Page 767 - Business Finance
Andhra Pradesh signs MoUs worth Rs 21,000 cr
The Andhra Pradesh Economic Development Board on Tuesday signed Memoranda of Understanding (MoUs) worth Rs 21,0000 crore with various companies.
GST authority finds Haryana-based S3 Infra Reality guilty of profiteering
The anti-profiteering authority has found Haryana-based real estate developer S3 Infra Reality guilty of not passing GST rate cut benefit totalling Rs 1.48 crore to its buyers of residential and commercial properties. The authority has also asked the realty firm to pass on Rs 57.76 lakh to the buyers of 'Auric City Homes' project as the company has already admitted lapses and passed on Rs 90.84 lakh to the purchasers. The investigation by the Directorate General of Anti Profiteering has found that in respect of 651 residential units, the realty firm has profiteered over Rs 1.45 crore. With regard to 13 commercial units sold in the said project, the company profiteered to the tune of Rs 3.01 lakh. "Accordingly, out of the total profiteered amount of Rs 1,48,60,874, an amount of Rs 90,84,264 has already been passed on... The balance amount of over Rs 57,76,610 is to be passed on to the identified buyers...," the National Anti-Profiteering Authority (NAA) said in an order. The ruling was
UK car sales back on track after bumpy ride
New car sales in Britain rose in February from a year earlier, reversing five straight monthly declines despite fears over Brexit and China's economic slowdown, data showed Tuesday. New registrations for all cars increased 1.4 percent in February year-on-year to almost 82,000 vehicles, the Society of Motor Manufacturers and Traders (SMMT) said in a statement. Sales had tumbled in the previous five months on an annual basis owing to weak demand for high-polluting diesel amid a broader UK government push for cleaner transport. Carmakers are also facing fallout from looming Brexit, as well as China's slowdown -- and its ongoing trade row with the United States. The SMMT last week revealed that the number of cars built in Britain tumbled by a fifth in January, rocked partly by the threat of a no-deal Brexit. UK car production dived 18.2 percent to 120,649 vehicles at the start of 2019 compared with a year earlier, marking the eighth successive monthly decline.
Newgen Software Technologies receives patent from India Patent Office for its inventions
Newgen has filed for 44 patents till date, out of which 10 have been granted. And, there are 3 patents under examination in the US.
Govt notifies Transport and Marketing Assistance (TMA) for specified agriculture products
Scheme would be available for exports effected from 1 March 2019 to 31 March 2020
World Bank to provide USD 250 mn to boost rural income
The World Bank will provide a USD 250-million loan for the National Rural Economic Transformation Project (NRETP) to help women in rural households develop viable enterprises for farm and non-farm products. An agreement in this regard was signed between the World Bank and the Government of India on Tuesday. "A key focus of the project will be to promote women-owned and women-led farm and non-farm enterprises across value chains; enable them to build businesses that help them access finance, markets and networks; and generate employment," Wold Bank said in a statement. NRETP is an additional financing to the USD 500-million National Rural Livelihoods Project (NRLP) approved by the World Bank in July 2011. The USD 250 million loan has a 5-year grace period, and a final maturity of 20 years. The NRLP, which is currently being implemented across 13 states, 162 districts and 575 blocks, has so far mobilised more than 8.8 million women from poor rural households into 7.5 lakh self-help ...
Cement prices rise Rs 25 per bag in February
Cement prices increased by Rs 24-25 per bag of 50 kg in February as compared to the previous month amid falling cost and rising demand growth, according to a report. The hike in the cement prices came after a "protracted stall" following the rollout of the goods and services tax in July 2017, said CRISIL Research in its report. The increase would help the cement industry increase profitability and margins, it added. "The recent steep hikes in cement prices will boost the operating profitability of manufacturers even as costs are descending and demand growth ascending," the report said. The southern region had the steepest hike, where Hyderabad witnessed a rise of Rs 77 per bag, followed by Rs 62 per bag in Chennai and Rs 52 per bag in Bengaluru. While other regions had a moderate increase, with Rs 26 in the west followed by Rs 12 in the east, Rs 7 in the central region, and Rs 4 per bag in the north, the report said. "This upends the downtrend in cement prices seen since the rollout ..
GMM Pfaudler to Occupy Office Space at Lodha's New Cuffe Parade
GMM Pfaudler is publicly listed (on BSE and NSE) and is a JV between GMM (India) and US based Pfaudler
5G smartphones likely to hit market in April
Premium smartphones that run on a 5G network are expected to hit the market in April, a few weeks later than their original release schedule, due to problems with parts supply and test runs, industry sources have said.
Godrej Appliances aims 10pc share in AC market in 5 years
Godrej Appliances Ltd is aiming for a 10-per cent market share in the air conditioner market over the next five years, a company official said on Tuesday. "We are aiming for 20 per cent growth in ACs this year. Our market share is about 4 per cent, and in two years, the aim is to take it to 6 per cent. "In the next five years, we want to take the market share to 10 per cent," Godrej Appliances National Sales Head Sanjeev Jain said. The company's Business Head and EVP Kamal Nandi said the sector will gain more traction if the GST rates are rationalised for ACs from the existing 28 per cent. "We have made a presentation to the government on ACs to rationalise the GST to 18 per cent. There is no reason why it should not be so, when cars and high-end mobile phones attract lower tax," Nandi said. Nandi said he expects positive business environment this summer on the back of stable macro-economics, and an extended summer, a key factor to drive AC demand. Godrej Appliances will .
Odisha clears Haldia Petrochemicals' Rs 28,700-cr refinery project
The Odisha government on Tuesday approved the Rs 28,700 crore investment proposal of the joint venture Haldia Petrochemicals Ltd (HPL), according to an official statement here.
Jet scrips tank 4% as airline continues to ground aircraft
A day after Jet Airways informed about grounding of two more aircraft, the scrip price fell over 4 per cent during the intra-day trade, but recovered to end higher.
ITC hikes prices of Bristol, Flake Excel and Capstan
Leading cigarette maker ITC has increased the price of three brands - Bristol, Flake Excel and Capstan. The Kolkata-headquarted company has increased the prices by about 7 per cent to 14 per cent. When contacted, an ITC spokesperson said: "Prices of a few select brands have been marginally revised." Price of Flake excel is hiked by 11 per cent, Bristol by 6.7 per cent and Capstan by 14.5 per cent by the company. These three brands together contribute around 10 per cent to 13 per cent of total cigarette sales of ITC.
Odisha approves Rs 34,197 cr investment proposals including Rs
Odisha government Tuesday approved investment proposals worth Rs 34,197 crore including Rs 28,700 crore investment by Haldia Petrochemicals (HPL), officials said. The investment proposals were approved at the High Level Clearance Authority (HLCA) headed by Naveen Patnaik. The investment proposals which got the state government's nod include Haldia Petrochemicals (Rs 28,700 crore), Indian Oil Corporation Limited (Rs 1,970.52 crore), Rungta Rungta Mines Limited's two proposals (Rs 1,677.98 crore and Rs 1,848 crore). Haldia Petrochemicals Ltd during the Make in Odisha Conclave- 2018 had proposed to set up an integrated refinery with aromatics complex for production of Paraxylene and Purified Terepthalic Acid (PTA) at a total investment of Rs 28,700 crore near Subarnarekha Port in Balasore district. The production capacity for Paraxylene will be 1.6 million metric tonne per annum and for PTA will be 2.5 MMTPA The investment proposal was submitted by the West Bengal-based ...
Rupee spurts 43 paise to close at 70.49 against US dollar
The rupee rebounded by 43 paise to close at 70.49 against the US dollar Tuesday largely driven by positive macro data and easing crude prices. Forex traders said heavy buying in domestic equities and sustained foreign fund inflows also propped up the local unit. At the Interbank Foreign Exchange (forex) market, the domestic unit opened slightly down at 70.95. During the day, the local unit, however, gathered momentum and rose to an intra-day high of 70.43 before finally ending at 70.49, showing a gain of 43 paise. The local unit had weakened by 20 paise to close at 70.92 against the US dollar Friday. The domestic forex market and equity market were closed Monday on account of Mahashivratri. Commenting on the appreciation in rupee, Sunil Sharma, Chief Investment Officer, Sanctum Wealth Management said, "Over last one month the Indian rupee has appreciated 1.5 per cent and is the best performing emerging market currency". Sentiments in the forex market also got a boost from the positive
Haldia Petrochemicals to set up USD 4 bn plant in Odisha
Haldia Petrochemicals Ltd (HPL) will invest over USD 4 billion in setting up a mega petrochemical complex in Odisha, the state government said Tuesday dubbing the proposal as India's largest domestic investment plan. Odisha's High Level Clearance Authority (HLCA), headed by state chief minister Naveen Patnaik, has approved a proposal submitted by HPL to set up an integrated refinery with aromatics complex for production of Paraxylene and Purified Terephthalic Acid at a total investment of Rs 28,700 crore (USD 4.05 billion), as per an official statement. The refinery will be set up near Subarnarekha Port in Balasore district, the statement by Odisha government said. The investment proposal was submitted by the Bengal-based company on March 1, 2019. "The land requirement for the project is 2,000 acre which will be recommended for allotment post assessment by the Industrial Promotion and Investment Corporation of Odisha Ltd (IPICOL)," it said. The port, being built by Tata Steel in ...
Eighth editon of engineering expo on March 14
: Tamil Nadu will host the eighth edition of the International Engineering Sourcing Show here from March 14, with the theme being 'Smart Engineering.' The three day event is being organised by the Engineering Export Promotion Council, sponsored by the Commerce and Industries Ministry. Uttar Pradesh will be 'Partner state' for the event. "This year Smart Engineering is the theme which showcases India as a Global Hub for manufacturing and technology", EEPC said in a statement. EEPC India senior vice-chairman Mahesh K Desai said that over 400 participants would participate in the event, of which 130 would be from Tamil Nadu and 40 from other nations, including Malaysia, Belgium, Hong Kong, Ukraine and the Czech Republic. "EEPC India has chosen -- Subcontracting, Industrial and Electrical Machinery, Future Factory and Innovation and Technology as four broad sub-theme in IESS VIII", Desai said. The other two additions at the event were how to use ayurvedic science by employing
Bengal Chemicals posts Rs 16cr net profit in Apr-Dec
Retaining its recent growth momentum, Bengal Chemicals and Pharmaceuticals Ltd on Tuesday reported a net profit of Rs 16.3 crore for the nine months ended December. For the full 2018-19 fiscal, it is expected to post a bottomline of Rs 22 crore, a company official said. Bengal Chemicals, the country's first pharmaceuticals company, is aiming to double the profit for the year, after "aggressive transformation" measures were undertaken by Managing Director P M Chandraiah, the official said. In 2017-18, the company had recorded a net profit of Rs 10.6 crore. Bengal Chemicals had ended a continuous span of running into losses for 50 years in 2013-14, managing to be back in the black with a Rs 4.5-crore profit, he added.
Pakistan to focus on promotion of economic growth: PM
Pakistan Prime Minister Imran Khan said here on Tuesday that trade and investment is one of the main focuses of his government's foreign policy and he wants to further promote it to attract foreign investment.
Government issues sugar-mill-wise stock holding limit order for March 2019
Prescribes 24.5 lakh tonnes of white/refined sugar for domestic sale/dispatch