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Business Briefs

Direct tax mop-up

New Delhi, Oct. 6: The deceleration in economic growth has not impacted revenue collections as direct tax collections have gone up 32.54 per cent during the first half of the current fiscal. Collections from corporate tax went up 35.65 per cent, taking the total direct tax mop-up to Rs 1,47,197 crore compared with Rs 1,11,055 crore in the year-ago period.

Nomura move

New York, Oct. 6: Nomura will acquire Lehman Brothers’ India operations, which will expand its workforce by about 3,000 employees. Nomura will acquire Lehman Brothers Services India, Lehman Brothers Financial Services (India) and Lehman Brothers Structured Finance Services.

SBI venture

New Delhi, Oct. 6: The State Bank of India (SBI) will finalise the terms of the general insurance venture with Insurance Australia Group in the next few weeks, SBI chairman O.P. Bhatt said. “It is in the final stages and we are seeking the RBI’s approval,” Bhatt said.

Eli Lilly buy

Boston, Oct. 6: Eli Lilly has agreed to acquire ImClone Systems for $6.5 billion. The deal values ImClone at $70 per share, a premium of 51 per cent to ImClone’s closing price on July 30, the day before ImClone partner BristolMyers Co made an offer of $60 apiece.

RIL gas row

New Delhi, Oct. 6: Reliance Industries (RIL), which is locked in a legal dispute over its gas supply contract with NTPC, has told Bombay High Court it was willing to look at an out-of-court settlement.

D-Link rejig

Mumbai, Oct. 6: D-Link (India) has announced the restructuring of its business. While the sales and marketing of products will be managed by D-Link, the residual business will be looked after by Smartlink Network Systems.

Syndicate step

Bangalore, Oct. 6: Syndicate Bank has revised the interest rates upwards on non- resident external term deposits and FCNR (B) deposits with effect from October 1, 2008.


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