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Business Briefs

Seven bulk drugs to cost less

New Delhi, July 10: National Pharmaceutical Pricing Authority (NPPA) today slashed the prices of seven bulk drugs by 6-34 per cent. The revised notified prices would become effective within 15 days from the date of notification in the official gazette, an official release said here. As per the revision, the price of Frusemide would come down by 19 per cent to Rs 1,473 per kg as compared with Rs 1,818 a kg and for Ranitidine Hydrochloride, it would go down by 34 per cent to Rs 690 per kg as against Rs 1,045, the release said.

Fiat to cut loss

New Delhi, July 10: Italian automaker Fiat Spa has decided to bring in fresh money into its loss-making Indian subsidiary to restructure capital and reduce losses, Fiat India managing director Alberto Montanari said.

Satyam stake

Mumbai, July 10: The board of Satyam Computer Services has approved enhancement of investment limit by foreign institutional investors under portfolio investment scheme from 49 per cent to 60 per cent.

GM move

Mumbai, July 10: General Motors Corporation will invest Rs 600 crore in its Indian subsidiary during this fiscal. The parent had received FIPB clearance to invest up to Rs 1,380 crore in General Motors India of which the balance Rs 600 crore would be invested this fiscal, said General Motors India president and MD Aditya Vij.

Basic users

New Delhi, July 10: The subscriber base of basic telecom, including wireless in local loop services, has touched 31.82 lakh. Reliance Infocomm isleading the tally with 16.71 lakh customers at the end of June this year.

Service tax

New Delhi, July 10: The Centre is considering to enact Service Tax Act and is likely to allow states to levy service tax on local items after nationwide value-added tax is introduced, a senior official of the Central Board of Excise and Customs said today.

Peerless plan

Calcutta, July 10: Peerless General Finance & Investment Co has launched Peerless Flexi Life Savings Plan. It is a recurring deposit scheme for five years with free life insurance cover of up to Rs 3 lakh during the plan period.


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