Corporate Highlights

• Pantaloons' big Independence sale starts today. Independence day sale accounts for 3% of annual sales of the company. The company's board will be meeting on Monday. The board is looking to finalise Rs 1,500 crore PE investment.

• Draft Direct Tax Code says profits of non-life insurance business to be disclosed annually. The savings tax deduction limit to be hiked to Rs 3 lakhs. The base year for calculation of capital gains tax moved to Apr '00. The taxation of all non profit organisations is rationalised. No tax deduction on interest payable on any government security. It will abolish securities transaction tax & scrap long, short-term capital gains distinction. The rate of taxes will be uniform after implementation.

• BHEL said that the company will announce the tie up with NPCIL and foreign major by September for Nuclear Power space. The company is in talks with Gujarat & MP governments for tie-ups.

• FCS Software board approves fund raising up to $ 40 Mn; stock split from Rs 10 to Re 1

• MphasiS acquires AIG Systems Solutions. AIG Systems Solutions is a part of AIG.

• NALCO hikes aluminium price by Rs 6,000-7,000/t

• L&T, Mitsubishi Heavy JV gets Rs 4,000 crore equipment order