Top Headlines: GST meet to discuss Covid; TCS stock 'gives 3,000% return'

The Goods and Services Tax (GST) Council, chaired by Union Finance Minister Nirmala Sitharaman, will likely consider on Saturday a GST rate cut for Covid-19 relief essentials. US major Applied Materials Inc is planning to set up a plant in India. Business Standard brings you top news on Friday.

GST Council to meet Saturday, discuss tax exemption on Covid-19 essentials

The Goods and Services Tax (GST) Council, chaired by Union Finance Minister Nirmala Sitharaman, will likely consider on Saturday a GST rate cut for Covid-19 relief essentials and drugs for treating the black fungus disease and might leave the vaccines untouched.

The meeting is being held following a report submitted by a Group of Ministers (GoM) to the GST Council on Monday. Read More

US major Applied Materials in talks with govt to set up a plant in India

US major Applied Materials Inc is planning to set up a plant in India which would make some of the parts and components for highly complex equipment which are used for manufacturing of semiconductor chips by fabmakers across the globe.

According to sources in the know, the $17.2 billion American giant - a global leader in providing equipment, services and software to the semiconductor industry – is in talks with the government.

If the plan materialises, it could provide a big push to the government’s desire to have a semiconductor industry and eco-system in the country. Read More

SpiceJet, IndiGo ready for new war zone as cargo biz continues upward swing
 

There’s been a change in the SpiceJet pecking order since last year. Former head of Coca-Cola India Sanjiv Gupta, who leads SpiceJet’s logistics business, is now considered a key man by promoter Ajay Singh. There’s reason.

SpiceExpress--the logistics arm of the airline--has virtually kept the company afloat during the pandemic as the passenger business suffered record losses.
In May alone, the airline earned Rs 200 crore from cargo operations and has now 5 per cent market share of the outbound cargo from India. Read More

TCS stock has given 3,000% return since IPO, says N Chandrasekaran

Tata Consultancy Services (TCS) has weathered the pandemic very well, and has earned tremendous goodwill from customers, which enhanced the firm’s standing in the market, N Chandrasekaran, chairman, said in his virtual address of the 26th Annual General Meeting on Thursday.

He said TCS shareholders received over 3,000 percent return on their investments since the company was listed in 2004.

 
“If invested Rs 850 per share in the IPO of 2004, the value of that investment today would be Rs 28,000 crore. A return of over 3,000 per cent,” Chandrasekaran said. Read More
 

UP CM Yogi Adityanath to meet PM Modi, BJP president Nadda

Amid speculations of expansion of the Uttar Pradesh cabinet ahead of Assembly elections next year, Chief Minister Yogi Adityanath, who is on a two-day visit to Delhi, will meet Prime Minister Narendra Modi and BJP National President JP Nadda here on Friday.

The Chief Minister is scheduled to meet PM Modi at his residence at 7 Lok Kalyan Marg at 10:45 am. Later, he will meet Nadda at his residence at 12 noon.

Adityanath arrived in the national capital on Thursday and met Union Home Minister Amit Shah at his residence. Read More