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Tax sops for textiles sector

New Delhi, May 15:The government today announced more tax sops, including raising of excise duty exemption limits for powerloom weavers and readymade garments. Powerloom weavers will get excise duty exemption up to Rs 25 lakh for the first clearance for an annual turnover of Rs 35 lakh. Earlier it was Rs 20 lakh for the first clearance with an annual turnover of Rs 30 lakh, a finance ministry statement said.

Essar Oil

Mumbai, May 15:Essar Oil Ltd has completed the sale of its 11 rigs to the Bin Jabr group of Abu Dhabi for $ 60 million. The proceeds from the sale of rigs would be used for downstream segment of the oil business, a company spokesman said.

Trai paper

New Delhi, May 15:The Telecom Regulatory Authority of India (Trai) today released a consultation paper on the interconnect usage charges regime covering key issues like telecom tariffs and calling party pays system.

Engg exports

Calcutta, May 15:Engineering exports in 2002-03 grew 20.7 per cent to Rs 34,400 crore. The robust growth could be attributed to increased demand, particularly in the US, European Union and west Asia. United States was the largest single market accounting for about 18 per cent of the total exports.

Syndicate Bank

Bangalore, May 15:Syndicate Bank today reported a net profit of Rs 344.13 crore during 2002-03, an increase of 37.35 per cent over Rs 250.55 crore in the previous year. The bank’s total business crossed Rs 47,687 crore in the reported period from Rs 44,058 crore in the corresponding previous period.

New GM model

New Delhi, May 15:General Motors India today launched its premium hatch-back Opel Corsa Sail. It will be available in two versions — 1.4 and 1.6 litre petrol engines — which would sport price tags of Rs 4.39 lakh and Rs 4.65 lakh (ex-showroom, Delhi) respectively.

Orchid plan

Mumbai May 15:Orchid Chemicals & Pharmaceuticals Ltd plans to concentrate on regulated markets through new drug discovery and securing USFDA approval for all its plants in its effort to propel future growth.


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