NMDC reduced prices of high grade iron ore (lumps) by Rs 300 to Rs 3550 per tonne for the current month. The state-run firm has also cut the prices for iron ore fines, which are inferior grade ore, by Rs 200 to Rs 3,110 per tonne for December 2018. The announcement was made after market hours yesterday, 3 December 2018.
GAIL (India) said that the CESTAT Delhi Vide order dated 30 November 2018 has allowed the appeal filed by the Department and held that the product manufactured by GAIL at its gas processing Plants is 'Natural Gasoline Liquid (NGL)' and not Naphtha, attracting additional excise duty of Rs 15 litre. Accordingly, the demand of differential central excise duty, penalty and interest totalling to approximately Rs 2822 crore (duty Rs 830 crore, penalty Rs 830 crore and interest Rs 1162 crore) has been upheld. The erstwhile jurisdictional Commissioner, Central Excise & Service Tax, Large Tax Payer Unit (LTU), Delhi had earlier passed a favourable order vide common order dated 24 July 2014 and the demand raised on GAIL on this account was dropped.
The company has made necessary disclosure in the Notes to Accounts under contingent liability for the aforesaid SCNS including penalty and interest during Financial Year 2017-2018. The company is of the view that the order passed by the CESTAT Delhi is not sustainable considering the merit of the case and well-reasoned order passed by the Commissioner while adjudicating the SCNS. The company is going to challenge the order at higher forum and is confident of favourable outcome in this matter. The announcement was made after market hours yesterday, 3 December 2018.
Axis Bank will be in focus. With reference to a news item titled "I-T dept probing Axis Bank staff for allegedly facilitating benami deals," the bank clarified after market hours yesterday, 3 December 2018, that the matter reported in certain sections of the media pertains to a complaint received by the bank in March 2018, referring to incidents of an earlier period. An internal inquiry in this regard has already been conducted by the bank. In case there are any queries from the income tax authorities in the said matter, the bank, as always, shall fully co-operate with the concerned authorities. The bank has always adhered to the highest standards of regulatory compliance and will continue to work towards maintaining a strict code of conduct in all spheres of business that it undertakes, it said.
Uflex announced that its global film manufacturing arm, FlexFilms, has been granted United States Patent covering entire categories of formable films that include one or more BOPET layers used in Alu Alu blister packaging. The patent was issued to Flex Films (USA) Inc on 20 November 2018 for a period of 20 years, lending a competitive advantage to the films business of the company over its opponents in cold formed pharmaceutical packaging industry. With the patent issuance, the company gets exclusive right of manufacturing and sale of this special BOPET film in US, Europe and India. The announcement was made after market hours yesterday, 3 December 2018.
NCC said it received two new orders totaling to Rs 220.20 crore (exclusive of GST) in November 2018. Out of this, one order of Rs 174.20 crore pertains to electrical division and one order of Rs 46 crore pertains to water division. These orders are received from state government agencies and do not include any internal orders. The announcement was made after market hours yesterday, 3 December 2018.
Welspun Enterprises announced that National Highways Authority of India and Welspun Sattanathapuram Nagapattinam Road (WSNRPL), a subsidiary of Welspun Enterprises, have executed the concession agreement on 3 December 2018 for four-laning of Sattanathapuram to Nagapattinam section of National Highway-45A (New NH -332) in Tamil Nadu under NHDP Phase-IV on hybrid annuity mode. WSNRPL will develop the project at a bid project cost of Rs 2,004.51 crore and first year O&M cost of Rs 5 crore. The construction period is 2 years from the appointed date. WSNRPL has received a firm sanction letter from lenders for this project. The announcement was made after market hours yesterday, 3 December 2018.
Omax Autos announced that its board approved the proposal for setting up a new industrial unit for manufacture and supply of 'long member' at or around Raibarelli, Uttar Pradesh. The project will cost approximately Rs 165 crore and the proposed capacity addition will be 144 thousand Long Member. The announcement was made after market hours yesterday, 3 December 2018.
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