State slaps 10 paise power duty
Maharashtra Cabinet on Tuesday okayed a proposal to levy a 10 paise per unit duty on power generated and sold by private utilities, Tata Electric and BSES, to net an additional Rs 111 crore. Chief minister Vilasrao Deshmukh said the duty would not be applicable to the state electricity board (MSEB).Ford to make India hub for car parts
Ford Motor Company is planning to make India a global base for procuring components for its cars as part of its worldwide sourcing strategy. Sources said a global sourcing team comprising of top-level managers from the Detroit-based company visited the facilities of the auto component manufacturers recently.

E&Y predicts 7-8 per cent growth
Ernst & Young has projected a growth rate of 7-8 per cent for Indian economy in the next few years, mainly due to impressive performace of new economy sectors like biotechnology, media and applied R&D And faster implementation of government policies. "Indian economy, mostly led by brain driven growth segments like biotech, pharma, entertainment, applied research and development, will grow between 7-8 per cent in the next few years," E&Y said.

Sterling to buy Noida land for resorts
Sterling Holiday Resorts is seeking a few acres of land from the Uttar Pradesh government at the original site of its Sterling Grand project in Noida to build a timeshare and holiday resort. According to Sterling Holiday Resorts president Steve Borgia, the company conveyed its intention of purchasing two to three acres of land at the project site to the UP government last month.

Race for Petronet LNG Kochi arm
Three Indian corporate behemoths and a slew of global petroleum and construction majors are in the race for setting up the Rs 1,600-crore, 2.5 mmtpa liquefied natural gas terminal of the Petreonet LNG in Kochi on a built-own-operate-and-transfer basis. Petronet LNG, the promoters of the venture, was close to finalise the list of qualified bidders and would invite the final bid in a couple of months, sources close to the developments said.

AMCs told to maintain records
In an attempt to bring about a greater degree of transperancy, the Securities and Exchange Board of India has directed all asset management companies to exercise due diligence in their investment decisions. The regulator has asked all AMCs to to maintain records in support of each investment decision indicating the data, facts and opinion on the investments made.