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Business Briefs

Sebi approves Maruti IPO

New Delhi, May 22:The much-awaited public offering of shares of Maruti has cleared another major hurdle with the Securities and Exchange Board of India (Sebi) approving the draft prospectus for the initial public offer (IPO). The IPO is slated to hit the market by early June. Earlier this week, the National Stock Exchange and the Bombay Stock Exchange had cleared the proposed IPO.

Export target

New Delhi, May 22:The government today pegged the export growth target for merchandise goods at 12 per cent. It will translate into $ 57.8 billion exports in 2003-04 against $ 51.7 billion last year.

CNBC stake

New Delhi, May 22:CNBC Asia will re-brand its news channel as CNBC-TV 18 by June 26. This will be in compliance with government regulations capping foreign equity in news channels wanting to be uplinked from India at 26 per cent.

Telecom alert

Bangalore, May 22:Criticising the recent decision of partial rollback of telecom tariffs, RBI deputy governor Rakesh Mohan cautioned the government against the dangers of bankruptcy of telecom firms without an “adequate” tariff structure.

Medical sop

New Delhi, May 22:The Centre has enhanced the depreciation rate to 40 per cent on certain life saving medical equipment. These include haemodialysors, heart lung machine and bone marrow transplant equipment.


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