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Markets recover at close
The Sensex has ended at 16,647, down 208 points, and the Nifty has ended at 4943, lower by 63 points (provisional closing).

India's sales effectiveness lowest in Asia-Pacific region
India needs to significantly improve its performance when it comes to sales effectiveness, as it is far behind its peers in the Asia Pacific (APAC) region in terms of engagement of the sales force with a particular brand, a survey said.

News of the day

Sunil Jain: Forget Ambani, think Goenka
Most are focused on the salaries of the Ambani brothers when it comes to the ‘’vulgar’’ salaries Corporate Affairs Minister Salman Khurshid spoke of. The Ambanis, it turns out, take home very reasonable fractions of their companies’ sales/net profits — 0.03/0.23 per cent in the case of Mukesh and 0.22/0.63 per cent in the case of Anil. The Marans of Sun TV, Kalanithi and wife Kavery, in comparison, took home 7.36/16.96 per cent of sales/net profits (see graphic).
Home Business

IT searches at ABG Shipyard offices, official residences

Income Tax authorities are carrying out search operations at various establishments of the shipbuilding and repairing firm, ABG Shipyard, for alleged tax evasion, an Income Tax Department source has said. - I-T raid on ABG Shipyard offices, official residences - Bharati hikes open offer for Great Offshore to Rs 560/share - Stock price of Great Offshore unsustainable: Analysts - Current stock price of Great Offshore unsustainable: Analysts - ABG Shipyard gears up to match Bharati"s open offer - Sebi may ok Bharati"s offer for Great Offshore in 10 days The searches are being carried out in about 26 establishments — both office complexes as well as residences of company officials — across four cities, the source said. The raids are being carried out in Mumbai and Surat, Dahej and Bhuj (in Gujarat), the source said, adding these are being conducted by the Director, Income Tax (Investigation) Unit 1. An official of the company, who asked not to be identified, confirmed the IT raids saying these started at 7 am today.


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