Bank of India said that it has introduced a 2 tier saving bank rate with effect from August 24, 2017.
The interest rate on balance up to Rs 50 lakh will be at 3.5 per cent and the interest rate on balance above Rs 50 lakh will be at 4 per cent, the Bank said in a filing to the Bombay Stock Exchange.
Bank of India offers wide range of services such as Personal banking, Corporate, Rural, MSME, Retail, NRI services, Cards/ATM etc.
Meanwhile, shares of the Bank were trading at Rs 142.45 apiece, down 0.84 per cent from the previous close at 12:50 hours on BSE.
Gold futures were trading up in the domestic market on Wednesday as speculators took fresh positions on positive cues from global markets.
Analysts said a firm trend in global market influenced the gold prices at the futures trade here.
At the MCX, gold futures for October 2017 contract was at Rs 29127 per 10 grams, up by 0.08 per cent, after opening at Rs 29106 against a previous close of Rs 29105. It touched the intra-day high of Rs 29145 (13:39 hours).
Following the announcement, shares of the company gained as much 2.56 per cent to hit intra-day high of Rs 338.00 apiece on the Bombay Stock Exchange. The stocks were currently trading at Rs 332.00 against previous close price of Rs 329.55.
In a similar fashion, shares of the company were trading 0.99 per cent higher at Rs 332.85 apiece on the National Stock Exchange.
Meanwhile, the broader benchmark BSE Sensex was trading at 31,359.21, down 165.47 points, or 0.52 per cent, at 14:10 hours.
“The Share Allotment Committee has today allotted 12,14,863 Equity Shares of the face value of Re. 1/- each under Edelweiss Employee Stock Option Scheme(s) of the Company,” the company said in a filing to the Bombay Stock Exchange.
Meanwhile, shares of the company were trading at Rs 249.90 apiece, down 2.08 per cent from the previous close at 12:50 hours on BSE.
Commenting on the issue, a British brokerage HSBC Official told the media, “We expect the RBI to be on a prolonged pause from here onwards with the risk of a 0.25 per cent rate cut (to our assumption) by the year-end if retail inflation undershoots the 4 per cent target by a comfortable margin.”
The brokerage attributed the jump in inflation numbers to rising vegetable prices, but underlined that core inflation excluding food, fuel ticked up after moderating for three straight months.
“We expect the HRA impact to show up further over the next six months. Thankfully, the RBI has mentioned that it will overlook this direct statistical impact of HRA, so prima facie, the rise in core inflation is nothing to worry about,” he added.
Commenting on the issue, Finance Minister Arun Jaitley told the media, “Within the framework of the GST Act each industry will be entitled to its own refund mechanism during this particular period (March 31, 2027). Industries in the north eastern and Himalayan states of Jammu and Kashmir, Himachal Pradesh and Uttarakhand under the previous excise regime used to get 10-year exemption.”
“As per the scheme, industries which commenced operations during the period got excise tax holiday for 10 years. There is a separate residuary period for every industry because of commencement of production and their consequent entitlement of 10 year exemption,” he added.
As per reports, under the new Goods and Services Tax (GST) regime, there is no provision for exemption but there is one section under the Act which permits refunds.
“The company, together with all its subsidiaries and jointly controlled entities, has an installed generation capacity of 10,466 MW (as of August 2017),” said Tata Power Company in a filing to the Bombay Stock Exchange.
With the commissioning of these projects, Tata Power has significantly increased its presence in the clean energy space with a gross installed capacity of 3,144 MW, it said in the filing.
Overall in Q1 FY18, company continued its robust operations with Maithon Power station generating 1952 MU. Standalone generation for the quarter stood at 3277MU. Trombay Thermal Power generated 1719 MU. Jojobera Thermal Power Station generated 768 MU and Haldia reported generation of 203 MU. Industrial Energy reported generation of 664 MU and TPREL, the renewable energy arm of Tata Power, generated 250 MU in Q1 that includes clean and green energy sources. Total consolidated generation stood at 12405 MU, it added.
Commenting on this development, Anil Sardana, CEO and MD, Tata Power, said, “Tata Power has and will continue to be a part of India’s growth story. With the support of leading technological innovations, excellence in project execution, world class safety processes, customer care, and green initiatives, the company has succeeded in establishing a strong foothold across the country and in select geographies towards creating stakeholder value. We are confident we will continue to significantly contribute towards the vision of ‘Power for All’.”
“The GST rate of 28 per cent is high for the leasing industry when compared to the earlier five to 15 per cent tax burden. Higher GST rates lead to requirement of higher working capital at any point of time. This results in increasing the cost of leasing an equipment,” Finance Industry Development Council director general Mahesh Thakkar told PTI.
“The government should actively consider not bracketing the capital goods in the same GST bracket as luxury goods and sin goods. A lower GST rate will help increasing share of leasing in gross capital formation,” he said.
The share of leasing in gross domestic capital formation in India is less than two per cent whereas the global average is 10 per cent, he said.
The same could also create hurdles for the foreign companies in India since they believe that leasing is the most preferred method of owing assets for operation, an NBFC official said.
Apart from GST rates, there are other issues like input tax credit, penal interest/charges for delayed remittance of EMI and sale of repossessed assets which needs to be corrected.
“Till now there is no response from the government on our representation,” he said.
Both pointed out that the issue will have a severe impact on capital-starved SME players who will face major hardship due to this.
Construction equipment, wagons, heavy machinery, car leasing among others are expected to face hurdles in new regime.
Leasing in India is just three per cent of global volumes and if taxation issues are not addressed, this will effectively be a death blow to leasing even before it makes a comeback in India, a equipment company official said.
Analysts attributed the fall in copper prices at futures trade to a weak demand at the domestic spot markets amid profit-booking at higher levels, led to the decline in copper prices in futures trade.
At the MCX, copper futures for August 2017 contract was trading at Rs 410.25 per kg, down by 0.49 per cent, after opening at Rs 412.00, against a previous close of Rs 412.25. It touched the intra-day low of Rs 410.05 (at 12:10 hours).
This order of 500 fully-built vehicles is driven by the success of the innovative Intelligent Exhaust Gas Recirculation (iEGR) technology which has been developed indigenously by Ashok Leyland, the company said in a filing to the Bombay Stock Exchange.
Developed to achieve the BS-IV emission norms, iEGR technology was launched in April 2017 for engines up to 400HP – a feat no other OEM has achieved globally.
Anuj Kathuria, President – Global Trucks, Ashok Leyland, says Ashok Leyland has been an integral part of Rivigo’s story since the beginning of their journey and this fresh order is a testimonial to the Indian, Intelligent and Innovative offerings of iEGR BS-IV technology, which translates to, ‘No Adblue’, ‘No Electronics’ and ‘Better Mileage’.
Meanwhile, shares of the company were trading at Rs 103.95 apiece, up 0.63 per cent from the previous close at 13:00 hours on BSE.