Page 413 - Business Finance
Builders to refund GST on cancellation of flats booked in FY19
Builders will have to refund GST paid by home buyers in case he cancels the flat booked in the last fiscal and will be allowed to avail credit adjustment for such refunds, the tax department has said. This clarification forms part of the FAQ released by the Central Board of Indirect Taxes and Customs (CBIC) on real estate sector. The FAQ has been issued to clear the air over the migration provision, which permits the real estate players to shift to 5 per cent GST rate for residential units and 1 per cent for affordable housing without the benefit of input tax credit (ITC) from April 1, 2019. For the ongoing projects, builders have been given the option to either continue in 12 per cent Goods and Services Tax (GST) slab with ITC (8 per cent for affordable housing), or opt for 5 per cent GST rate (1 per cent for affordable housing) without ITC. The FAQ said developer will be able to issue a 'Credit Note' to the buyer as per provisions of Section 34 in case of change in price or ...
Akzo Nobel India standalone net profit increased 52.35% in the March 2019 quarter
Sales rise 0.74% to Rs 705.58 crore
Alembic Pharmaceuticals consolidated net profit rises 32.21% in the March 2019 quarter
Sales rise 8.63% to Rs 926.95 crore
MAS Financial Services consolidated net profit rises 27.69% in the March 2019 quarter
Sales rise 30.95% to Rs 164.72 crore
CreditAccess Grameen standalone net profit rises 6.41% in the March 2019 quarter
Sales rise 34.25% to Rs 335.53 crore
Rupee drops 28 paise against dollar as US-China trade tension escalates
The rupee Wednesday fell further by 28 paise to 69.71 against the US currency, extending its losses for the third straight day due to escalating US-China trade tensions and a massive selloff in domestic equity markets. Besides, sustained foreign fund outflow amid global trade fears also impacted the trading pattern in the currency market, forex dealers said. However, a weak dollar against major currencies overseas and lower crude prices restricted the rupee's fall, they added. The rupee opened sharply lower at 69.57 as the US-China trade related concerns weighed on investor community. The local currency moved in a range of 69.47 to 69.74 before closing at 69.71, down 28 paise from the previous close. The rupee has weakened by 49 paise or 0.71 per cent since Monday after the US's threat to increase tariffs on USD 200 billion of Chinese imports triggered a global selloff in riskier assets. "Growing trade tension between the US and China lead concern for global growth and trade. Chinese .
Simplex Mills Company reports standalone net profit of Rs 0.15 crore in the March 2019 quarter
Sales rise 10.00% to Rs 0.11 crore
Dhanlaxmi Bank reports standalone net profit of Rs 27.61 crore in the March 2019 quarter
Total Operating Income decline 1.87% to Rs 241.84 crore
Procter & Gamble Hygiene and Health Care standalone net profit rises 8.25% in the March 2019 quarter
Sales rise 22.93% to Rs 699.34 crore
'C-level executives more vulnerable to cybercrime'
C-level executives -- who have access to a company's most sensitive information -- are being increasingly and proactively targeted by cybercriminals, correlating to a rise of social engineering attacks with financial motivation, says a new report.
Zee Entertainment shares plummet 10%
Shares of Zee Entertainment Enterprises Ltd (ZEEL) plunged 10 per cent Wednesday amid concerns over stake sale by its promoters. The scrip tumbled 9.72 per cent to close at Rs 333.30 on the BSE. During the day, it dived 12.66 per cent to Rs 322.45. On the NSE, shares plunged 10.05 per cent to close at Rs 332.05. In terms of traded volume, 30.75 lakh shares were traded on the BSE, while over 6 crore shares were traded on the NSE during the day. "The Subhash Chandra led Zee Entertainment Limited fell today for the fifth day in a row as speculations are ripe that the stake sale process is undergoing some hindrance. But the panic bitten stock is in no mood to turnaround despite the company's clarification that the process is at an advanced stage and making steady progress," Umesh Mehta, head of research, Samco Securities Ltd said. In five days, the scrip has tumbled 22.89 per cent on the BSE. Meanwhile, ZEEL Wednesday said its board will consider standalone and consolidated results for ...
See stability returning to telecom market by Q4 FY20: COAI
Stability and rationality may return to the telecom market by the fourth quarter of the current fiscal as mobile operators move beyond hyper-competitive pricing into tapping new, value-added avenues of revenue to bolster topline and profit, according to industry body COAI. "We expect stability and rationality to return to the market. The market has been, in a sense, a bit irrational in terms of dynamics, in terms of pricing...intensity of going after other people's customers," Cellular Operators Association of India (COAI) Director General Rajan S Mathews told PTI. The telecom operators will look at getting more offerings like content, e-commerce and financial services aggregated onto their networks to enhance revenue streams and arrest declines in topline and bottomline, he said. "I don't personally expect to see revenue declining by the time we get to the fourth quarter of the current financial year. We have seen that for the last 5-6 quarters, we have seen decline in topline and ...
Infra major KEC International clocks 7.7 pc jump in profit at Rs 496 crore in FY 19
Infrastructure major KEC International, the flagship company of Rs 23,000 crore RPG Group, on Wednesday reported 7.7 per cent increase in profit after tax (PAT) to Rs 496 crore during 2018-19 from Rs 460 crore in the year-ago period.While revenue jumped by 9 per cent to Rs 11,000 crore from Rs 10,091 crore, profit before tax (PBT) increased by 9.7 per cent to Rs 757 crore from Rs 690 crore.Earnings before interest, tax, depreciation, and amortisation (EBITDA) moved up over 14 per cent to Rs 1,150 crore from Rs 1,006 crore. The EBITDA margin increased from 10 to 10.5 per cent."Our order book continues to grow on the backdrop of orders secured across all our business verticals," said Managing Director and Chief Executive Officer Vimal Kejriwal."Our year-end order book stands at Rs 20,307 crore, marking a growth of 17 per cent over the previous financial year," he said in a statement.KEC International diversified its civil client base to FMCG sector in addition to cement, real estate, ...
Neogen Chemicals jumps on debut
Shares of Neogen Chemicals were trading at Rs 263.55 at 11:10 IST on BSE, a premium of 22.58% over the initial public offer price of Rs 215.
Neogen Chemicals ends with 22.58% premium
At Rs 263.55 on BSE
Jaypee Infratech's IRP finds NBCC's bid conditional and non-binding
Realty firm Jaypee Infratech's Interim Resolution Professional (IRP) has opined that state-owned NBCC's revised bid was conditional and non-binding, which ran contrary to terms of the insolvency proceedings, sources said. The Committee of Creditors (CoC) is scheduled to meet on Thursday (May 9) to discuss NBCC's revised offer to acquire debt-laden Jaypee Infratech. The public sector unit has proposed infusion of Rs 200 crore equity capital, transfer of 950 acres of land worth Rs 5,000 crore to banks and completing construction of flats by July 2023 to settle an outstanding claim of Rs 23,723 crore of financial creditors. Sources said NBCC has put several conditions for the implementation of its plan, including a demand to extinguish an estimated income-tax liability of Rs 33,000 crore over a period of 30 years arising out of the transfer of land parcels from Yamuna Expressway Industrial Development Authority (YEIDA) to Jaypee Group. The IRP Anuj Jain has written to the CoC that NBCC's
IBS multi-million dollar deal for one of the biggest airline
: LATAM Airlines, one of the world's largest airlines groups, has chosen the Kerala headquartered IBS Software (IBS) as its technology solution provider for unifying its entire fleet and crew operations worldwide on a digital platform. The multi-million-dollar contract, one of the largest airline IT transformation projects in Latin America, was concluded after an intense selection process spanning several months, a press release here said. Headquartered in Santiago (Chile), LATAM Airlines Group has one of the largest route networks in the world, operating more than 1,300 flights per day and offering services to more than 140 destinations in 26 countries. Under the contract, IBS' comprehensive iFlight NEO system will replace the existing, disparate legacy systems and provide a single, integrated digital platform for LATAM Group airlines across its global network for end-to-end flight operations, crew management and disruption management, worldwide, the release said. The .
Saudi Aramco offers to increase oil supply to India
The world's largest oil company Aramco will provide additional crude oil to domestic oil refiners to meet shortages arising from the US decision to lift Iran sanction waivers from major oil importing countries, including India.
Kalavathi G V appointed CEO of Philips Innovation Campus in India
Philips India Wednesday said Kalavathi G V has been appointed as the new chief executive officer of the Philips Innovation Campus in Bangaluru. Kalavathi, currently the head of Global Customer Service and Operations for Philips' Healthcare Informatics business, will succeed Srinivas Prasad M R, Philips said in a statement. She has over 23 years of experience in business, product segment and engineering leadership and has led global teams handling projects that span product, solution development and delivery lifecycles, it added. "India is on the cusp of digital transformation, and with the growing application of disruptive technologies we are strengthening our focus on delivering personalised solutions for growth geographies," Kalavathi said. Established in 1996, Philips Innovation Campus in Bengaluru is a premier software research and development unit in Philips. It currently has over 3,500 people working towards developing products and innovative solutions across the healthcare ...
Trump businesses lost over $1 bn in decade: Report
US President Donald Trump's businesses reported losses of $1.17 billion from 1985 to 1994, the New York Times has reported, citing information from tax documents from those years.