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Lakme shares plunge after deal
The share price of Lakme took a severe beating on the stock exchanges on Friday, making it evident that Hindustan Lever's acquisition deal had disappointed the company's shareholders, and common investors. On the other hand, Unilever companies, Hindustan Lever and Pond's - which wiil be acquiring the Lakme brands and units - shot up on the exchanges.
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Excise directive threatens to halt business activities
Manufacturing activities in India are poised to halt soon, thanks to the workings of the Central Excise Department. The Department has asked the industry to pay up taxes in advance while at the same time denying whatever credit is due to it. The situation has been further compounded by the issuance of a circular asking manufacturing units to pay excise in cash.
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Peugeot losses touch $418 mn
Currency hedging misadventures and the costs of withdrawing from an Indian joint venture (PAL-Peugeot Ltd) led to French car maker Peugeot-Citroen reporting a massive $418 million net loss for 1997. The loss, Peugeot's first net loss since 1993, was also attributed to its higher-than-expected restructuring costs and a shift to the US accounting principles.
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Software exports up 64 pc
Despite the dismal trend in the overall export scenario, software exports have registered an impressive growth of 64% to net a revenue of Rs 5,860 crore in 1997 as compared to Rs 3,580 crore during the previous year. Software exports during the year went up by 59% in dollar terms and the figure is slated to cross the Rs 6,400 crore mark during the fiscal 1997-98.
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