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Business Briefs

Export growth slides

New Delhi, Dec. 2: Export growth slipped from 16 per cent in September to 5.07 per cent in October at $4.884 billion against $4.649 billion in the year-ago period. In rupee terms, exports in October were at Rs 22,170.16 crore, a decline of 1.42 per cent from exports in October 2002. Export growth stood at 4.19 per cent in August. Exports in April-October recorded a cumulative growth of 8.44 per cent at $32.092 billion against $29.595 billion in the year-ago period.

IBM notebooks

Bangalore, Dec. 2: IBM India today introduced IBM Thinkpad R40e, entry-level notebooks targeted at small and medium businesses, priced at Rs 54,900.

Gold prices

Mumbai, Dec. 2: Gold prices (pure gold) hit an all-time high of Rs 6,070 per 10 grams on the bullion market today following sustained seasonal demand and reflecting higher price trends in overseas centres.

Telecom order

New Delhi, Dec. 2: Cellular operators were today forced to seek an adjournment on the case challenging a telecom tribunal order that allowed WiLL-M services to basic telecom operators as the counsel for basic operators submitted a 490-page reply.

Pepsi job cut

New York, Dec. 2: Pepsico plans to cut 750 jobs and close a snack manufacturing plant in Louisville to streamline its snack food and beverage operations. The company is reaffirming its earnings outlook for 2003 and expects a double-digit growth in earnings per share in 2004.

NRI tax norms

New Delhi, Dec. 2: The government has come up with new rules for income tax of non-resident Indians, including a provision for computing income by way of royalties. A notification issued today prescribed the rules and form for the audit report under Section 44 DA of the Income Tax Act as specified in the budget.

Petrol pumps

New Delhi, Dec. 2: Reliance Industries Ltd, Essar Oil Ltd and Royal Dutch/Shell will break the public-sector monopoly in petro-retailing next year by setting up their own petrol stations. Reliance will set up 500 petrol pumps by March end and Essar plans 600 more outlets in 2004.


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