Tax mopup surges

New Delhi, Nov. 1: Direct tax collections rose to Rs 91,374 crore till October 28, registering a growth of 38.3 per cent against the budget target of 27.73 per cent, on the back of buoyancy in corporate and income tax collections. The direct tax collections were Rs 66,069 crore a year ago. Growing at this pace, the kitty is likely to touch Rs 2,25,000 crore against the budget target of Rs 2,10,000 crore for 2006-07.

IOC project

New Delhi, Nov. 1: Indian Oil Corporation’s (IOC) Rs 1,876-crore hydro-cracker project at Haldia is likely to be delayed as all the three bidders for the unit have asked for more time. The project was scheduled to be commissioned by April 2009.

Apollo tieup

New Delhi, Nov. 1: The Apollo group has tied up with German firm DKV to enter health insurance in India. Apollo has signed an agreement with Germany’s Deutsche Krankenversicherung AG to form a joint venture company.

HLL demerger

Mumbai, Nov. 1: The shareholders of Hindustan Lever Ltd (HLL) have given their nod to the scheme of arrangement between HLL, Shamnagar Estates, Jamnagar Properties and Hindustan Kwality Walls Foods for demerger of shares.

Steel prices

Mumbai, Nov. 1: JSW Steel and Uttam Galva Steels have hiked the prices of their galvanised steel. JSW Steel today announced a hike of Rs 1,000 per tonne for its galvanised steel, while Uttam Galva increased the prices by Rs 2,000 per tonne.

Amtek Auto

Mumbai, Nov. 1: Amtek Auto has forged a joint venture with Canada’s Magna Powertrain to set up a manufacturing facility outside Delhi. The facility will be set up for two-piece flex plate assemblies for automotive applications.

Nokia unit

Bangalore, Nov. 1: Nokia has expanded its R&D facility in Bangalore and set up a 2.10-lakh-sq-ft development centre at the Prestige Tech Park here.