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Since 1st March, 1999
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Business Briefs

NIIT buys eGurucool for Rs 1 cr

New Delhi, Feb. 4: NIIT has acquired the content, brand and technology of eGurucool, a provider of e-learning in school segment, at a cost of Rs 1 crore. “This move is another step forward in our strategy of expanding operations in the domain of IT-assisted education,” NIIT chairman Rajendra Pawar said in a release here today. With this acquisition, NIIT expects to earn Rs 100 crore from this activity by the third year, the release added.

HDFC rate cut

Mumbai, Feb. 4: HDFC has slashed both variable and fixed rates by 0.5 to 0.75 per cent for individual loans with effect from February 5. HDFC retail prime lending rate has also been reduced by 0.25 per cent to 10 per cent.

CSE scam

Calcutta, Feb. 4: The chief metropolitan magistrate’s court today granted bail to R. K. Khanna, an accused in the Rs 120-crore payment scam at the Calcutta Stock Exchange. Khanna was granted bail on two sureties of Rs 12,000 each and directed not to leave the city.

Tax on services

Calcutta, Feb. 4: The government will place a proposal in Parliament before the budget to empower states and Union territories to levy tax on services.

Ficci study

Calcutta, Feb. 4: Ficci is conducting a comprehensive study to evaluate the effectiveness of the inspectorate in promoting the interests of small and medium size enterprises in the country. The findings of the first phase of the survey will be published by April 2003.

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