Hindalco stake rejig

Mumbai, Oct. 7: Hindalco Industries said one of its promoters, IGH Holding, had increased its stake in the company by acquiring an additional 19.68 lakh equity shares. Till the end of the June quarter, IGH Holding held around 8.8 crore equity shares.

Coal tax

New Delhi, Oct. 7: The government has asked the states to exempt local taxes on coal transfers by joint venture firms from captive coal blocks. The coal ministry said the handing over of the raw material to a partner in a joint coal block could not be treated as trading.

BPO merger

Mumbai, Oct. 7: In a bid to rapidly acquire size and scale and provide value-added services to customers, Spanco Telesystems and Solutions and Spice Televentures will merge their domestic BPO businesses.

Mobile revenue

New Delhi, Oct. 7: The average revenue per user has declined for both GSM and CDMA players in the first quarter of fiscal 2009, even as the total wireless subscriber base hit 286.87 million, according to the Telecom Regulatory Authority of India.

NHPC delay

New Delhi, Oct. 7: NHPC, which was planning to come out with an initial public offer to raise an estimated Rs 1,670 crore, is withholding the offer for the time being.