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Reliance Capital gains after board approves independent listing of home finance business

Reliance Capital gains after board approves independent listing of home finance business

Sep 14,2016

The announcement was made yesterday, 13 September 2016, when stock market remained closed on account of Bakri Id.

Meanwhile, the S&P BSE Sensex was down 46.19 points or 0.16% at 28,307.35.

On BSE, so far 6.75 lakh shares were traded in the counter as against average daily volume of 5.01 lakh shares in the past one quarter. The stock hit a high of Rs 561.50 and a low of Rs 546.65 so far during the day. The stock had hit a 52-week high of Rs 574 on 9 September 2016. The stock had hit a 52-week low of Rs 303.60 on 12 February 2016. The stock had outperformed the market over the past one month till 12 September 2016, rising 21.96% compared with 0.71% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 32.06% as against Sensexs 6.45% rise.

The large-cap company has equity capital of Rs 252.63 crore. Face value per share is Rs 10.

Reliance Capital said the independent listing of Reliance Home Finance (RHF) is expected to unlock substantial value for existing shareholders of Reliance Capital. The listing of Reliance Home Finance will also lead to increased management focus and accelerated growth in the home finance business. As per the proposal, 49% stake in Reliance Home Finance Limited will be allotted to all shareholders of Reliance Capital, in the ratio of one share free of cost in Reliance Home Finance for every one share held in Reliance Capital.

Reliance Capital will hold a 51% stake in Reliance Home Finance, and the company will be adequately capitalised to grow the lending book to over Rs 20000 crore in the next 18 months. The proposal is subject to necessary shareholders and other approvals. Reliance Home Finance, a 100% subsidiary of Reliance Capital, provides a wide range of loan solutions like home loan, LAP, construction finance and affordable housing loans. The company reported an AUM of Rs 8259 crore ($1.2 billion) during the quarter ended 30 June 2016.

Mr. Anmol A. Ambani, Director, Reliance Capital said Prime Minister, Narendra Modi has set a goal of affordable housing for all by 2022. There is presently an estimated shortage of 10 crore residential units in India. To address the needs of this sector, Reliance Home Finance has charted an aggressive growth plan in this space, and aims to increase its book size to over Rs 50000 crore in the next few years.

On a consolidated basis, Reliance Capitals net profit rose 3% to Rs 207 crore on 48.3% growth in total income to Rs 3663 crore in Q1 June 2016 over Q1 June 2015.

Reliance Capital, a part of the Reliance Group, is one of Indias leading private sector financial services companies.

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Amendment of the Amasr Act, 2010 proposal has been approved by the Cabinet
Jul 27,2017

The proposal for amendment of the Amasr Act, 2010 has been approved by the Cabinet and the pertaining Bill has been moved to Lok Sabha. The proposal is to allow public works or projects essential for public in prohibited area within 100 meter from protected monument but not having substantial impact on preservation, safety, security or access to the monument or its immediate surrounding including visual ambiance. The proposal is aimed to harmonize the existing conflict between provision of sub-section (3) and sub-section (4) of Section 20A of the Act.

The draft amendment was published in the ASI website for inviting comments from the public. Concern from the public regarding indiscriminate constructions, vibrations due to construction, gradual erosion of sanctity of protected monument, and others have been received. The Government of India has assured that only public works, essential for public safety or security of public at large will be allowed, that too if no reasonable possibility of any other viable alternative for such construction beyond the limit of prohibited area is available.

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Board of Shukra Jewellery approves change in directorate
Jul 27,2017

The Board of Shukra Jewellery at its meeting held on 24 July 2017 has appointed SudhirKumar Prajapati as Chief Financial Officer and Key Managerial Personnel of the Company w.e.f. 24 July 2017 in place of Gaurav Shah Who has resigned from the Post of Chief Financial Officer of the company w.e.f. 24 July 2017.

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Tata Elxsi hits 52-week high after board approves 1:1 bonus issue
Jul 27,2017

The announcement was made during market hours today, 27 July 2017.

Meanwhile, the S&P BSE Sensex was up 173.49 points, or 0.54% to 32,555.95. The S&P BSE Mid-Cap index was down 31.98 points, or 0.21% to 15,307.78.

High volumes were witnessed on the counter. On the BSE, 2.72 lakh shares were traded in the counter so far, compared with average daily volumes of 81,459 shares in the past one quarter. The stock had hit a high of Rs 1,766.60 in intraday trade, which is also a 52-week high for the stock. The stock had hit a low of Rs 1,666.10 so far during the day. The stock had hit a 52-week low of Rs 1,021.65 on 21 November 2016.

The stock had outperformed the market over the past one month till 26 July 2017, gaining 4.5% compared with the Sensexs 4% rise. The stock had, however, underperformed the market over the past one quarter, rising 7.12% as against the Sensexs 7.46% rise. The scrip had also underperformed the market over the past one year, gaining 1.31% as against the Sensexs 15.75% rise.

The mid-cap company has equity capital of Rs 31.14 crore. Face value per share is Rs 10.

Tata Elxsi said that the board appointed H V Muralidharan as CFO with immediate effect.

Tata Elxsis net profit rose 14.37% to Rs 49.74 crore on 2.18% rise in net total income from operations to Rs 331.16 crore in Q1 June 2017 over Q4 March 2017. The result was announced during market hours today, 27 July 2017.

Tata Elxsi is a global design and technology services company, headquartered in Bangalore.

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Kirloskar Pneumatic declines after reverse turnaround in Q1
Jul 27,2017

The result was announced during market hours today, 27 July 2017.

Meanwhile, the S&P BSE Sensex was up 167.95 points, or 0.52% at 32,550.41. The S&P BSE Small-Cap index was down 73.61 points or 0.46% at 16,025.03.

High volumes were witnessed on the counter. On the BSE, 9,644 shares were traded on the counter so far as against the average daily volumes of 1,524 shares in the past one quarter. The stock had hit a high of Rs 1,077.40 and a low of Rs 945 so far during the day. The stock had hit a record high of Rs 1,389 on 13 April 2017 and a 52-week low of Rs 681 on 21 November 2016.

The stock had underperformed the market over the past one month till 26 July 2017, declining 8.29% compared with the Sensexs 4% rise. The scrip had also underperformed the market over the past one quarter sliding 14.06% as against the Sensexs 7.46% rise. The scrip had, however, outperformed the market over the past one year gaining 25.44% as against the Sensexs 15.75% rise.

The small-cap company has equity capital of Rs 19.85 crore. Face value per share is Rs 10.

Kirloskar Pneumatic Companys total income fell 25.8% to Rs 96.91 crore in Q1 June 2017 over Q1 June 2016.

Kirloskar Pneumatic Company is engaged in the manufacture of compressors, gears and gear boxes. The companys segments include compression products and systems and transmission products.

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Yes Bank scales record high on rerating after strong Q1 result
Jul 27,2017

Meanwhile, the S&P BSE Sensex was up 157.78 points or 0.49% at 32,540.24

On the BSE, 6.28 lakh shares were traded on the counter so far as against the average daily volumes of 2.47 lakh shares in the past one quarter.

The stock hit a high of Rs 1,796.50 in intraday trade so far, which is a record high for the counter. The stock hit a low of Rs 1,741so far during the day. The stock had hit a 52-week low of Rs 1,091.25 on 26 December 2016.

The large-cap bank has equity capital of Rs 457.64 crore. Face value per share is Rs 10.

Yes Banks net profit rose 31.93% to Rs 965.52 crore on 21.48% growth in total income to Rs 5785.96 crore in Q1 June 2017 over Q1 June 2016. The result was announced during market hours yesterday, 26 July 2017, when the stock gained 6.1% to settle at Rs 1,712.55.

Meanwhile, Yes Banks board at its meeting held yesterday, 26 July 2017 approved a 5-for-1 stock split of equity shares.

Yes Banks gross non-performing assets (NPAs) stood at Rs 1364.38 crore as on 30 June 2017 as against Rs 2018.56 crore as on 31 March 2017 and Rs 844.56 crore as on 30 June 2016.

The ratio of gross NPAs to gross advances stood at 0.97% as on 30 June 2017 as against 1.52% as on 31 March 2017 and 0.79% as on 30 June 2016. The ratio of net NPAs to net advances stood at 0.39% as on 30 June 2017 as against 0.81% as on 31 March 2017 and 0.29% as on 30 June 2016.

The banks Net Interest Income (NII) grew by 44% to Rs 1808.90 crore in Q1 June 2017 over Q1 June 2016. Net interest margin expanded to 3.7% in Q1 June 2017 from 3.6% in Q1 June 2016.

Commenting on the results and financial performance, Rana Kapoor, Managing Director & CEO, Yes Bank said that the bank continues to garner market share in its various corporate and MSME businesses while maintaining superior asset quality parameters.

Yes Bank is one of the leading private sector banks in India. The banks branch network stood at 1,020 branches and ATM network stood at 1,796 as on 30 June 2017.

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Maruti Suzuki shifts gear after posting rise in PAT in Q1
Jul 27,2017

The announcement was made during market hours today, 27 July 2017.

Meanwhile, the S&P BSE Sensex was up 165.38 points, or 0.51% to 32,547.84.

Higher than usual volumes were witnessed on the counter. On the BSE, 1.22 lakh shares were traded in the counter so far, compared with average daily volumes of 50,415 shares in the past one quarter. The stock had hit a high of Rs 7,679 in intraday trade, which is also a record high for the stock. The stock had hit a low of Rs 7,577.10 so far during the day. The stock had hit a 52-week low of Rs 4,460 on 26 July 2016.

The stock had outperformed the market over the past one month till 26 July 2017, gaining 4.71% compared with the Sensexs 4% rise. The stock had also outperformed the market over the past one quarter, rising 18.27% as against the Sensexs 7.46% rise. The scrip had also outperformed the market over the past one year, gaining 68.95% as against the Sensexs 15.75% rise.

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

Maruti Suzuki Indias operating EBITDA (earnings before interest, taxes, depreciation and amortization) rose 5.3% to Rs 2331.20 crore in Q1 June 2017 over Q1 June 2016. Sales volume rose 13.2% to 3.94 lakh vehicles in Q1 June 2017 over Q1 June 2016.

Maruti Suzuki India said growth in volumes, favourable product mix, higher non-operating income and cost reduction efforts contributed to rise in profit. However, costs were impacted by higher commodity prices and sales promotion & marketing expenses. During Q1 June 2017, there was a one-off impact of compensation given to dealers for the tax loss incurred on vehicles in the stock at the time of transitioning to GST.

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 30 June 2017).

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HDFC leads gainers in A group
Jul 27,2017

HDFC jumped 5.32% to Rs 1,720.10 at 13:49 IST. The stock topped the gainers in the BSEs A group. On the BSE, 1.65 lakh shares were traded on the counter so far as against the average daily volumes of 7.70 lakh shares in the past two weeks.

Yes Bank surged 4.7% to Rs 1,793. The stock was the second biggest gainer in A group. On the BSE, 6.04 lakh shares were traded on the counter so far as against the average daily volumes of 3.19 lakh shares in the past two weeks.

MphasiS gained 4.51% at Rs 621.60. The stock was the third biggest gainer in A group. On the BSE, 87,000 shares were traded on the counter so far as against the average daily volumes of 2,579 shares in the past two weeks.

Bharat Financial Inclusion advanced 4.51% at Rs 824.50. The stock was the fourth biggest gainer in A group. On the BSE, 3.67 lakh shares were traded on the counter so far as against the average daily volumes of 2.15 lakh shares in the past two weeks.

Gujarat State Petronet rose 3.71% to Rs 191.65. The stock was the fifth biggest gainer in A group. On the BSE, 1.88 lakh shares were traded on the counter so far as against the average daily volumes of 68,000 shares in the past two weeks.

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Cabinet approves revision of cost of Socio Economic and Caste Census 2011
Jul 27,2017

The Cabinet Committee on Economic Affairs, chaired by the Prime Minister Shri Narendra Modi has approved the proposal of Department of Rural Development for revision of cost of Socio Economic and Caste Census 2011 (SECC 2011). It provides for:

(a) Revising the cost of SECC 2011 to Rs. 4893.60 crore from the approved estimated expenditure of Rs.3,543.29 crore within the indicative cost of Rs.4,000 crore as approved by the Government.

(b) Approval of time and cost overrun and consequential revision in the upper limit of cost per record to the consortium of Central Public Sector Undertakings.

The SECC -2011 project has been concluded on 31.3.2016. The cost has already been committed and the project has met all its milestones.

Major Impact:

The Government of India has been spending a large sum of money on poverty alleviation and welfare programmes in rural and urban areas of the country to assist the poor and the marginalized section of the society. The SECC has paved the way for better targeting of the poor and evidence based targeted intervention for ameliorating conditions of the poor households.

Before the availability of SECC data, correct identification of eligible beneficiaries was a major challenge. Accusation of bias in the BPL list affected coverage of poorest of the poor. SECC data is based on information furnished by households. In addition, households were given opportunity to raise claims and objections on SECC enumerated and published data. Thus, SECC database provides an authentic list of information disclosed by the households for identifying and prioritising beneficiaries under various schemes run by Ministry of Rural Development and other Departments in the Government.

Ranking of Households is made through a three-step process involving thirteen Exclusion parameters for identifying not-poor households, five Automatic Inclusion parameters for identifying poorest of the poor households and seven Deprivation Criteria for identifying poor households. Government of India has advised States to use this process, SECC data and its TIN number of households for identification of poor under Deendayal Antyodaya Yojana (DAY), Pradhan Mantri Awaas Yojana-Gramin(PMAY-G), etc. Use of SECC-2011 has brought transparency in selection of beneficiary and its structured incidence with DBT having maximal impact on governance and accountability.

Background:

Before the availability of SECC -21011 data, Below Poverty Line (BPL) list prepared in 2002, by States/UTs was being used for identifying beneficiaries of development programmes and schemes including Pradhan Mantri Awaas Yojana-Gramin (PMAY-G)) and National Social Assistance Programme(NSAP). The 2002 BPL list attracted claims of biases. It was decided by the Government on 19.05.2011 to launch a Socio Economic and Caste Census 2011 in order to get data for ranking of households for receiving benefits from the Government. To avoid exclusion and inclusion errors, the SECC 2011 elicited information on identified parameters from each household for identification of deprivation and multi-dimensionality of poverty.

The Ministry of Rural Development provided financial and technical support to the States/UTs for conducting Socio Economic and Caste Census-2011 (SECC-2011) to generate a large number of socio and economic indicators for ranking of each rural household across the country. The project could not be completed in scheduled time as the States/UTs needed more time to deal with enumeration and claims and objections. Cost increased from Rs.4000 crore approved by the Government to Rs.4893.60 crore.

SECC allows ranking of households based on their socio economic status. SECC-2011 provides the government the names and number of families in each Panchayat and details their status on seven deprivation parameters. The advantage of SECC is that it provides for programme specific customized priority list to suit programme objective and budget space to address specific deprivation. Ministry of Rural Development has generated customized priority list for Pradhan Mantri Awaas Yojna-Gramin(PMAY-G) and Deen Dayal Antyodaya Yojana - National Rural Livelihoods Mission (DAY-NRLM) from SECC following due selection process approved by the Government.

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Ind-Ra: Merchant Power Market to Burgeon Over FY18-FY20; Discoms to Reap Benefits
Jul 27,2017

The short-term power market is up for an eventful journey in FY18-FY20, says India Ratings and Research (Ind-Ra). However, the market is inhibited by impediments such as transmission constraints, opaque processes on open access within most states and steep cross-subsidy charges. A power supply-demand mismatch and a hiatus in long-term power purchase by states provide immense opportunities to the merchant market.

Ind-Ra expects utilities to increase the share of short-term purchases in the next three years gradually. Against a backdrop of diminishing power rates, discoms have unfettered access to the economical merchant market, apart from existing power purchase contracts. With spot prices hitting rock-bottom levels, discoms can reap benefits in the form of cost savings. However, capacity charges payable on long-term power contracts could be a drag on state utilities.

The Ind-Ra-rated portfolio of projects witnessed a depressed plant load factor level in FY17, though cash flows of such projects were reasonably insulated from volatility due to capacity charges payments. Developers with power purchase agreements (PPAs) that find spot market prices lucrative to enhance their returns could fiercely compete with other marginal players, if power is not scheduled by counterparties. Meanwhile, power producers that have not entered into PPAs will tap the merchant market, only when cost of generation (including fixed and variable cost) is lower than merchant rates.

Cross-subsidy charges range between 9% and 44% across states, indicating the extent of high charges paid by industries. Had these charges been lower/nominal, industries would have tapped low-cost power, adding strength to the Make in India initiative and delivering a globally competitive product. Short-term open access, touted as a boon to the power sector, is marred by exorbitant cross-subsidy and other transmission charges levied to offset the revenue foregone by state utilities due to switchover by customers. However, utilities exploit these charges as a tool to prevent losing high-value industries from their portfolio to the short-term market. Although open access is being granted to generators to evacuate excess power in many states, only a handful of states permit open access to bulk consumers.

Under general network access, access to transmission systems will be location agnostic vis-n++-vis the current open access regime that requires the declaration of the target region of power supply. The GNA regime is likely to enable sufficient transmission capacity to address dynamic power flow patterns, once transmission planning is aligned to peak demand of all regions. The current system, based on declaration from generators on the target region of supply, has resulted in the building of unnecessary or inadequate infrastructure across various regions.

The power market would benefit from recent regulations focused on improvements in grid code and grid operations, as well as from the introduction of forecasting and scheduling for renewable power. The simplification of the retail tariff and the introduction of the National Open Access Registry are under consideration by regulators and stakeholders.

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Volumes jump at Somany Ceramics counter
Jul 27,2017

Somany Ceramics clocked volume of 2.42 lakh shares by 12:30 IST on BSE, a 302.47-times surge over two-week average daily volume of 1,000 shares. The stock rose 4.37% at Rs 802.

Mphasis notched up volume of 82,000 shares, a 31.88-fold surge over two-week average daily volume of 3,000 shares. The stock advanced 4.3% at Rs 620.40.

Dalmia Bharat Sugar and Industries saw volume of 3.38 lakh shares, a 15.86-fold surge over two-week average daily volume of 21,000 shares. The stock declined 1.85% at Rs 153.60.

State Trading Corporation of India clocked volume of 6.96 lakh shares, a 14.22-fold surge over two-week average daily volume of 49,000 shares. The stock surged 5.58% at Rs 185.40.

MMTC saw volume of 14.51 lakh shares, a 7.63-fold rise over two-week average daily volume of 1.9 lakh shares. The stock gained 4.3% at Rs 64.25.

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TRF slumps after reverse turnaround in Q1
Jul 27,2017

The result was announced during market hour today, 27 July 2016.

Meanwhile, the S&P BSE Sensex was up 268.48 points, or 0.83% at 32,650.94. The S&P BSE Small-Cap index was up 13.82 points or 0.09% at 16,112.56.

On the BSE, 37,000 shares were traded on the counter so far as against the average daily volumes of 22,198 shares in the past one quarter. The stock had hit a high of Rs 249.90 and a low of Rs 232.45 so far during the day. The stock had hit a 52-week high of Rs 332 on 26 July 2016 and a 52-week low of Rs 181 on 9 November 2016.

The stock had outperformed the market over the past one month till 26 July 2017, advancing 6.26% compared with the Sensexs 4% rise. The scrip had, however, underperformed the market over the past one quarter sliding 4.96% as against the Sensexs 7.46% rise. The scrip had also underperformed the market over the past one year declining 23.03% as against the Sensexs 15.75% rise.

The small-cap company has equity capital of Rs 11 crore. Face value per share is Rs 10.

TRFs consolidated total income from operations rose 0.59% to Rs 255.42 crore in Q1 June 2017 over Q1 June 2016.

TRF is engaged in the production of material handling equipment. The Company segments include Products & Services, and Projects & Services.

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Sonata Software sweetens after collaborating with Microsoft
Jul 27,2017

The announcement was made after market hours yesterday, 26 July 2017.

Meanwhile, the S&P BSE Sensex was up 253.96 points or 0.78% at 32,636.42

On the BSE, 1.42 lakh shares were traded on the counter so far as against the average daily volumes of 31,400 shares in the past one quarter. The stock had hit a high of Rs 173.90 and a low of Rs 165 so far during the day. The stock hit a 52-week high of Rs 224.50 on 19 January 2017. The stock hit a 52-week low of Rs 142.95 on 25 May 2017.

The stock had outperformed the market over the past one month till 26 July 2017, rising 8.79% compared with the Sensexs 4% rise. The stock however underperformed the market over the past one quarter, falling 1.66% as against the Sensexs 7.46% rise. The scrip also underperformed the market over the past one year, gaining 1.31% as against the Sensexs 15.75% rise.

The small-cap company has an equity capital of Rs 10.52 crore. Face value per share is Re 1.

Sonata Software has announced collaboration with Microsoft as a Microsoft ISV Development Center. The Microsoft ISV Development Centers (Dev Centers) were established to provide strong third-party technical services that can be contracted and leveraged by Microsofts Partners (VARs, ISVs, NSIs, GSIs, etc.).

Dev Centers are invited by Microsoft to participate in new technology previews, beta programs, and technology adopter programs (TAP), to make certain that they are ready to support new technologies and new versions of existing technologies before they are released to market.

Sonata Softwares net profit fell 22.87% to Rs 32.17 crore on 4.13% rise in total income to Rs 160.75 crore in Q4 March 2017 over Q4 March 2016.

Sonata Software is a global IT solutions firm focused on catalyzing business transformation initiatives of its clients through deep domain knowledge, technology expertise and customer commitment.

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Tamil Nadu Newsprint surges after resuming normal operation of plant
Jul 27,2017

The announcement was made before market hours today, 27 July 2017.

Meanwhile, the S&P BSE Sensex was up 240.89 points or 0.74% at 32,623.35. The S&P BSE Small-Cap index was up 14.59 points or 0.09% at 16,113.23.

High volumes were witnessed on the counter. On the BSE, 72,209 shares were traded on the counter so far as against the average daily volumes of 30,493 shares in the past one quarter. The stock had hit a high of Rs 373.65 and a low of Rs 340 so far during the day. The stock had hit a record high of Rs 392.45 on 13 October 2016 and a 52-week low of Rs 275.25 on 28 July 2016.

The stock had outperformed the market over the past one month till 26 July 2017, gaining 4.37% compared with the Sensexs 4% rise. The stock had also outperformed the market over the past one quarter, rising 14.54% as against the Sensexs 7.46% rise. The scrip had also outperformed the market over the past one year, gaining 21.49% as against the Sensexs 15.75% rise.

The small-cap company has equity capital of Rs 69.21 crore. Face value per share is Rs 10.

Tamil Nadu Newsprint and Papers net profit fell 39.2% to Rs 63.41 crore on 8.9% rise in net sales to Rs 793.76 crore in Q4 March 2017 over Q4 March 2016.

Tamil Nadu Newsprint and Papers is a maker of bagasse based eco-friendly paper

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GST-a real major incentive for making investments in SEZs: Commerce Ministry official
Jul 27,2017

Though imposition of Minimum Alternative Tax (MAT) in 2011 slowed down growth of special economic zones (SEZs), but implementation of Goods and Service Tax (GST) provides wonderful opportunity for making investments in Indian SEZs, a top Commerce Ministry official said at an ASSOCHAM event.

n++After 2011, today again probably is the right moment to make investments in the SEZs, as it is the only scheme of the many export promotion schemes operating in India, wherein an initio exemption has been provided from customs duty as well as IGST (Integrated Goods and Service Tax),n++ said Dr L.B. Singhal, development commissioner, Noida SEZ.

He also said that this exemption has been provided both for import as well as domestic procurement of the raw materials, capital goods and others.

n++So, this being the only export promotion scheme, this is a real major incentive for making an investment for manufacturing and services in the SEZs,n++ added Dr Singhal who has 27 SEZs operating under his jurisdiction in Northern India which employ over 81,000 people.

Earlier, he had said that after enacting SEZ Act in 2005, up to 2011 it really grew up very well by almost 100 per cent every year but in 2011, Government of India imposed MAT and that slowed down the growth a little bit.

n++The SEZ Act had provided income tax exemption for 15 years - with 100 per cent income tax exemption in first five years and 50 per cent exemption in next five years but when the MAT was imposed, the investor felt that the kind of incentive which was promised to them that was taken back,n++ said Dr Singhal.

Citing other favourable reasons for growth of SEZs in India, he said that the SEZ Act provides income tax exemption on profit on exports for 15 years to the SEZ units but now a sunset clause has been laid that this income tax exemption will be available only on the SEZ units which start operating by March 2020.

n++With GST exemption together with exemption in the income tax and in case you are able to make investments and are able to make your SEZ unit operational by March 2020 then you will get the complete income tax exemption for 15 years which is envisaged in the SEZ Act,n++ he said further.

He also said that Government has considerably addressed the issue related to MAT. n++The major issue was coming that MAT is kind of an advance income tax which you can offset in future liabilities and earlier the time period given for setting your MAT offset was seven years, now two years back that period has been changed to 12 years so for MAT liability also you get longer period for adjustment.n++

He said that in the SEZ scheme, the benefits which were provided under Foreign Trade Policy under various export promotion schemes like focus product scheme, focus market scheme and others have now all been merged into MEIS (Merchandise Exports from India Scheme).

n++These benefits are now also available for exports from SEZs - benefits from MEIS as well as services exporters are also entitled for the benefit of Service Exports from India Scheme (SEIS),n++ said Dr Singhal.

n++These reasons put together make it a attractive proposition for making investment in the SEZs,n++ he added.

He further said that the package which is provided for SEZs in India is quite comprehensive as one gets benefit of indirect exemptions on raw material together with indirect exemptions on capital goods, besides one also gets exemptions from taxes even for setting up unit of cement, steel and others.

Referring to the steps taken by the Government to expand the scope of SEZs, he said n++Earlier area requirement for setting up a multi-product SEZ was 1,000 hectares which has been reduced to 500 hectares, for sector-specific it has been reduced to 100 hectares and for IT (information technology) sector which was earlier 10 hectares has now been completely done away with and what you require is only 1 lakh sq. meter built-up space.n++

He said that government intends to promote investment in the tier-II, III cities, so the minimum area requirement for tier II cities is 50,000 sq. meters while for tier III cities it is just 25,000 sq. Meters.

Highlighting that results of these steps can be seen, he said that in the last 2-3 years, IT sector SEZs have come up in Chandigarh (employing 12,000 people), Lucknow, Indore and other such cities.

He also said that Government support is not merely limited to fiscal incentives but it includes providing ease of doing operation, single window clearance.

n++There are two tier single window approvals in place in SEZs - one apex in the Commerce Ministry at the Board Approval level chaired by Commerce Secretary where the representatives of all ministries are there. So the approval for setting up SEZ is given by the board itself and no approval from any other separate ministry is required,n++ said Dr Singhal.

n++Once the SEZ is approved and you go for setting up the unit in the SEZ, there is an approval committee meeting in every SEZ chaired by the Development Commissioner wherein the representatives of customs, central excise, DGFT (Director General of Foreign Trade), income tax, state government all are present at one place and approval is given at one place,n++ he added.

Exports from SEZs in India which were a meagre $2 billion (bn) in 2000 and reached $5 bn in 2005 had touched a massive $81 bn last year. Besides, direct employment in the SEZs which was about 1.43 lakh in 2005, today stands at 17.31 lakh. While the investments, which were just about Rs 4,000 crore in 2005, today we have investments worth Rs 4.23 lakh crore in SEZs.

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Uflex develops speciality polymeric film
Jul 27,2017

Uflex has developed a speciality polymeric film to replace Bi-axially Oriented Polyamide (BOPA) Film (commonly known as Nylon). One of the many uses that speciality polymeric film finds is oil packaging. Typically for manufacturing packaging material for oil, the new speciality film has been laminated with Polythylene to fabricate a 2 ply packaging structure. The lamination process is also specialised to ensure superior and enhanced functionality of the packaging structure.

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