FreePress India

In a robust signal of recovery underway in the Indian economy, advance tax numbers for the second quarter of the fiscal have shown buoyant growth. The good thing is that the recovery party is being celebrated across most of the industries, especially the banking, automobile, oil and gas and infrastructure space.

Reliance Industries, the country’s largest company by market capitalisation, has paid Rs 1,157 crore against Rs 314 crore in the immediate previous quarter. Similarly, BPCL paid Rs 312 crore against Rs 40 crore. In the banking space, State Bank of India and ICICI Bank have paid advance tax of Rs 1,838 crore (Rs 1,068 crore in the first quarter of the fiscal 2009-10) and Rs 501 crore (Rs 250 crore) respectively.

Read moreIndia Advance tax signals recovery

India is set to emerge as the world’s second largest consumer or rubber, overtaking China and next only to the US. India has moved up the ladder and is now ranked third in consumption.

China’s rubber consumption is projected to decline by 5.5% this y ear to 9.53 million tonnes, according to data released by the Rubber Board.

Read moreIndia set to emerge as the second largest rubber consumer: Rubber Board

ADAG flagship RNRL has again lashed out at RIL for charging an illegal and unauthorised marketing margin of 13.5 cents (Rs 6.6) per mBtu on the sale of gas from the disputed KG basin D-6 fields.

However, RIL had no comments on the matter, seeking government’s intervention in the matter. ADAG has said that charge of unauthorized marketing margin accounts for over 3% of the price even without the approval of the Empowered Group of Ministers (EGoM) at which the KG gas is being sold and the marketing margin levied till date should either be refunded immediately or adjusted against future sale of gas.

Read moreReliance Industries – Mukesh Ambani charging unauthorized marketing margin

Abhishek Industries, the flagship company of Trident Group, has inked an agreement with Southern Living Inc., USA to use the latter’s trademark for marketing its various products.

The agreement provides that the company can use the trademark ‘Southern Living’ and logo of the American company for manufacturing, marketing, distribution and sale of its solid colored, yarn dyed terrycloth towels including bath towels, wash towels, terry bath mats, beach towels, terry bathrobes, etc in general retail as well as wholesale market.

Read moreAbhishek Industries joins hands with Southern Living

The management of Jet Airways and the striking pilots reached an agreement late Saturday night after which the pilots decided to call off their five-day strike. The private sector airline operated 172 out of 365 domestic flights and 72 of the 74 international flights on Sunday with normalcy expected on Monday.

Jet Airways has announced a 50% discount on economy class fares on all domestic flights for

Read moreFly Jet Airways 50% discount for 3 days

According to a data by GSM industry lobby Cellular Operators’ Association of India (COAI), the telecom operators have added 9.3 million subscribers in August in the GSM segment taking the total number of GSM users in the country to 335.4 million.

Last month, the operators had added 9.9 million new users, showing a slump of 6% in August. The decline in August additions is attributed to the state-owned telcos like BSNL and MTNL, posting a dip in their monthly additions. Even with these growth figures, India remains as the world’s fastest growing mobile market.