Page 1130 - Business Finance
Mahindra tractor sales up 1 pc at 22,212 units in Jan
Mahindra & Mahindra Friday reported 1 per cent increase in its total tractor sales at 22,212 units in January 2018. The company had sold 22,065 units in the year-ago month, Mahindra & Mahindra (M&M) said in a statement. Domestic tractor sales were at 20,948 units last month as against 20,822 units in January 2018, up 1 per cent, it added. Exports were up 2 per cent last month at 1,264 units from 1,243 units in January 2018, the company said. M&M President - Farm Equipment Sector Rajesh Jejurikar said, "We believe that the increased focus on agriculture and rural infrastructure will drive positive sentiments and future demand.
Gold up by Rs 250 to Rs 34,250/10 gm on positive global cues
Gold prices Friday climbed Rs 250 to Rs 34,250 per 10 gram at the bullion market here tracking positive global cues, according to All India Sarafa Association. Silver, however, declined by Rs 50 to Rs 41,300 per kg on subdued demand from industrial units and coin makers. Traders attributed the rise in the gold prices to US Fed maintaining status quo with the interest rates. The Federal Reserve left the key US lending rate unchanged Wednesday, and said it would be "patient" about making any further changes. However, lacklustre demand from local jewellers capped the hike in price of precious metal, they added. Globally, gold traded at USD 1,317.66 an ounce and silver stood at USD 15.88 an ounce in New York. In the national capital, gold of 99.9 per cent and 99.5 per cent purities advanced by Rs 250 each to Rs 34,250 and Rs 34,100 per 10 gram, respectively. Sovereign gold too witnessed an increase of Rs 100 to touch Rs 26,000 per piece of eight gram. Silver ready slipped by Rs 50 to Rs .
Mahindra January sales up 7 pc at 55,722 units
Homegrown auto major Mahindra & Mahindra (M&M) Friday reported 7 per cent increase in total vehicle sales at 55,722 units in January 2019. The company had sold 52,063 units in January 2018, M&M said in a statement. Domestic sales were up six per cent at 52,500 units last month from 49,432 units a year ago, it added. Passenger vehicle sales during the month were at 23,872 units as against 23,686 units in January 2018. Commercial vehicle sales were up 8 per cent at 22,625 units from 21,002 units in January 2018. M&M President, Automotive Sector Rajan Wadhera said the first month of the new calendar year continued to be on an overall growth path. "There is buoyancy in rural growth, commodity costs are levelling, fuel prices are coming down and we see improvement in forex movement, which in turn will drive positive customer sentiment," he added. M&M said its exports last month were at 3,222 units compared to 2,631 units in the year-ago period, a growth of 22 per cent.
India faces challenges meeting 2019/20 fiscal deficit target - Moody's analyst
MUMBAI (Reuters) - India will face challenges meeting its fiscal deficit target of 3.4 percent for 2019/20, a Moody's analyst said on Friday, after the government announced plans to step up rural income support in its last budget before a general election due by May.
Budget 2019: Govt to set up Rashtriya Kamdhenu Aayog for welfare of cows
In the Interim Budget 2019-20, Union Minister Piyush Goyal on Friday announced that a Rashtriya Kamdhenu Aayog will be set up for the welfare of cows in the country.The government will allocate Rs 750 crore for Rashtriya Gokul Mission from the current year itself. It will set up a Rashtriya Kamdhenu Aayog to upscale sustainable genetic upgradation of cow resources and enhance production and productivity of cows. The Aayog will also look after effective implementation of laws and welfare schemes for cows.Goyal announced a new scheme "Pradhan Mantri Kisan Samman Nidhi (PM-KISAN)" to extend direct income support at the rate of Rs 6,000 per year to farmer families, having cultivable land up to two hectares.Goyal said that "our government is launching a historic programme PM-KISAN with an outlay of Rs 75,000 crore and Rs 20,000 crore in the Revised Estimates of Financial Year 2018-19".Under this scheme, Rs 2,000 each will be transferred to the bank accounts of around 12 crore Small and ...
One Lakh villages to go digital over next 5 years: Piyush Goyal
Finance Minister Piyush Goyal, while presenting the Interim Budget 2019-20 in Parliament on Friday, said that the Government will make one lakh villages into Digital Villages over next five years. This, he said, will be achieved by expanding the Common Service Centres (CSCs)."The Common Service Centres are expanding their services and also creating digital infrastructure in the villages, including connectivity, to convert the villages into Digital Villages," said Piyush Goyal. "More than 3 lakh Common Service Centres (CSCs) employing about 12 lakh people, are digitally delivering several services to the citizens," he added.The Finance Minister said mobile tariff in India is now possibly the lowest in the world, catapulting India as the world leader in the consumption of mobile data."Monthly consumption of mobile data increased by over 50 times in the last five years. The cost of data and voice calls in India is now possibly the lowest in the world," said Goyal.Praising the 'Make in ...
Interim Budget: Income tax exemption raised, farmers to get
Making a strong re-election pitch, the BJP-led NDA government Friday announced the biggest income tax sops for middle class, including complete exemption for income up to Rs 5 lakh, and Rs 6,000 annual cash dole to poor farmers in a scheme that will cost Rs 75,000 crore per year. Converting a vote on account speech into an almost full- fledged budget announcement in Lok Sabha, Finance Minister Piyush Goyal proposed an array of incentives for both middle class and farmers, whose disenchantment was said to have cost the BJP dearly in recent assembly elections. Over three crore salaried class, pensioners, self- employed and small businesses will save Rs 18,500 crore in income tax annually after the exemption limit was doubled to Rs 5 lakh for the next fiscal from current Rs 2.5 lakh. Also, standard deduction was raised to Rs 50,000 from current Rs 40,000. TDS threshold on interest from bank and post office deposits has been raised from Rs 10,000 to Rs 40,000. Presenting the
Propose to hike TDS threshold on rent income to Rs 2.4 lakh: FM
Finance Minister Piyush Goyal Friday proposed to increase tax deducted at source (TDS) limit on rent income to Rs 2.4 lakh from the current Rs 1.80 lakh. Presenting the Budget for 2019-20 in the Lok Sabha, Goyal also announced that the TDS threshold on interest from bank and post office deposits will be raised from Rs 10,000 to Rs 40,000. The government also proposes to exempt tax on notional rent for unsold units for two years, he added. Among other measures, he said benefits under Section 80(i)BA were being extended for one more year for all housing projects approved till the end of 2019-2020. Goyal also expressed confidence over crossing Rs 80,000 crore disinvestment target this year. The Finance Minister also added that expenditure will rise by 13 per cent from revised estimate 2018-19 to Budget estimate 2019-20. Along with completion of fiscal deficit consolidation programme, government will now focus on debt-to-GDP ratio consolidation, he added. Stating that the NDA government ..
Budget 2019: GST turns out to be a game changer, average monthly collection at Rs 97,100 crore
The Goods and Services Tax (GST) has turned out to be a game changer for the country's economy with average tax collection in the current financial year being pegged at Rs 97,100 crore per month as compared to Rs 89,700 crore per month in the first year when the GST was introduced in July 2017."The average monthly tax collection in the current year is Rs 97,100 crore per month as compared to Rs 89,700 crore per month in the first year," said Union Minister for Finance, Corporate Affairs, Railways, and Coal Goyal, while presenting the interim Budget for 2019-20 in the Lok Sabha on Friday. "The State revenues are improving with guaranteed 14 per cent annual revenue increase for the first five years," he added. "The GST Council would appoint a Group of Ministers (GoM) to examine and make recommendations to reduce GST burden on the home buyers," said the Finance Minister.BIGGEST TAXATION REFORM"GST, the biggest taxation reform, led to increase in tax base, higher collections and ...
Interim Budget: Sensex soars over 400pts, Nifty above 10,900
Market indices saw a significant uptick post the presentation of the interim Budget on Friday.The Sensex saw a rise of nearly 450 points to trade at 36,728.13, while Nifty traded 130 points higher at 10,963.75 at 1:35 pm.About 1,214 shares advanced, 929 shares declined, and 118 shares remained unchanged.Defence and realty stocks were trading in green owing to favourable announcements by the Centre.Among the major announcements in the interim Budget was the provision of full tax rebate for individual taxpayers with annual income up to Rs 5 lakh.Finance Minister Piyush Goyal while presenting the budget said around 3 crore middle class taxpayers will get tax exemption due to this measure."Individuals with gross income up to Rs 6.5 lakh will not need to pay any tax if they make investments in provident funds and prescribed equities," he added.
State Bank of India third-quarter profit beats estimates
(Reuters) - State Bank of India reported a bigger-than-expected quarterly profit on Friday, as the country's biggest lender by assets set aside lower provisions for bad loans.
Mitsubishi Motors beats view with 38 percent profit jump on Southeast Asia sales
TOKYO (Reuters) - Mitsubishi Motors Corp reported a 38 percent jump in third-quarter operating profit that beat expectations as the automaker's global vehicle sales rose, particularly in its main market of Southeast Asia.
Higher tax exemption limit, farm package lift Sensex over 430 points (Fourth Lead)
The Interim Budget's proposal to give full rebate to tax payers having annual income up to Rs 5 lakh and a farm package boosted the Indian equity market during the mid-afternoon trade session on Friday.
Mahindra & Mahindra auto Jan sales grew 7%
The company's domestic sales touched 52,500 vehicles during January 2019, as against 49,432 vehicles in January 2018, a growth of 6%. The Passenger Vehicles segment (which includes UVs, Cars and Vans) sold 23,872 vehicles in January 2019, as against 23,686 vehicles in January 2018.
Anti-black money moves brought Rs 1.3 lakh cr income to tax: Goyal
Presenting the Interim Budget 2019-20, Union Finance Minister Piyush Goyal on Friday said the measures taken against black money by the Centre since 2014 have brought income of Rs 1,30,000 crore to tax.
Sensex, Nifty rally as FM proposes raising income tax exemption limit
Key indices gained sharply after Finance Minister Piyush Goyal announced massive tax relief for middle class. At 12:51 IST, the barometer index, the S&P BSE Sensex, was up 293.58 points or 0.81% at 36,550.27. The Nifty 50 index was up 82.45 points or 0.76% at 10,913.40.
State Bank of India third quarter profit beats estimates
(Reuters) - State Bank of India reported a bigger-than-expected quarterly profit on Friday, as the country's biggest lender by assets set aside lower provisions for bad loans.
Market holds firm
Key indices were trading firm as Finance Minister Piyush Goyal finished his budget speech. At 13:41 IST, the barometer index, the S&P BSE Sensex, was up 389.86 points or 1.08% at 36,646.55. The Nifty 50 index was up 113.10 points or 1.04% at 10,944.05. Intraday volatility was high.
No change in Lokpal budget allocation
There has been no change in the current fiscal's allocation of Rs 4.29 crore for the anti-corruption ombudsman Lokpal during 2019-20, whereas outlay for the Central Vigilance Commission (CVC) has been proposed to be marginally increased, according to interim budget presented Friday by Finance Minister Piyush Goyal. The Lokpal, which is yet to be set up, was given Rs 4.29 crore for 2018-19. The amount, which has not been changed for the next fiscal, is meant for establishment and construction-related expenditure for the Lokpal, it said. The Lokpal and Lokayuktas Act, 2013, provides for the establishment of Lokpal for the Union and Lokayuktas for the states to inquire into allegations of corruption against public functionaries. The CVC has been allocated Rs 35.5 crore for the next fiscal, up from the revised estimate of Rs 34 crore allocated for 2018-19. The 2019-20 outlay for the CVC is to meet its secretariat expenditure.
Govt expects Rs 41,519 cr revenue from telecom sector in 2019-20
The government expects marginal growth in revenue from telecom sector at Rs 41,519.76 crore in 2019-20, as per data published in the budget document. The collection for the current fiscal is expected to fell short of Rs 9,416.42 crore at Rs 39,245 crore from the budgeted provision of Rs 48,661.42 crore. Receipts from telecom sector mainly relate to the license fees from operators and spectrum usage charges. According to data published by the Telecom Regulatory Authority of India (Trai) for July-September 2018, the gross revenue of telecom service providers dipped by 12.86 per cent to Rs 57,827.24 from Rs 66,361.7 crore and adjusted gross revenue (AGR) by 13.26 per cent to Rs 36,142.44 crore from Rs 41,668.84 crore on year-on-year basis. The revenue from telecom sector has been declining since end of 2016. In 2017-18, the government's revenue mop-up from the telecom sector fell by about 22 per cent, owing to a decline in earnings of service providers from sale of services. Bharti ...