Vajpayee hints at fresh taxes
Prime minister Atal Behari Vajpayee has hinted at a fresh dose of moderate taxes besides several non-tax measures to mop up resources to rebuild quake-hit Gujarat. "Two per cent additional surcharge is not enough, keeping in view the magnitude of the devastation in Gujarat," he said. Asked if the fresh dose of taxes would be heavy, the prime Minister said: "it will not be so... We will also have to devise other ways to mobilise resources to carry out the massive reconstruction and rehabilitation work".FCCB markets lucrative for corporates
Foreign currency convertible bonds (FCCB) have once again caught the fancy of Indian corporates, as interest rates are moving southwards around the globe and country-risk attached to India is gradually diluting. Gujarat Ambuja floated a credit enhanced $90 million FCCB issue.
Gulf Oil to foray into niche segment
Gulf Oil India has decided to foray into the niche segment of lubricants through the acquisition route. This mainly to increase the pace of the company's growth. The company has identified three segments - white oils, waxes and jellies - which will be launched this year.
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