Tax collections way short of target: Actual direct tax collections amounted to Rs 45,723 crore during 1998-99 against the revised estimate of Rs 49,400 crore and budget estimate of Rs 48,400 crore. While the shortfall over the budgetary estimate was Rs 2,677 crore, it mounted to be Rs 3,677 crore against the revised estimate.

UTI to discuss sale of equity holdings: In line with the Deepak Parekh panel report on US-64, UTI will undertake sale of equity holdings of the scheme in certain companies in consultation with otherFIs. An official said no time frame had been set for effecting such a sale.

IOC, HCL in list of tax defaulters: Names of corporates including IOC, NIIT and HCL figured in a survey conducted by Income Tax department to detect violations in tax deduction at source for inadmissible payments made, according to sources. Staff in the firms were given certain allowances which have been found to be claimed as exempted from income tax, sources said.

Reckitt & Colman expects rise in sales: The Rs 446-crore household and pharmaceuticals manufacturer Reckitt & Colman aims a 50 per cent growth in sales over the next four years. It has decided to roll out of at least two new products a month and step up the ad spend for the year to 17 per cent of its sales income to over Rs 70 crore.

ITC margins may rise: Despite finance minister Yashwant Sinha's soft-excise approach for the cigarette industry, cigarette firms led by ITC have effected post-budget across-the-board price hikes to boost theirbottomlines. ITC will be the largest gainer from the price increase as it is expected to boost the company's bottomline by a whopping Rs 360 crore.

IDBI may post marginal net growth: IDBI may post a marginal growth in its net profit for fiscal 1999. Analysts have predicted a less than 5 per cent growth in the term-lending institution's net profit for 1998-1999.

Inflation rate falls: Reduction in prices of food items triggered yet another minuscule fall in the inflation rate to 3.67 per cent on May 8.