Sun ups Taro stake

Mumbai, Feb. 20: Sun Pharmaceutical has increased its stake in Israel-based Taro Pharmaceutical Industries to 34.4 per cent. Sun Pharmaceutical’s indirect subsidiary, Alkaloida Chemical Company Exclusive Group, has bought over 37.12 lakh shares from Brandes Investment partners for an undisclosed amount. Brandes Investment Partners is an investment advisory firm.

Foreign firms

Bangalore, Feb. 20: Soros Economic Development Fund, Omidyar Network and Google today announced that they will jointly invest $17 million to develop a small and medium enterprise investment company in India.

Maruti move

Mumbai, Feb. 20: Maruti Suzuki India has signed an agreement with Mundra Port and Special Economic Zone to set up a mega car terminal at Mundra port in Kutch, Gujarat for exports. The initial investment in the terminal is estimated at Rs 100 crore.

Wockhardt

Mumbai, Feb. 20: Wockhardt today posted a consolidated net profit of Rs 106.9 crore for the quarter ended December 31 against Rs 87 crore in the corresponding period of the previous year, the company informed the Bombay Stock Exchange.

Direct tax

New Delhi, Feb. 20: The exchequer has swelled by over 40 per cent at Rs 2,28,745 crore through direct taxes till February 15, 2008. The finance ministry officials hope that the direct tax mop up would exceed Rs 3,00,000 crore this fiscal.

Wage bill

New Delhi, Feb. 20: Hit by the appreciating rupee, major IT companies, including Infosys, TCS and Wipro, have significantly reduced the growth rate of their wage bill during the third quarter of the fiscal (October-December 2007), a report said. They have reduced the wage cost growth rate by half during the third quarter despite a 15 per cent increase in the number of employees.

Dubai fund

Tokyo, Feb. 20: The chief operating officer of Dubai International Capital says the fund is thinking of investing $5 billion in India, China and Japan combined over the next three years.