Automobiles
Will M&M trip where Tata slipped?
IT certainly isn't the sort of thing a market-savvy company like Mahindra & Mahindra Ltd would like to hear. But, following Wednesday's announcement of a 78 per cent slide in its second-quarter net profit, some auto industry analysts in the city's stock
market are asking if M&M is showing signs of doing a Tata Engineering.
Banking and Finance
IMD closing date extended to Nov 4
SUBSCRIPTION to the India Millennium Deposit (IMD) scheme is to be closed by November 4, against the earlier closing date of October 31, senior SBI officials said today.
Corporate
BIFR issues show-cause for winding up Sumex Chemicals
THE Board for Industrial and Financial Reconstruction (BIFR) has directed issuance of a show-cause notice (SCN) in terms of Section 20(1) of SICA, asking the interested parties to submit their objections/suggestions or alternate proposals in respect of t
he proposed winding up of Sumex Chemicals Ltd (SCL).
To check contraband cigarette sales -- Tobacco industry seeks excise cut
POINTING to the steadily growing menace of contraband cigarettes bearing the labels of global players such as Philip Morris and BAT (British American Tobacco), domestic tobacco circles aver that the only way out now was to cut excise rates and hike impor
t duty on cigarettes.
Economy
Despite hefty hike in Budget allocation -- Defence spend to stay low
THE hefty hike in the defence budget during the current fiscal notwithstanding, the Finance Ministry anticipates actual expenditure to be below the budgeted allocation.
Need to build up food-for-work schemes
NEW DELHI: The Associated Chambers of Commerce and Industry of India (Assocham) has suggested that a portion of the overflowing foodgrain stocks be utilised for building rural infrastructure.
OECD project to fight harmful tax practices
SINCE tax base erosion due to harmful tax practices could be a particularly serious peril to the economies of developing countries, the Organisation for Economic Cooperation and Development (OECD) is implementing a project by instituting a framework for
global tax cooperation.
Financial Performance
IOC Q2 profit marginally down
HIGH outstandings due from the oil pool account have taken a heavy toll on the Indian Oil Corporation's (IOC) financial performance during the current fiscal.
Foreign Trade
Iceland team to meet FICCI officials
MR Olafur Ragnar Grimsson, President of the Republic of Iceland, accompanied by a high-level delegation is meeting FICCI representatives here on November 1.
Japan team to take up tax issues
THE visiting Japanese economic mission is set to press for an early resolution of pending income-tax disputes and may also seek certain modifications to the existing Double Taxation Avoidance Agreement (DTAA) to strengthen the economic ties between the t
wo countries.
PSU
Nalco divestment only after Balco strategic sale
THE Government has decided to put off its disinvestment in the aluminium major National Aluminium Company Ltd (Nalco), until a strategic partner has been chosen for the other public sector aluminium company on the block -- Bharat Aluminium Company Ltd (B
alco).
Shipping
SCI to hold 50 pc stake in venture with Mitsui
THE Shipping Corporation of India (SCI) will hold 50 per cent equity worth around $92.5 million in the proposed joint venture shipowning and operating company which is bidding for the LNG shipping deal of Petronet LNG Ltd (PLL).
States
`Labour woes may force units to move out of Kochi SEZ'
THE Cochin Export Processing Zone Industries Association has expressed its serious concern over the intermittant labour problems in the zone and said that if such a situation prevailed the units would be compelled to move out to other States.
Post-Chhattisgarh CII blueprint for M.P.
THE Confederation of Indian Industry (CII) has suggested a development strategy for Madhya Pradesh in the post-Chhattisgarh scenario.
KCCI seeks pvt bus services
MANGALORE: In its attempt at converting Dakshina Kannada into what it considers to be an `industrially-advanced district', the Kanara Chamber of Commerce and Industry (KCCI) has sought the introduction of private bus services connecting al
l the taluks of Mangalore to enable the `mobility' of labour. According to the KCCI, labour in the district was handicapped and was unable to partake of the `development' of Mangalore due to the absence of a well-connected private bus netw
ork.
Study of Dronagiri SEZ -- CIDCO shortlists KPMG, TECS
THE City and Industrial Development Corporation of Maharashtra Ltd (CIDCO) has shortlisted KPMG and Tata Economic Consultancy Services for a techno-economic feasibility study of its Special Economic Zone in Dronagiri (Navi Mumbai).
Taxation
Electronic components manufacture -- Customs duty waiver to be deferred
THE Finance Ministry is set to defer the proposed move to accord full customs duty waiver on raw materials manufactured by the chemical industry and capital goods used in the production of electronic components till the next fiscal.
