The Mint Report for 09 November 2010

The Mint Report for 09 November 2010

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.

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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.

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