Page 38 - Business Finance
SIAM pushes for enhanced alternative fuels penetration amid focus on electric vehicles
Automobile industry body SIAM has proposed making petrol-powered two-wheelers and passenger vehicles material compatible with 10 per cent ethanol (E10) and 3 per cent methanol (M3) blends by 2025. In a white paper on 'Alternative Fuels for Vehicles' released recently, the Society of Indian Automobile Manufacturers (SIAM) also said that by 2030, the auto industry could make specific vehicles compatible with 20 per cent ethanol (E20)-blended gasoline depending upon sustained availability of fuels with separately labelled dispensing at fuel stations. While electrification of fleet will be a major help towards providing energy security and improving environment, SIAM said that "India needs to work on other efforts, to not only complement this effort, considering the ultimate objective of improving India's energy security". With a requisite policy push and infrastructure development, to be done as an enabler of fuel diversification effort by the government, the automotive industry aims to .
Consumer appliance makers seek lower GST on large-screen TVs, air-conditioners, refrigerators
Consumer electronic goods makers have sought lowering the GST rate to 12 per cent on appliances like large-screen televisions, air-conditioners and refrigerators, in their Budget wish list to the government. The consumer durables industry is of the view that these items are now household necessities and do not come under the luxury goods category anymore. Companies such as Sony India and Panasonic feel that there is a need to boost demand in the consumer appliances sector and lower taxes can help manufacturers pass on the benefits to buyers. Besides, these firms are seeking exemption of basic customs duty on imported TV panels that are assembled here in India to give a necessary push to the market. "I am really hoping that the government does something. It is in our wish list," Sony India Managing Director Sunil Nayyar told PTI when asked if the company was hopeful of reduced GST rates on big-screen television sets. He further said that lower GST rates will ultimately help the ...
5 startups get Rs 35 lakh each in WhatsApp India contest
Facebook-owned WhatsApp and Invest India on Tuesday picked 5 Indian startups who would receive nearly Rs 35 lakh ($50,000) each to further develop country-first products to solve real-life problems being faced by millions in the country.
Jamshedpur's 100-year journey comes alive on wheels
Decked up with pictorial depictions of Tata Steel's journey over the last 100 years, the Steel Express chugged off from Tatanagar station for Howrah on Tuesday, marking the year-long centenary celebration of Jamshedpur's formation. The Steel Express that runs between Tatanagar and Howrah, will exhibit the legacy, culture and journey milestones under the theme 'Jamshedpur on Rails', a Tata Steel official said. "This is aimed at helping citizens and railway commuters understand and appreciate the role and significance of Jamshedpur city in the larger fabric of India's history, and its role in nation building," the official said. The city, originally a village called Sakchi, was renamed as Jamshedpur by Lord Chelmsford (Viceroy of India between 1916-21) in 1919 in the honour of Jamsetji Nusserwanji Tata, founder of the Tata group. In the same year, the railway station was also rechristened as Tatanagar. "By connecting two of the most important cities in eastern India, the .
Dhruv Consultancy Services secures contract for NHAI road project in Maharashtra
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Vintron Informatics announces change in directorate
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Bogus IGST refund claims: Govt to verify exporters' claims before sanctioning
With the government detecting fraudulent refund claims by exporters, the CBIC has asked customs and GST officers to closely verify the IGST refund claims before sanctioning them. The Central Board of Indirect Taxes and Customs (CBIC) has also asked director-general (systems) to identify a list of "risky exporters" and share it with customs and GST officers, so that an alert can be generated for 100 per cent examination of their export consignments. Currently, Integrated GST (IGST) refunds are issued to exporters automatically based on shipping bills filed with customs and goods and services tax returns filed with central tax authorities. The refunds are issued within a fortnight days of filing of returns without any manual intervention. Tax experts said the move to verify the refund claims would delay the process of refund issuances to exporters. In a letter to field offices, the CBIC said it has observed instances of availment of IGST refund using fraudulent input tax credit (ITC) ...
India-Nepal cross border pipeline work completed, ready for operation
The work on laying south Asia's first cross border petroleum pipeline linking Motihari in India and Amlekhgunj in Nepal has been fully completed.The pipeline covers a distance of 70.2 kilometres.Quoting Petroleum Pipeline Extension Project Simara's engineer Sharad Poudel, state news agency Rastriya Samachar Samiti (RSS) has reported that the pipeline's technical examination is underway."The works related to hydro-test, radiography of pipes joined by welding, taking X-ray at the points where the pipes have been joined and removing the rust in the pipe through scan-plast have started with the completion of the pipeline laying works," Poudel said.The work of laying the petroleum pipeline that covers a distance of 32.65 kilometres from Motihri to Raxaul on the Indian side was completed a month ago. The task of laying pipes for a distance of 37.25 kilometres from Raxaul to Amlekhgunj of Bara on the Nepal side is also over.A 25-member technical team, including engineers from the Nepal Oil ..
Sensex regains 39,000 level in volatile trade
Benchmark indices settled with modest gains after a volatile session on trade. The barometer index, the S&P BSE Sensex, gained 85.55 points or 0.22% to 39,046.34, as per the provisional closing data. The Nifty 50 index gained 19.35 points or 0.17% to 11,691.50, as per the provisional closing data. The Sensex settled above the psychological 39,000 level after moving above and below that level in intraday trade.
TCS named a 'Leader' in Next-Gen Testing Services by NelsonHall
Highlighted as strengths were TCS' comprehensive mobile testing services that are backed by many IP, and UX testing services that are ahead of the competition, backed by its CX Assurance Platform. The report says that TCS is the first firm to have combined several Al use cases with its continuous testing platform, as part of Smart QE.
Punjab National Bank gets revision in credit ratings
From India Ratings
After turbulent April, domestic air passenger traffic grows by 2.96 per cent in May
Domestic air passenger traffic saw a rebound in May as it increased by 2.96 per cent after a slump in April, according to the data released by aviation regulator DGCA on Tuesday. In April, domestic air passenger traffic had dropped by 4.5 per cent over the same period last year. The domestic air traffic in May this year consisted of 12.20 million passengers as compared to 11.85 million passengers in the same month last year, a jump of 2.96 per cent, as per the data. Suspension of operations by Jet Airways on April 17 due to lack of funds was considered to be one of the primary reasons why domestic air traffic saw a fall in that month. IndiGo maintained its lead position with 49 per cent share of the domestic passenger market in May, the data showed. SpiceJet's market share increased from 13.1 per cent in April to 14.8 per cent in May, giving it the number two spot, as per the data. The market share of Air India, GoAir, AirAsia and Vistara were 13.5 per cent, 11.1 per cent, 6.3 per ...
Sensex, Nifty end marginally higher, Jet ends 40% down
Snapping a four-day losing streak, the benchmark indices Sensex and Nifty closed marginally higher on Tuesday after a choppy day of trade.
Quick Wrap: Nifty PSE Index rises 1.12%
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Samsung Display leads smartphone screen market in Q1
Samsung Display Co. maintained its dominant position in the global smartphone display market in the first quarter as more handset makers adopted OLED panels for their premium products, a market researcher has said.
Rupee snaps 3-day losing streak; rises 21 paise to 69.70 vs USD
The rupee Tuesday appreciated by 21 paise to close at 69.70 against the US dollar as easing crude prices and a weak dollar ahead of the US central bank's meeting helped the currency snap its three-day losing streak. Forex dealers said the selling of the American currency by exporters and gain in other Asian currencies also supported the rupee. The US dollar fell against its major rivals before the US Federal Reserve's meeting amid expectations that the central bank may signal a rate cut. The dollar index dropped 0.1 per cent to 97.43 Tuesday. Brent crude futures, the global oil benchmark, eased 0.46 per cent to USD 60.66 per barrel. At the interbank foreign exchange market, the rupee opened at 69.82 per dollar and advanced to a high of 69.63 during the day. It finally settled at 69.70, up 21 paise over its last close. The domestic currency had settled at 69.70 against the US dollar Monday. "Rupee has broken the three-day losing streak by appreciating 21 paise against the US dollar ...
Grofers forays into packaged milk, price to be lower than
Online supermarket Grofers on Tuesday said it is foraying into the packaged milk category, and the product will be priced around "12 per cent lower" than what other companies offer in this segment. The company expects a revenue of Rs 30 crore per annum from the packaged milk business, Grofer CEO Albinder Dhindsa said. The product will be retailed under the 'G-Fresh' brand and available across major cities within a week's time, he told PTI. "We are trying to make tetra pack milk more affordable than the market. The milk is priced around 12 per centlower than key competing products," Grofers VP (Private Brands) Vivek Prasad said. The company also plans to increase its private label range from 800 products to 1,200 by the end of 2020. The packaged milk category is expected to be one of the key SKUs for Grofers. Grofers claimed that the 'G-Fresh' milk is fortified with Vitamin A and Vitamin D as per the standards laid out by by the FSSAI. The packaged milk market is ...
Maha Govt presents Rs 20,292 cr revenue deficit budget
Maharashtra government Tuesday presented an additional budget for 2019-20 with a revenue deficit of Rs 20,292.94 crore, higher than last year's deficit of Rs 14,960.04 crore. The government has estimated revenue expenditure of Rs 3,34,933.06 crore against revenue receipts of Rs 3,14,640.12 crore, said Finance Minister Sudhir Mungantiwar, who tabled the budget proposals in the Legislative Assembly. The budget, which comes three months before state elections, envisions development of agriculture, irrigation and infrastructure and on welfare of women, backward and other backward classes and tribals. It proposes Rs 12,000 crore for irrigation sector, Rs 350 crore for micro-irrigation, Rs 1,000 crore for development of Dhangar community, Rs 200 crore for OBC Corporations, Rs 600 crore for research by four agricultural universities and Rs 100 crore for construction of houses for Divyang. Insurance cover will be made available to 5.5 crore people under the Gopinath Munde ...
Brickwork Finance Academy Proudly Conferred the Seventh Convocation and Announced the Eighth Inaugural of its Banking and Financial Analyst Certification Program
/ -- Brickwork Finance Academy held the seventh convocation of its Banking and Financial Analyst program for the graduating Class of 2019 on Saturday, June 15, 2019 at the Academy's campus on Bannerghatta Road, Bengaluru. The Class of 2020 was also inaugurated on this occasion. The convocation featured speakers with deep expertise and rich experience in the finance domain. The speakers included Mr. ISN Prasad, IAS, Addl. Chief Secretary, Finance Dept., Government of Karnataka, Dr. Emandi Sankara Rao, MD & CEO, IFCI Limited, Mr. Raja Kumar IRS, Founder & CEO, Ascent Capital Advisors, Prof. KRS Murthy, Advisor, Brickwork Finance Academy and former Director of IIMB, Mr. Vivek Kulkarni, IAS (Retd), President of Brickwork Finance Academy and Mr. D Ravishankar, Founder Director of Brickwork Ratings. Welcoming the gathering, Mr. Vivek Kulkarni, gave an overview of the Academy's activities - a non-profit organization intending to develop leaders with a deep understanding of finance. .