It is nonsense to think that the designers of this kind

“It is nonsense to think that the designers of this kind of trust were wilfully dangerous,” he told MPs. In the long and illustrious annals of “things they wish they had never said”, I wonder whether David “Dotty” Thomas, of the stockbrokers Brewin Dolphin, regrets his now notorious evidence to the Treasury Select Committee hearing on the split capital trusts saga. This is taking longer than anticipated and highlights the significant risk in Vedanta – failure to deliver on its expansion plans, which is a possibility, would hit earnings significantly.The above is a selection from the daily Investment Column. Raw copper output was down 13 per cent while it dug down to the next mining level Copper and zinc smelters were shut down for maintenance.

It said its production record over the past six months had been patchy. But the toil and grind mining companies are going through in this frenzied period of production was visible this week at Vedanta Resources, the Indian-based metals producer that listed in London in December. At 72p, the shares are a hold.Indian tiger stumbles as mining market goes awryIndia and China, the boom economies of the decade, are industrial boiling pots, and miners and smelters have been working at full blast to meet their demand Metal prices are at record highs. Incepta’s fortunes are tied to the ebb and flow of the City and broader economy to a large extent and the recovery is pretty fragile. The good times are not exactly back but Incepta’s chief executive, Richard Nichols, says companies are increasingly relying on the less glamorous end such as mail-shots. Hold.INCEPTALike much of the media industry, the marketing and PR group Incepta has been through three years of contraction, as clients slashed expenditure and one-off business dried up. The shares are not cheap, but the potential growth over the next two years means they should stay on the boil.

It has been looking to expand in the US, and there is still room for growth in the UK. Profits have been rising steadily, from £1m in 2002 to a forecast £4m in 2005. There is a clear growth story for the next few years, which is certain to multiply group profits. Buy.GUSBit by bit, GUS is waking up to the fact that conglomerates went out of fashion about the same time as ra-ra skirts. If your pub doesn’t do cashback, then the £1.50 charge is just about worth paying – something the AIM-listed Scott Tod is learning quickly. Sales growth and profitability have made its shares more fashionable again. It is still a daring buy.MICROGENThe IT services group gave a pleasing report this week on its third-quarter performance.