NEW DELHI: Indirect tax collections continued to be buoyant recording over 20 per cent growth totalling Rs 23,152 crore in the first quarter of this financial year. The latest monthly revenue data today said this was mainly due to sustained buoyancy in the excise revenue signalling revival of the industrial sector which had pushed up demand for imports leading to a marked push up in the customs revenue collections as well. Giving the break up, the data said while the excise collections from April to June this year was Rs 12,663 crore recording a 29.5 per cent growth, the customs collections registered Rs 10,489 crore, a growth of 12.1 per cent. In June this year the indirect tax revenue was put at Rs 8,353 crore of which excise duty totalled Rs 4,625 crore and customs duty Rs 3,728 crore. This was 20.9 per cent increase in indirect tax collections in June as compared to corresponding period in the previous year.

PFC starts FRN issue roadshows

MUMBAI: ThePower Finance Corporation's (PFC) seven-year $100 million floating rate note (FRN) would carry a coupon of 145 basis points over Libor. It would have a `call' and `put' option in 2004 end. Roadshows for the issue have been held at Singapore and the response has been excellent, said PFC officials. The issue is targeted primarily at the European market and the Asian market. "We are waiting for costs to come down. Spreads are very high in the US right now," PFC chairman and managing director Uddesh Kohli said at a press conference on Friday.

VSNL net up 37%, pays 80% dividend

MUMBAI: Videsh Sanchar Nigam Ltd (VSNL) today announced an increase of 36.9 per cent in its net profits during 1998-99 at Rs 1,325 crore as compared to Rs 967 crore announced last year. The telecom major's turnover grew to Rs 7,175.6 crore from Rs 6436 crore recorded in the previous fiscal. The VSNL board has recommended a dividend of 80 per cent as compared to 40 per cent announced last fiscal. The earning per share has gone upto Rs 139.47 against Rs 101.88 for the year 1997-98. Commenting on the performance of the company, Amitabh Kumar, acting chairman and managing director of VSNL said "we have now entered a new era in telecommunications. The lowering of international calling tariffs effective May 1, 1999, and the falling accounting rates worldwide, will position VSNL in a new slot in the coming year."