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BEML Ltd.

BSE: 500048 Sector: Engineering
NSE: BEML ISIN Code: INE258A01016
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VOLUME 16650
52-Week high 1324.40
52-Week low 770.15
P/E 112.60
Mkt Cap.(Rs cr) 3826.09
Buy Price 918.60
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Sell Price 919.55
Sell Qty 8.00
OPEN 927.30
CLOSE 919.20
VOLUME 16650
52-Week high 1324.40
52-Week low 770.15
P/E 112.60
Mkt Cap.(Rs cr) 3826.09
Buy Price 918.60
Buy Qty 8.00
Sell Price 919.55
Sell Qty 8.00

BEML Ltd. (BEML) - Auditors Report

Company auditors report

To

The Members of

BEML LIMITED

Report on the Standalone Financial Statements

1. We have audited the accompanying standalone financial statements of BEML LIMITED("the Company") which comprise the Balance Sheet as at March 31 2016 theStatement of Profit and Loss and the Cash Flow Statement for the year then ended and asummary of significant accounting policies and other explanatory information.

Management's Responsibility for the Standalone Financial Statements

2. The Company's Board of Directors is responsible for the matters stated in Section134(5) of the Companies Act 2013 ("the Act") with respect to the preparation ofthese standalone financial statements that give a true and fair view of the financialposition financial performance and cash flows of the Company in accordance with theaccounting principles generally accepted in India including the Accounting Standardsspecified under Section 133 of the Act read with Rule 7 of the Companies (Accounts)Rules 2014. This responsibility also includes maintenance of adequate accounting recordsin accordance with the provisions of the Act for safeguarding the assets of the Companyand for preventing and detecting frauds and other irregularities; selection andapplication of appropriate accounting policies; making judgments and estimates that arereasonable and prudent; and design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the accuracy andcompleteness of the accounting records relevant to the preparation and presentation ofthe financial statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.

Auditor's Responsibility

3. Our responsibility is to express an opinion on these standalone financial statementsbased on our audit.

We have taken into account the provisions of the Act the accounting and auditingstandards and matters which are required to be included in the audit report under theprovisions of the Act and the Rules made there under.

We conducted our audit in accordance with the Standards on Auditing specified underSection 143(10) of the Act. Those Standards require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetherthe financial statements are free from material misstatement.

4. An audit involves performing procedures to obtain audit evidence about the amountsand the disclosures in the financial statements. The procedures selected depend on theauditor's judgment including the assessment of the risks of material misstatement of thefinancial statements whether due to fraud or error. In making those risk assessments theauditor considers internal financial control relevant to the Company's preparation of thefinancial statements that give a true and fair view in order to design audit proceduresthat are appropriate in the circumstances but not for the purpose of expressing anopinion on whether the Company has in place an adequate internal financial controls systemover financial reporting and the operating effectiveness of such controls. An audit alsoincludes evaluating the appropriateness of the accounting policies used and thereasonableness of the accounting estimates made by the Company's Management and Board ofDirectors as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the standalone financial statements.

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid standalone financial statements give the information requiredby the Act in the manner so required and give a true and fair view in conformity with theaccounting principles generally accepted in India of the state of affairs of the Companyas at March 31 2016 and its Profit and its Cash Flow for the year ended on that date.

Emphasis of Matter:

We draw our attention to:

a) Note No.18 (i) in respect of Trade receivables from Ministry of Defence (MOD)Rs.925.87 lakhs towards interest rate difference on advance amount received from MOD. Thisamount pertains to interest rate difference between deposit rate and interest recovered @9.50% by MOD during FY 2006-07 2007-08 and 2009-10 from various bills. The matter hasbeen taken up with MOD and it is under their consideration. And Note No. 18(ii) in respectof Trade receivable from MOD Rs.4899.99 lakhs towards exchange rate difference andescalation for import of components in respect of a long term contract for DesignDevelopment and Supply entered into with MOD in 2001. The realisation of thesereceivables depends on the final determination of the amount payable by the MOD.

b) Note No.14 (a) in respect of the amount advanced to MAMC consortium for Rs.5675.68lakhs valuation of which depends on approval from Ministry of Defence viable businessplan and consequential assessment of diminution in the value of the investment if any.

c) Note No.31 (G) regarding pending review/adjustment of old balances and non receiptof confirmation of balance in respect of advances balances with government departmentstrade payable trade receivable other loans and advances and deposits.

Our opinion is not qualified in respect of the above matters.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order 2016 ("the Order")issued by the Central Government of India in terms of sub-section (11) of section 143 ofthe Act we give in the "Annexure A" a statement on the matters specifiedin paragraphs 3 and 4 of the Order.

2. As required by section 143 (3) ofthe Act we report that:

a. we have sought and obtained all the information and explanations which to the bestof our knowledge and belief were necessary for the purpose of our audit;

b. in our opinion proper books of account as required by law have been kept by theCompany so far as it appears from our examination of those books ;

c. the Balance Sheet the Statement of Profit and Loss and the Cash Flow Statementdealt with by this Report are in agreement with the books of account;

d. in our opinion the aforesaid standalone financial statements comply with theAccounting Standards specified under section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014.

e. being a Government Company provisions of Sec 164(2) of the Act relating todisqualification of directors are not applicable.

f. with respect to the adequacy of the internal financial controls over financialreporting of the Company and the operating effectiveness of such controls refer to ourseparate Report in "Annexure B".

g. with respect to the other matters to be included in the Auditor's Report inaccordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 in our opinionand to the best of our information and according to the explanations given to us:

i) the Company has disclosed the impact of pending litigations on its financialposition in its financial statements-Refer Note 31(D)(1)(a)(ii) to the financialstatements;

ii) the Company did not have any long-term contracts including derivative contracts forwhich there were any material foreseeable losses.

iii) there were no amounts which were required to be transferred to the InvestorEducation and Protection Fund by the Company.

3. As required by section 143 (5) of the Act we give our separate Report in "AnnexureC".

For S.R.R.K Sharma Associates

Chartered Accountants

Firm Registration Number: 003790S

CA H R RAMASWAMY

Partner

Membership No. : 207116

Place: Bengaluru

Date: 27.05.2016.

"ANNEXURE A" TO THE INDEPENDENT AUDITOR'S REPORT

Referred to in paragraph 1 under the heading 'Report on Other Legal & RegulatoryRequirements of our report of even date to the members on the standalone financialstatements of the Company for the year ended March 31 2016:

On the basis of such checks as we considered appropriate and according to theinformation and explanations given to us during the course of our audit we report that

i) (a) The Company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets;

(b) The Fixed Assets have been physically verified by the management in a phasedmanner designed to cover all the items over a period of three years which in ouropinion is reasonable having regard to the size of the company and nature of itsbusiness. Pursuant to the program a portion of the fixed asset has been physicallyverified by the management during the year and as informed to us no materialdiscrepancies between the books records and the physical fixed assets have been noticed.

(c) The title deeds of immovable properties are held in the name of the company exceptin the following cases.

1) As explained to us Building costing Rs.33.00 lakhs situated at Mumbai and Ranchiare pending for registration/khatha transfer .

2) As explained to us Lease Hold land costing Rs.129.41 Lakhs at Hyderabad for whichregistration will be completed after development of showroom.

3) As explained to us free hold land measuring 555.37 acres at Mysore costingRs.321.23 lakhs (including additional compensation of Rs.183.57 lakhs demanded by KIADB)for which title deeds have to be obtained from KIADB.

4) Kerala Industrial Infrastructure Development Corporation (KIIDC) has allotted Leasedland measuring 374.59 acres for a lease premium of Rs.2547.21 lakhs for 99 years leaseperiod w.e.f 01.07.2009. The actual land handed over by KIIDC was measuring 374.16 acresand revised lease premium payable is Rs.2544.29 lakhs only and execution of formalamendment of lease agreement is pending.

5) As explained to us the Company has taken land measuring 1109 acres and twoworkshops on lease for a period of 10 years vide Lease Agreement dated 5th May 2004w.e.f. 28.04.2004 from M/s Bharat Gold Mines Limited (BGML) and a sum of Rs.100 Lakhs waspaid as non-refundable deposit The Company had incurred on the above land a sum ofRs.1452.95 lakhs (WDV Rs.1093.18 Lakhs) on Buildings included in Fixed Assets (Note 10) asat the year end. Vide order dated 09.07.2013 the Hon'ble Supreme Court of India upheldthe decision of the Union Government to float a global tender of BGML assets with anobservation about the existence of sub-lease of a portion of the land to BEML Ltd expiredon 28.04.2014 to be included in the tender documents. The Company filed an Interlocutoryapplication before the Hon'ble Supreme Court of India praying for exclusion of landleased to BEML from the purview of global tender which was dismissed. Since the leaseagreement provides for the continuation of the lease even after the expiring of leaseperiod on 28.04.2014 till the final decision of the Company/Government in this regard theoperations of the company on the above land is continued.

6) As explained to us the Company has taken action to obtain title documents inrespect of the following immovable properties;

a) Flat at Roshan Complex Madras-Rs.4.04 lakhs

b) Flat at Ashadeep New Delhi-Rs.2.80 lakhs

c) Office Building at Nagpur-Rs.27.18 lakhs

d) Lease Hold land at Singrauli-Rs.1.75 lakhs.

ii) The company has conducted the physical verification of the inventory excludingmaterials lying with third parties and work in progress during the year in accordance withprogramme designed to cover all items over a phased manner. According to the informationand explanation given to us and in our opinion the frequency of physical verification isreasonable. The discrepancies noticed on physical verification of the inventory ascompared to books records which has been properly dealt with in the books of account werenot material.

iii) The Company has not granted any loans secured or unsecured to companies firmslimited liability partnerships or other parties covered in the Register maintained undersection 189 of the Act. Accordingly the provisions of paragraph 3 (iii) (a) (b) and (c)of the Order are not applicable to the Company.

iv) There are no transactions of loans to directors and being a Government Companyengaged in defence production provisions of Sec 185 and 186 of the Companies Act 2013 inrespect of loans investments guarantees and security are not applicable.

v) The Company has not accepted any deposits to which the provisions of Sections 73 to76 or any other relevant provisions of the Act and the rules framed there under and alsothe directions issued by the Reserve Bank of India.

vi) Maintenance of Cost Records has been specified by the Central Government undersub-section (1) of Section 148 of the Act in respect of the activities carried on by thecompany. We are of the opinion that prima facie the prescribed records have been made andmaintained.

vii) (a) The Company has been generally regular in depositing undisputed statutory duesincluding

Provident Fund Employees State Insurance Income-Tax Sales tax Service Tax Duty ofCustoms Duty of Excise Value added Tax Cess and any other statutory dues with theappropriate authorities. According to the information and explanations given to us noundisputed amounts payable in respect of the above were in arrears as at March 312016 fora period of more than six months from the date they become payable.

(b) The details of dues of income-tax sales tax service tax duty of customs duty ofexcise value added tax outstanding on account of any dispute is furnished below :-

Name of the Statute Nature of Disputed Tax Amount ( Rs. Lakhs) Period to which the Amount relates Forum where the dispute is pending
Excise Duty incl. Interest and Penalty 31043.48 2003-04 to 2007-08 CESTAT Bangalore
Central Excise Act 1944 Excise Duty incl. Interest and Penalty 788.44 2005-06 to 2010-11 Appellate Authority
National Calamity Contingency Duty 6441.98 2006-07 to 2011-12 CESTAT
Total Excise Duty 38273.90
Service Tax Act1994 Service Tax incl. penalty 817.16 2004-05 2006 -07 & 2010-11 CESTAT Bangalore
Service Tax 494.07 2006-07 to 2010-11 Appellate Authority
Total Service Tax 1311.23
The Customs Act 1962 Customs Duty 7036.07 2006-07 CESTAT Chennai
Total Customs Duty 7036.07
The Karnataka Municipal Municipality Taxes KGF 754.11 2012 City Municipality council-KGF
Corporation Act 1976 Property Tax 109.11 1995-96 to 2005-06 City Civil Judge Bangalore
Total ED Service Tax & CD 47484.42
Sales Tax /VAT 9.79 2003-04 Maharashtra Sales Tax tribunal
Sales Tax Act of Sales Tax /VAT 5500.70 December 2005 to March 2008 & 2008-09 2009-102010-11 Karnataka Sales Tax tribunal
Various States Sales Tax /VAT 892.69 1999-00 2001-02 2002-03 2003-04 2005-06 2006-07 2007-08 2009-10 Revision & Appellate Boardof Various States
Sales Tax /VAT 3158.62 From 1983-84 to 2012-13 Other appellate authorities
Total Sales Tax/VAT 9561.80
Total 57046.22

viii) The Company has not defaulted in repayment of loans or borrowings due tofinancial institutions banks Government and to debenture holders.

ix) The company has not raised moneys by way of initial public offer or further publicoffer including debt instruments and term Loans during the year.

x) Based upon the audit procedures performed and the information and explanations givenby the management we report that no fraud by the Company or on the company by itsofficers or employees has been noticed or reported during the year.

xi) Being a Government Company the provisions of sec 197 read with schedule V to theAct relating to the managerial remuneration are not applicable.

xii) The Company is not a Nidhi Company and accordingly paragraph 3 (xii) of the Orderis not applicable to the Company.

xiii) All transactions with the related parties are in compliance with section 177 and188 of Companies Act 2013 and the details have been disclosed under Note 31C in theFinancial Statements as required by the applicable Accounting Standards.

xiv) The company has not made any preferential allotment or private placement of sharesor fully or partly convertible debentures during the year.

xv) The company has not entered into any non-cash transactions with directors orpersons connected with him. Hence the provisions of Sec 192 of the Act are notapplicable.

xvi) The Company is not required to be registered under section 45 IA of the ReserveBank of India Act 1934. and accordingly paragraph 3 (xvi) of the Order is not applicableto the Company.

For S.R.R.K Sharma Associates

Chartered Accountants

Firm Registration Number: 003790S

CA H R RAMASWAMY

Partner

Membership No. : 207116

Place: Bengaluru

Date: 27.05.2016.

"Annexure B" to the Independent Auditor's Report of even date on theStandalone Financial Statements of BEML Limited

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section143 of the Companies Act 2013 ("the Act")

We have audited the internal financial controls over financial reporting of BEMLLimited ("the Company") as of March 312016 in conjunction with our audit of thestandalone financial statements of the Company for the year ended on that date.

Management's Responsibility for Internal Financial Controls

The Company's management is responsible for establishing and maintaining internalfinancial controls based on the internal control over financial reporting criteriaestablished by the Company considering the essential components of internal control statedin the Guidance Note on Audit of Internal Financial Controls Over Financial Reportingissued by the Institute of Chartered Accountants of India. These responsibilities includethe design implementation and maintenance of adequate internal financial controls thatwere operating effectively for ensuring the orderly and efficient conduct of its businessincluding adherence to company's policies the safeguarding of its assets the preventionand detection of frauds and errors the accuracy and completeness of the accountingrecords and the timely preparation of reliable financial information as required underthe Companies Act 2013.

Auditors' Responsibility

Our responsibility is to express an opinion on the Company's internal financialcontrols over financial reporting based on our audit. We conducted our audit in accordancewith the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting(the "Guidance Note") and the Standards on Auditing issued by ICAI and deemedto be prescribed under section 143(10) of the Companies Act 2013 to the extentapplicable to an audit of internal financial controls both applicable to an audit ofInternal Financial Controls and both issued by the Institute of Chartered Accountants ofIndia. Those Standards and the Guidance Note require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetheradequate internal financial controls over financial reporting were established andmaintained and if such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls system over financial reporting and their operatingeffectiveness. Our audit of internal financial controls over financial reporting includedobtaining an understanding of internal financial controls over financial reportingassessing the risk that a material weakness exists and testing and evaluating the designand operating effectiveness of internal control based on the assessed risk. The proceduresselected depend on the auditor's judgment including the assessment of the risks ofmaterial misstatement of the financial statements whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the Company's internal financial controls systemover financial reporting.

Meaning of Internal Financial Controls Over Financial Reporting

A company's internal financial controls over financial reporting is a process designedto provide reasonable assurance regarding the reliability of financial reporting and thepreparation of financial statements for external purposes in accordance with generallyaccepted accounting principles. A company's internal financial controls over financialreporting includes those policies and procedures that

(1) pertain to the maintenance of records that in reasonable detail accurately andfairly reflect the transactions and dispositions of the assets of the company;

(2) provide reasonable assurance that transactions are recorded as necessary to permitpreparation of financial statements in accordance with generally accepted accountingprinciples and that receipts and expenditures of the company are being made only inaccordance with authorisations of management and directors of the company; and

(3) provide reasonable assurance regarding prevention or timely detection ofunauthorised acquisition use or disposition of the company's assets that could have amaterial effect on the financial statements.

Inherent Limitations of Internal Financial Controls Over Financial Reporting

Because of the inherent limitations of internal financial controls over financialreporting including the possibility of collusion or improper management override ofcontrols material misstatements due to error or fraud may occur and not be detected.Also projections of any evaluation of the internal financial controls over financialreporting to future periods are subject to the risk that the internal financial controlover financial reporting may become inadequate because of changes in conditions or thatthe degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion the Company has in all material respects an adequate internalfinancial controls system over financial reporting and such internal financial controlsover financial reporting were operating effectively as at March 31 2016 based on theinternal control over financial reporting criteria established by the Company consideringthe essential components of internal control stated in the Guidance Note on Audit ofInternal Financial Controls Over Financial Reporting issued by the Institute of CharteredAccountants of India.

For S.R.R.K Sharma Associates

Chartered Accountants

Firm Registration Number: 003790S

CA H R RAMASWAMY

Partner

Membership No. : 207116

Place: Bengaluru Date: 27.05.2016

"Annexure C" to the Independent Auditor's Report of even date on theStandalone Financial Statements of BEML Limited

Report as required by section 143(5) of the Act 2013 relating to the directions issuedby the Comptroller and Auditor General of India.

1) Whether the Company has clear title/lease deeds for freehold and leaseholdrespectively Rs. If not please state the area of freehold and leasehold land for whichtitle/lease deeds are not available Comment: In the following cases clear title/leasedeeds for freehold and leasehold properties are not available with the Company;

i) Free hold land measuring 555.37 acres at Mysore costing '321.23 lakhs (includingadditional compensation of Rs.183.57 lakhs demanded by KIADB) for which title deeds haveto be obtained from KIADB.

ii) Kerala Industrial Infrastructure Development Corporation (KIIDC) has allottedleased land measuring 374.59 acres for a lease premium of Rs.2547.21 lakhs for 99 yearslease period w.e.f 01.07.2009. The actual land handed over by KIIDC was measuring 374.16acres and revised lease premium payable is Rs.2544.29 lakhs only and execution of formalamendment of lease agreement is pending.

iii) The Company has taken land measuring 1109 acres and two workshops on lease for aperiod of 10 years vide Lease Agreement dated 5th May 2004 w.e.f. 28.04.2004 from M/sBharat Gold Mines Limited (BGML) and a sum of Rs.100 Lakhs was paid as non-refundabledeposit The Company had incurred on the above land a sum of Rs.1452.95 lakhs (WDVRs.1093.18 Lakhs) on Buildings included in Fixed Assets (Note 10) as at the year end. Videorder dated 09.07.2013 the Hon'ble Supreme Court of India upheld the decision of theUnion Government to float a global tender of BGML assets with an observation about theexistence of sub-lease of a portion of the land to BEML Ltd expired on 28.04.2014 to beincluded in the tender documents. The Company filed an Interlocutory application beforethe Hon'ble Supreme Court of India praying for exclusion of land leased to BEML from thepurview of global tender which was dismissed. Since the lease agreement provides for thecontinuation of the lease even after the expiring of lease period on 28.04.2014 till thefinal decision of the Company/Government in this regard the operations of the company onthe above land is continued.

iv) Building costing Rs.33.00 lakhs situated at Mumbai and Ranchi are pending forregistration/Katha transfer.

v) Lease Hold land costing Rs.129.41 Lakhs at Hyderabad for which registration will becompleted after development of showroom.

vi) The Company has taken action to obtain title documents in respect of the followingimmovable properties.

a) Flat at Roshan Complex Madras-Rs.4.04 lakhs

b) Flat at Ashadeep New Delhi-Rs.2.80 lakhs

c) Office building at Nagpur-Rs.27.18 lakhs

d) Lease Hold land at Singrauli-Rs.1.75 lakhs.

2) Whether there are any cases of waiver/writeoff of debts/loans/interest etc Rs. ifyes the reasons there for and amount involved

Comment:

There are no instances of waiver of debts/loans/interest etc. However Bad debt ofRs.384.95 lakhs were written off during the year with the approval of the Board as it wasnot realizable with all possible efforts being made.

3) Whether proper records are maintained for inventories lying with third parties andassets received as gift/grant(s) from the Government or other authorities Rs.

Comment:

The Company is maintaining proper records for inventories lying with the third partiesin the ERP system.

The Company received land measuring 1849 Acres and 5 Guntas at KGF from Government ofKarnataka at free of cost. The expenditure incurred on development of above land iscapitalized and included under Fixed Assets-Land (Free hold).

For S.R.R.K Sharma Associates

Chartered Accountants

Firm Registration Number: 003790S

CA H R RAMASWAMY

Partner

Membership No. : 207116

Place: Bengaluru

Date: 27.05.2016.

COMMENTS OF THE COMPTROLLER AND AUDITOR GENERAL OF INDIA UNDER SECTION 143(6)(b) OF THECOMPANIES ACT 2013 ON THE FINANCIAL STATEMENTS OF M/S. BEML LIMITED BENGALURU FOR THEYEAR ENDED 31 MARCH 2016.

The preparation of financial statements of M/s. BEML Limited Bengaluru for the yearended 31 March 2016 in accordance with the financial reporting framework prescribed underthe Companies Act 2013 (Act) is the responsibility of the management of the company. Thestatutory auditor appointed by the Comptroller and Auditor General of India under Section139(5) of the Act is responsible for expressing opinion on the financial statements undersection 143 of the Act based on independent audit in accordance with the standards onauditing prescribed under section 143(10) of the Act. This is stated to have been done bythem vide their Audit Report dated 27 May 2016.

I on behalf of the Comptroller and Auditor General of India have conducted asupplementary audit under Section 143(6)(a) of the Act of the financial statements of M/s.BEML Limited Bengaluru for the year ended 31 March 2016. This supplementary audit hasbeen carried out independently without access to the working papers of the statutoryauditors and is limited primarily to inquiries of the statutory auditors and companypersonnel and a selective examination of some of the accounting records. On the basis ofmy audit nothing significant has come to my knowledge which would give rise to any commentupon or supplement to statutory auditors' report.

For and on behalf of the
Comptroller & Auditor General of India
(E.P. Nivedita)
Pr. Director of Commercial Audit.
Place: Bengaluru
Date: 19 July 2016

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