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Since 1st March, 1999
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Business Briefs

Sebi to probe volatility

Mumbai, April 25: The Securities and Exchange Board of India (Sebi) will examine the data on the trading pattern on stock exchanges, including the big slump witnessed on April 10 due to disappointing fourth quarter results of Infosys Technologies. On April 10, the BSE sensex lost 105.92 points to end at 3035.33 as shares slumped, due to heavy selling in IT scrips on the back of disappointing fourth quarter performance by Infosys. Sebi chairman G. N. Bajpai said the boundaries separating various financial intermediaries like insurance and mutual fund agents have “blurred and created confusion.”

Service tax

New Delhi, April 25: The finance ministry today clarified that ‘export of services’ is non-taxable under service tax laws as the current laws do not permit inter-sectoral tax credit between goods and services. “Service tax is a destination-based consumption tax. Export of services would continue to remain tax free,” the finance ministry said.

Maruti IPO

Mumbai, April 25: Maruti Udyog has filed its much-delayed prospectus with Sebi for its proposed public offer for divestment of 25 per cent equity. After getting clearance from Sebi, the offer would commence through a book building process. Suzuki has promised the government to underwrite the issue at Rs 2,300 share.

Cipla net up

Mumbai, April 25: Cipla Ltd has posted a higher net profit at Rs 247.48 crore for the fiscal ended March 31, 2003 against Rs 235.12 crore for 2001-02. The total income for 2002-03 grew to Rs 1,598.25 crore from Rs 1,428.87 crore in 2001-02.

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