INDIA BUSINESS WORLD - INDIA BUSINESS WORLD - NOVEMBER 1st – NOVEMBER 15th 2008
THE MONTH THAT WAS...
News & important developments from the most prospective of the New World markets...... India. Our effort is to provide you with the latest and relevant developments that take place in the Indian business, economic and legal environment.
BUSINESS NEWS
INDIRECT TAX RECEIPTS SLIP BY 5% : MACROECONOMIC indicators have begun showing early signs of an industrial slowdown. Customs and excise collections for October 2008 have moved into negative territory for the first time in the 2008-09 financial year, declining 5% from October 2007..........More...
DUTY ENTITLEMENT PASSBOOK SCHEME (DEPB) TAX BENEFIT BACK FOR STEEL & CEMENT EXPORTERS : THE government announced incentives to help the struggling cement, steel and construction sectors as promised earlier. Exporters of cement and several steel items will again be entitled for tax refunds through the Duty Entitlement Passbook Scheme (DEPB). This benefit, which was earlier available for exports to all nations, was withdrawn in June this year when these two commodities became costlier..........More...
LIFE INSURANCE CORPORATION (LIC) PICKS UP RS 15,000-CR NCDS IN SIX MONTHS : LIFE Insurance Corporation (LIC) has come to the rescue of corporates scrambling to raise funds. The public sector life insurer has invested around Rs 15,000 crore in the past six months (this financial year) in non-convertible debentures (NCDs) issued by companies. Its clients range from Tata and Birla group companies to L&T and Mahindra & Mahindra..........More...
LOANS SET TO GET CHEAPER AS BANKS SLASH PLR BY 75 BPS : THE big state-owned banks gave in to finance minister P Chidambaram's demand for lower lending rates. Several public sector banks, led by the country's biggest lender, State Bank of India (SBI), lowered their prime lending rates (PLR)—the benchmark interest rate to which all loans are linked—by around 75 basis points..........More...
HINDALCO RAISES $982 M TO REPAY LOAN FOR NOVELIS : HINDALCO Industries, the Aditya Birla group flagship, raised $982 million (nearly Rs 4,643 crore) through a foreign currency loan to pay back the bridge loan it had taken last year to part-fund the acquisition of Novelis. The new loan, however, is more expensive than the bridge loan, thanks to adverse market conditions..........More...
STATEMENT OF FINANCE MINISTRY ON INFLATION : The following is the statement of Department of Economic Affairs, Ministry of Finance on inflation issued here today:.........More...
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