Business & Economy

Cell calls become cheaper 

What is India News Service, Friday, 21 January 2005, 2100 hrs IST

Airtel and Hutch on Thursday slashed cellular ISD tariffs by Rs 1.75 per minute and STD tariffs by Rs 0.35 per minute to pass on the benefits of reduced Access Deficit Charge (ADC) to its customers.

The new rates will be applicable from February 1, according to separate company press notes.

Meanwhile, Mahanagar Telephone Nigam (MTNL) today challenged the new ADC regime, which it says would lead to a Rs 400-crore annual loss.

Anil stays away from IPCL meet; resignation kept in abeyance: The Indian Petrochemicals Corporation Ltd board today decided to keep in abeyance the resignation of Mr Anil Ambani as Vice-Chairman and Director of the company.

Big brothers beat street expectations: The Prolonged bitter power struggle between the two Ambani brothers notwithstanding, Reliance group flagship company, Reliance Industries Limited (RIL), has performed better than the market expectations, by posting a profit of Rs 2091 crore for the quarter ended December 2004 and recording an impressive growth of 52 per cent over the corresponding quarter of the last fiscal.

Wipro records 56% growth: Wipro Limited announced a 56 per cent growth in profit after tax at Rs 427 crore for the quarter ended December 31, 2004.

Tata Steel Q3 PAT doubles to Rs 890.5 cr: Higher sales, better realisations, improved margins and richer product mix helped Tata Steel to turn in a 99 per cent increase in its profit after tax at Rs 890.51 crore for the third quarter of 2004-05.

SC quashes luxury tax on cigarettes: Cigarette companies today got a major relief from the Supreme Court as it quashed the imposition of luxury tax on them by various states, saying that they had no power to pass any law in this regard.

Steel sector may get sops given to infrastructure projects: There may be some good news for companies planning to set up new steel capacities. Fiscal incentives such as tax holidays, easier norms for external commercial borrowings, and facilities to develop ports and berths are likely to be made soon.

SC allows amendment to Competition Act: The Supreme Court on Thursday allowed the Centre to bring in amendment to the Competition Commission Act.

Ambuja, Holcim join hands to take stake in ACC: Swiss cement giant Holcim and Gujarat Ambuja today made a $ 583 million bid to take control of Associated Cement Companies Ltd, as a part of their strategic pact to realise value-creating projects in India. Zurich-based Holcim said the deal was part of $ 800 million investment, which would give it a major presence in the top cement market, behind China.

Inflation drops on fall in food article prices: The annual wholesale price index-based inflation fell to a 31-week low of 5.6 per cent for the week ended January 8, from 5.78 per cent recorded during the previous week.

Nicholas Piramal Q3 net up 118%: Nicholas Piramal India Ltd (NPIL) has posted a net profit of Rs 78.92 crore for the quarter ended December 31, 2004 as against Rs 36.17 crore for the same quarter last fiscal, a jump of 118.19 per cent.

Sun Pharma posts Rs 80.72 cr profit: Sun Pharmaceuticals Industries ltd has posted 14.56 per cent growth in its net profit to Rs 80.72 crore for the quarter ended December 31, 2004 as

Biocon net declines 12 pc: India\92s largest biotechnology company Biocon announced a six per cent dip in sales and a 12 per cent decline in net
profits for the third quarter ended December 31, 2004.

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