Thursday, March 4, 1999
Centre exempts ONGC, OIL from project import duty
The Government has allowed the Oil & Natural Gas Corporation (ONGC) and Oil India to import specific goods used in petroleum operations at nil import duty, a move that will result in the capital goods industry incurring losses worth several thousand crores of rupees. The list of affected companies will include, among others, Larsen & Toubro, Bharat Heavy Electricals, and Kalyani Seamless.
Dutch firm VNU buys out Advanis in ORG-Marg
In a deal which could spark a revival for the cash-strapped Business India group, the Advanis are selling off their 50.2% stake in leading market research and retail audit firm ORG-Marg to Dutch company VNU. With this, VNU's stake will stand increased to 80%.
Sensex breaches 3,600-mark after 9 months
The market is having a field day with the Bombay Stock Exchange (BSE) Sensitive index posting a net gain of 406.56 points in three consecutive sessions. The Sensex breached the 3,600 levels on Wednesday exactly after a period of two years. It was during the week ended March 1, 1997 when the Sensex had crossed the 3,600 mark.
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