Drought kills 2,000 cattle, hits milk output
A severe shortage of animal feed and drought have killed at least 2,000 cattle in India over the last six weeks, government and trade officials said on Tuesday. Conditions are expected to deteriorate further in the affected states of Gujarat, Rajasthan, Madhya Pradesh, Andhra Pradesh and Orissa. Officials of the country's largest dairy co-operative said the drought had hit milk production in the western state of Gujarat, which has a population of 40 million.Ncaer pegs GDP growth at 6.4-7%
The economy is likely to register a higher growth rate between 6.4 and 7.2 per cent in 2000-01 against 6 per cent achieved last year, National Council for Applied Economic Research (NCAER) said on Tuesday. "The growth is contingent on a good performance of agriculture which again is conditional on the monsoon for the year," the leading think tank's review said.
Tax kitty swells to Rs 1,70,118 crore
Total tax collections during 1999-2000 rose to Rs 1,70,118 crore compared with Rs 1,42,630 crore for the previous year and revised estimates of Rs 1,69,385 crore. This is 19.27 per cent higher than last year's collection, an official release said on Tuesday. Total direct tax collection during the year rose 24.48 per cent to Rs. 57,582 crore compared with Rs 46,259 crore.
IFC to pick 10% stake in Vysya Bank
IFC has agreed in principle to pick up 10 per cent stake in Vysya Bank, chairman KR Ramamoorthy said. IFC had agreed to subscribe to 10 per cent of the post-issue capital (22,65,945 equity shares) of the bank at Rs 150 a share including a premium of Rs. 140 per share. This is against the price of Rs 135.25 estimated under the SEBI guidelines.
VNU stake in ORG-MARG
The management of market research firm ORG-MARG has assured its employees that the Dutch publishing major, VNU, will be the controlling partner in the firm. According to sources, chairman Titoo Ahluwalia addressed key employees numbering 20-25 last week and gave a verbal assurance that VNU is there to stay. This is expected to benefit ORG-MARG in terms of technology and knowhow.
Ceat to contest excise notice
Ceat Ltd has contested the excise department's charge of duty evasion on dipped tyre cord fabric. The Financial Express had reported yesterday that the directorate of anti-evasion has issued a show cause to the company and raised a duty demand of Rs 102 crore.
McDonald's seeks exemption
McDonald's India has asked the Democratic Front government in Maharashtra for an exemption from issuing cash memoranda to its customers at quick service restaurants. It has said to treat the exemption as a "special case" under Section 47 of the Bombay Sales Tax Act 1959. McDonald's has 9 outlets in Mumbai, one each in Navi Mumbai and Thane.
Tata-AIG to kick off operations soon
Tata-American International Group, the insurance venture between the Tatas and US major AIG for life and non-life segments, is gearing up to begin its domestic operations. There will be two separate companies with Rs 100 crore of capital each. Tatas will hold 74 per cent, while AIG will pick up the balance.
-- Compiled by V Keshavdev
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