Tag: Industry News

GST execution from July 1 a challenge for industry: Assocham

GST execution from July 1 a challenge for industry: Assocham

24/05/2017 16:34

Implementing GST from July 1 will be a challenge for the industry and the government should consider relaxing penal provisions for a couple of quarters to help it comply with the new tax regime, Assocham said today.

The government is working overtime to roll out the goods and services tax regime from July 1 and has held several workshops and seminars to familiarise traders and the industry about the new indirect taxation structure.

“Implementing GST from July 1 will definitely be a challenge for the industry… There could be people making genuine mistakes. I would say the department should be softer in the first quarter or two because it is going to be a learning process,” Assocham President Sandeep Jajodia told PTI in an interview.

He sought relaxation on imposition of penal provisions for at least a quarter or two, if not the whole year.

The GST law provides for as many as 21 kinds of penalties for various offences. Short payment will attract a penalty of 10 per cent of the tax due subject to a minimum of Rs 10,000. For various other errors, the penalty would be 10 per cent of the tax due.

On the impact of GST on the steel sector, Jajodia, also the CMD of Monnet Ispat and Energy Limited, said: “I don’t think there will be much (difference). There are no negatives at all for sure and there could be some positives because the raw material pricing, ores and coal have come down.”

However, the Assocham president said GST will provide a huge fillip to the industry in the medium to long term as the tax compliance at present is “quite tedious”.

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Tata Motors gears up to launch new compact sedan Tigor

09/02/2017 13:41

Continuing with its efforts to reclaim lost ground in the Indian passenger vehicles market, Tata Motors will soon launch compact sedan Tigor, reported PTI.

The company announced that the Kite 5 concept, which was showcased at Auto Expo 2016, will be christened Tata Tigor.

“The Tata Tigor is the next offering of the IMPACT design language and is targeted at young, talented and confident individuals who express their individuality with a unique style of their own,” the company said in a statement.

Announcing the name, Tata Motors President, Passenger Vehicle Business Unit, Mayank Pareek said: “After Hexa, we are speeding towards our next market introduction, the Tata Tigor which opens a new category of style and attitude in this segment.”

While he did not share a timeline for the launch of the new model, Pareek said: “We will announce its commercial launch soon and are excited to see the IMPACT of the ‘Styleback’ on our customers.”

The Tigor will compete with the likes of Maruti Suzuki Dzire, Honda Amaze, Ford Aspire and Volkswagen Ameo which are priced in the range of Rs 5.35 to Rs 9.55 lakh.

Tata Motors has set a target of being among the top three passenger vehicles manufacturer in India by 2019. It’s hatchback Tiago has been received well in the market. It has also launched a new SUV Hexa.

Gitanjali Gems shines nearly 10% on robust Q2

Gitanjali Gems shines nearly 10% on robust Q2

15/12/2016 12:11

Shares of Gitanjali Gems, one of the leading branded jewellery retailers, zoomed nearly 10 per cent on the Bombay Stock Exchange after the company reported a 48 per cent growth in its consolidated net profit at Rs 45.01crore for the quarter ended September 30, 2016, compared to Rs 30.54 crore in the same quarter last fiscal.

Boosted by strong Q2, shares of company gained as much as 9.89 per cent to hit intra-day high of Rs 68.85 apiece on Bombay Stock Exchange.

In a similar fashion, stocks of company rose 6.23 per cent to Rs 66.50 apiece on the National Stock Exchange.

Meanwhile, the broader benchmark BSE Sensex was trading at 26,543.99, down 58.85 points, or 0.22 per cent, at 12:05 hours.

Demonetisation will help the economy in long run: Aditya Puri

Demonetisation will help the economy in long run: Aditya Puri

23/11/2016 15:31

HDFC Bank managing director Aditya Puri termed the demonetisation as a “necessity” which will benefit the economy in the long run by way of rate cuts, stopping counterfeiting and broadening the tax base, reported PTI.

“We, at HDFC Bank, feel this is a laudable objective which will provide benefits to the economy and people in the long run,” he said in a note to bank account holders.

He said the demonetisation exercise announced by Prime Minister Narendra Modi on November 8 is a “necessity” to root out counterfeit notes, which have a direct correlation with terror funding.

Stating that an effort is being made to ensure that people conduct their business in a fair and transparent manner, the veteran banker said a country cannot progress if less than 10 per cent of the population pays income tax.

It will also help root out corruption and bring down the cost of banking services, he said.

As part of the exercise, the government scrapped Rs 500 and Rs 1,000 banknotes from the midnight of November 9, and introduced new series of Rs 2,000 and Rs 500 notes. This has led to confusion and long queues to access own deposits.

With a large amount of the cash stuck in an unproductive manner earlier, Puri said it is “imperative” that the savings are used to boost investments.

“This will give banks the capacity to lend and also to bring interest rates down in order to spur investment and be competitive,” he said.

Citing a MasterCard study, Puri said that cash involves high costs of up to 1.5 per cent of the GDP on printing, transporting, storage and soiled notes, and a move to digital as is being witnessed in the fortnight since the move, will help not just the customers but also the economy.

While doing so, it is necessary to ensure that people in semi-urban and rural India also get the convenience of using the digital services, he said.

Puri also made an appeal for faster adaption of digital channels, saying this will help not just the bank but customers as well.

“It is necessary that we all understand that the country is moving towards reduced usage of cash,” he said, adding digital banking is a joint effort across all stakeholders.

Markets trim early gains; auto, metal stocks support

08/11/2016 11:38

Shrugging off positive cues from most fellow Asian peers, Indian equity benchmarks trimmed early morning gains and swung between negative and positive territory during the late morning deals on Tuesday led by profit-booking by participants amid caution ahead of the US presidential election.

At 11:12 hours, the 30-share barometer index of Bombay Stock Exchange, Sensex was at 27,471.55, up by 12.56 points or 0.05 per cent while the NSE Nifty was at 8,495.5, down by 1.55 points or 0.02 per cent.

Investors remained optimistic as opinion polls showed that Hillary Clinton was ahead of Donald Trump by three percentage points as the US Presidential election day dawned, bolstering risk taking appetite.

Buying momentum was witnessed mainly in the auto and metal sector stocks.

Meanwhile, BHEL and Tata Communications will unveil their September quarter earnings today.

The top gainers of the BSE Sensex pack were Tata Motors Ltd. (Rs. 531.30,+4.73%), ICICI Bank Ltd. (Rs. 282.70,+1.42%), Bajaj Auto Ltd. (Rs. 2863.50,+1.25%), Dr. Reddy’s Laboratories Ltd. (Rs. 3133.00,+1.11%), Coal India Ltd. (Rs. 321.30,+0.80%), among others.

Major show spoilers were Sun Pharmaceutical Industries Ltd. (Rs. 640.15,-2.60%), Maruti Suzuki India Ltd. (Rs. 5638.15,-1.44%), ITC Ltd. (Rs. 253.20,-1.36%), Cipla Ltd. (Rs. 540.35,-0.99%), State Bank of India (Rs. 250.65,-0.81%), among others.

The market breadth, indicating the overall strength of the market, was weak. On BSE, out of the total 2,552 shares traded, 1,157 advanced while 1,293 shares declined and 102 remained unchanged.

On the global front, most Asian markets were trading in the green as Americans were set to cast their ballots in the US Presidential election with speculation rife of a Clinton win, bolstering the appetite for risky assets.

Markets remain in consolidation mode; Tata Motors, ICICI Bank shares advance

08/11/2016 10:21

The key domestic benchmark indices were trading in a positive terrain in the morning trading session tracking a bullish trend across most markets in Asia and a positive finish at Wall Street overnight as opinion polls showed that Hillary Clinton was ahead of Donald Trump by three percentage points as the US Presidential election day dawned, bolstering risk taking appetite.

Shares of BHEL and Tata Communications will be in focus today as the companies reveal their September quarter earnings.

At 10:20 AM, the Bombay Stock Exchange bellwether Sensex was at 27487.71 up by 28.72 points or by 0.1 per cent, while the NSE Nifty was at 8507.55 points, trading higher by 10.5 points or by 0.12 per cent.

The BSE Sensex touched an intraday high of 27600.71 and an intraday low of 27469.65 while the NSE Nifty touched an intraday high of 8543.15 and an intraday low of 8502.8

The top gainers of the BSE Sensex pack were Tata Motors Ltd. (Rs. 528.10,+4.10 per cent), ICICI Bank Ltd. (Rs. 285.55,+2.44 per cent), Bajaj Auto Ltd. (Rs. 2866.40,+1.35 per cent), Asian Paints Ltd. (Rs. 1044.55,+0.66 per cent), Wipro Ltd. (Rs. 453.90,+0.65 per cent), among others.

Meanwhile, Sun Pharmaceutical Industries Ltd. (Rs. 646.80,-1.59 per cent), Maruti Suzuki India Ltd. (Rs. 5652.00,-1.20 per cent), ITC Ltd. (Rs. 253.70,-1.17 per cent), Adani Ports & Special Economic Zone Ltd. (Rs. 290.90,-0.94 per cent), Larsen & Toubro Ltd. (Rs. 1388.60,-0.80 per cent), were among the top losers on BSE.

The Market breadth, indicating the overall strength of the market, was storng. On BSE out of total 2208 shares traded, 1242 shares advanced, 871 shares declined while 95 were unchanged.

On the global front, Asian stocks were trading higher today as Americans were set to cast their ballots in the US Presidential election with speculation rife of a Clinton win, bolstering the appetite for risky assets.US stocks closed higher in the previous trading session after Clinton received an FBI boost, raising her chances of victory.

White metal shines on global cues

White metal shines on global cues

24/10/2016 14:41

Silver futures were trading higher during the afternoon trade in the domestic market on Monday as participants widened their bets in the precious metal tracking firm global trend.

Further, analysts attributed the rise in silver prices at futures trade to a firm trend in the precious metal overseas thus raised domestic demand for the precious metals as a safe-haven.

At the MCX, silver futures for December 2016 contract is trading at Rs 42,160 per kg, up by 0.48 per cent, after opening at Rs 41,997, against a previous close of Rs 41,958. It touched the intra-day high of Rs 42,190 (at 14:39 hours).

Weak US housing data bites Copper

20/10/2016 16:36

Copper futures fell during evening trade in the domestic market on Thursday as investors and speculators exit positions in the industrial metal amid sluggish physical demand for copper in the domestic spot market.

Further, a sharp drop in US new home construction activity last month signaled a cooling housing market recovery in the world’s biggest economy, clouding the demand outlook for copper, which is widely used in construction and house building.

US starts fell 9 per cent to a 1.05 million annualized rate in September.

At the MCX, copper futures for November 2016 contract is trading at Rs 311.1 per kg, down by 0.30 per cent, after opening at Rs 312.7, against a previous close of Rs 312.05. It touched the intra-day low of Rs 310.75 (at 16:35 PM).

Govt approves stake sale in NBCC India

13/07/2016 15:04

The government has today cleared a proposal to sell its stake in state-owned construction company NBCC India with an aim to meet the ambitious Rs 56,500-crore PSU disinvestment target in 2016-17, said the media report.

“The Union Cabinet has approved the proposal of follow-on public offer (FPO) by NBCC India to divest the central government’s stake in the company,” a source said after the meeting.

At present, the government holds 90 per cent in the company, which has a market capitalisation of Rs 14,274 crore.

However, the quantum of stake sale was not disclosed but the media report added that the Centre will have to divest at least 15 per cent to meet Sebi’s public listing requirements.

The rules say the minimum public holding in a company has to be maintained at 25 per cent.

NBCC was listed on the bourses in 2012 when the government diluted 10 per cent stake to raise Rs 127 crore. The price band of the NBCC IPO was fixed at Rs 90-106 per share.

Meanwhile, shares of the company were trading at Rs 234.75 apiece, down 8.80 per cent from the previous close at 15:10 hours on BSE.