Author: Finance Khabar
New Delhi: A revival in demand, led by increased offtake from e-commerce channels, will support a rebound for paper-packaging entities this fiscal, offsetting the impact of pandemic-induced disruptions in the first quarter, Crisil said on Tuesday. According to the rating agency, despite a 200 basis points (ps) blow to operating margin, credit profiles will be stable on the back of strong capital structure. A study of 50 CRISIL-rated companies, which account for 37 per cent of the industry’s revenue, indicates as much. Sales volume had wilted after the lockdown as demand from key end-user industries such as ready-made garments, industrial…
The date for filing income tax returns is approaching. Filing returns has been considered difficult for years and the reason behind it is clear, because people have to give details from their income to property. This is why most people enter it at the last minute. The government has taken several steps to make this process easier. India is seeing an increase in the number of people filing returns every year. The government has fixed 31 December 2020 as the last date for filing returns this year. After 31 December 2020, those filing returns will have to pay a penalty.…
New Delhi: The traders’ organization All India Merchants Federation has claimed that the agitation of farmers of some states sitting on dharna on the borders of Delhi caused a huge loss of about 14 thousand crores in the areas of Delhi, Haryana, Rajasthan and Uttar Pradesh. The Confederation issued this assessment here on Tuesday, saying that due to the protests of farmers, about 20 percent of the trucks are not coming to Delhi from other states of the country. The goods being sent from Delhi to other states are also being adversely affected. However, there is currently no loss of…
Industry body FICCI has called for abolition of anti-profiteering provisions in the GST law to allow market forces to determine prices of goods and service. The plea has been made in a set of pre-Budget recommendations submitted by the federation to the Finance Ministry for implementation in FY22 Budget. The recommendations come at a time when the National Anti-profiteering Authority (NAA) has become active and is actively awarding penalties to companies for breach of anti-profiteering regulations that prohibit an entity to keep prices of their goods and services higher even if GST rates have fallen. The NAA had charged companies…
New Delhi: The Finance Ministry on Monday released the eighth weekly installment of six thousand crore rupees to compensate for the reduction in the Goods and Services Tax (GST) compensation of the states. Thus far, 48,000 crore rupees have been released to the States / Union Territories through this medium. The Finance Ministry gave this information in a statement on Monday. The ministry said, ‘Of this, Rs 5,516.60 crore has been released to 23 states. Apart from this, Rs 483.40 crore has been released to three union territories Delhi, Jammu and Kashmir and Puducherry. ”Implementation of GST in the remaining…
Mumbai: According to the company, the steady rise in material and other input costs, impact of forex and transition to BS6 norms, have cumulatively escalated the cost of manufacturing vehicles. “The company had thus far been absorbing the addition in costs but with their steady rise in line with market trend, it has become imperative to pass at least some portion of the cost increase to customers via appropriate price revisions,” the company said in a statement on Monday. “The price increase is expected across the portfolio of M&HCV, I&LCV, SCV and Buses.” In addition, the company said actual change…
Nagpur: CIL subsidiary Western Coalfields Ltd (WCL) will enter into a joint venture with Orissa Mineral Development Corporation (OMDC) for peak production capacity of coal, officials said here on Monday. Orissa Minerals Development Company Ltd (OMDC) is one of the oldest iron ore mining companies in India. WCL’s CMD Rajiv R Mishra, while speaking at an event on Monday, said that WCL will enter into the joint venture with OMDC and will take up five coal blocks in the Raigad district on the Odisha-Chhattisgarh border. “WCL is planning for a peak production capacity of 75 million tonnes”, Mishra said. The…
There has been a huge decline in the domestic stock market due to the new strain of corona virus ie in some countries of Europe including England, the new type of corona virus has become uncontrollable. Due to the new type of corona virus, Health Minister Harsh Vardhan has held an emergency meeting in the country today. After which all flights originating from the UK have been banned. The new type of corona virus is said to be 70 percent more dangerous than earlier. Due to these developments, the sentiment of investors in the stock market has deteriorated and led…
Kolkata: City-based Ajanta Shoes aims to achieve a revenue of Rs 500 crore in the current financial year 2020-21. The company clocked a revenue of Rs 400 crore in the last financial year 2019-20. Also, the 64-year-old footwear giant, Ajanta Shoes, which is present across 105 stores currently, plans to ramp up the number of stores to 250 over the next two years. Also, Impakto, the sports shoe brand of Ajanta Shoes, has launched its next-gen range, which is tailor-made for the young aficionados of contemporary culture. “We are committed to making Ajanta Shoes a household name and hence, we…
Mumbai: Maharashtra would generate 17385 MW from solar projects in the next five years at much cheaper rates benefiting industries and agriculture revolutionizing the economic sector in the state, the state Energy Minister Dr Nitin Raut said on Saturday. Addressing a video conference on renewable energy sector “Renew India 2020 Decarburizing Industrial Growth‐ the renewable way” organised by the Confederation of Indian Industries, Dr Raut said that recently the Government had launched new Renewable Energy Policy (REP) which would attract investment of Rs 75000 crore in power sector and other affiliated industries. The solar power would be cheapest power compared…
New Delhi: The market capitalization of eight of the top 10 valued companies in the country increased by Rs 1,25,229.25 crore last week, but Reliance Industry has suffered badly. HDFC, TCS and Bajaj Finance were the biggest gainers. Last week, the BSE Standard Index Sensex gained 861.68 points, or 1.86 percent, in which only Reliance Industries Ltd. And Hindustan Unilever Ltd. Market capitalization declined while the remaining eight companies, including HDFC Bank, Infosys, grew in market cap. The market capitalization of Tata Consultancy Services jumped by Rs 29,700.13 crore to Rs 10,74,157.65 crore last week. Bajaj Finance’s market capitalization (MCAP)…
Japan’s vehicle company Honda plans to increase the price of vehicles in India from next month. The company’s dealers have been informed about this. Honda is operating in India through wholly owned subsidiary Honda Cars India Limited. A dealer of the company has confirmed that Honda has been increasing the price of cars since January. This is due to rising raw material costs and currency effects. According to the dealer, the company will give information about the increase in price according to the model of vehicles in early January. When contacted, a Honda spokesperson confirmed this, though did not give…
As the pandemic has severely impacted several sectors along with the country’s job scenario, a KPMG report has suggested that the government should take appropriate measures to boost employment along with targeted short-term direct income transfers to vulnerable groups who have been hit hard during these tough times. The report on the impact of the pandemic on potential income and employment in India noted that as per KPMG survey, employment in the country may decline by 11.6 to 31.1 per cent over 2019-20 due to the novel coronavirus pandemic and the lockdown. It added that the vastness of the informal…
Finance Minister Nirmala Sitharaman on Friday promised for creating a ‘budget as never before’ in 2021 while seeking growth-inducing big ideas and inputs derived from introspection by industry. The minister made the promise during the CII Partnership Summit 2020, organised by the Confederation of Indian Industry with the Department for Promotion of Industry and Internal Trade. She said that the next Union Budget will help India emerge as the engine for global growth and economic resurgence. The minister noted that health and investment in health would be the top priority for the government in near future. This would entail more…
New Delhi: As per the ratings agency, these companies have garnered 45 per cent of all new Abbreviated New Drug Application (ANDA) approvals over the past nine months. Besides, Ind-Ra expects the regulatory environment to remain stringent. However, it said well-equipped companies would be able to take the advantage of a better pricing outlook emanating from supply shortages and recalls. “Indian companies have received a higher share of new ANDA approvals since April 2020 led by significant manufacturing facility clearances, GDUFA-II (Generic Drug User Fee Amendments), and a strong filing momentum aided by historical investments in R&D,” Ind-Ra added in…
New Delhi: The impact of the farmer movement, which has been going on for more than a fortnight, has slowly started to show on the business. The business of Mori Gate, the country’s largest market for spare parts for farming machines and tractors, has begun to slow down. Seeing the declining business, the shopkeepers there are waiting for the end of the Farmers’ Agitation. He says that when the farmer is not in the field then who will take care of machines and tractors. When there is no maintenance, the sale of spare parts will stop. Niranjan Poddar, president of…
Mumbai: Continuing it’s upward streak for the seventh straight week, the Sensex zoomed up by 861.68 points or 1.87 per cent to settle at 46,960.69 on positive global cues. Robust inflows from foreign institutional investors and improving domestic economic scenario too boosted the investor’s risk appetite. The undertone of the market was upbeat following the progress made in coronavirus vaccine along with consistent improvement in recovery rate of COVID-19 cases. The Nifty 50 index gained 246.70 points or 1.83 per cent to settle at 13,760.55. The BSE Mid-Cap index added 279.86 or 1.60 per cent to settle at 17,801.18. The…
Mumbai: Tata Motors, India’s largest commercial vehicle manufacturer, has announced the launch of its ‘Go Green’ initiative in line with its commitment to environmental sustainability with its channel partners. Under this initiative, Tata Motors in collaboration with an NGO will plant a new commercial vehicle for sale and a plant for every new customer who will service their vehicle at the company’s dealer workshop and Tata authorized service station. The company will nurture the plant and give the customer a certificate and a link to the geotagged location of the plantation which will allow the customer to monitor the condition…
New Delhi: The World Bank has released a revised ranking of ease of doing business after reviewing data irregularities. The World Bank said on Friday that China should have been down seven points on the 2018 list. Apart from China, World Bank has also amended the ranking of Saudi Arabia, United Arab Emirates and Azerbaijan. The World Bank had in August banned publication of business accessibility ranking reports due to changes in the data of the last few reports after reviewing Aniamita. The World Bank said in a statement on 16 December that four countries China, the United Arab Emirates,…
New Delhi: Finance Minister Nirmala Sitharaman on Friday promised a completely different Union Budget. The government wants to control the economy affected by the epidemic and promote growth. Where it will be important to develop better skills for health, medical research and development (R&D) and telemedicine. At the same time, along with this, the challenges of employment will have to be seen from a new perspective, with which a new perspective on vocational training and skill development will be necessary. Sitharaman, addressing the CII Partnership Summit 2020, said that you guys send me input so that we can see such…