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About three-fourth items in the highest tax slab may move to lower brackets. As many as 165 such items could be moved to the 18 percent category, with only 62 attracting the highest rate. Those retained in the highest category could include digital cameras, shaving creams, paints and varnishes, cigars, pan masala, chocolates, cosmetics, vacuum cleaners, refrigerators, washing machines, hair conditioning items, hair dyes, marble and granite.
Global direct selling major Amway has been asked to remove two of its products from sales by the apex consumer commission, which also slapped a fine of 1 lakh rupees on it for allegedly wrongly branding its products. The National Consumer Disputes Redressal Commission (NCDRC) asked Amway India Enterprises Pvt Ltd to remove Amway Madrid Safed Musli (Apple) and Kohinoor Ginger Garlic Paste from the market within six weeks.
Leading telcom companies and PE funds interested in mobile tower and the fibre optic assets of Reliance Communication (RCom) that are up for sale. RCom, debt of 40,000 crore, able to garner 17,000 crore by monitising its tower, fiber and spectrum assests and 10,000 crore from sales of Real Estate.It has also suggested that the bankers convert around 7,100 crore of their loans into equity by which they would have a 51% stake in RCom.
Life Insurance Corporation (LIC) of India has acquired 2.021% stake in FMCG( fast moving consumer goods ) firm Colgate Palmolive India through open market purchase, taking the total holding in the company to 7.037%. The Insurance behemoth earlier had 5.016% stake in Colgate Palmolive India,the FMCG company said in a regulatory filing. LIC has acquired additional 54,97,334 shares in the company and now has 1,91,40,291 shares. It earlier had 1,36,42,957 shares in Colgate Palmolive India.
Vedanta profit up 43% in Q2. Revenue was 21,590 crore, up 37% from a year before. " Key contracts on our announced oil& gas projects are at advanced stages of being awarded and the next two quarters will see an increased trend of protection from this business" Kulidip kaura, chief executive. Free cash flow of 3,280 crore in the September quarter Gross debt reduced by 11,466 crore to 55,798 crore.
Dilip Buildcon Ltd, a Bhopal-based road developer, has announced the sale of 24 road assets of a total project value of ₹10,500 crore to the Chhatwal Group.The deal, which could emerge as one of the largest in the sector, is estimated at ₹1,600 crore.The road developer has invested a total of ₹682 crore (both in equity and debt) while ₹841.6 crore is yet to be invested.
Reliance Industries is the first Indian company to touch ₹6 trillion market-cap. RIL stock got a further push as Jio, its telecom arm, recently hiked tariffs earlier than anticipated. The stock added nearly ₹3 trillion market-cap since April after its telecom arm Reliance Jio started charging its customers.
Ashok Leyland is looking at investing Rs 400-500 crore in its electric vehicle business over the next three to five years.“We are preparing ourselves for the electric vehicle movement that is going to happen over the next five to 10 years… it’s a question of survival… so (we will invest) at least Rs 400-500 crore over the next three to five years,” Managing Director Dasari said.
IT industry to achieve 11-11.5 percent compounded annual growth rate (CAGR) over the next five years
A majority of IT business will come from digital transformation projects in coming years, says C P Gurnani, Managing Director (MD) and Chief Executive Officer (CEO), Tech Mahindra . Gurnani is confident that the IT industry will achieve 11-11.5 percent compounded annual growth rate (CAGR) over the next five years and will meet the 2020 revenue target of USD 225 billion.
Currently, the automobile industry is contributing 7.1 per cent Indian automobile industry can contribute over 12 per cent to the country’s GDP and generate around 6.5 crore additional jobs over the next decade, a top Maruti Suzuki India official said today. “Our vision is that over the next decade, the Indian automobile sector must contribute in excess of 12 per cent of the country’s GDP. We (auto industry) want to create nearly 65 million additional jobs by 2026,” Maruti Suzuki India Managing Director and CEO Kenichi Ayukawa today said at an event here.
India just have 9% share of patented drugs. This shows that Indian Pharma industry lacks innovation in developing new drugs.
India has 3rd largest drugs production by volume and 13th by value. It is because of generic drug production India is 3rd biggest manufacturer of drugs. It was one of the few sectors in which FDI in which more than 50% of FDI (Infact 74% of FDI) was allowed from the start. It gave boon to Indian pharma market.India just have 9% share of patented drugs. This shows that Indian Pharma industry lacks innovation in developing new drugs. Thus, India wants to succeed it has to develop and promote innovation and move up the value chain.
India is estimated to have spent over $10 billion on the imports of edible oil, making it the third-biggest import item after crude oil and gold.
According to United States Department of Agriculture (USDA), India’s edible oil has a market size of 20.23 million metric tonnes (MT) in volume (annual consumption) and is valued at over INR 1 trillion. (June 2015 estimates). The national per capita consumption of edible oils and fats is 14 kg per annum, which is substantially lower than the world average of 20 kg per annum. While in developed countries the figure is 35 kg per annum. India’s per capita consumption is expected to increase in future and that too substantially. India is estimated to have spent over $10 billion on the imports of edible oil, making it the third-biggest import item after crude oil and gold.