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Markets soar on tax reforms, global cues
Markets surged today, boosted by government"s big bang tax reform plans and positive cues from the global markets. The government proposed to bring down corporate tax to 25%, and abolish Securities Transaction Tax (STT). Removing levy on the securities is likely to lead to higher volumes as the cost of transactions goes down.

Posco Foundation formed
Posco India Limited which is setting up a 12-million tonne per annum steel plant in Orissa has announced the formation of the Posco Foundation for carrying out various social welfare programmes focusing on development of underprivileged sections of the society.

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Time to get app hungry
From music to mind games to muscle-building exercises, mobile applications are the key to turn your cellphone into a know-all mate.
International Business

BCCI opens bidding for 10-yr IPL theatre rights

Leading multiplexes and media companies are queuing up for the theatrical rights to the Indian Premier League (IPL)cricket matches for the coming decade. - Michael Jackson film is a sellout - IPL-II to come under tax net - IPL second edition to come under tax net - IPL-III on a rough pitch - Adlabs reorganises BIG Cinemas operations - Big Cinemas to add 100 more screens in next one year Sources say PVR Cinemas, BIG Cinemas, UTV and UFO are in the race. Theatrical rights will include rights to screen the matches live in cinema halls, along with rights to telecast the matches in bars, restaurants, buses, hospitals, trains and a host of other public places. Since public places usually have a large fan crowd, it’s an opportunity for both the Board of Control for Cricket in India (BCCI) and the rights owner to earn a lot of money. UFO has access to over 700 screens, BIG Cinemas to around 240 screens, followed by PVR with over 100 screens. BCCI has set the floor price at $2 million for the period between 2010 and 2019. “The price looks steep but we still need to go through the documents,” said a PVR executive. The bids have to come in by November 12. BCCI had wanted to invite bids for these rights last year, but didn’t go ahead after a widespread lack of interest for the money they were quoting. This time, with multiplexes having a tough year with the non-performance of movies, coupled with the impact of IPL matches, the theatrical rights will be hot property, say experts. “Last season, buying theatrical rights didn’t make sense for the price BCCI was asking. But this time, with BCCI adding rights to showcase the match in public places, recovery of money will be easy,” added a source from UFO. The winning bid will be allowed to feature advertisements in breaks between overs and innings, when a wicket is lost, strategy breaks and at fall of wickets. However, BCCI has made it clear that the rights holder cannot telecast a match in a city where the IPL match is being held. For instance, if a match is scheduled in Mumbai on that particular day, the rights holder cannot screen the match in Mumbai theatres and public places at the time.


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