Business & Economy

Commerce body estimates
loss at over Rs 2,000 crore

What is India News Service, Tuesday, 28 December 2004, 2000 hrs IST

Expressing deep sorrow and grief over the casualties due to the destruction wrought by the tsunami, the president of The Associated Chambers of Commerce and Industry of India (ASSOCHAM), Mahendra K. Sanghi, on Monday appealed to its constituents to extend relief to the thousands of affected people. 

In a statement issued here, Mr. Sanghi said that based on the feedback it received from its affiliated bodies like Madras and Cochin Chamber of Commerce, Federation of Andhra Pradesh and Karnataka Chambers of Commerce, the estimated loss could be over Rs. 2000 crores. 

The statement said neither manufacturing nor any other economic activities were going to be adversely affected due to the disaster , barring shipping industry and tourism in Kerala and the Andaman and Nicobar islands.


Lanka IOC donates 20 mn Sri Lanka Rupees for relief: Lanka IOC (LIOC) which till recently was a fully owned subsidiary of Indian Oil Corporation Ltd (IOC), on Monday came forward to donate Sri Lankan Rupees (SLR) 20 Million(approximately INR 1 Crore) for relief and rehabilitation work in Sri Lanka which is one of the countries badly affected during Sunday's Tsunami.

RBI relief package for tsunami hit areas: The Reserve Bank of India today activated its relief package for the States affected by tsunami.

Reliance tumble despite buyback: The much awaited Reliance Industries board meeting ended in a whimper with the share price of RIL shooting sharply on announcement of the buyback but falling down to considerably low level at the end of the day. The RIL board meeting isolated the Anil Ambani's view on buyback and went ahead to announce the buyback. 

Govt quells costly drug fears in patent revamp: The government today sought to allay fears that the new patent regime will make drugs unaffordable,.

Konkan Rly's future hangs in balance: The Railway Ministry, which holds majority stakes in the Konkan Railway Corporation, will soon have to decide on the latter's future.

Tata Tele to share network with Bharti: Tata Teleservices will reach out to 20 telecom circles by the middle of January.

Warburg to invest in Kotak Mahindra Bank: Warburg Pincus International is set to invest Rs 75.90 crores for picking up 2.75 per cent in Kotak Mahindra Bank, which has also decided to increase its foreign institutional investor holding limit from 24 to 30 per cent.

Flagship stock swings under Sebi glare: Anil Ambani\92s comments ahead of today\92s board meeting on the rally in Reliance Industries\92 (RIL) shares has prompted some stock swings.

FM promises simpler tax rules: Finance minister P. Chidambaram today said Budget 2005-06 will see simpler tax structures.

Rupee edges down: The rupee today remained under pressure against the U.S. currency due to possible month-end dollar demand amidst a relatively firm dollar overseas in mostly quiet and range-bound trading at the interbank foreign exchange.

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