The Telegraph
Since 1st March, 1999
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Business Briefs

Indirect tax kitty swells 7%

New Delhi, Sept. 10: Indirect tax collection grew by about 7 per cent to Rs 51,461 crore in the first five months of this fiscal from Rs 48,095 crore in April-August 2002. “The growth in indirect tax collections, which was almost nil till May, has picked up in the last two months and the overall collection were at Rs 51,461 crore till August this fiscal,” said A. K. Singh, chairman of Central Board of Excise and Customs chairman.

CSE reply

Calcutta, Sept. 10: Faced with the prospects of supercession by market regulator Sebi, the broker-directors of the Calcutta Stock Exchange were bracing up to give a detailed reply to the showcause notice served on them.

Rupee hardens

Mumbai, Sept. 10: Robust trade and investment inflows drove the rupee sharply higher against the US currency today, scaling yet another three-year peak, despite a feeble attempt by the central bank to contain its rise. The rupee ended at 45.7250/7350 per dollar, a sharp 7-1/2 paise rise from Tuesday’s finish of Rs 45.80/81.

Hexaware move

Mumbai, Sept. 10: Hexaware Technologies today divested its entire stake in US-based Mentorix Technologies Inc to another American firm, Lionbridge Technologies Inc, for $7.5 million in an all-cash deal resulting in a profit of $4.5 million.

IFCI merger

New Delhi, Sept. 10: Finance ministry is not in favour of providing further budgetary support to ailing IFCI, but is considering a proposal of restructuring the financial institution and then merging it with a major bank or FI other than IDBI.

Naik plan

Jaipur, Sept. 10: Union minister for petroleum and gas Ram Naik today said he favoured sharing fifty per cent of the profit from sale of oil and gas with the states from where the natural resources are exploited.

ITC Infotech

Bangalore, Sept. 10: ITC Infotech India Ltd, a wholly-owned subsidiary of ITC Ltd, plans to hire 2,300 professionals to touch a staff of 3,000 by December 2004, said managing director Sanjay Varma.

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