New Delhi: Some of the figures for advance tax payments for the third quarter are in. In Mumbai, the top one hundred companies paid 24% more tax for the quarter ending December compared to a year earlier. State Bank of India was Mumbai’s highest taxpayer, giving up Rs1,795 crore. India’s biggest company, RIL paid Rs834 crore, a massive increase over the previous year.
Government figures show foreign investment has flowed in to India in recent months despite the downturn. The commerce ministry says India got $17.65 billion in foreign investment in the period from April to October.
The downturn has not stopped India’s FMCG market from growing either. Industry body FICCI says the fast moving consumer goods sector grew by 15% over the last year.
Mahindra and Mahindra has bought a majority stake in two Australian aerospace companies for a total of Rs175 crore. The two companies are called Aerostaff Australia and Gippsland Aeronautics.
As it plans to launch its follow on public offer, NTPC is demanding Delhi city pay back money it owes it from more than a decade ago. NTPC wants Rs1,311 crore in dues for electricity supplied to Delhi until 1997, which is the period when Delhi Electric Supply Undertaking was in charge. The private distribution companies in charge now say the responsibility for paying the dues lies entirely with the holding company Delhi Power Company Limited. The government has approved the disinvestment of 5% of NTPC’s paid-up equity capital.
GMR Infrastructure plans to raise money for its power projects. The company says it will raise Rs2,000 crore by March of 2011 to build power plants. GMR has not disclosed how it plans to raise the money.