Government reduces rate of ESI contribution from 6.5% to 4%

New Delhi (IANS) The government has decided to reduce the rate of contribution under the ESI Act from 6.5 per cent to 4 per cent wth employers contribution being reduced from 4.75 to 3.25 per cent and that of employees from 1.75 to 0.75 per cent.

PWC observations baseless, unjustified: Reliance Capital

Mumbai (IANS) The Anil Ambani-led Reliance Capital Ltd on Thursday termed audit firm Price Waterhouse & Co's (PWC) observations as baseless and unjustified.

In a statement issued here, the company said: "PWC's observations…

PNB admits staggering loan defaults of Rs 25,000-crore

Mumbai (IANS) The beleaguered public sector Punjab National Bank (PNB) has admitted to 1,142 big and small defaulters all over India who have defaulted a stupendous Rs 25,090.3 crore.

Of these 1,142, the PNB has so far initiated recovery proceedings…

Markets open in red: Sensex down 160 points

Mumbai (IANS) The 30-scrip Sensitive Index (Sensex) on Wednesday opened on a negative note during the morning session of the trade.

The Sensex of the BSE opened at 39,974.18, then touched a high of 39,982.10 and a low of 39,780.00. It is trading…

Ministry not to seek funds for PSB recapitalisation

New Delhi (IANS) After enhancing the recapitalisation amount for public sector banks (PSBs) to Rs 1.06 lakh crore in the last fiscal, the Finance Ministry is not in favour of infusing more funds in PSBs so soon after, and is unlikely to seek…

Domestic passenger cars sales down 26% in May

New Delhi (IANS) Domestic passenger cars' sales continued to decline in May, the segment's off-take fell 26.03 per cent.

According to industry observers, high base effect, along with low demand and high interest cost continued…

Budget may consider sops to MSME export units

New Delhi (IANS) The Finance Ministry is keen on key employment and export boosting steps to be accomodated in the Budget. It may consider fiscal incentives like interest rate subvention, lower tax rates for upto certain turnover threshold for key…

Equity indices open in green, Sensex up 320 points

Mumbai (IANS) The key Indian equity indices opened on a positive note on Monday, in line with the Asian stocks, with the BSE Sensex trading 320 points higher.

Both the domestic and Asian investor sentiment strenthened after US President…

Cut down on contract labour: BSNL to circles

New Delhi (IANS) State run BSNL, which is trying to overcome liquidity crunch and financial squeeze, has undertaken fresh measures to cut avoidable expenditures on contract labour and do a cost-benefit analysis of the legacy landline and broadband…

Assocham proposes to raise taxpayers' exemption limit to Rs 5 lakh

New Delhi (IANS) Industry body Assocham on Saturday said it has proposed to raise the basic exemption limit for individual income taxpayers in its pre-Budget memorandum to the government.

According to the industry body, the basic exemption…