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Rupee drops to 2-week low as risk aversion mounts
The rupee fell to a two-week low on speculation that foreign funds will trim their holdings of local assets, as interest rates are raised to contain inflation.

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Singur land not 'formally' sought: Industry minister
The West Bengal government had not sought return of the land at Singur from Tata Motors ‘formally’, said West Bengal commerce and industry minister Nirupam Sen, a day after Ratan Tata said the government had not approached for the land. Speaking on the sidelines of a seminar organized by Assocham in association with the Bengal Chamber of Commerce & Industry and Merchants’ Chamber of Commerce, Sen said, though the government had not formally asked for the land, the company had been informed about the Bhel proposal and later the Railways proposal. Sen said, unless the Railways submitted a formal proposal, the government would not ask for the land back. With Sen’s comments, it appears that Singur was once again in limbo, as Railways has made it clear that it would not visit the land as it belonged to Tata Motors.

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Govt won't sell more stake in Nalco
The Government today said it has no plans to sell more stake in aluminum producer National Aluminum Company (Nalco).
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Excise collections fall by 49% in North India

The excise and custom collections from the northern region declined by 49.14 per cent and 18.21 per cent, respectively, in the first six months of this fiscal. Markets open strong; Tata Steel up 2% Excise collections were mainly hit by a considerable reduction in excise duty rates effected by the Centre as part of its stimulus packages in December 2008 and February this year, the official added, saying power cuts and recession also impacted the collections. Custom collections in the Chandigarh zone also went down to Rs 311.09 crore as on September 2009, observing a fall of 18.21 per cent over the same period previous fiscal. The major fall in excise collections was observed in industrial districts of Ludhiana, Amritsar and Jalandhar. The collections from these districts fell by a whopping 72.97 per cent to Rs 15.51 crore, said the official. Similarly, collections in Sangrur, Derabassi, Ropar and Patiala declined by 67.73 per cent to Rs 66.06 crore in the first six months of 2009-10. The Central Excise Department had targeted to collect Rs 915 crore as excise from its Chandigarh zone.


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