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All efforts on for smooth handling of data for transition to GST: Member, CBEC
Feb 06,2017

With the goods and services tax (GST) on the anvil, all state governments are working very closely with central government and all efforts are on to put the elaborate information technology (IT) infrastructure in place for smooth handling of massive amount of data, a top CBEC (Central Board of Excise and Customs) official said at an ASSOCHAM event held in New Delhi today.

n++We are on the anvil of introduction of GST, it is going to be a monumental change and a massive task for all the stakeholders - whether it is government, state governments, taxpayers and others,n++ said Mr S. Ramesh, Member (Central Excise, Service Tax and IT), CBEC said at an ASSOCHAM Post-Budget Seminar.

n++This budget has become very concise and has been done only where it was absolutely thought necessary, when this massive change (GST) is due it was in the fitness of things that the changes should be barest at the minimum,n++ said Mr Ramesh.

n++Still there are several changes as far as the rates, legal provisions, procedural aspects of customs, excise and service tax in this budget - impetus to Make in India theme which has been the major thrust area of the government, rationalisation of duty rates, promotion of cashless transactions which is the most important driving force for the present government, dispute resolution and avoidance of litigation and finally implementation of certain government policies and directives,n++ he added.

He said that whatever has been done as far as taxation of individuals and non-tax territory, they are fully within the ambit of present provisions. n++I would also like to say that these have been part of international best practices abroad and it is time that India also adopts such international best practices,n++ he added.

He further said that the government is committed to reduction of disputes which often arise in taxation matters due to various interpretational and other issues.

Mr Abrar Ahmed, Principal Chief Commissioner of Income Tax, Delhi said, n++We should diagnose what are the reasons for India being largely a non-tax compliant country, this is not alone the responsibility of the government.n++

He said that government has got limited resources and thus greater co-operation of industry, trade bodies and the public at large is required. n++Government is doing whatever is possible, so psychology has to be changed because we are non-compliant.n++

Highlighting the need for public at large to pay due taxes, Mr Ahmed said, n++We should educate and try to change the psychology of people to pay due taxes.n++

On the issue of honouring honest taxpayers, he said that though there are already many schemes, introduction of social security system like in other countries may also be devised. n++That can be examined and we can discuss with higher authorities as there is no dispute about honouring honest taxpayers.n++

He also said that as far as accountability of officers is concerned, there is much more transparency in the present era of RTI (Right to Information) and centralised public grievance redressal and monitoring system (CPGRAMS).

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Moodys: Asian non-financial corporates negative rating trend will likely moderate in 2017
Feb 06,2017

Moodys Investors Service says that the negative pressure on the ratings of non-financial corporates in Asia seen during 2016 will likely moderate over the next 12 months.

Our expectation that the negative rating trend will moderate in 2017 reflects the partial recovery made by commodities prices, the fact that the monetary policy of major central banks n++ with the exception of the US Fed n++ will likely stay accommodative, continued solid growth in the US, and growth in China stabilizing at close to the official target, says Clara Lau, a Moodys Group Credit Officer.

At the same time, several factors will likely lead to uncertainty in the capital markets and could reverse the stabilizing rating trend in 2017, adds Lau.

Moodys analysis is contained in its just-released report titled Credit Strategy & Standards: Asian Non-Financial Corporates Negative Rating Trend Will Likely Moderate in 2017, and is authored by Lau.

Moodys report points out that at end-4Q 2016, the share of ratings with negative implications n++ representing ratings with negative outlooks or which are placed under review for downgrade n++ stood at 29%, the lowest level for the four quarters of the year. However, the result was still higher than the 19% at end-4Q 2015.

The share of ratings with a stable outlook crept up to 65% at end-4Q 2016 compared to the 60% registered over the previous two quarters.

Moodys points out that there are a few factors which will lead to uncertainty in the capital markets and could reverse the stabilizing rating trend in 2017.

The US Federal Reserve raised interest rates in December 2016, and the Fed anticipates three further hikes in 2017; a development which n++ if it occurs n++ would have negative implications for corporates in Asia Pacific, such as for companies holding large US-dollar debt without matching cash inflows.

The possibility that the European Central Bank could reduce the scale of its monetary stimulus program in 2017, and the Chinese governments tightening of capital outflows could also lead to increased volatility in the markets.

Moodys report says that overall, negative rating actions significantly outnumbered positive ones for non-financial corporates in Asia Pacific in 2016, with 148 negative versus 48 positive actions. By region, China was the main driver of the negative rating actions, accounting for 70 of the total 148. And, by industry, metals & mining companies and property developers each accounted for 22 negative actions.

There were two corporate defaults recorded in 2016 , significantly lower than the nine defaults seen in 2015.

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McDonalds revamps McDelivery Services App
Feb 06,2017

Westlife Development announced that its subsidiary, Hardcastle Restaurants has announced addition of new features in the McDelivery App by McDonalds.

McDonalds has revamped its entire McDelivery app experience, by introducing a host of consumer centric features. One such feature is the maps integration that now allows consumers to just drop the pin on the map and know if theyre in the delivery service area to get delicious food delivered to themselves or to their loved ones, right at their doorstep. Personalization has been the priority with the launch of the new app. Customers can customize their favorite burger by adding/ removing ingredients in an intuitive way as per their preferences. Moreover, they can place smooth and fast orders by choosing from McDonalds exhaustive list of McCafn++ beverages, desserts and meal options. To get real- time tracking on the phone, one can simply place orders and track the status of his or her delivery. The app also has enhanced digital payment solutions and FreeCharge e-wallet for easy cashless transactions. With the order history feature, customers can view theirpast orders and reorder with a simple click. As a gratification, customers can also now use the Refer-a-friend feature to enjoy complimentary burgers.

For offering quick delivery, McDeliveryn++ has also partnered with Zomato and Food Panda for customers to order McDonalds meal at their doorstep.

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Pudumjee Industries announces cessation of CFO
Feb 06,2017

Pudumjee Industries announced that S V Duppaliwar has ceased to be a Chief Financial Officer of the Company.

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Volumes jump at IIFL Holdings counter
Feb 06,2017

IIFL Holdings clocked volume of 1.59 crore shares by 13:27 IST on BSE, a 429.34-times surge over two-week average daily volume of 37,000 shares. The stock rose 2.36% to Rs 323.30.

Cyient notched up volume of 5.96 lakh shares, a 133.28-fold surge over two-week average daily volume of 4,000 shares. The stock rose 1.67% to Rs 464.

Time Technoplast saw volume of 12.20 lakh shares, a 54.02-fold surge over two-week average daily volume of 23,000 shares. The stock rose 6.27% to Rs 94.10.

Container Corporation of India clocked volume of 1.04 lakh shares, a 10.52-fold surge over two-week average daily volume of 10,000 shares. The stock rose 4.59% to Rs 1,269.10.

Laurus Labs saw volume of 3.41 lakh shares, a 9.27-fold rise over two-week average daily volume of 37,000 shares. The stock rose 10.06% to Rs 553.

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National Aluminium Company announces appointment of directors
Feb 06,2017

National Aluminium Company announced that Kiran Ghai Sinha, has been appointed as a Part-time Non-official Director, w.e.f. 03 February 2017 vide Order dtd. 31 January 2017 of Ministry of Mines, Government of India. Further, Sanjib Kumar Roy has been appointed as Director (P&T), w.e.f. 03 February 2017 vide office dated 03 February 2017 of Ministry of Mines, Government of India.

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CCI approves JV between Reliance Aerostructure and Dassult Aviation
Feb 06,2017

Reliance Infrastructure promoted Reliance Aerostructures proposed joint venture with Dassault Aviation has received Competition Commission of India (CCI) clearance.

The joint venture company is proposed to be named as Dassault Reliance Aerospace. Reliance Aerostructure will have 51% shareholding in the JV and Dassault will hold 49%.

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Excel Inds tumbles as Q3 net profit boosted by other income
Feb 06,2017

The result was announced after market hours on Friday, 3 February 2017.

Meanwhile, the S&P BSE Sensex was up 224.57 points or 0.8% at 28,465.09

On BSE, so far 8,788 shares were traded in the counter as against average daily volume of 2,612 shares in the past one quarter. The stock hit a high of Rs 401 and a low of Rs 376.60 so far during the day. The stock had hit a 52-week high of Rs 496 on 1 November 2016. The stock had hit a 52-week low of Rs 140 on 12 February 2016.

The small-cap company has equity capital of Rs 6.45 crore. Face value per share is Rs 5.

Excel Industries net profit surged 904.74% to Rs 21.20 crore on 7.12% decline in net sales to Rs 94.51 crore in Q3 December 2016 over Q3 December 2015. The Q3 December 2016 net profit was boosted by an exceptional income of Rs 26.68 crore. During Q3 December 2016, Excel Industries sold 2.45 lakh shares of Excel Crop Care to Sumitomo Chemical Company, Japan at Rs 1259.36 per share. The profit earned (net of related expenses) has been disclosed as an exceptional item, Excel Industries.

Excel Industries is engaged in the manufacture of a range of speciality and performance chemicals.

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Gokaldas Exports slumps after reverse turnaround in Q3
Feb 06,2017

The result was announced after market hours on Friday, 3 February 2017.

Meanwhile, the S&P BSE Sensex was up 215.65 points or 0.76% at 28,456.17

On BSE, so far 1.32 lakh shares were traded in the counter as against average daily volume of 60,261 shares in the past one quarter. The stock hit a high of Rs 63 and a low of Rs 59.70 so far during the day. The stock had hit a 52-week high of Rs 134.20 on 10 June 2016. The stock had hit a 52-week low of Rs 40.45 on 12 February 2016.

The small-cap company has equity capital of Rs 17.46 crore. Face value per share is Rs 5.

Gokaldas Exports net sales fell 21.92% to Rs 178.47 crore in Q3 December 2016 over Q3 December 2015.

Gokaldas Exports said that decline in revenue in Q3 December 2016 was due to continued impact of loss of business from a key export customer and delay in onboarding and stabilising operations of a new customer.

Gokaldas Exports manufactures and exports readymade garments.

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Aditya Birla Fashion & Retail allots 1,54,955 equity shares
Feb 06,2017

Aditya Birla Fashion & Retail announced that the Stakeholders Relationship Committee of the Board of Directors of the Company has on 06 February 2017 has allotted 1,54,955 (One Lac Fifty Four Thousand Nine Hundred and Fifty Five) Equity Shares of Rs. 10 each (said shares), pursuant to exercise of Stock Options under the Employee Stock Options Scheme-2013. The said Shares will rank pari passu with the existing Equity Shares of the Company in all respects.

Consequent to the above allotment, the Paid-up Share Capital of the Company will increase from Rs. 7,70,33,21,660 (77,03,32,166 Fully Paid-up Equity Shares of Rs. 10/- each) to Rs. 7,70,38,71,210 (77,03,87,121 Fully Paid-up Equity Shares of Rs. 10/- each).

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Next Mediaworks allots 66,660 equity shares
Feb 06,2017

Next Mediaworks announced that the Companys Nomination & Remuneration Committee has, at its meeting held on 02 February 2017, allotted 66,660 equity shares to Ismail Dabhoya - Chief Financial Officer pursuant to his exercise of options granted to him under the Companys Employee Stock Option Scheme 2012.

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ASSOCHAM seeks RBI nudge to banks for full transmission of interest cuts, post- note ban
Feb 06,2017

As the Monetary Policy Committee of the Reserve Bank of India meets on February 7 and 8 for next bi-monthly credit policy, apex industry body ASSOCHAM has impressed upon the central bank and the Finance Ministry to ensure adequate transmission of cuts in the interest rates even as the industry would seek at least 50 -75 basis point reduction in the benchmark lending rates, post demonetization.

n++As a majority owner of the banks and as a regulator, both the government and the RBI have roles in advising banks to pass on the commensurate reduction in the interest rates. This is all the more important in the wake of dismal credit growth, marked by subdued consumer demand and lack of investment appetite despite lowering of the lending rates,n++ the ASSOCHAM President Mr Sunil Kanoria said.

While the lower lending rates do help the corporate India, the fresh borrowing could still be some distance away as the companies still grapple with the high level of existing debts. n++The banks should pass on the benefit of the lower interest rates on the old loans through different means so that the interest burden for the companies comes down. Even small quantum of reduction in interest rates makes a big difference when the loan size is pretty large. Along with other measures like protection of cheap imports, the benefits of the ample liquidity in the banking system must be extended to the firms, grappling with the old loan books, without much delay,n++ the chamber said.

It said, the industry is expecting at least 50-75 basis points reduction in the policy interest rates and the banks should pass on the entire benefit to the borrowers. n++This is because the demonetization has resulted in a windfall gains for the banks in the form of ultra low cost funds from the current account/saving account (CASA). The CASA rates are just about 3-4 per cent, while the base lending rates are still near the double digit. That is a huge spread for the banks which should transmit lower rates without necessarily cutting the time deposit rates,n++ the ASSOCHAM argued.

Even the Economic Survey has expressed concern over n++far from perfect,n++ transmission of the rate cuts, the base rate came down marginally from 9.30/9.70 in April 2016 to 9.30/9.65 as of 30th December 2016. Term deposit rates for greater than one-year maturity period declined from 7.00/7.50 to 6.50/7.00 in this period, as per the Economic Survey.

Quoting from the survey, the chamber expressed concern that the non- food credit (NFC) outstanding grew at sub 10 per cent for all the months except for September 2016). Credit growth to industrial sector remained persistently below 1 per cent during the current fiscal, with contraction in August, October and November.

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CESC appointed as electricity distribution franchisee for Bikaner
Feb 06,2017

CESC has emerged as the winner of a bid floated by Jodhpur Vidyut Vitran Nigam (JdVVNL) and has been appointed by JdVVNL as the electricity distribution franchisee for the city of Bikaner in the state of Rajasthan for a term of twenty years.

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Loyal Textile Mills announces launch of new products
Feb 06,2017

Loyal Textile Mills has launched Mens inner wear and Ladies Bottom wear in the brand names Dignnitas and Shifraa respectively on 06 February 2017.

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Quess Corp to acquire Comtel Solutions, Singapore
Feb 06,2017

Quess Corp announced that Quess Corp has signed definitive agreements to acquire Comtel Solutions, Singapore, on 06 February 2017.

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