Rupee falls on inflow uncertainty

The rupee fell early on Thursday as weak economic data from the United States and China added to the clouded outlook for capital inflows caused by proposed changes in Indian tax laws.

Foreign brokerages are complaining the recent provisions to tax indirect investments and combat tax evasion, saying they are couched in ambiguous language and could also be used to target overseas market investors, risking a sell-off in markets.

The rupee was at 51.05-06 to the dollar, weaker than Wednesday's close of 50.7750-7850, with payments for oil imports also weighing.

HPCL launches clean fuels project at Visakha refinery

Hindustan Petroleum Corporation Limited (HPCL) launched the Clean Fuels Project of Visakh Refinery at its Visakh refinery thus making it capable of producing BS-III and BS-IV grade MS (Petrol). The project was inaugurated by S Jaipal Reddy, the union minister for petroleum and natural gas.

HPCL said this was a significant milestone in the history of the Visakh refinery, which earlier in 2000, commissioned a DHDS (diesel hydrodesulphurization) project aimed at production of BS-III grade diesel.

The CFP consists of four major units, Naphtha Hydrotreater (NHT), Continuous Catalytic Reformer (CCR), FCC-Naphtha Hydrotreater (FCC-NHT) & Isomerization unit (NIU). These units were recently commissioned in phases with an investment of Rs 2200 crore.

With this project, Visakh refinery has achieved one more significant step by being one among few refineries having capabilities to produce BS-IV MS, having stringent quality specs (sulphur less than 50 ppm). Apart from meeting MS quality, the project has also enabled refinery to increase refining capacity to 8.3 MMTPA.

The implementation of E-III specification for petrol and diesel was recommended by the Mashelkar Committee with the primary objective of implementing fuel specifications and improving ambient air quality-in line with the international standards.

HPCL said its dedication toward the cause of green environment it proactively undertook the project for upgradation of MS (Petrol) fuel quality to meet BS-3 and BS-IV specifications.

It is to be appreciated that while meeting the mandatory norms, the project envisages environmental benefits with improved quality products and also serves as a measure to improve public health through cleaner air in the supply zone

MT Educare IPO fully subscribed on Day 2

Coaching services provider MT Educare 's IPO has been subscribed 1.25 times on Day 2, supported by qualified institutional buyers (QIBs) and high networth investors.

The issue has received bids for 1.38 crore equity shares as against issue size of 1.099 crore shares (excluding anchor book), as per exchange data.

The reserved portion of QIBs has subscribed 1.35 times and non-institutional investors 3.6 times. All bids were at higher end of price band of Rs 74-80 a share.

The issue will close for subscription on March 29, which consists of fresh issue of Rs 35 crore and an offer for sale of up to 80 lakh equity shares by Helix Investments Company.

MT Educare, popularly known as Mahesh Tutorials provides coaching services to students in the secondary, higher secondary school and pursuing graduation degree in commerce, preparing for various competitive examinations and undertaking chartered accountancy examinations.

Heineken in talks for control of United Breweries

Vijay Mallya, scrambling to raise funds to rescue his ailing Kingfisher Airlines, is considering selling part of his stake in his flagship liquor business to Dutch brewery giant Heineken, media reports said.

The Financial Times, citing a person familiar with the matter, said Mallya was close to selling 13% of United Breweries Ltd, worth about USD 370 million at current market prices, to Heineken.

That could give control of United Breweries to Heineken, which already held 37.38% of India's largest beverages group as of the end of 2011.

A spokesman at UB Group did not answer calls or reply to text messages from Reuters. A spokesman for Heineken declined to comment.

Mallya owns about 19% in United Breweries and may be looking to sell part of his holding and inject some of the proceeds into Kingfisher, the Business Standard newspaper reported on Thursday.

Mallya is under pressure from his airline's lenders to inject equity into Kingfisher, which has debt of USD 1.3 billion and has slashed its flight schedule and grounded most of its fleet as it has been unable to pay staff.

Shares in United Spirits, United Breweries and UB Holding, all part of Mallya's UB Group, ended 1.5%-4.8% higher on Wednesday after news channel CNBC TV18 reported a possible Heineken deal.

H-1B visa applications to be accepted from April 2

Applications for the most sought after H-1B work visa - used extensively by Indian IT professionals - for the fiscal beginning October 1, would be accepted beginning April 2, a federal immigration agency announced Tuesday.

The congressionally mandated numerical limitation on H-1B petitions for the fiscal year 2012-13 is 65,000, as has been in the previous years. Additionally, the first 20,000 H-1B petitions filed on behalf of individuals who have earned a US master's degree or higher are exempt from the fiscal year cap.

The US Citizenship and Immigration Services (USCIS) said H1B applications will be considered accepted on the date it takes possession of a properly filed petition with correct fee and not the date on which it was sent.

"If the number of applications received exceeds the numerical cap, USCIS will randomly select the number of petitions required to reach the numerical limit from the pool of petitions received on the final receipt date," USCIS said in a statement, adding that it will reject cap-subject petitions that are not selected, as well as those received after the final receipt date.

Petitions for new H-1B employment are exempt from the annual cap if the beneficiaries will work at institutions of higher education or related or affiliated non-profit entities, non-profit research organisations or governmental research organisations, USCIS said.