Tata electric car

New Delhi, July 27: Tata Motors has turned to its Indica platform for the development of its electric car. According to industry sources, the company is currently working on five prototypes of electric vehicles. “These will use lithium ion batteries for high energy and power density,” a source said. The electric car would have an approximate range of 200 kilometres.

WTO move

Geneva, July 27: The US and the EU have said they were willing to consider liberalising their labour market, a move that augurs well for India, which has been seeking greater market and easy movement for its professionals.

Company tax

New Delhi, July 27: The revenue department has decided not to scrutinise the tax returns of over 1,000 top companies, provided no major disputes are pending against them and they had been complying with laws. “The decision has been taken by the Central Board of Direct Taxes to encourage better tax compliance among corporates,” a finance ministry official said.

TDS on perks

New Delhi, July 27: The Supreme Court has dismissed the income tax department’s appeal seeking to impose a penalty on Max India for failing to deduct tax deducted at source on perquisites given to its employees.

Steel price

New Delhi, July 27: The government said it would take steps to ensure that prices of steel did not rise further amidst indications from steel companies that they might increase prices from the second week of August.

NHPC flotation

New Delhi, July 27: State-run NHPC’s much delayed initial public offering is likely to hit the market in September with a record 167 crore shares on offer. NHPC will sell 10 per cent shareholding through the IPO, while the government will offload 5 per cent of its equity in the company.

JSW buy

Mumbai, July 27: JSW Steel is likely to complete the acquisition of the US-based United Coal next month. “The bidding process is on. We hope to finalise the deal within August,” company vice-chairman and managing director Sajjan Jindal said.