Friday, May 29, 1998
Budget to see surcharge on income tax, higher duties
With not much scope for increasing revenues from disinvestment and most expenditures already committed, a sharp increase in tax mobilisation appears the only way out for the government in the coming budget. A quarter of the business community expect a hike of 5 to 10% in both excise as well as customs duties. With the major impact on petroleum products, steel and tobacco, they expect a revenue mop up of around Rs 3,000 crore (after deducting the states' share) from this measure.
VSNL PAT up 78%, plans $ 1.4 billion investment
Videsh Sanchar Nigam (VSNL) has reported a sharp 78.03% jump in its profit after tax (PAT) to Rs 898.40 crore for the year ended March 1998 from Rs 504.70 crore during the previous year. It has also drawn up an investment plan of $ 1.4 billion. As per its unaudited annual results, total revenue increased by 21.01% to Rs 6,395.90 crore from Rs 5,285.30 crore. Total expenditure went up from Rs 4,437.60 crore to Rs 5,033.20 crore, an increase of 13.42%.
Alcan may not go for negotiated deal
Canadian aluminium major Alcan has failed to give any indications to the financial institutions that it is ready to strike a negotiated deal to outbid Sterlite's open offer to take over Calcutta-based Indian Aluminium. With this, Alcan has almost lost the race to increase its stake in Indal from the present 34.6% to over 51%.
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