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Nokia profit soars 65% to euro 948 mn; sales slump
Finnish handset maker Nokia Corp today reported a 65 per cent jump in net profit at euro 948 million for the period ending December 31, 2009, despite a slump in sales figures.

MP to push demand for GST postponement
The Madhya Pradesh government will tomorrow press for its demand to postpone proposed goods and service tax from April next year, as it has estimated that losses to all the states will be in tune with Rs 80000 crore before the committee on GST in New Delhi. “The Centre is putting important issues like health and education at stake if implementing GST, as revenues losses to the states would be much higher than calculated,” AP Shrivastava, principal secretary commercial tax department said, “The proposed GST is not different from VAT however the Centre has wrongly calculated tax-base and revenue losses at Rs 21.66 lakh crore (as per Tax Research Unit of Department of Revenue Government of India) and Rs 35,000 crore.” The state finance minister will demand that this is not an opportune time to implement GST and the Centre should give some time for VAT to settle down.

News of the day

Consumer finance: Smaller players fill the void
Dealers bank on small NBFCs as big players opt out.
International Business

JP Associates to invest Rs 4,500-cr in cement project

Jaypee Group firm Jaiprakash (JP) Associates today said it will invest Rs 4,500 crore to take its cement manufacturing capacity from 20 million tonnes per annum (mtpa) to 33 mtpa by 2012. - JP Asso to raise Rs 1,500 cr through Infra arm IPO - Cos raises over Rs 14,000 cr in upbeat mkt - Rally prompts promoters to sell treasury stock - Cement despatch growth remains robust - JP Associates rises on board's nod to raise Rs 4,000 crore - Easier rights norms may fall flat The company"s current capacity is 15 mtpa that will go up to 20 mtpa in the next 2-3 months for which most of the investments have been made. "We currently have a capacity of 15 mtpa...The total capacity will reach from 20 mtpa in March 2010 to 33 mtpa by March 2012 at a cost of Rs 4,500 crore," Jaiprakash Associates Chief Financial Officer Rahul Kumar told reporters here. "Part of the Rs 4,500 crore investment has already been made to augment the capacity," Kumar said. Additional funds would be raised to meet the capacity targets, he said, without giving specifics. The company"s first joint-venture cement plant with Steel Authority of India will be commissioned by March with a capacity of 2.2 mtpa. Its second JV plant with the steel major would be operational by July 2011 in Bokaro in Jharkhand with capacity of 2.1 mtpa. The other cement plants by the company are coming up in Gujarat, Himachal Pradesh and Uttarakhand.


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