The Telegraph
Since 1st March, 1999
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Business Briefs

Mittal enters China

Beijing, Nov. 22: Lakshmi Mittal-led ArcelorMittal has become the first foreign company to acquire a controlling stake of 73.13 per cent in Chinese steel firm China Oriental for about $1.6 billion (over Rs 6,000 crore). Hong Kong-listed China Oriental is a holding company of Heibei Jinxi Iron and Steel Co Ltd, one of China’s largest suppliers of steel billets. On November 6, ArcelorMittal acquired 820 million shares, amounting to a 28.02 per cent stake. It now has 2.14 billion shares.

IPO scam

Mumbai, Nov. 22: The Securities Appellate Tribunal has set aside market regulator Sebi’s Rs 116-crore disgorgement order against depositories nsdl, cdsl and eight other participants for their involvement in the ipo scam.

Power projects

New Delhi, Nov. 22: The government is likely to announce a ceiling on the number of mega power plants that can be awarded to one company to ensure that such big projects, which need an investment of up to Rs 20,000 crore, are not delayed.

Oil price

New Delhi, Nov. 22: Petroleum minister Murli Deora has given credit to UPA chairperson Sonia Gandhi for the government not passing on the hike in international crude prices to consumers. “I have no hesitation in saying that the UPA chairperson had directed us to see that petroleum product prices do not increase,” Deora said.

Securities tax

New Delhi, Nov. 22: The finance ministry said it was not considering any increase in the rate of securities transaction tax, which is imposed on buying and selling of shares in the stock market.

Mobile users

New Delhi, Nov. 22: Telecom operators added more than eight million mobile users in October, while the number of fixed line subscribers.

Tax ceiling

New Delhi, Nov. 22: Ficci has asked the government to reduce the upper ceiling of corporate and personal income tax to 25 per cent.

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