Page 753 - Business Finance
FinMin stares at direct tax revenue shortfall by Rs 70,000 cr to Rs 1 lakh cr
The government may be staring at higher-than-projected deficit for the current fiscal with country's direct tax revenue expected to fall short by Rs 60,000 to 70,000 crore over the revised target of Rs 12 lakh crore for FY19, officials privy to the numbers said.
Pennar Group Bags Orders Worth INR 302 Crores
/ -- Pennar Group, a leading value-added engineering products and solutions company, has bagged orders worth INR 302 crores during the month of February 2019, across its various business verticals and the subsidiary, PEBS Pennar. The Group's flagship company Pennar Industries Limited (PIL) received multiple orders aggregating INR 187 crore across its business verticals. The orders received were from Integrated Coach Factory, Titagarh and Sail Rites for Railway products, Solis, Thermax, IFB, Puzzolana, Schaeffler India and Toshiba, for Solar Module Mounting Structures, Panels and Channels, for CRFS and CRSS products, ALF Engineering, Royal Enfield, Thermax, for tubes and Emerson, Endurance, Tecumseh, Ashok Leyland, Yamaha, Xylem, etc. for Industrial Components and Hydraulics. Pennar Engineered Building Systems (PEBS Pennar), a leader in pre-engineered buildings and a PIL subsidiary, received orders aggregating INR 115 crore. The new orders received by PEBS Pennar were for warehouses, .
Nifty ends almost flat; breadth negative
The BSE Sensex ended with modest gains while the Nifty ended almost flat. Gains in HDFC Bank, Larsen & Toubro and ITC boosted indices, while weakness in Infosys and HDFC capped gains. The barometer index, the S&P BSE Sensex, rose 89.32 points or 0.24% to 36,725.42, as per the provisional closing data. The Nifty 50 index rose 5.20 points or 0.05% to 11,058.20, as per the provisional closing data.
Delay leaves uncertain Centre's Rs 80K cr sell-off within 2018-19
Government's Rs 80,000 crore disinvestment target looks difficult to achieve in the next three weeks of the current fiscal with uncertainties surrounding two key sell-off programmes -- PFC-REC and Pawan Hans Ltd (PHL).
IIM Bangalore to push data-driven administration in tax department
The Indian Institute of Management (IIM) Bangalore on Thursday said it has tied up with Karnataka's Commercial Taxes Department (CTD) for use of Big Data analytics in tax administration.
Qatar raises $12 bn in bond sale despite political crisis
Qatar has sold bonds worth $12 billion (nine billion euros), the finance ministry said Thursday, attracting strong demand despite an economic and diplomatic boycott by its former Gulf allies. "The state of Qatar has achieved a successful return to the international financial markets with a total of three tranches -- worth $12 billion," said a ministry statement carried by the official Qatar News Agency (QNA). The sale received orders of more than $50 billion, it said. Qatar has been economically and politically isolated by a Saudi-led bloc -- including the United Arab Emirates, Bahrain and Egypt -- since June 2017 over claims it supports terrorist groups and seeks better ties with Saudi arch-rival Iran. Doha denies the accusations and says its opponents are seeking regime change in Qatar. In 2018, the gas-rich state raised $12 billion in its first dollar bond sale in two years, eclipsing Saudi Arabia's $11 billion bond issue the same year.
Govt clears scheme to rebate central, state embedded taxes for textiles sector
The government Thursday approved a scheme for rebate of all state and central embedded levies for apparel and made-up textile segments, which would make shipments zero-rated, thereby boosting the country's competitiveness in export markets. The decision was taken at a meeting of the Union Cabinet chaired by Prime Minister Narendra Modi here. It also enhanced the rebate for apparel and made-up segments. The made-up segment of textiles includes products like bed-sheets, blankets and curtains. Currently, Remission of State Levies (RoSL), which is to offset indirect taxes levied by states such as stamp duty, petroleum tax, electricity duty and mandi tax that were embedded in exports, is provided to textiles exporters. "The decision which also extends rebate up to March 31, 2020, will greatly benefit apparel & made-ups manufacturers/exporters," Textiles Minister Smriti Irani said in a tweet. She said the apparel and made-ups have a combined share of 55 per cent (around USD 21 billion) .
Fitbit refreshes its wearable line-up
Global wearables maker Fitbit on Thursday refreshed its wearable line-up in the US and other markets with Fitbit Versa Lite Edition, Fitbit Inspire HR, Fitbit Inspire and Fitbit Ace 2.
Gold falls Rs 360 on subdued demand, weak trend overseas
Gold prices Thursday declined Rs 360 to Rs 33,070 per 10 grams at the bullion market in the national capital on account of tepid demand from local jewellers amid weak global market. Following gold, silver saw a fall of Rs 520 to Rs 38,980 per kg due to reduced offtake by industrial units and coin makers. Traders attributed the fall in the gold prices to subdued demand from local jewellers and weak trend overseas. Besides, strengthening of the rupee put pressure on the yellow metal, they added. Globally, spot gold traded lower at USD 1,284.77 an ounce and, similarly, silver was down at USD 15.06 an ounce in New York. In the national capital, gold of 99.9 per cent and 99.5 per cent purities dropped Rs 360 each to Rs 33,070 and Rs 32,900 per 10 grams, respectively. However, sovereign gold held steady at Rs 26,400 per 8 gram. Silver ready fell Rs 520 to Rs 38,980 per kg, while weekly-based delivery declined Rs 507 to Rs 38,202 per kg. Silver coins held flat at Rs 80,000 for buying and Rs .
L&T gains after large order win
Larsen & Toubro rose 2.69% to Rs 1,350.30 at 14:59 IST on BSE after the company announced that L&T Construction has secured orders from clients across varied states in India.
Govt clears post of technical member in SAT
The government Thursday approved creation of the post of technical member in the Securities Appellate Tribunal (SAT) to expeditious disposal of appeal cases. SAT deals with appeals filed against the orders of the Securities and Exchanges Board of India (Sebi), the Insurance Regulatory and Development Authority of India (Irdai) and the Pension Fund Regulatory and Development Authority (PFRDA). "The Union Cabinet has approved the proposal for creation of the post of technical member in the Securities Appellate Tribunal (SAT), Mumbai, at the level of secretary to the Government of India in the (monthly) pay scale of Rs 2.25 lakh (fixed)," an official statement said. It said the creation of the post would facilitate the creation of an additional bench in SAT, Mumbai, thereby allowing speedy disposal of the increased number of appeals. It will be much beneficial to investors, pensioners and the general public. "The securities market and the insurance sector are growing rapidly. With ...
Suzlon Energy Ltd leads losers in 'A' group
Lakshmi Vilas Bank Ltd, Birlasoft Ltd, Jammu and Kashmir Bank Ltd and Dewan Housing Finance Corporation Ltd are among the other losers in the BSE's 'A' group today, 07 March 2019.
JSL gets govt nod for private industrial estate
Odisha government has approved a proposal of Jindal Stainless Ltd (JSL) for setting up a private industrial estate near Kalinga Nagar in Jajpur district. A high-level meeting chaired by Chief Secretary A P Padhi gave a go-ahead to the proposal on Wednesday. Padhi asked the concerned authorities to complete the work in the first phase within three years from the date of land allotment. The industrial estate will be developed in two phases. Chairman-cum-managing director (CMD) of Industrial Infrastructure Development Corporation (IDCO) Sanjay Singh said the downstream cluster will manufacture and supply stainless steel products, including construction materials, architectural designs, pipes, industrial goods, lifestyle consumables, kitchen wares and others. A Special Purpose Vehicle for the purpose has already been formed, they said. Meanwhile, the IDCO has identified around 300 acres of land to be allotted for the industrial estate. Water requirement of 2.54 MLD (million .
Hong Kong Market falls 0.9%
Blue chips were mostly easier. Tencent (00700) fell 1.9% to HK$357.6. HSBC (00005) edged up 0.2% to HK$64.85. HKEX (00388) sank 2.5% to HK$271.6. AIA (01299) slipped 1.3% to HK$76.6. China Mobile (00941) rebounded 0.2% to HK$81.15.
Welspun Investments & Commercials Ltd leads losers in 'B' group
Karma Energy Ltd, Akme Star Housing Finance Ltd, Manaksia Coated Metals & Industries Ltd and Hindusthan National Glass & Industries Ltd are among the other losers in the BSE's 'B' group today, 07 March 2019.
Volumes jump at Ramkrishna Forgings Ltd counter
Ramkrishna Forgings Ltd witnessed volume of 3.03 lakh shares by 14:16 IST on NSE, a 14.23 times surge over two-week average daily volume of 21278 shares
Marksans Pharma's Goa facility concludes USFDA inspection with 8 observations
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Reliance Capital plans to reduce debt by Rs 10,000-12,000 cr in 3-4 months
Reliance Capital plans to reduce its overall debt by Rs 10,000-12,000 crore in the next three to four months through stake sale in two ventures and monetisation of several non-core investments. In a release, the company Thursday said it would monetise 43 per cent of its stake in Reliance Nippon Life Asset Management (RNAM) and 49 per cent shareholding in Reliance General Insurance Company Ltd (RGICL). RGICL is a wholly-owned subsidiary of Reliance Capital. Reliance Capital said it has an overall strategy to reduce debt by approximately "Rs 10,000-12,000 crore in the next 3-4 months". The transactions would help the company to bring down the debt burden by around 50-60 per cent. The reduction in Reliance Capital's debt would be achieved through "monetisation of its 43 per cent stake in RNAM and 49 per cent stake in RGICL, along with several non-core investments", the release said. The completion of these transactions would be a major step forward in Reliance Capital's deleveraging ...
Ex-RBI Guv Rajan to get Yashwantrao Chavan national award
Former Reserve Bank of India (RBI) Governor Raghuram Rajan has been chosen for the 'Yashwantrao Chavan National Award 2018' for his contribution towards economic development. Rajan will be presented the award at a function here on March 12 on the occasion of 106th birth anniversary of late Yashwantrao Chavan, who was the first chief minister of Maharashtra, a release issued here said. NCP chief Sharad Pawar, who is president of the Yashwantrao Chavan Prathisthan, will preside over the function, it said. Rajan served as RBI governor between September 2013 and September 2016. The award is given every year by the Yashwantrao Chavan Prathisthan to individuals/institutions in recognition of their outstanding contribution towards national integration, democratic values, and social and economic development.
Cabinet allows Alternative Mechanism to decide on price, timing of CPSE strategic sale
To fast-track strategic sale of CPSEs, the Cabinet Thursday allowed Alternative Mechanism to decide on the timing, price and quantum of shares of a state-run company to be put on the block for outright sale. "The CCEA (Cabinet Committee on Economic Affairs) has approved delegation of the following Alternative Mechanism in all the cases of strategic disinvestment of CPSEs where CCEA has given 'in principle' approval for strategic disinvestment," an official statement said. The Alternative Mechanism (AM) on strategic disinvestment consists of the Finance Minister, Minister for Road Transport and Highways and minister representing respective administrative department, to decide on the matters relating to terms and conditions of the sale. The CCEA, headed by Prime Minister Narendra Modi, Thursday decided to allow the Alternative Mechanism to decide on the quantum of shares to be transacted, mode of sale and final pricing of the transaction or lay down the principles/guidelines for such ...