More excise relief for SSIs

New Delhi: The Finance Minister, Dr. Manmohan Singh, has announced further concessions in excise duties to help the small scale sector. In the direct taxes he made some procedural changes and reduced the estimated income for truckers for ensuring the success of the new scheme announced in the 1994- 95 budget.

Moving the Finance Bill in the Lok Sabha today, Dr. Singh exempted excise duty on soap made without the aid of power, umbrellas, corrugated boxes and cartons and circles used in the manufacture of utensils. Most of the units manufacturing these items were either in the small scale sector or the unorganised sector and were highly labour-intensive.

VSNL: Calculations go haywire

New Delhi: The assessment of the global coordinators to the Euro issue of the Videsh Sanchar Nigam Ltd (VSNL) over the pricing of the individual share appears to have gone haywire, forcing the Government to defer the issue. However, even on a price range of Rs. 1,100 to Rs. 1,200, the issue should have been a success, since it could have fetched $750 million against the initial projection of $500 million by VSNL before appointing the global coordinators.

Kodak hives off drug business

New York: Photographic giant Eastman Kodak Co., desperate to shore up profits, announced on Tuesday that it is selling its $3.7 billion drug and personal care units to focus on its core imaging business. The planned auction is the latest in a string of sales and mergers that are reshaping the healthcare industry and linking major drug companies across the globe.

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