Page 658 - Business Finance
KoPT planning to set up a barge terminal at Balagarh: Kumar
Kolkata Port Trust is planning to set up a barge terminal at Balagarh in West Bengal's Hooghly district, a top KoPT official said Wednesday. The cost of the project would be Rs 300 crore, KoPT chairman Vineet Kumar said. Kumar speaking at the Bharat Chamber of Commerce here, said the idea for setting up the barge terminal was to decrease the congestion at the Kolkata port. Hopefully, the work would start by the end of September when the port would go for bidding, he said. Kumar said that terminal would come up on 300 acres of land which is owned by the KoPT. Saying that the Kolkata port was growing at nine per cent, Kumar added that KoPT was the second highest growing port in the country out of the 12 major ports. Last year, the port handled 58 million tonne of cargo. "So far, already 62 million tonne have been handled so far. Roughly, another one million tonne will be handled in the full fiscal", he said. He said that challenges were there as KoPT was a riverine port ...
GST anti-profiteering authority finds Kerala-based distributor guilty of profiteering Rs 32,926
GST anti-profiteering authority has found Kerala-based distributor Win Win Appliances guilty of profiteering Rs 32,926 by not passing on GST rate cut benefit to customers. A complaint was filed with the Kerala State Screening Committee on Anti-Profiteering against Win Win Appliances for not reducing the price of mixer-grinder commensurate with the reduction of the goods and services tax (GST) from 28 per cent to 12 per cent with effect from November 15, 2017. The respondent, in its defence, said he was a distributor of the product which was sold under the brand name 'Butterfly'. It said the product was being sold at the price fixed by the manufacturer -- M/s Butterfly, Gandhimathi Appliances Ltd. During the investigation, the Directorate General of Anti Profiteering found that Win Win Appliances had increased the base price of the product when the GST rate was reduced to 12 per cent and hence indulged in profiteering by not passing on the benefit of the tax rate cut to customers. The .
Minimum income scheme can be a game changer in removing poverty: Experts
Congress President Rahul Gandhi's electoral promise of a minimum income guarantee scheme is not a silver bullet, but if implemented, it can be a game changer in eliminating poverty in India, co-director of the World Inequality Lab at the Paris School of Economics Lucas Chancel said on Wednesday. Welcoming the proposal to increase living standards at the bottom of the income scale, he said, if voted to power, the Congress can impose a 2 per cent annual wealth tax on the top 0.1 per cent super-rich (owning more than Rs 2.5 crore) to fund the scheme. "Given the extreme rise of inequality in India over the past 3 decades, it is welcome that a party comes up with proposals to increase living standards at the bottom of the income scale. "... minimum income guarantee is not a silver bullet, but can be a game changer," the eminent economist told PTI. Asked to comment on on the fiscal implication of proposed income guarantee scheme on the India's GDP, Chancel said that given the poor quality .
Gold prices fall for second day, down Rs 110
Gold prices fell by Rs 110 to Rs 33,060 per 10 gram Wednesday, registering its second day of decline amid muted domestic demand, according to the All India Sarafa Association. Silver, on the other hand, gained Rs 20 to Rs 39,120 per kg following increased demand from industrial units and coin makers. Bullion traders said muted demand in the domestic market led to the fall in prices of the yellow metal. Tapan Patel, senior research analyst (commodities), HDFC Securities, said global bullion prices traded steady on Wednesday after witnessing marginal correction on Tuesday. In the international market, gold was trading at USD 1,315.61 an ounce and silver was at USD 15.42 an ounce in New York. "The weak US data on Tuesday also limited downside in gold prices. The US 10-year bond yield declined to 2.41 per cent down from 2.44 per cent on Tuesday morning. The gold holdings at SPDR ETF rose to 784.26 tonnes from previous 781 tonnes signalling safe haven demand," said Patel. In the national ..
New broadcast regime is transparent, fair: TRAI
Telecom regulator TRAI has asserted that the new broadcast tariffs have put in place a system of transparency, non-discrimination and fairplay, while reducing the bills of the average TV watcher.
Stocks end with modest losses
Key benchmark indices ended with modest losses after a volatile session of trade. The barometer index, the S&P BSE Sensex, fell 100.53 points or 0.26% at 38,132.88. The Nifty 50 index was down 38.20 points or 0.33% at 11,445.05.
Axis Bank board to meet on Apr 25 to consider fund raising
Private sector Axis Bank Wednesday said it will consider raising funds in Indian as well as foreign currency by issuing debt instruments at its two-day board meeting beginning April 25. The board will also approve the audited financial results for the January-March quarter and the full fiscal 2018-19 which ends on March 31, Axis Bank said in a filing to the BSE. The bank's board will consider and approve "borrowing/raising funds in Indian currency/foreign currency by issue of debt instruments including but not limited to bonds and non-convertble debentures...," it said. Shares of Axis Bank closed at Rs 760.15 apiece, up 0.39 per cent on the BSE.
Sensex slips 100 points; Nifty closes below 11,450
The BSE benchmark Sensex erased early gains and ended over 100 points lower Wednesday as finance, banking and IT shares succumbed to selling pressure. The 30-share index settled 100.53 points, or 0.26 per cent lower at 38,132.88, while the broader NSE Nifty slipped 38.20 points, or 0.33 per cent, to 11,445.05. NTPC was the biggest loser in the Sensex pack, tumbling 2.25 per cent, followed by Tata Motors, Hero MotoCorp, Bharti Airtel, PowerGrid, HDFC, Reliance Industries, Coal India and M&M that shed up to 1.85 per cent. Yes Bank was the top gainer, spurting 5.62 per cent. Other winners were IndusInd Bank, SBI, Bajaj Auto, HCL Tech, ONGC, Bajaj Finance, Axis Bank, Infosys and Vedanta, rising up to 5.27 per cent. During the day, the benchmark indices witnessed heavy volatility amid Prime Minister Narendra Modi's address to the nation. The markets, which opened higher in the morning over Tuesday's close, sharply dipped after the Prime Minister tweeted that he will be addressing the ..
NTPC launches MTN issue to raise USD 450 million
State-run power giant NTPC Wednesday said it launched on Tuesday a medium term notes (MTN or bond) issue to raise USD 450 million (approx Rs 3,105 crore), which is a part of its USD 6 billion (approx Rs 41,400 crore) MTN programme. The MTNs are also know as bonds in the overseas markets. The issue would close on April 3. The funds raised through this issue will be used for capital expenditure by the company. "NTPC Ltd has launched and priced an issue of 3.75 per cent USD 450,000,000 notes due 2024 on March 26, 2019," NTPC said in a statement. According to the statement, the notes carry a coupon (rate) of 3.75 per cent per annum payable semi-annually. The notes are expected to be settled by April 3, 2019. The notes will mature on April 3, 2024 and all principal and interest payments will be made in US Dollars. The notes represent direct, unconditional and unsecured obligations of NTPC and will rank pari passu among themselves and all other unsecured obligations of NTPC, it said. The ...
India, US sign pact to improve tax compliance by multinational enterprises
India and the United States on Wednesday signed an agreement for exchange of country-by-country (CbC) reports, a move that will enable enhanced level of risk assessment by both tax administrations.The agreement was signed by P C Mody, Chairman of the Central Board of Direct Taxes, and Kenneth I. Juster, US Ambassador to India.Multinational enterprise groups having global consolidated revenue of 750 million euros or more (or a local currency equivalent) in a year are required to file CbC reports in their parent entity's jurisdiction. In Indian rules, the rupee equivalent of 750 million euros has been prescribed as Rs 5,500 crore.A CbC report has aggregated country-by-country information relating to global allocation of income, taxes paid and certain other indicators of an MNE group.It also contains a list of all the constituent entities of a multinational enterprise group operating in a particular jurisdiction and the nature of the main business activity of each such constituent ...
India's subsidies to farmers very low as compared to western countries: Commerce secy
Subsidies provided by India to its farmers are quite low as compared to billions of dollars given by western countries, a top government official said Wednesday. Commerce Secretary Anup Wadhawan said India provides only about USD 250 per annum per farmer but unfortunatley "our subsidies run into trouble" as they are not structured properly, so there is a need to learn from other countries. Developed countries, including the European Union (EU) and the US, have alleged in the World Trade Organization (WTO) that India provides huge subsidies to its farmers. India always maintains that its farm subsidies are well below the WTO's cap of 10 per cent. The US has also dragged India to the WTO's dispute settlement mechanism over export subsidies being provided by New Delhi. "If you look at the kind of budgetary support which developed countries provide to their economic agents, the numbers are mind boggling," Wadhawan said here at a function. In the agriculture sector, he said, the EU and the
Sale of UBHL shares of Mallya fetch Rs 1,008 cr: ED
The sale of shares, held by absconding businessman Vijay Mallya in United Breweries Holdings (UBHL) Limited, by the Debt Recovery Tribunal has fetched Rs 1,008 crore, the ED said Wednesday. The Enforcement Directorate (ED) said the shares, attached by the agency as part of its money laundering probe against the liquor baron, were lying with Yes Bank and the Karnataka High Court had recently ordered the bank to surrender these in favour of the Debt Recovery Tribunal (DRT) in Bangalore. Subsequently, the ED said, the recovery officer of the DRT had published a notice early this month for the sale of 74,04,932 shares of UBHL. "Based on the submissions made and proactive steps taken by the ED and in view of the large outstanding debts of the SBI consortium against Kingfisher Airlines and Vijay Mallya, a special PMLA court allowed sale of shares on March 26 (Tuesday). "Subsequently, shares were sold by the recovery officer on Wednesday and an amount of Rs 1,008 crore has been realised," ...
India-US sign pact for exchange of reports to check tax evasion by MNCs
India and the US Wednesday signed an Inter-Governmental Agreement for exchange of Country-by-Country (CbC) reports of multinational companies regarding income allocation and taxes paid to help check cross-border tax evasion. This agreement for exchange of CbC reports, along with the Bilateral Competent Authority Arrangement, will enable both the countries to automatically exchange CbC reports filed by the ultimate parent entities of multinational enterprises (MNEs) in the respective jurisdictions, pertaining to the years commencing on or after January 1, 2016, a Finance Ministry statement said. It would also obviate the need for Indian subsidiary companies of US multinationals to do local filing of the CbC reports, thereby reducing the compliance burden. The agreement was signed by Central Board of Direct Taxes Chairman P C Mody and US' ambassador to India Kenneth Juster. India has already signed the Multilateral Competent Authority Agreement (MCAA) for exchange of CbC reports, which .
RBL Bank allots 3.96 lakh equity shares under ESOP
Consequent to the above allotment, the paid up share capital of the Bank has increased from 426,312,882 equity shares of Rs. 10 each aggregating Rs. 4,263,128,820 to 426,709,728 equity shares of Rs. 10 each aggregating Rs. 4,267,097,280.
Reliance Communications Ltd leads losers in 'A' group
BASF India Ltd, Take Solutions Ltd, Jubilant Life Sciences Ltd and Prestige Estates Projects Ltd are among the other losers in the BSE's 'A' group today, 27 March 2019.
Realty mkt to grow in 2019; to add 200 mn sq ft space this yr: CBRE
Housing sales are expected to rise in 2019, as the realty market is on a recovery path after absorbing the impact of policy reforms like RERA, GST and note ban, according to CBRE. CBRE said 200 million sq ft of space will be added in 2019 across all segments including housing, office, retail and logistics. The real estate stock in India will reach 3.7 trillion sq ft at the end of this year, the consultant said in a report 'Real Estate Market Outlook 2019 - India' released here. "The growth of the Indian Real Estate market in 2019 will be driven by numerous factors including technology, demand-supply dynamics, improved ease of doing business rankings and the dust settling post the implementation of reforms such as GST, RERA among others," said Anshuman Magazine, Chairman & CEO of CBRE India. Magazine, who is also the Chairman and CEO of South East Asia, Middle East and Africa said, significant growth across segments, will lead to the addition of almost 200 million sq ft of new real
Strides Pharma firms up after USFDA approval for Singapore facility
Strides Pharma Science rose 3.24% to Rs 459.50 at 14:47 IST on BSE after the company announced that it has received US Food and Drug Administration approval for its greenfield oral dosage facility in Singapore.
L&T dispatches India's heaviest hydrocracker reactor to HPCL ahead of schedule
Infrastructure giant Larsen & Toubro (L&T) Wednesday said it has dispatched the country's heaviest hydrocracker, weighing 1,858 tonne, ahead of schedule to HPCL for its Visakh refinery. L&T at present is also manufacturing several hydrocracker reactors, weighing more than 2,000 tonnes, which on completion will set international benchmark, the company said in a statement. "Achieving another milestone project in the engineering world, the heavy engineering business of Larsen & Toubro (L&T), has completed and flagged off India's Heaviest Hydrocracker Reactor ahead of schedule," it said. The reactor weighing 1,858 tonne is manufactured for Hindustan Petroleum Corporation Ltd's (HPCL) Visakh Refinery Modernisation Project. The reactor will sail directly to Visakhapatnam from Larsen & Toubro's fully integrated state-of-the-art coastal manufacturing facility located at Hazira in Gujarat, the company said. S Raja, executive director (Visakh Refinery Modernization ...
DCB Bank allots 1.36 lakh equity shares under ESOP
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Board of Gillette India appoints director
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