Page 502 - Business Finance
Composition scheme biz to now file simplified 'self-assessed' GST return quarterly
Giving relief to composition scheme taxpayers under the GST, the finance ministry has allowed such businesses to file 'self-assessed tax' return on quarterly basis in a simplified form. So far, businesses opting for composition scheme had to file tax returns every quarter in GSTR-4 which ran into around seven pages. As per a Central Board of Indirect Taxes and Customs (CBIC) notification, composition scheme taxpayers will now file GSTR-4 annually by April 30 for the previous financial year ending March 31. The CBIC has notified the simplified 'statement for payment of self-assessed tax' in Form GST CMP08 to be filed by taxpayers who have opted for composition scheme, under which businesses have to pay lower rate of tax on their turnover. The CMP08, which has to be filed by the 18th day of the subsequent month following the end of a quarter, will include details like outward supplies, inward supplies attracting reverse charge including import of services; tax, interest payable; and ...
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Nifty May futures at steep premium
Turnover in F&O segment rises
Recommendations of RBI capital framework panel to be finalised by June
The recommendations of Reserve Bank of India (RBI) Economic Capital Framework panel is likely to be finalised by June, head of its expert committee Bimal Jalan said on Wednesday.The committee will recommend appropriate size of capital reserves which the central bank should maintain and the dividend it should give to the government.Jalan, a former RBI Governor, held the committee meeting on Wednesday. Another meeting will be held soon, he said.The RBI had constituted the expert committee on RBI Capital Framework in December 2018.The committee has been asked to study global practices and suggest if the central bank is holding reserves and buffer capital in surplus.Its members include Economic Affairs Secretary Subhash Chandra Garg, members of the RBI Central Board, Bharat Doshi and Sudhir Mankad, RBI Deputy Governor N S Vishwanathan and former Deputy Governor Rakesh Mohan.
Vizag Steel Plant eyes Rs 25,000 cr turnover in FY 20
Rashtriya Ispat Nigam Limited (RINL), the corporate entity of Visakhapatnam Steel Plant is targeting a sales turnover of Rs 25,000 crore and Saleable Steel production of 5.8 million tonne during the current fiscal, an official release said Wednesday. "RINL is targeting highest sales turn over of Rs 25,000 crores and a Saleable Steel production of 5.8 million tons during FY 2019-20," CMD of RINL, PK Rath said while inaugurating the All India Customers' Meet at Vizag. RINL reported Rs 20,844 crore sales during the last fiscal. He expressed confidence that this target would be achievable with the active support of RINL customers. Director (Commercial) RINL, P Raychaudhury said the steel maker is focusing on coastal shipping to further scale up the dispatches to various destinations.
UAE's ADNOC inks new long-term agreement for base oil sales in India
The UAE's state-run oil company ADNOC has signed a long-term sales agreement with the Indian Oil Corporation for its high-quality base oil ADbase. Indian Oil will use the ADbase oils to manufacture high end engine oils for India's growing automotive sector, the Abu Dhabi National Oil Company (ADNOC) made the announced on Tuesday. "The signing of this important sales agreement with another major base oil consumer in a large and growing market is testament to the quality and reliability of ADNOC's Group III base oil ADbase," said Ahmad Bin Thalith, Acting Senior Vice President of Refined Products Sales, in ADNOC's Marketing, Supply and Trading directorate. "We look forward to working with IndianOil and to increasing the supply of ADbase to the Indian market, which continues to see strong demand for high quality base oil and finished lubricants," Thalith said. Indian Oil is the largest seller of finished lubricants in the Indian market with approximate volume of 450,000 tonnes per ...
Sensex rallies 490 pts; Nifty reclaims 11,700-mark
Snapping its three-session losing streak, benchmark BSE Sensex rallied 490 points Wednesday as investors piled into index heavyweights Reliance Industries, HDFC duo, Infosys, ITC and ICICI Bank. After starting on a positive note, the BSE bourse soared to a high of 39,095.35 at the fag-end of the session. It finally settled 489.80 points, or 1.27 per cent, higher at 39,054.68. The broader NSE Nifty too climbed 150.20 points, or 1.30 per cent, to close at 11,726.15. It hit an intra-day high of 11,740.85. HCL Tech and ONGC were the top gainers in the Sensex, rising up to 3.40 per cent. IndusInd Bank, Yes Bank, Bharti Airtel, HDFC, HDFC Bank, RIL, Bajaj Finance, SBI, TCS, Infosys, ICICI Bank and ITC too rose up to 2.75 per cent. On the other hand, Tata Motors, Hero MotoCorp, Coal India, PowerGrid, Maruti, Axis Bank and NTPC fell up to 3.33 per cent. According to traders, market sentiment turned positive as investors took positive cues from US equities and easing crude oil prices. Brent ...
Sensex regains 39,000
Local stocks logged strong gains helped by strong buying demand in index pivotals in late trade. The barometer index, the S&P BSE Sensex, gained 489.80 points or 1.27% at 39,054.68. The Nifty 50 index gained 150.20 points or 1.3% at 11,726.15. The Sensex regained the psychological 39,000 level in late trade.
US, China to hold next round of trade talks on April 30
Negotiators from the US and China will meet in Beijing on April 30 for the next round of trade talks, the White House has said.
Tata Elxsi reports revenue of Rs 1,597 crore in FY 19
Tata Elxsi, a provider of design and technology services for product engineering, said on Wednesday that its revenue from operations increased to Rs 1,597 crore in 2018-19 from Rs 1,386 crore in the previous year.At the same time, the net profit jumped from Rs 240 crore to Rs 289 crore, it said in a statement.During the fourth quarter (January to March) of FY 19, the revenue totalled Rs 405 crore from Rs 375 crore in the year-on-year period while net profit inched up marginally to Rs 71 crore from Rs 70 crore.Tata Elxsi, a part of the Tata Group, provides design and technology services for product engineering and solutions across industries including broadcast, communications, and automotive.It also provides solutions and services for emerging technologies such as Internet of Things (IoT), big data analytics, cloud, mobility, virtual reality and artificial intelligence..
Gold, silver prices fall on weak demand
Gold prices Wednesday declined by Rs 50 to Rs 32,720 per 10 gram in the national capital on subdued demand from jewellers, according to the All India Sarafa Association. Silver also declined by Rs 200 to Rs 38,225 per kg on reduced offtake by industrial units and coin makers. Traders said easing demand from local jewellers and retailers at the domestic market led to a decline in gold prices. Globally, spot gold was trading marginally higher at USD 1,274.20 an ounce, while silver was up at USD 14.93 an ounce in New York. In the national capital, gold of 99.9 per cent and 99.5 per cent purity dropped Rs 50 to Rs 32,720 and Rs 32,550 per 10 gram, respectively. However, sovereign gold held steady at Rs 26,400 per eight gram. Silver ready fell Rs 200 to Rs 38,225 per kg, while weekly-based delivery slumped Rs 315 to Rs 37,005 per kg. On the other hand, silver coins held flat at Rs 80,000 for buying and Rs 81,000 for selling of 100 pieces.
Outcome of board meeting of Superspace Infrastructure
Held on 24 April 2019
UltraTech Cement Q4 net profit at Rs 1,014 crore
Aditya Birla Group firm UltraTech Cement Wednesday reported a consolidated net profit of Rs 1,014.19 crore for the fourth quarter ended March 31. The company had posted a net profit of Rs 446.13 crore in the January-March quarter a year ago, UltraTech Cement said in a BSE filing. The company's total income stood at Rs 11,031.27 crore during the quarter under review. It was Rs 9,401.39 crore in the corresponding period previous fiscal. Meanwhile, UltraTech informed that its result for the quarter and the financial year ended March 31, "are not comparable with the previous period" due to merger of Binani Cements into the company, which has now been named as UltraTech Nathdwara Cements. Its total expense in the fourth quarter of 2018-19 came at Rs 9,554.43 crore. "Domestic sales volume jumped 16 per cent over Q4FY18. The clinker capacity and cement grinding facility at Manavar, Madhya Pradesh have stabilised with the clinker capacity operating at 100 per cent utilisation. Variables cost .
UltraTech Cement jumps after strong Q4 numbers
UltraTech Cement rose 3.69% to Rs 4358.80 at 14:59 IST on BSE after consolidated net profit rose 127.13% to Rs 1013 crore on 17.14% rise in net sales to Rs 10739 crore in Q4 March 2019 over Q4 March 2018.
Sterlite Technologies Ltd leads losers in 'A' group
Reliance Communications Ltd, Vakrangee Ltd, ACC Ltd and HEG Ltd are among the other losers in the BSE's 'A' group today, 24 April 2019.
Assam: 8 Bangladeshi nationals apprehended at Guwahati Railway station
As many as eight Bangladeshi nationals were apprehended at the Guwahati Railway Station on April 22."These Bangladeshi nationals hail from Chittagong and had entered India via West Tripura on April 20. They were scheduled to proceed towards Chennai for jobs," said Abu Sufian, DIG Railways.Among those arrested are Akram Hussain, Dilwer Hussain, Rubel Hussain, Kamal Hussain, Manir Hussain, Abu Taher, Sobuj Hussain and Manir Hussain.
Hexaware net profit rises 3.1 pc to Rs 138.4 cr in March quarter
Mid-sized IT services firm Hexaware Technologies Wednesday said its consolidated net profit has grown 3.1 per cent to Rs 138.4 crore in the March 2019 quarter. The company had posted a net profit of Rs 134.2 crore in the year-ago period, Hexaware said in a statement. Its revenue rose 20.5 per cent to Rs 1,264 crore as compared with Rs 1,049 crore in the corresponding period a year ago as per the Indian Accounting Standards. Hexaware follows the January-December fiscal. "Hexaware delivered yet another quarter of double-digit growth of 10.9 per cent year-on-year. This is a testimony of our commitment to deliver industry leading growth," Hexaware Technologies Chairman Atul Nishar said. Hexaware Technologies CEO and Executive Director R Srikrishna said the company "delivered solid growth in a seasonally weak quarter for us". "It sets us up nicely to have a robust growth for 2019," he added. In dollar terms, Hexaware's net profit declined 4.6 per cent to USD 19.7 million, while revenue ...
Essar Shipping Ltd leads losers in 'B' group
Khaitan (India) Ltd, IMP Powers Ltd, Simbhaoli Sugars Ltd and Celestial Biolabs Ltd are among the other losers in the BSE's 'B' group today, 24 April 2019.
Volumes jump at Indoco Remedies Ltd counter
Indoco Remedies Ltd saw volume of 3.05 lakh shares by 14:19 IST on NSE, a 17.65 fold spurt over two-week average daily volume of 17253 shares
RBI first APAC central bank to begin interest rate easing cycle: Fitch
The Reserve Bank of India is the first central bank in the Asia-Pacific region to begin an explicit interest rate easing cycle buoyed by benign food inflation and easier global financial condition, Fitch Ratings said Wednesday. The Monetary Policy Committee (MPC), headed by RBI Govenor Shaktikanta Das, cut rates in February and April citing prospects of benign inflation. In the four months of 2019, the RBI has cut policy interest rates twice by 0.25 per cent each to one-year low of 6 per cent. This is the first back-to-back rate cut since the MPC was formed in late 2016. "Benign food inflation and easier global financial conditions following the US Fed's shift to a more dovish policy stance has enabled the Reserve Bank of India (RBI) to become the first central bank in Asia-Pacific (APAC) to begin an explicit easing cycle," Fitch said in its APAC sovereign credit overview report. Inflation at 2.9 per cent has remained within the RBI's comfort zone of 4 per cent (+/- 2 per ...