Tata Motors has posted bumper numbers for the second quarter. The company’s net profit shot up to Rs2,223 crore from a mere Rs22 crore in the same period last year. Consolidated revenue meanwhile, gained 36.5% to Rs28,782 crore. The company said its numbers were boosted by the availability of vehicle financing and strong demand as well as a revived economy and a good monsoon.
Citibank and Kingfisher Airlines are under scrutiny over taxes. The Central Board of Excise and Customs has sent show-cause notices to both of them. Those notices say they didn’t pay service tax for their sponsorship of the IPL. The notices cover operations over the fiscals 2008-09 and 2009-10. Citibank has not commented on the issue, while Kingfisher says it has filed an appeal.