The Telegraph
Since 1st March, 1999
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Business Briefs

More services in tax net

New Delhi, June 20: The finance ministry today issued a notification including 10 services under the 8 per cent service tax net from July 1. These services are commercial training and coaching centres, internet cafe, franchise services, forex brokers, auto servicing and ports, technical testing and analysis, technical inspection and certification, maintenance and repair services, commissioning and installation and business auxiliary services.

Textiles ruling

Washington, June 20: The United States claimed victory today in a World Trade Organisation complaint brought by India in a textile dispute, a decision likely to keep India from increasing exports to the US market. The WTO ruled the US rules for determining the country of origin of textiles did not violate WTO rules.

MRPL stake

Mumbai, June 20: Mangalore Refinery and Petrochemical (MRPL) today informed the stock exchanges that Oil and Natural Gas Corporation has acquired 35.60 crore equity shares of MRPL from banks and FIs which were allotted to them in lieu of the debt restructuring package given to MRPL. Consequently, ONGC’s holding in MRPL has increased to 71.49 per cent from 51.25 per cent.

Britannia ties

Bangalore, June 20: Wadia group and French food major Groupe Danone today dismissed reports that there were differences between them on Britannia Industries.

Trai plan

Calcutta, June 20: Trai will phase out the access deficit charges (ADC) regime within the next couple of years. The ADC is 30 per cent of the total telecom revenue and accounts for an estimated Rs 13,000 crore.

Ranbaxy drug

New Delhi, June 20: Ranbaxy Laboratories has received tentative approval from US Food and Drug Administration to manufacture and market Ofloxacin, the generic version of Ortho-McNeil Pharma’s Floxin.

Sweat lock-in

New Delhi, June 20: The government may introduce a three year lock-in for unlisted firms planning to issue sweat equity and cap the amount of such an issue at 15 per cent of the total paid-up equity capital in a year.

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