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Future Enterprises standalone net profit rises 615.37% in the June 2016 quarter

Future Enterprises standalone net profit rises 615.37% in the June 2016 quarter

Sep 14,2016

Net profit of Future Enterprises rose 615.37% to Rs 315.48 crore in the quarter ended June 2016 as against Rs 44.10 crore during the previous quarter ended June 2015. Sales declined 67.64% to Rs 921.19 crore in the quarter ended June 2016 as against Rs 2846.84 crore during the previous quarter ended June 2015.

ParticularsQuarter Ended
n++Jun. 2016Jun. 2015% Var.
Sales921.192846.84-68
OPM %24.969.91-
PBDT295.07184.1360
PBT142.3249.92185
NP315.4844.10615

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Decision to reduce Tax Rate on Fertilizers from existing 12% to 5 % under GST taken in the interests of the Farmers
Jul 03,2017

Union Minister for Chemicals & Fertilizers and Parliamentary Affairs, Shri Ananthkumar said that it was decided to reduce the GST rate of fertilizers from the existing 12% to 5%. This decision was primarily taken in the interests of the farmers. The Government has also taken up with the Industry to pass on the benefit to the Farmers, the Minister informed.

Shri Ananthkumar said that farmers would benefit to the tune of Rs. 1261 crores under GST regime. Under the new GST rates announced by the Council, average weighted MRP will decrease to Rs. 5909/ Ton (or Rs. 295.47/ 50kg bag) as compared to the existing All India weighted Average of Rs 5923/ Ton (or Rs. 296.18/50 kg bag).

Consequent to the ushering in of the GST regime, Shri Ananthkumar informed, there will be a uniform MRP of Rs.295.47 per 50 kg bag across the country except couple of States where additional VAT is charged on the natural gas as Natural gas has not been brought within the ambit of GST. However, even in these States, MRP will reduce by Rs 3 per 50 kg bag. Similarly, MRP of P&K Fertilisers, for which the prices are not administered, are also expected to come down on an average basis as the incidence of tax will be lower than the existing tax on an average, the Minister added.

The GST regime, apart from integrating the entire fertilizer market into a single market, will also deter inter-state smuggling of fertilizers which may be currently happening due to differing levels of taxes and consequently MRPs in different adjoining States. The GST would realize the Prime Minister of India, Shri Narendra Modis vision of One Nation, One Market, One Tax, Shri Ananthkumar said.

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Rules related to Registration and Composition Scheme have been notified on 19th June 2017& came into effect from 22nd June 2017
Jul 03,2017

The rules related to Registration and Composition Scheme have been notified on 19th June, 2017. These rules have been brought into effect from 22nd June, 2017. The intent of notifying these rules is to start the process of issue of registration certificate, called Goods and Services Tax Identification Number (GSTIN), to taxpayers who have already been issued provisional ID for registration (PID) as well as to the new taxpayers.

Any person who has been granted PID and who opts for composition scheme, should submit an intimation of option in a prescribed form on GSTN on or before 21st July, 2017.

Any persons who has PID may submit the required documents on GSTN for getting the certificate of registration. It is clarified that a period of three months is allowed to complete this procedure i.e. the formalities can be completed on or before 22nd September, 2017. In the interim, they can issue tax invoice using the PID already allotted to them.

A person seeking fresh registration can apply for registration within thirty days from the date on which he becomes liable for registration. They can also opt for composition scheme at the time of filing of registration form.

The applicant for grant of new registration can issue a bill of supply for supplying goods or services during the period from the date of liability to obtain registration till date of issuance of the registration certificate, if he has applied for registration within thirty days from the date he has become liable for registration. On grant of certificate of registration he can issue revised tax invoices for the supplies made during this period.

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CL Educate appoints directors
Jul 03,2017

CL Educate announced that the Board of Directors of the Company at its meeting held on 02 July 2017 has approved appointment of Madhumita Ganguli and Paresh Thakker as Additional Directors on the Board of the Company with effect from 02 July 2017.

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65 MoUs signed at Textiles India 2017 in the presence of Union Textiles Minister
Jul 03,2017

Union Textiles Minister Smt. Smriti Zubin Irani and Minister of State, Textiles, Shri Ajay Tamta witnessed the signing of 65 MoUs in the textiles sector today, on the 2nd day of the three-day mega textiles trade fair, Textiles India 2017. MoUs were signed between various domestic and international organizations from industry and government; three of the MoUs signed are G2G MoUs.

The MoUs signed relate to exchange of information and documentation, Research & Development, commercialization of handloom products and silk production, cooperation in Geo textiles, skill development, supply of cotton and trade promotion with overseas partners, etc.

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Maruti Suzuki India inches up after declaring monthly sales
Jul 03,2017

The announcement was made on Saturday, 1 July 2017.

Meanwhile, the S&P BSE Sensex was up 176.88 points, or 0.57% to 31,098.49

On the BSE, 1,054 shares were traded in the counter so far, compared with average daily volumes of 54,767 shares in the past one quarter. The stock had hit a high of Rs 7,256.80 and a low of Rs 7,218.05 so far during the day. The stock hit a record high of Rs 7,469 on 9 June 2017. The stock hit a 52-week low of Rs 4,126.40 on 7 July 2016.

The large-cap company has equity capital of Rs 151.04 crore. Face value per share is Rs 5.

Maruti Suzuki Indias domestic sales grew by 1.2% to 93,263 units in June 2017 over June 2016. Export sales jumped 95.8% to 13,131 units in June 2017 over June 2016.

Meanwhile, Maruti Suzuki India on Saturday, 1 July 2017 announced that the company has passed on the entire benefit of GST rates on vehicles to its customers. The ex-showroom prices of Maruti Suzuki India models have come down by up to 3%. The rate of reduction varies across locations depending on the VAT rates applicable prior to GST, the company said.

Owing to the withdrawal of tax concessions on mild hybrid vehicles, the price of Smart Hybrid Ciaz Diesel and Smart Hybrid Ertiga Diesel has increased. The new prices are effective from 1 July 2017, it added.

Maruti Suzuki Indias net profit rose 15.77% to Rs 1709 crore on 20.32% growth in net sales to Rs 18005.20 crore in Q4 March 2017 over Q4 March 2016.

Maruti Suzuki India is Indias biggest car maker in terms of market share. Japanese parent Suzuki Motor Corporation currently holds 56.21% stake in Maruti Suzuki India (as per the shareholding pattern as on 31 March 2017).

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Government imposes levy of 10% basic customs duty (BCD) on cellular mobile phone, specified parts thereof and certain electronic goods
Jul 03,2017

The Government had constituted Inter Ministerial Committee [IMC] comprising of officers from Ministry of Electronics and Information Technology (MeitY), the Department of Commerce (DoC), Department of Telecommunication (DoT) and Department of Revenue (DoR) to identify electronic / IT / telecom products, which are not Information Technology Agreement [ITA] - I bound, for customs duty enhancement on them.

With effect from 01.07.2017, the Government has imposed 10% basic customs duty (BCD) on:

a) Cellular mobile phones and specified parts of cellular mobile phones like charger, battery, wire headset, Microphone and Receiver, Key Pad, USB Cable etc.

b) Certain other specified electronic goods.

The present exemption from basic customs duty on specified parts of mobiles, namely, Printed Circuit Board Assembly (PCBA), Camera Module, Connectors Display Assembly, Touch Panel / Cover Glass Assembly, Vibrator Motor / Ringer will continue.

Further, inputs and raw material for manufacture of parts of above specified electronics goods including mobile phones will also continue to be exempt from BCD.

Notification Nos. 56/2017-Customs, 57/2017-Customs and 58/2017-Customs, all dated 30.06.2017 have been issued in this regard.

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MOIL revises prices of various grades of Manganese Ore
Jul 03,2017

MOIL has fixed/revised prices of different grades of Manganese Ore, effective from 01 July 2017 as under -

1) The prices of various grades of Manganese Ore have been revised, the average increase being 4.6% on an weighted average basis.

2) MOIL have reduced the free credit facility from 90 days to 60 days in case of payment made through L.C/Bank Guarantee and for advance payment/credit balance, cash discount is reduced from 1.5% to 1% for the sale of all grade of Manganese ore except the grade of ore sold through e-sales.

3) The prices of Electrolytic Manganese Dioxide (EMD) have been increased by 5% on the prices prevailing during June2017.

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GSTN unveils excel template for to help taxpayers perform easy data entry offline before uploading on the GST portal
Jul 03,2017

Goods and Services Network (GSTN) has unveiled a simple excel based template that will facilitate the taxpayers in preparing and filing their monthly returns with maximum ease and minimal cost.

The excel template is a part of GST Councils approach to make tax compliance highly easy and convenient for taxpayers and also reduce the time of compliance to improve ease of doing business. This excel workbook template can be freely downloaded from the GST Common portal (www.gst.gov.in), and can be used by taxpayers to collate all invoice related data on a regular basis.

The Excel format can be used by businesses to start maintaining their data. The taxpayer can prepare the details of his outward supply on weekly or any other suitable regular interval which can then be uploaded on GST portal on or before the 10th of subsequent month. The GSTR1 excel template workbook can be used to prepare the data for GSTR 1 return without connecting to internet in offline mode. This also benefits taxpayers in remote areas where Internet connectivity might not be good.

The template comprises of eight worksheets. Summary of key values in each worksheet has been provided at the top to help taxpayers easily reconcile the data entered in the worksheets with that recorded in his accounting system/books to accurately prepare the return. Based on data entered in the Excel sheet, offline tool will prepare a file which will have to be uploaded by the taxpayer on GST Portal to create GSTR-1. Only while uploading the file on the GST portal, Internet connectivity will be required.

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Bajaj Auto records total sales of 244878 units
Jul 03,2017

Bajaj Auto has achieved total sales of 244878 units in June 2017 compared to 316969 units in June 2016, registering a decline of 23%. Total sales included domestic sales of 126975 units and export of 117903 units. For the period April - June 2017, total sales declined 11% to 888434 units compared to corresponding period of previous year.

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Strides Shasun receives approval for Promethazine Hydrochloride Tablets
Jul 03,2017

Strides Shasun has received approval from USFDA for Promethazine Hydrochloride Tablets USP, 12.5 mg, 25 mg and 50 mg. The product will be manufactured at its facility in Bangalore and marketed by Strides Pharma Inc. in the US market.

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Godrej Properties to develop premium group housing project in Bangalore
Jul 03,2017

Godrej Properties has signed a Development Management agreement to develop a premium group housing project on Magadi Road in West Bangalore.

The project will offer 58000 square meters of saleable area. This is the Companys first project in micro market in West Bangalore and its 11th project in Bangalore.

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Godrej Properties announces new group housing project in Gurgaon
Jul 03,2017

Godrej Properties announced the addition of new group housing project in Gurgaon. This project will offer approximately 98000 square meter of saleable area and will be developed as a modern group housing development.

This is the Companys 11th project within the National Capital Region.

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Escorts Agri Machinery sells 5776 tractors
Jul 03,2017

Escorts announced that its Agri Machinery Segment (EAM) sold 5,776 tractors in June 2017 against 6,946 tractors in June 2016.

Domestic sales in June 2017 stood at 5,669 tractors against 6,890 in June 2016. Export for the month of June 2017 at 107 tractors against 56 tractors in June 2016.

While domestic retail sales has grown by about 12% YoY but wholesales have been reduced during June 2017 to enable de-stocking by the Dealers to minimize the transition impact on inventories caused by GST provisions and the same will be made up during Q2 (July-Sep2017).

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Maruti Suzuki, Tata Motors in focus after declaring monthly sales
Jul 03,2017

Maruti Suzuki Indias total sales rose 7.6% to 1.06 lakh units in June 2017 over June 2016. Domestic sales grew by 1.2% to 93,263 units in June 2017 over June 2016. Export sales jumped 95.8% to 13,131 units in June 2017 over June 2016. The announcement was made on Saturday, 1 July 2017.

Tata Motors passenger and commercial vehicles total sales (including exports) fell 9% to 40,358 vehicles in June 2017 over June 2016. The companys domestic sales of Tata commercial and passenger vehicles for June 2017 were at 36,854 vehicles, lower by 5% over 38,718 vehicles sold in June 2016. The announcement was made on Saturday, 1 July 2017.

Fertiliser stocks may edge higher after the GST Council announced reduction in GST rate of fertilisers to 5% from 12%. This decision was primarily taken in the interests of the farmers. The announcement was made after market hours on Friday, 30 June 2017.

NBCC (India) and Rail Development Authority, a statutory authority under the Ministry of Railways have signed a Memorandum of Understanding for re-development of 10 Railway stations i.e. Tirupati, Pudducherry, Eranakulam, Nellore, Madgaon, Thane, Lucknow, Kota, Gomati Nagar (Lucknow) and Sarai Rohilla (Delhi). The re-development of railway station would be integrated with Smart City features. The announcement was made after market hours on Friday, 30 June 2017.

JMC Projects secured three new orders worth Rs 710 crore. The order includes two water pipeline projects in Madhya Pradesh totaling Rs 257 crore, four commercial projects in Bangalore and Chennai totalling Rs 340 crore and one residential project in Chennai of Rs 115 crore. The announcement was made after market hours on Friday, 30 June 2017.

Kalpataru Power Transmission received new orders in the power and infrastructure sector worth Rs 676 crore. The announcement was made after market hours on Friday, 30 June 2017.

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Mahindra & Mahindra achieves total sales of 35,716 units
Jul 01,2017

Mahindra & Mahindra achieved total sales of 35,716 units in month of June 2017, lower by 8% compared to 39009 units in June 2016. Total sales comprised of 33,861 units of domestic sales and exports of 1855 units in June 2016.

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