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Business Briefs

Sugar futures take off

New Delhi, July 25: Providing the much-needed hedging and price discovery mechanism to the Rs 30,000-crore industry, eSugar India, a firm promoted by the Bajaj group and Maharashtra Cooperative Mills, today started futures trading in sugar. The trading initially will be for four-month futures with two contracts every month, once each for the sugar mills in north and south.

Tax norms

New Delhi, July 25: The government is simplifying the procedure for filing tax deducted at source returns to assist taxpayers and mop up higher revenues. “We are trying to reduce the number of forms required to file TDS,” chief commissioner of income tax, S. Talwar said.

MTNL move

New Delhi, July 25: The Mahanagar Telephone Nigam (MTNL) board has given a go-ahead to the voluntary retirement scheme for group C and D employees. The company has forayed into mobile commerce, which will enable customers to transact business with their mobiles.

Touchtel rates

New Delhi, July 25: Touchtel, the private fixed line service provider from Bharti, today dropped ISD rates by 58 per cent for calls during weekends and by 33 per cent during the week to its subscribers in six states — Delhi, Madhya Pradesh, Chattisgarh, Haryana, Tamil Nadu, and Karnataka.

Coal sale

New Delhi, July 25: The government may liberalise the allotment of captive coal blocks for private participation by allowing mining firms to sell coal and thus end the monopoly of the public sector. The move, once implemented, would bypass the need to introduce amendments to Coal Mines Nationalisation Act which prohibits private firms from undertaking coal mining except for captive purposes.

Bank scrips

New Delhi, July 25: The Securities and Exchange Board of India has submitted a preliminary inquiry report on recent volatile movement in the price of bank shares to the government, the Lok Sabha was informed today.

Gilts buyback

New Delhi, July 25: The finance ministry is exploring possibilities of another round of buyback of government securities from banks and FIs, as the first auction yielded only 14 per cent of the targeted Rs 1,00,438 crore.

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