The government today withdrew the 15 per cent export duty on pig iron, iron and steel ingots, bars and rods, angles and sections. It also replaced the 15 per cent ad valorem export duty on iron ore fines. The export duty on scrap and iron ore lump remains unchanged.

The ministry also withdrew full exemption from basic customs duty on import of ferro-molybdenum and ferro-vanadium. The items will now attract basic customs duty of 5%.
 

The Indian Oil Company (IOC) has incurred a loss of Rs 7,047 crore in the second quarter ending Sept 30.The loss is believed to be more than Rs 6,963 crore that the company made in 2007-08.

The company in the first half of the year 2008-09 lost Rs 6,632 crore, as against a net profit of Rs 5,286.16 crore in the same period last year.