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The sky's the limit
Branson: Richard Branson is making headlines on three continents. The serial entrepreneur is selling Virgin Mobile USA to partner Sprint-Nextel well below its IPO price. But his latest mediocre performance in the US isn’t stopping him elsewhere. Abu Dhabi is ponying up money for his loopy spaceship venture and his Aussie airline Virgin Blue is planning a rights issue. Branson"s record doesn"t give investors any certainty.

OMCs to shore up India Inc profit in Q2
India Inc is likely to post a whoping 63 per cent growth in net profit in the second quarter, thanks to four oil marketing companies which are expected to post a combined net profit of Rs 2,730 crore in the quarter ended September. If one excludes these four from the sample of 235 companies studied, net profit is expected to only increase marginally, around 1 per cent.

News of the day

Maruti Suzuki: Eeco-nomy van
With the Versa laid to rest, Maruti Suzuki is ready with another van option called the Eeco that can seat five to seven people. Set to be unveiled at the Auto Expo in New Delhi, it is likely to be priced below Rs 400,000, and will come with air-conditioning and the option to choose from six colours.
Management

BSA Motors seeks road tax waiver from Gujarat government

In its hope to see electric two-wheeler sales rising in Gujarat, Chennai-based BSA Motors, a business unit of Tube Investments of India (TII), part of the Rs 15,646 crore Murugappa Group, has submitted a memorandum with the state government seeking eight per cent waiver in road tax, reduction in VAT as well as provision of subsidy for the products. Once implemented, BSA Motors hopes to achieve 15 per cent of its total sales target from Gujarat. - Tube Investments of India to invest Rs 75 crore - TII to revive China ops - BSA Motors to ramp up production - e-scooter market set to touch Rs 500 cr - First cut "While sales of electric two-wheelers across several states in the country are growing at a rate of 10 per cent, somehow it is decreasing in Gujarat. We have, therefore, submitted a memorandum with the Gujarat government to waive off road tax of eight per cent, apart from reducing VAT and providing some subsidy for the electric two-wheelers category," said KB Srinivasan, vice president, BSA Motors. With the electric two-wheeler industry, which was 1.2 lakh units and worth Rs 400 crore in 2008-09, growing at 10 per cent, TII expects to grow at 15-20 per cent by the end of financial year 2009-10.


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