserve Bank of India governor D Subbarao call a halt to the cycle of interest rate hikes after the central bank’s policy meeting tomorrow? Even better, will he cut rates? Find out .

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The rupee is falling like there is no tomorrow and it feels like everyone’s a loser. Stock markets, consumers, producers, and of course, importers. SO who are the top losers? And who stand to gain? Here is a primer on the impact of the rupee.

The rupee’s sharp slide of recent weeks has induced a frenzy of hysteria and lamentation among ordinary folks, and occasionally among informed commentators too. But Amartya Sen says it isn’t quite the train wreck that it’s made out to be. Read more .

Anil Ambani-led Reliance stocks have taken a major beating today on the Bombay Stock Exchange after a UK regulator on Wednesday made a startling claim that Anil Ambani had illegally created a vehicle in Mauritius to invest in India. Here is the story .

Apollo Hospitals shares have fallen almost 29 percent in last one week. That’s wiping away Rs 2,686 crore of market cap in a few days. Immediately after the markets closed, clarification came from the company. Here is what happened .

Reliance Industries has seen gas output from its eastern offshore KG-D6 gas fields drop to a fresh all-time low of 39.80 million standard cubic metres per day. This is what was revealed by a status report filed by the company with the Oil ministry. Here are details .

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Despite the overall gloom in the market, initial advance tax numbers have not been too disappointing. Top 100 companies have posted advance tax numbers of 10 percent higher in third quarter over the last year. Here is a list of some big companies and their numbers .

Power Trading Corporation India (PTC) is headed for trouble. At least that’s what the chart below foretells. A peek at its financial statements for the September quarter reveals that its receivables (money due from clients) have almost doubled to Rs 2,300 crore from Rs 1,000 crore in the June-ending quarter. Here is why it fell 30 percent.

Nobody believes the PM, certainly not the markets. Retailers Pantaloon and Provogue moved higher immediately after the Prime Minister said that retail in FDI will be cleared by March 2012, but within minutes the stocks were trading lower. Here is why .