HC say VODAFONE must pay Tax for HUTCH Buy<br /><ul><li>Bombay high court dismiss Vodafone a international plea challenging the IT department Rs. 12000 crore demand in the tax & penalty on dollar 11 billion takeover of Hutchison telecom.
Indian colgamerateEssar holds about 33% stake in Vodafone India.</li></li></ul><li>Contd……….<br /><ul><li>The I-T department held that Vodafone liable for not deducting tax at source from payment made to Hutchison & claimed around Rs. 12000 crore in tax & penalty on the deal.
I-T department can ask a foreign company to pay tax in India if it takes over another foreign entity that owns an Indian subsidiary & particularly , if the deal made outside the India.</li></li></ul><li>Nissan production<br /><ul><li>Nissan doubled production of its car Micra to 500 units per day in order to clear backlog of 2500 units.
Price of Micra in between Rs.3.98 lac. And Rs.5.29 lac.</li></li></ul><li>Reliance to sign gas supply contract with Essar Oil<br /><ul><li>After months of delay, Reliance Industries is finally ready to sign contract to supply natural gas from its eastern offshore KG-D6 fields to Essar Oil's Vadinar refinery in Gujarat.
RIL has sent a draft GSPA to Essar Oil and the contract may be inked within the next few days. </li></li></ul><li>Tata Sons profit declines 47% to Rs 1,620 cr in FY10<br /><ul><li>Tata Sons — the main holding company of the salt-to-telecom conglomerate, the Tata Group — reported a net profit of Rs 1,620 crore in 2009-10, its lowest since 2005-06 when it earned a profit of Rs 1,612 crore.
The 2009-10 net is 47% lower than the Rs 3,050-crore profit reported in 2008-09. The dip has been attributed to an extraordinary income from the sale of a strategic investment in 2008-09. </li></li></ul><li>PepsiCo to set up low-cost foods unit.<br /><ul><li>After repeated unsuccessful attempts to buy out Gujarat-based snacks majors such as Balaji Wafers and A-Top Foods Products, beverage and snacks maker PepsiCo India is in the process of creating its own low-cost foods business and increasing manufacturing capacities across its plants.
While Frito-Lay remains category leader in the Rs 3,000-crore salty snacks market with four local brands—Lehar, Uncle Chipps, Aliva and Kurkure—which hold a combined 55-60% share, the multinational has been consistently losing share to local strongholds like Balaji and A-Top in the West and Haldiram and Bikanervala in the North. </li></li></ul><li>The division will be separate from PepsiCo’s joint venture with Tata Tea announced in April this year for healthy non-carbonated beverages, and which is expected to roll out its first product later this year.Details of the new foods value division are yet to be finalised, a PepsiCo spokesman said in response to an email query by ET seeking information about the new division.The efforts to hike capacity come after Frito-Lay’s talks with the Rajkot-based Balaji Wafers failed about a month back. Owned by local entrepreneur ChandubhaiVirani and his family, Balaji has an estimated turnover of Rs 350 crore.Virani, who started his venture in early 1980s by selling sandwiches in a cinema hall near Rajkot and then diversified to home-made chips, has been keenly sought-after by Frito-Lay. <br />