02 September, 2013

Markets extend gains for fourth day, up 201 points

Markets extended gains for the fourth trading session as the S&P BSE benchmark Sensex surged by another 201 points in late morning trade on Monday on sustained buying in FMCG, metal, consumer durable, healthcare and banking sectors.

The BSE-30 share index, Sensex, resumed higher at 18,691.83 and moved up further to a high of 18,825.77 before quoting 18,820.61 points at 1030 hours.

It showed a gain of 200.89 points or 1.08 per cent from its last last weekend's level.

Maruti Suzuki August sales up 61% at 87,323 units

Country's largest car-maker Maruti Suzuki India (MSI) on Monday reported 61.24% increase in total sales in August at 87,323 units as against 54,154 units in the same month last year.

The company said its domestic sales increased by 51.6% during the month to 76,018 units as against 50,129 units in August last year.

The company's Manesar plant was locked out in August 2012 following violence in which one executive was killed.

Interest on tax refunds haunts government

Delayed direct tax refunds and the high interest outgo are proving to be a headache for the government.

Even as thousands await refunds for the 2011-12 fiscal, the Public Accounts Committee (PAC) of Parliament has called revenue secretary Sumit Bose and attorney general GE Vahanvati for what it believes are "mutually contradictory opinions" by the chief law officer on the expenditure that the government incurred in paying interest on tax refunds. Although the issue dates back to 2011-12, the amount involved in payment of refunds adds up to over Rs 34,000 crore in the last five financial years.

What the PAC is concerned with is the Comptroller & Auditor General's (CAG) observation that the payments were in breach of Article 114(3) of the Constitution as the government did not provide for them in the Budget and were therefore, not cleared by Parliament as other spending proposals.

Hindustan Motors prices new Ambassador Encore under Rs 5 lakh

C K Birla Group company Hindustan Motors today announced the price of its newly introduced BS IV compliant diesel Ambassador at Rs 4,97,996 (ex-showroom Kolkata) under the 'no-refusal' taxi segment.

Bookings for the vehicle named Ambassador Encore will begin from tomorrow, the company said in a statement.

The buyers in replacement taxi segment will be able to avail of a handsome reduction in the announced price, it added.

C-17 heavy-lift transport plane inducted into IAF

Giving a major thrust to IAF's capability to swiftly move troops and tanks to battle fronts, defence minister A K Antony on Monday formally inducted its biggest 70-tonne C-17 heavy-lift transport aircraft into service at the Hindon Air Base.

The plane's induction is a giant stride for the force and it will perform tactical and non-traditional operations also, he said.

The C-17 Globemaster III aircraft has been procured from the US under a deal expected to be over Rs 20,000 crore. A symbolic key of the plane was presented by the Minister to the unit's commanding officer to mark its induction.

Speaking on the occasion, IAF chief NAK Browne said the plane will be operated from the advanced landing grounds in the northeastern states as well as from high altitude bases in north and Andaman and Nicobar Islands.

The C-17, with a capability to carry around 70 tonnes of load and around 150 fully geared troops, will replace the Russian IL-76 as the biggest aircraft in the IAF inventory till now.

The IL-76 has the capability to carry loads upto around 40 tonnes.

The IAF has placed orders with the US for ten C-17 aircraft under the deal signed in 2011 and three of them have already been delivered.

The US Air Force is scheduled to complete the delivery of all the 10 planes by the end of next year.

Hyderabad Hotshots clinch inaugural Indian Badminton League crown

Saina Nehwal-led Hyderabad Hotshots crowned themselves as the champions of the inaugural Indian Badminton League when they downed Awadhe Warriors 3-1 in the finals at the NSCI Stadium on Saturday.

Indian shuttle queen Saina brought the Hotshots on level terms by trouncing her young challenger PV Sindhu in straight games (21-15, 21-7) in 35 minutes after K Srikanth gave the Warriors an unexpected 1-0 lead by stunning top-20 rival S Tanongsak in straight games, 21-12, 21-20.

Hotshots surged ahead again after Saina's thumping win when their top Malaysian men's doubles team of Goh V Shem and Wah Lim Khim got the better of the scratch Danish-Indonesian pair of Mathias Boe and Markis Kido in three games 21-14 13-21, 11-4.