Wipro gets fresh tax demand of `816 cr
NEW DELHI, 13 JUNE: Wipro has been slapped with an over Rs 816 crore claim by the tax department. The company said the “draft assessment order” from tax authorities for 2008-09 fiscal has arised primarily due to denial of deduction under section 10A of the Income Tax Act, 1961, in respect of profit earned by its undertaking in the Software Technology Park at Bangalore. “The company will file its objections against the said demand before the Dispute Resolution Panel, within the time limit prescribed under the statute,” Wipro said in a filing on the US Securities and Exchange Commission. pti
Apollo Tyres shares dip
MUMBAI, 13 JUNE: Shares of Apollo Tyres today fell sharply by 26 per cent on concerns over debt burden due to the company’s acquisition of US-based Cooper Tire & Rubber Co for about Rs 14,500 crore. The stock fell to 52-week low of Rs 67.75, down by 26.35 per cent on the BSE during the day. It settled at Rs 68.60, showing a sharp loss of 25.43 per cent over the previous close. At the National Stock Exchange, the stock nosedived by 26.05 per cent to close at Rs 68. Tracking weakness in the stock, the market value of the company tanked by Rs 903 crore to Rs 3,734 crore. pti
Highway projects
NEW DELHI, 13 JUNE: The Cabinet Committee on Economic Affairs today raised to Rs 500 crore the financial limit of the road transport ministry to sanction national highways projects. The modification of the delegation of powers for project approvals by the CCEA is the result of a changed situation where “with increase in costs over time, a large number of projects taken up by the ministry of road transport and highways are in the range of Rs 300 crore to Rs 500 crore," an official statement said here. sns
Unilever offer cleared
NEW DELHI, 13 JUNE: Anglo-Dutch consumer goods firm Unilever Plc today said it has received approval from the Securities and Exchange Board of India for its $5.4-billion open offer to buy 22.52 per cent stake in its Indian arm ~ Hindustan Unilever Ltd. The offer will raise Unilever’s stake in HUL to 75 per cent from 52.48 per cent now. “The tender period will commence on 21 June 2013 and will end on 4 July 2013,” it added. pti
Dell India MD
MUMBAI, 13 JUNE: Dell today named Mr Alok Ohrie as the president and managing director of its India operations. India is strategic to Dell both as a market as well as for its service delivery capability, and Mr Ohrie will carry the responsibility of further enhancing the company’s end-to-end solutions capabilities, Dell said in a statement. pti