Export growth slides
New Delhi, Dec. 2: Export growth slipped from 16 per cent in September to 5.07 per cent in October at $4.884 billion against $4.649 billion in the year-ago period. In rupee terms, exports in October were at Rs 22,170.16 crore, a decline of 1.42 per cent from exports in October 2002. Export growth stood at 4.19 per cent in August. Exports in April-October recorded a cumulative growth of 8.44 per cent at $32.092 billion against $29.595 billion in the year-ago period.
Bangalore, Dec. 2: IBM India today introduced IBM Thinkpad R40e, entry-level notebooks targeted at small and medium businesses, priced at Rs 54,900.
Mumbai, Dec. 2: Gold prices (pure gold) hit an all-time high of Rs 6,070 per 10 grams on the bullion market today following sustained seasonal demand and reflecting higher price trends in overseas centres.
New Delhi, Dec. 2: Cellular operators were today forced to seek an adjournment on the case challenging a telecom tribunal order that allowed WiLL-M services to basic telecom operators as the counsel for basic operators submitted a 490-page reply.
Pepsi job cut
New York, Dec. 2: Pepsico plans to cut 750 jobs and close a snack manufacturing plant in Louisville to streamline its snack food and beverage operations. The company is reaffirming its earnings outlook for 2003 and expects a double-digit growth in earnings per share in 2004.
NRI tax norms
New Delhi, Dec. 2: The government has come up with new rules for income tax of non-resident Indians, including a provision for computing income by way of royalties. A notification issued today prescribed the rules and form for the audit report under Section 44 DA of the Income Tax Act as specified in the budget.
New Delhi, Dec. 2: Reliance Industries Ltd, Essar Oil Ltd and Royal Dutch/Shell will break the public-sector monopoly in petro-retailing next year by setting up their own petrol stations. Reliance will set up 500 petrol pumps by March end and Essar plans 600 more outlets in 2004.