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Robust advance tax payments may allay slowdown fears (The Hindu Business Line 20th March 2008)Robust advance tax payments of large industrial and banking companies in the March 15 instalment may allay economic slowdown worries. The advance tax payments by many large corporate houses have increased by over 40 per cent in this instalment on a year-on-year basis.
This is in line with the overall direct tax collections growth rate of over 40 per cent witnessed this fiscal, official sources said. The March 15 instalment is the fourth and final part of advance tax in a financial year.
The over 40 per cent increase in advance tax payments by corporate biggies has kindled hope that the earnings and bottomline of India Inc would remain unaffected in the last quarter despite the industrial output slowdown in January this year.
Reliance Industries paid advance tax of Rs 443 crore (Rs 118 crore) and SBI Rs 1,418 crore (Rs 690 crore). ICICI Bank has doubled the payout to Rs 250 crore (Rs 125 crore). HDFC Bank has forked out Rs 250 crore (Rs 165 crore). SAIL paid Rs 1229 crore (Rs 905 crore) and L&T Rs 170 crore (Rs 80 crore). TCS paid Rs 115 crore (Rs 20 crore) and Ambuja Cements Rs 170 crore (Rs 100 crore). More
Sensex loses steam after a bullish startThe Hindu Business Line 20th March 2008)The 75-basis point rate cut by the US Federal Reserve boosted sentiments across Asian markets on Wednesday, but the Indian bourses could not sustain gains. Lower opening of the European markets and more bad news such as poor growth in six core infrastructure sector in the domestic market pared early gains.
Rumours of a British bank facing liquidity problems pulled down the European markets against the expectations of a rally after the Fed rate cut. Sensex closed with a gain of 161 points at 14,994, in contrast to 632 points intra-day gain the index made to touch the day’s high of 15,465. More

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