Business

Hit by high interest rates and rising fuel costs, car sales in India grew by just 2.19 per cent in 2011-12, the slowest since 2008-09.

The Civil Aviation Minister said that taxes on ATF should come down so that air connectivity to small towns increases.

Finance Minister Pranab Mukherjee said that he has asked the authorities concerned to look into the issue.

The revenues of India's second largest software services exporter fell 4.8 per cent QoQ to Rs 8,852 crore.

The Company Law Board has allowed Unitech Ltd's plea to refer a dispute over its telecoms joint venture with Norway's Telenor for arbitration in Singapore, potentially delaying a resolution.

The government allows 74 per cent FDI in companies providing telecom services.

Shares of Kingfisher Airlines soared 8.84 per cent to Rs 20.30 on the BSE.

Pranab Mukherjee said the government is committed to protecting the financial health of Public Sector Banks (PSB) and financial institutions.

Market sources claimed that the industry has lost business of over Rs 11,000 crore in the last nine days.

The merger, to become effective retrospectively from April 2011, would create a single IT entity with an estimated market value of over $ 3.5 billion.

The swap ratio for the merger of Mahindra Satyam with Tech Mahindra has been fixed at 8.5 shares of Satyam for every one share of Tech Mahindra, by the boards of the two companies.

Among other items, only vegetable prices saw a decline of 4.73 per cent over the February 2011 level.

Mamata had written to the Prime Minister seeking the replacement of Trivedi with another party nominee Mukul Roy.

The government has also proposed slapping a tax of 30 per cent on undisclosed money, credits, investments.

Many commentators have slammed the budget as pedestrian for numerous petty tax concessions.

Unveiling the Budget proposals in the Lok Sabha, Pranab Mukherjee raised the limit to Rs 10 lakh under the 20 pc tax slab.