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Business
& Economy
Indian
steel majors cut prices
What is India News
Service, August 24, 2004, 2200 hrs IST
Indian steel majors-Steel Authority of India Ltd (Sail), Essar Steel, lead by Tata Steel have
reduced the prices of steel
products, in an effort to curb the rising inflation rate, which soared to 7.96 per cent during the week ended August 7.
While Tata Steel had announced a Rs 2,000 per tonne reduction in prices on Sunday, Sail and Essar stated a Rs 1000 and Rs 560 per tonne reduction respectively effective from Monday.
The move has been taken by the two companies after the government
slashed customs duty on non-alloy steel by 5 per cent and exempted
melting scrap of iron and steel other than stainless steel or heat
resisting steel, which attracted an import duty of 5 per cent. With
a production of 12.7 million tonnes of crude steel, SAIL has a 25
per cent share of the Indian steel market
Essar,
Jindal, Ispat follow suit: Tata Steel's move of announcing a cut
in the price of various grades of steel by Rs. 2,000 a tonne has had
an immediate impact on other industry majors with all of them
following suit and announcing price cuts.
S&P
revises outlook for India's currency rating: International
rating agency Standard & Poor's ratings services revised its
outlook on India's "BB" long-term foreign currency rating
to positive from stable, based on the improving external position.
A
historic step, says Muthuraman: The price cut announced by Tata
Steel is a historic step; one that has never been taken by any
player in Indian industry, according to B. Muthuraman, Managing
Director, Tata Steel.
Mega firms of accounts professionals on the cards: The Institute of Company Secretaries of India along with Institute of Chartered Accountants of India and Institutes of Cost and Works Accountants is finalising a proposal to have mega firms of practicing professionals.
Parliamentary
panel suggests zero duty on LPG, kerosene: The Parliamentary
panel on oil and natural gas wants zero customs duty on LPG and
kerosene and excise duties fixed on petro products. This suggestion
despite the recent cut in customs and excise duties on petroleum
products.
OBC
to give GTB depositors loans at cheaper rates:
In a move that could provide succour to existing customers of
troubled Global Trust Bank, its acquirer Oriental Bank of Commerce
on Monday said lending rates would eventually come down in line with
the PSU bank.
Oil
firms to seek further rise in prices: The national oil marketing
companies will seek an increase in petrol and diesel prices this
fortnight also.
Rs
80 crore loss to Nathpa-Jhakri project: India\92s largest hydropower project in Himachal Pradesh has lost Rs 80 crore ($17.28 million) in the 10 days it was shut down due to fears that a lake across the border in Tibet might burst its banks.
Housing requires $25-b investment in five years: Increasing emphasis
on public-private partnerships in infrastructure development has unfortunately not translated into higher private sector investments.
TDSAT curb on Trai about disputes:
The Telecom Dispute Settlement and Appellate Tribunal (TDSAT), a special body constituted to expedite telecom disputes, has barred the Telecom Regulatory Authority of India from intervening in interconnection disputes between two telecom operators.
ICICI Bank package for Indians in Canada:
ICICI Bank, the second largest bank, announced the launch of \91Hello Canada Newcomers Account\92 a powerful banking services package designed to provide instant access to banking services in Canada to Indians migrating to the country.
Bosch plans to invest Rs 1,000 cr in India:
German automotive giant Bosch announced its plans to invest Rs 1,000 crore in India over the next four years.
11 more SriLankan Airlines\92 flights to India:
The SriLankan Airlines, already the biggest operator into India, announced that it is adding 11 more flights from October 31 that will increase the total number to 77.
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India, China may overtake US in purchasing power by 2030:
Both China and India have a long way to go in overcoming their macro-economic hurdles, particularly those stemming from rising fiscal disorder.
Sensex
dips by 31 points: Led by Tata Steel, select counters suffered a
fresh setback, pushing the sensex down by 31 points at close in an
otherwise erratic movements on Bombay Stock Exchange on Monday on
short-covering alternated by selling pressure from operators.
Overall:
Steel majors slash prices: Steel Authority of India Ltd (Sail), Essar Steel, lead by Tata Steel have reduced the prices of steel
products, in an effort to curb the rising inflation rate.
Parliamentary
panel suggests zero duty on LPG, kerosene: The Parliamentary
panel on oil and natural gas wants zero customs duty on LPG and
kerosene and excise duties fixed on petro products.
OBC
to give GTB depositors loans at cheaper rates: Oriental Bank of Commerce
said lending rates would eventually come down in line with
the PSU bank, for existing customers of troubled Global Trust
Bank.
India, China may overtake US in purchasing power by 2030:
Both China and India have a long way to go in overcoming their macro-economic hurdles, particularly those stemming from rising fiscal disorder.
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