Bizbits

The US-based firm has a 27 per cent equity stake in the joint venture while the Manipal group has 28 per cent and the rest is with ICICI and non-resident Indians (NRIs). The company’s total equity at present stands at Rs 6.7 crore after a Rs 1.7-crore infusion of funds from ICICI. He, however, ruled out the possibility of the firm setting up a fully-owned subsidiary in the Saarc region in the immediate future as the area is at present in the throes of a recession.

Control Data Systems is a global software and services firm which helps organisations integrate their enterprise wide systems that are required to createtransmit access and control electronic information.

I-T collections in Mumbai dip 1.5%

MUMBAI: The total income-tax collections from Mumbai have registered a marginal dip of around 1.5 per cent from Rs 11,854 crore to Rs 11,681 crore as on March 25, 1998. The figure does not include revenue from the Voluntary Disclosure of Income Scheme (VDIS).

Mumbai, which contributes around 40 per cent of the total revenue collections in the country, is unlikely to meet its target for fiscal 1997-98. The Central Board of Direct Taxes (CBDT) has set a target of around Rs 18,000 crore for the income-tax department, Mumbai.

As on March 25, income-tax collections registered a drop of around 10 per cent at Rs 3,765 crore as against Rs 4,182 crore in the previous year. The collections have been affected by the drop in the tax rates and the VDIS, chief commissioner of income tax (CCIT-I) B Misra said.

Corporation tax (CT), on the other hand, has staged a recovery by posting a 9.3 per cent jump. On March 25, theCT was around Rs 7,204 crore as against around Rs 6,590 last year.

Sensex will rise: Damani

NEW DELHI: Bombay Stock Exchange president M G Damani hopes the stock market will turn bullish over the end of political uncertainty at the centre with the BJP-led government winning the confidence vote.

He said, “This augurs well for the stability of the country. Industry will look forward for the revival. The index will move up, but carefully.” Stating that the investors were upbeat and happy now that the uncertainty has ended, Damani said,“It will be definitely reflected in the Sensex.”

Asked to what levels sensex would move up to, Damani said the stock market would wait for the budget, which is yet to come. “I am not looking at any particular levels now,” Damani said.

He said the government should now enunciate its policies on interest rates through the credit policy and should implement all policies that have been held up due to uncertainty.

KSB Pumps

PUNE: KSB Pumps, the Indiansubsidiary of KSB AG of Germany, may review its investment decisions in India should the BJP-led government announce protectionist measures for the domestic industry, according to company managing director Bernd Langebartels. The decision may be taken at a time when the Indian subsidiary is expected to assume new responsibilities in its parent’s global operations with an emphasis on exports. He said they would watch policy decisions which indicate trends for the next year and if need be, re-allocate investments. Possible alternative destinations include South Africa, Indonesia, China, Latin America or Mexico.

Roots Industries

COIMBATORE: Roots Industries Ltd (RIL), the manufacturers of Roots’ brand horn, will be manufacturing and marketing Bosch horns in India. The strategic alliance between the ISO-9001 Indian company and the $50 billion Bosch group would see 10,000 Bosch branded horns being manufactured a month at the new 6-crore plant of RIL at Thoppampatti, 10 km from Coimbatore.

ADBfunding

NEW DELHI: In a major departure from the practice of extending assistance to projects, Asian Development Bank (ADB) has decided to fund policy reforms programmes in various states of India. Detailing the policy changes in the bank’s funding, ADB director of programmes (west) G V Linden said funding would be made conditional to reforms on the “take it or leave it” basis. In addition to funding policy reforms projects, Linden said, "Henceforth, over 50 per cent of banks assistance will go to the states".

The bank has tied up with Gujarat and MP governments for improving public sector systems and fiscal discipline, he said. The bank will soon release second tranche of $ 50 million committed funds for the programme, he added.