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Govt rejects single tax, levies demand of telecom ind
The government has rejected the telecom industry"s plea for a single tax regime, giving a big blow to the private GSM operators long-pending demand.

HDFC targets 20% loan disbursal growth
Mortgage major Housing Development Finance Corp (HDFC) aimed to grow loan approvals as well as disbursements by at least 20 per cent in the current financial year, Joint Managing Director Renu Sud Karnad said today. HDFC has already seen a rise in new home loan applications, she said.

News of the day

Sunil Jain: Tax Advantage
Most know private sector firms are a lot more efficient than public sector ones, but a little bit of perspective is required here. According to data from the latest budget documents, public sector firms, on average, pay around a fifth more effective tax rates in comparison to their private sector counterparts. So, while public sector companies paid an effective tax rate of 25.69 per cent in 2007-08, the figure was a lower 21.28 per cent for private sector firms. The average of 22.24 per cent for all firms, of course, was much lower than the statutory 33.99 per cent. The reason for this is the tax benefits claimed, obviously more by the private sector, particularly for export profits under the Software Technology Parks of India (STPI) scheme (Rs 11,734 crore) and accelerated depreciation (Rs 14,344 crore of taxes were foregone on this account).
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Steel Strips Wheels bags order from Renault

Auto ancillary company Steel Strips Wheels today said it has received an order from European car maker Renault for supplying steel wheel rims, that would fetch the Indian company about euro 28 million (about Rs 195 crore). - India Eco Summit: Strengthening public transport - Renault-Nissan finally signs ultra-low-cost deal with Bajaj - India Eco Summit: Bajaj, Renault-Nissan finalise venture - What went wrong with Logan - Global car market decline has plateaued: Ghosn - Sandero rings a Santro bell in Hyundai The company is "expected to supply more than three million wheel rims in five years, which will lead to earning of foreign exchange of nearly euro 28 million (about Rs 195 crore) to the company," Steel Strips said in a filing to the Bombay Stock Exchange. The steel wheel rims would be supplied for Renault"s upcoming project in Morocco. The company would start suppling steel wheel rims to Renault from last quarter of 2011 from its Chennai plant, the filing added. Shares of the company reacted sharply and hit upper limit at Rs 96.75, up nearly 5 per cent from its previous close.


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