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Clock makers exit due to high taxes
Faced with a heavy tax burden, the small-scale wall clock makers of Morbi (Gujarat) are diversifying into ceramics, stationery items and retail. Besides, the industry is also losing ground to the metros and cities like Bangalore, where clock manufacturing has started picking up and taxation levels are lower, Morbi players claim.

F&O OUTLOOK: Nifty support at 4,820
The Nifty closed in a Doji pattern on the last day of this month’s expiry today, indicating continuation of indecisiveness in the next series. Global cues are strong and hence the Nifty is likely to trade above 4,800 with strong support at 4,820.

News of the day

Sunil Sethi: Why we can't remember dates
Everyone with a reasonable memory remembers 26/11, but how many can instantly recall 31/10, 21/5 or 6/12? Those were equally shattering dates in the nation’s political calendar that led to convulsive bloodletting, grief and trauma. They are the dates when Indira Gandhi and Rajiv Gandhi were assassinated and the Babri Masjid was demolished. Public memory is notoriously short, but unless personally affected by tragedy, catastrophic moments lie chiefly in the province of chroniclers of history. There are thousands of others who perished in other recent calamities, natural or man-made — terrorist strikes, Naxalite encounters, floods, earthquakes and rail accidents — but can anyone precisely recall when? Of course not.
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No decision yet on PSB merger: Pranab

Finance Minister Pranab Mukherjee today said the government has not yet taken a decision on consolidation of public sector banks (PSBs). - World bank agrees on VGF scheme for roads - Wrong CPI - Direct tax kitty up 3.7% in Apr-Nov - WB may up lending 3 times to $7 bn to India this FY - 10% cap on divestment in PSU to stay for now - A K Bhattacharya: Sweet and bitter memories of a decade">A K Bhattacharya: Sweet and bitter memories of a decade "We have not yet taken any decision (on PSU bank consolidation)," Mukherjee told reporters after releasing a book authored by former power secretary RV Shahi here today. He added that if a policy decision is taken on this, it would be announced in Parliament as it is in session. The meeting between chairmen of Punjab National Bank, Bank of Baroda, Canara Bank, Oriental Bank of Commerce and Union Bank of India with the finance ministry officials on November 18 had sparked off speculation over mergers and acquisitions among the state-owned banks. Two days after, Dena Bank Chairman and Managing Director DL Rawal had also met the officials. This fuelled speculation that the government might facilitate merger of Dena Bank with Canara Bank, which would create an entity with expected business of around Rs 5 lakh crore in the current fiscal. In fact, Canara Bank Chairman and Managing Director AC Mahajan had said, "We are looking at geographical synergy so that where we are not present we should have an inorganic growth." Apart from the merger of State Bank of Saurashtra into the parent State Bank of India and the plans of another subsidiary, State Bank of Indore, for the same, not much is happening on the consolidation front of PSU banks as of now.


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