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Business & Economy
Drug prices likely to
rise by 6 per cent
What is India News Service, Saturday, 22 January 2005, 2100 hrs IST
The government's decision to impose excise duty on the maximum retail price of all drugs, effective from January 8, is likely to result into a 5-6 per cent increase in drug prices (for those not under price control), said Ajay Piramal, chairman of Nicholas Piramal.
Under the new norms, companies will be required to pay 16 per cent excise duty on less than 35 per cent of the maximum retail price.
Till now, pharmaceutical companies used to pay 16 per cent excise duty on the ex-factory price of medicines.
Under the new norms, companies will be required to pay 16 per cent excise duty on less than 35 per cent of the MRP. The new decision translates into a higher excise duty outgo for drug makers.
"Since pharmaceutical companies will not be in a position to absorb the impact in terms of an increase in cost, the burden to some extent has to be passed on to the consumer," Piramal pointed out.
Brazil lifts dumping duty on Indian jute bags: After fighting for seven years with the Brazilian anti-dumping authority, the Jute Manufacturers Development Council (JMDC) has finally wrested victory. Brazil has lifted the anti-dumping duty on products of five mills.
Kingfisher Airlines to be launched in May: Liquor Baron Vijay Mallya's Kingfisher Airlines venture would be launched in Mumbai to coincide with his son Siddarth's 18th birthday on May seven, with the first commercial flight of A320 slated two days later.
Ranbaxy's Revital may face patents regime heat: Ranbaxy's Revital, launched in 1989, may face competition from Pharmaton
Top-level rejig at Ranbaxy: Pharma major Ranbaxy Laboratories Ltd on Friday announced a top-level restructuring, including internal reshuffles and appointments from outside the organisation.
Pay up before the paycheque at Wipro: To cut attrition, Wipro demands Rs 75,000 deposit from new recruits.
Satyam net zooms 20%: NIIT, the IT training leader, will issue US$ 10 million Foreign Currency Convertible Bonds (FCCB) to Intel Capital.
Rs 3,000-cr Punjab Plan passed: The Punjab Planning Board here today, cleared Plan worth Rs 3000 crore for the next financial year.
ADC cut lines profits: BSNL has accused private telecom players of raising their margins.
`No violation of corporate governance norms': Investments in Reliance Infocomm are in line with the corporate governance norms according to legal opinion sought by Reliance, said Mr Y.P. Trivedi, Independent Director on the Reliance Industries board.
India Cements reduces losses: The sales and other income of India Cements for the nine-month period ended December 2004 stood at Rs. 1,003.76 crores against Rs. 889.78 crores.
Run your PC from a mobile phone: The twin worlds of the personal computer and the cellular phone have come together just a bit more this week, thanks to Toshiba.
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Indians are among the heavy phone users: According to data compiled by the Telecom Regulatory Authority of India, Indian subscribers are the fifth heaviest phone users at 309 minutes per month per subscriber. While subscribers in the US talk the most at 619 minutes a month, those staying in Canada are the second highest users with an average usage of 344 minutes a month.
DRDO to transfer technology: The Defence Research and Development Organisation was keen on partnering with private industry in various projects, including design, and would also transfer technologies it had developed to those keen on productionising it, Scientific Advisor to Raksha Mantri and DRDO Secretary M. Natarajan said here today.
Service tax net may be widened: The government is considering various options to widen the tax base, including bringing more services under the tax net, and next year\92s Budget (2005-06) may contain measures that could address the issue of tax evasion and avoidance by spreading the tax net wider.
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