S&P downgrades India rating -- Cites unchecked Budget deficits, rising indebtedness
INDIA has been downgraded by international credit rating agency, Standard & Poor's.

FDI will be hit: Industry
``IT is a challenge for India to pull up its socks and do whatever is needed to regain confidence,'' Mr Madhur Bajaj, Vice-Chairman, Bajaj Auto Ltd (BAL), said, pointing out that the down-rating will have a direct impact on FDI badly needed for infrastru cture projects.

No near-term impact: Officials
THE lowering of India's long-term local currency credit rating to `BBB-' and the revising of the long-term and short-term foreign currency sovereign rating from ``stable'' to ``negative'' will not have much of an impact in the near term, according to sen ior Finance Ministry officials.

Direct tax mop-up dips
THE Finance Ministry appears to be heading for trouble on the direct tax collection front with refunds, largely to corporates, registering a 67 per cent jump up to July 2001. Latest ``flash'' figures for the current fiscal up to July indicates a 20.7 per cent drop in net revenues over the corresponding period last year.

SIA set to quit, won't say it yet
WHILE there is still no official word from Singapore Airlines (SIA) on whether it will withdraw from the tie-up with the Tatas for picking up a stake in Air India (AI), there are indications that the airline may review its position.

Bayer buys out Sanmar in joint venture
BAYER Industries Private Ltd, a 100 per cent subsidiary of Bayer AG, has bought out Chemplast Sanmar's stake in the joint venture company, Bayer Sanmar Ltd.

Sterlite to buy back 25 pc equity thru open market
STERLITE Industries (India) Ltd today announced its intention to buy back up to 25 per cent of its equity shares (up to a maximum of 1.39 crore shares) through the open market using the electronic trading facility of BSE and NSE.

Sell that brand to Sam, man
TECHNOLOGY consultancy firm, Gartner, today asked Indian IT services companies to improve their marketing and brand-building activities in the US to increase business opportunities.

New norms for export items notified
NEW DELHI: The Directorate-General of Foreign Trade (DGFT) has notified amendments/corrections in the standard input-output norms for 37 existing export items. It has also specified standard input-output norms for 29 new export items.

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