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Mr
YC Deveshwar, chairman of the company, described tax
on cigarettes as "disproportionate." In the
financial year 2007-8 the government increased excise duty by
around six per cent and introduced VAT of 12.5 per cent on the
product.
While
Mr Deveshwar asserted his commitment to staying in the
cigarette market, the regulatory restrictions mean that there
is a need to "create other legs of growth". ITC has
aggressively pursued its strategy of diversification over the
past few years with encouraging results.
Non-tobacco
enterprises now comprise 53 per cent of turnover with ITC competing
in the snacks, staple foods, shampoo and soaps industries
along side established players such as Nestle, Britannia,
Unilever. While some of its newest brands such as Bingo
snacks and Vivel personal care products are still
establishing themselves Mr Deveshwar said returns on
these investments would come over time.
The
board stressed ITC's interest in environmental issues
highlighting its ambitions in the forestry industry as a way
of increasing the green cover in India from its current level
of 33 per cent.
Srei PAT up 85%
Srei Infrastructure
Finance Limited today reported profit after tax of Rs 43.20
crore for the quarter ended 30 June 2008, registering an
increase of 85 per cent over the corresponding quarter of the
previous financial year. The consolidated business done during
the quarter stood at Rs 1,787 crore as against Rs 1,461
crore in the same quarter of the previous fiscal.
Speaking
to reporters here today, company director, Mr Sunil Kanoria said
that it was targeting new business worth Rs 10,000 crore
during this fiscal in infrastructure projects financing space
with the focus being on road, port, power, telecom and oil
& gas sectors.
Source
: The Statesman - Kolkata, India, dated 30/07/2008
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