The Hindu Business Line : Thursday, July 28, 2005

Fire destroys ONGC rig near Mumbai; several feared dead
A MAJOR fire broke out on Wednesday at ONGC's offshore oil platform near Mumbai, completely destroying the platform. A PTI report, quoting the Union Petroleum Minister, Mr Mani Shankar Aiyar, said several people were feared dead in the ... More

Mumbai is shut
MUMBAI came to a shuddering halt as heavy rains (of 90 cm) over the last 24 hours stopped rail and bus traffic, silenced mobiles and land lines, tripped power lines and destroyed middle-class and slum dwellings. Financial and banking services ... More

Death toll at 99; property worth Rs 500 cr damaged
THE heavy rains killed 99 people and destroyed property worth Rs 500 crore in the State, the Chief Minister, Mr Vilasrao Deshmukh, said. He said the death toll could go up and details of the damage to properties are yet to be known. The ... More

Rains fail to dampen Sensex
HEAVY rains in Mumbai and various parts of Maharashtra failed to dampen sentiment of traders on Wednesday, as frontline stocks' prices continued to move up pushing the Sensex past the 7,600-mark, another high for the index. But the rise in the ... More

Tax set offs in stock options & futures contracts — CBDT spells out conditions for recognition of stock exchanges
THE legal decks have been cleared for a taxpayer to set off for tax purposes, his profits and losses in `options' and `futures' (derivative instruments) contracts in stocks, against gains and losses from other sources of income. The Central ... More

Higher refining margins push Reliance Ind Q1 net up 61 pc
A GOOD performance by its refining business, which also reported a 40 per cent increase in exports (including deemed exports), helped Reliance Industries clock a 61 per cent increase in net profitfor the first quarter ended June 30, 2005. Net ... More

Exide to buy GMR stake in ING Vysya for Rs 203 cr
GMR Industries Ltd will divest 49.13 per cent of its stake held in ING Vysya Life Insurance Company Pvt Ltd (IVL), in favour of the Raheja group-owned Exide Industries Ltd. The board of directors of GMR Industries Ltd at its meeting held on ... More

Only an investment for us, says Exide
EXIDE Industries today described its acquisition of majority stake in ING Vysya Life Insurance Company Pvt Ltd as an "investment." The company said that it would invest up to Rs 410 crore in IVL in the next 3-4 years. Though not quite ... More

NCAER lowers GDP forecast marginally
THE National Council of Applied Economic Research (Ncaer) has marginally revised downward its forecast of the growth rate for the economy during the current fiscal from its earlier 7.2 per cent in April to 7.1 per cent now, taking due cognisance ... More

The Hindu ad gets credit at NY fest
AN advertisement done by the Thiruvananthapuram-based Stark Communications Pvt. Ltd to celebrate the 125th anniversary of The Hindu has won a finalist certificate at the New York Festivals. The ad, released by Kerala Tourism, clinched a ... More

`Most Indians bet on family support post-retirement'
AN HSBC survey on retirement has revealed that nine out of every 10 Indians expect to rely on their children for care in old age. "Indians rarely think they will need to bear their own retirement costs. Nor do they expect the Government to ... More