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Kuwait sees no change in OPEC output this year
Kuwait"s Oil Minister Sheikh Ahmad Abdullah al-Sabah today ruled out any production increase by OPEC this year and predicted that oil prices would remain at between $60 and $80 a barrel.

Input credits under service tax law
In a recent landmark judgement in Coca Cola India Pvt. Ltd. vs. Commissioner of Central Excise (2009-VIL-06-HC-BOM-ST), the Mumbai High Court has interpreted the relevant provisions of service tax law in a broad and inclusive manner in order to hold that expenses incurred by a company in relation to advertising and promoting a brand owned by it would be eligible for input tax credits as such services will qualify as ‘input services’. The decision has extended the present understanding of the service tax provisions to a significant extent and beneficially at that.

News of the day

Somnath, B'wood, Shiv Sena leaders on LeT hit list: FBI
In a new disclosure, the Federal Bureau of Investigation has said that the famous Somnath temple in Gujarat, Bollywood stars and Shiv Sena leaders in Mumbai were also the targets of Lashkar-e-Taiba, which was planning to carry out strikes with the help of two Chicago-based residents of Pakistani origin.
Management

NIIT Tech net down 12.4%

Delhi-based NIIT Technologies today posted a 12.4 per cent fall in its profit after tax (PAT) for the second quarter ended September 30, owing to a foreign exchange loss of $153 million (around Rs 700 crore). PAT stood at Rs 32.1 crore compared to Rs 36.7 crore in the year ago period. Consolidated revenues, at Rs 226.3 crore, were down 12 .5 per cent year-on-year from Rs 258.7 crore. - Subex posts Q2 net loss of Rs 3.2 crore - Prakash Industries Q2 profit rises 40% - Polaris Software net up 2% at Rs 35 cr - Early bird Q2 reports show growth in profits, not sales - NIIT Tech Q2 net declines 12% on forex losses - TCS beats the street; net up 29% Sequentially, PAT rose 82 per cent from Rs 17.6 crore in the trailing quarter, while revenues were up 3.7 per cent on a quarter-on-quarter basis. The BFSI segment contributed 44 per cent to revenues, while the travel and transport vertical contributed 30 per cent. Fresh orders worth $ 51m (around Rs 236 crore) were secured in the quarter.


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