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E-commerce term may be misinterpreted in GST; fear commodity exchanges may be brought in: ASSOCHAM
Apr 17,2017

The scope of the e-commerce definition as given in the Goods and Services dispensation has been left so wide that it could go well beyond Amazon or Flipkart marketplace platforms and may even cover the commodity exchanges, the ASSOCHAM has said, seeking a clarity from the government so as to remove uncertainty among businesses, as the GST is set for a roll out.

n++The scope of the terms electronic commerce is very wide and does not restrict itself to cover electronic marketplace service providers like Amazon, Flipkart. It covers all businesses where the supply of goods / services is through a digital or electronic network,n++ the ASSOCHAM said in communications to different concerned ministries.

It said since the term e-commerce covers all businesses where the supply of goods / services is through a digital or electronic network, there is a possibility of n++unwarranted interpretationsn++ which may lead to Future and Commodity Exchanges being treated as an electronic commerce operator in respect of commodity derivatives which result in actual delivery of the goods.

n++In our opinion such an interpretation will not be in consonance with the object and intent of special provisions for the electronic commerce business n++There are distinguishing legal and operational factors between ecommerce operators and commodity exchanges. The commodities exchanges cannot be treated as electronic commerce operator in their legal capacity as well as in common parlancen++, the chamber pointed out.

As the GST is set for a roll out either in July or latest by September this year, the ASSOCHAM has also sought clarity with regard to the implementation of the most important tax reforms. A great amount of clarity has been sought with regard to treatment of GST relating to banking, telecom, banking services, exports, gems and jewellery and MSME sectors, among others.

n++The ASSOCHAM would like a seamless and flawless roll out of the GST to infuse a sense of confidence among the consumers, trade and industry. Eventually, the GST should become a showpiece of our reforms,n++ said chamber Secretary General Mr D S Rawat.

Mr Rawat said the chamber, is doing its bit to reach out to the stakeholders and holding a large number of workshops and training seminars for the industry and trade in different parts of the country.

The chamber said the Central GST is silent on the exemptions which are currently provided for interest on loans. The exemption under services tax which exempts interest should be replicated under GST

From a macro perspective GST is unification of multiple indirect taxes into single law. Hence, it is presumed current exemption would be continued for banking and other financial institution including nonbanking financial company (NBFC) as these exemptions creates the basic foundation for taxing services provided by them.

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Sharp rise in ACs, power back up devices this summer: ASSOCHAM
Apr 17,2017

Onset of early summer with sudden rise of temperature in most parts of India has given a big boost to Air conditioner (ACs), inverters, generators and air coolers with demand estimated to be going up between 35-45 per cent this season as compared to last year, an ASSOCHAM survey has indicated.

In all the major cities, the demand for AC has seen a sharp pick up in the last three weeks with the trend growing up by the day, as heat and dust goes up, particularly in northern, western and eastern parts of the country. According to the market survey based on feedback from the retailers and distribution chain, the ACs market is expected to increase by 40-45% this year. The apprehensions of deficient rains because of possible El Nino would add to the demand for the electric gadgets including the power back up devices like generators and inverters, reveals the ASSOCHAM latest paper.

Seizing the opportunity, the consumer finance companies are offering tempting offers claiming zero interest options, adding to the demand surge, the survey noted.

In bigger markets and well off areas, the demand for split air conditioners is witnessing a sharp rise , though the base remains low. As the window space is an issue in growing cities, the split ACs are preferred. Besides, the segment has caught the imagination of the better off and upper middle class people, though the price differential between the window and split is upward of 30 per cent, ASSOCHAM Secretary General Mr D S Rawat remarked.

The survey noted that the customer is lot more conscious about energy saving devices thanks to high cost of electricity. The awareness about the star ratings for the electric devices is on the rise , which is a good sign, said Mr. Rawat.

With the increase in demand for electricity and peak hour shortages still seen in several states like UP, Punjab, Haryana, Rajasthan, Tamil Nadu, Karnataka, among others, the demand for the power back up devices like invertors and generators is expected to rise by 20-25 per cent this summer over the same period last year. Such devices are in more in demand in tier-II and tier-III cities.

Though air coolers are giving way to air conditioners, the product design for the former has really seen quite an improvement. Some of the high end air coolers are coming in compact design and shape. However, the key lies in their difference in pricing and power consumption as compared to ACs.

While people sweat it out, the business opportunities in the ongoing summer are there for asking, the ASSOCHAM survey said.

AC maintenance companies reported a 100 per cent jump in demand over the past week alone while residents grappled with stifling conditions in homes and offices, reveals the survey.

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Indiabulls Real Estate hits 52-week high
Apr 17,2017

The announcement was made during market hours today, 17 April 2017.

Meanwhile, the S&P BSE Sensex was down 52.95 points or 0.18% at 29,408.50. The S&P BSE Mid-Cap index was up 34.28 points or 0.24% at 14,385.24.

Huge volumes were witnessed on the counter. On the BSE, 2.17 crore shares were traded on the counter so far as against the average daily volumes of 10.58 lakh shares in the past one quarter. The stock had hit a high of Rs 150.90 so far during the day, which is a 52-week high for the counter. The stock hit a low of Rs 103.65 so far during the day.

The stock had hit a 52-week low of Rs 54.10 on 18 April 2016. It had outperformed the market over the past one month till 13 April 2017, surging 34.93% compared with the Sensexs 1.78% rise. The scrip had also outperformed the market over the past one quarter, gaining 34.33% as against the Sensexs 8.16% rise.

The mid-cap company has equity capital of Rs 95.68 crore. Face value per share is Rs 2.

Indiabulls Real Estates board considered the possibility of streamlining its existing residential, commercial and leasing businesses by segregating commercial & leasing business carried on by itself and/or through its special purpose vehicles (SPVs) and vesting the same into Indiabulls Commercial Assets (ICAL) and restructuring/reorganizing its businesses.

The restructuring could be done either (i) by restructuring by way of placing ICAL as a separate holding company under the company to hold its assets and investments relating to commercial & leasing business segment and to undertake the business & operations of commercial & leasing business segment and/or explore opportunities to bring in strategic investments; or (ii) by reorganizing its existing businesses by way of a demerger of the undertakings, business, activities & operations pertaining to its commercial & leasing business segments.

On a consolidated basis, Indiabulls Real Estates net profit fell 13.7% to Rs 58.58 crore on 58.8% decline in net sales to Rs 291.21 crore in Q3 December 2016 over Q3 December 2015.

Indiabulls Real Estate is a real estate development company with development projects spread across office and commercial complexes, premium residential developments, mega townships, retail spaces, hotel and resorts, special economic zones and infrastructure development.

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Orient Green Power jumps over 7% in two sessions
Apr 17,2017

Meanwhile, the S&P BSE Sensex was down 44.83 points, or 0.15% to 29,416.62.

On the BSE, 9 lakh shares were traded in the counter so far, compared with average daily volumes of 1.39 lakh shares in the past one quarter. The stock had hit a high of Rs 11.70 and a low of Rs 10.14 so far during the day. The stock hit a 52-week high of Rs 12.89 on 21 April 2016. The stock hit a record low of Rs 7.84 on 9 November 2016.

The stock had outperformed the market over the past one month till 13 April 2017, rising 2.73% compared with 0.22% rise in the Sensex. The scrip had, however, underperformed the market in past one quarter, rising 2.42% as against Sensexs 8.16% rise.

The small-cap renewable energy power producer has equity capital of Rs 739.80 crore. Face value per share is Rs 10.

Shares of Orient Green Power Company (OGPL) rose 3.89% to end at Rs 10.16 on Thursday, 13 April 2017. The stock market was shut on Friday, 14 April 2017, on account of public holiday. The stock has risen 7.36% in two sessions from its close of Rs 9.78 on 12 April 2017.

Earlier on 19 January 2017, OGPL announced that its board of directors approved entering into exclusive discussions with IL&FS Wind Energy to evaluate a potential merger of the wind energy generation businesses of both entities. Both companies had entered into a non-binding agreement with an exclusivity period of 90 days.

OGPL announced during trading hours on Thursday, 13 April 2017, that its board approved further extension of the exclusivity period of the confidentiality and exclusivity agreement as mutually agreed by both the parties earlier.

On a consolidated basis, Orient Green Power Company reported net loss of Rs 69.52 crore in Q3 December 2016 as against net loss of Rs 102.48 crore in Q3 December 2015. Net sales rose 41.11% to Rs 66.11 crore in Q3 December 2016 over Q3 December 2015.

Orient Green Power Company is an independent operator and developer of renewable energy power plants in India. Currently, its portfolio includes biomass, biogas, wind energy and small hydroelectric projects at various stages of development.

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Endurance Technologies enters into license and technical agreement for ABS products
Apr 17,2017

Endurance Technologies has entered into a License and Technical Assistance Agreement with BWI North America Inc., USA on 15 April 2017 for joint development of ABS products for application in two and three wheelers.

This would help the company to cater to its OEM customers to comply with the new regulations that would require all existing two wheeler models to be fitted with ABS by April 2019.

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Government extends the time line for availing TRQ benefit (duty free) of 5 Lakh MT of raw sugar import from 12th June to 30th June, 2017
Apr 17,2017

Based on representations received from sugar mills/trade associations, Government has extended the time line for availing TRQ benefit (duty free) of 5 Lakh MT of raw sugar import from 12th June to 30th June, 2017. This would mean that prospective mill/refiner can complete the import of raw sugar on or before 30th June, 2017. Further, to facilitate the imports from logistic point of view, Vishakhapatnam (Andhra Pradesh), Gangavaram (Andhra Pradesh) and Karaikal (Puducherry) ports in the South Zone have been added. However, the zone-wise import quantity restrictions shall remain unchanged. In order to ensure timely availability of sugar in the country and to maintain domestic price at reasonable level, the importing mills/refineries have been given a time line of two months from the date of bill of entry or the date of entry inwards, whichever is later, to convert raw sugar into white/refined sugar in their respective mills/refineries.

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Intellect Design Arena nudges higher after securing contract
Apr 17,2017

The announcement was made during market hours today, 17 April 2017.

Meanwhile, the S&P BSE Sensex was down 69.12 points or 0.23% at 29,392.33. The S&P BSE Small-Cap index was up 37.79 points or 0.25% at 14,918.95.

On the BSE, 1.23 lakh shares were traded on the counter so far as against the average daily volumes of 1.87 lakh shares in the past one quarter. The stock had hit a high of Rs 126.50 and a low of Rs 121.50 so far during the day.

The stock had hit a 52-week high of Rs 252.10 on 3 May 2016 and a 52-week low of Rs 107.75 on 15 February 2017. It had outperformed the market over the past one month till 13 April 2017, advancing 5.44% compared with the Sensexs 1.78% rise. The scrip had, however, underperformed the market over the past one quarter, declining 14.79% as against the Sensexs 8.16% rise.

The small-cap company has equity capital of Rs 50.87 crore. Face value per share is Rs 5.

Intellect Design Arena said that Central Bank of Armenia (CBA) chosen the companys Quantum Central Banking Platform for its digital transformation. CBA is the primary financial institution in the Republic of Armenia.

Intellects Quantum Central Banking System will help CBA to streamline its business processes across multiple departments and external entities.

Intellect Design Arena reported net loss of Rs 21.59 crore in Q3 December 2016, compared with net loss of Rs 13.36 crore in Q2 September 2016. Net sales declined 0.8% to Rs 124.89 crore in Q3 December 2016 over Q2 September 2016.

Intellect Design Arena is a digital technology product solutions provider to the banking and insurance industry.

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L&T gains after order win
Apr 17,2017

Meanwhile, the S&P BSE Sensex was down 42.75 points, or 0.15% to 29,418.70.

On the BSE, 43,000 shares were traded in the counter so far, compared with average daily volumes of 1.50 lakh shares in the past one quarter. The stock had hit a high of Rs 1,688.50 and a low of Rs 1,671.35 so far during the day. The stock hit a 52-week high of Rs 1,719.45 on 7 April 2017. The stock hit a 52-week low of Rs 1,210 on 18 April 2016.

The stock had outperformed the market over the past one month till 13 April 2017, rising 8.45% compared with 0.22% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 16.66% as against Sensexs 8.16% rise.

The large-cap company has equity capital of Rs 186.65 crore. Face value per share is Rs 2.

The construction arm of L&T has won orders worth Rs 2694 crore across various business segments, L&T said.

While its water and effluent treatment vertical has secured Rs 2227-crore orders, the smart world communications business bagged a contract of Rs 180 crore from Greater Visakhapatnam Smart City Corporation.

The companys transportation infrastructure business has received an order worth Rs 287 crore for a road project in Maharashtra.

L&Ts consolidated net profit rose 38.9% to Rs 972.47 crore on 1.7% growth in net sales to Rs 26018.15 crore in Q3 December 2016 over Q3 December 2015.

L&T Construction is a brand of L&T. L&T is an Indian multinational engaged in technology, engineering, construction, manufacturing and financial services.

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Den Networks tumbles on profit booking
Apr 17,2017

Meanwhile, the S&P BSE Sensex was down 30.05 points, or 0.1% at 29,431.40. The S&P BSE Small-cap index was up 63.27 points, 0.43% at 14,944.43.

High volumes were witnessed on the counter. On the BSE, 17.06 lakh shares were traded on the counter so far as against the average daily volumes of 58,568 shares in the past one quarter. The stock had hit a high of Rs 98 and a low of Rs 87.10 so far during the day.

The stock had hit a 52-week high of Rs 103.40 on 13 April 2017 and a 52-week low of Rs 60.85 on 30 November 2016. The stock had outperformed the market over the past one month till 13 April 2017, advancing 18.56% compared with the Sensexs 1.78% rise. The scrip had also outperformed the market over the past one quarter advancing 19.44% as against the Sensexs 8.16% rise.

The small-cap company has equity capital of Rs 194.03 crore. Face value per share is Rs 10.

Den Networks had rallied 7.94% in the preceding four trading sessions to settle at Rs 96.45 on Thursday, 13 April 2017, from its closing of Rs 89.35 on 7 April 2017. The stock market was closed on Friday, 14 April 2017, for a holiday.

Den Networks reported consolidated net loss of Rs 45.10 crore in Q3 December 2016, as against net loss of Rs 87.39 crore in Q3 December 2015. Net sales rose 30.3% to Rs 286.83 crore in Q3 December 2016 over Q3 December 2015.

Den Networks is Indias leading cable TV distribution company.

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Pradhan Mantri Mudra Yojana (PMMY) crosses the target of Rs. 1.8 lakh crore for 2016-17
Apr 17,2017

Loans extended under the Pradhan Mantri Mudra Yojana (PMMY) during 2016-17 have crossed the target of Rs. 1,80,000 crore for 2016-17. Sanctions currently stand at Rs. 1,80,087 crore with final data still awaited from some of the smaller non-banking lenders. Of this amount, Rs. 1,23,000 crore was lent by banks while non-banking institutions lent about Rs. 57,000 crore. Data compiled so far indicates that the number of borrowers this year were over 4 crore, of which over 70% were women borrowers. About 20% of the borrowers were from the Scheduled Caste Category, 5% from the Scheduled Tribe Category, while Other Backward Classes accounted for almost 35% of the borrowers.

The achievements of both public sector banks and private banks have been extremely encouraging. The robust growth in bank loans to unfunded and underfunded segments is an indication of the emergence of this category of borrowers as a key driver of demand for credit.

The Union Budget has announced a target of Rs. 2.44 lakh crore for Mudra Loans during 2017-18. There would be a special focus within the Mudra Scheme on convergence with other government schemes, deepening connect with borrowers and meeting credit requirements of trainees completing skilling course.

Mudra Loans are available for non-agricultural activities upto Rs. 10 lakh and activities allied to agriculture such as Dairy, Poultry, Bee Keeping etc, are also covered. Mudras unique features include a Mudra Card which permits access to Working Capital through ATMs and Card Machines. Evaluation studies show that banks have been proactive in identifying and disbursing loans to first time borrowers thereby weaning them away from money lenders. Borrowers particularly value three attributes of Mudra Loans viz, non-insistence on guarantor or collateral, simple documentation and quick processing.

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Bharat Heavy Electrical commissions two 270 MW units
Apr 17,2017

Bharat Heavy Electrical has commissioned two units of 270 MW at RattanIndia Nasik Powers 5x270 MW thermal power project, located at Sinnar in Nasik District of Maharashtra.

With this, BHEL has commissioned eight sets for RattanIndia in Maharashtra - 3 sets at Nasik and 5 sets at Amravati. In addition, two more 270 MW units are presently in advanced stages of completion at Nasik.

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Board of Bhansali Engineering Polymers recommends final dividend
Apr 17,2017

Bhansali Engineering Polymers announced that the Board of Directors of the Company at its meeting held on 16 April 2017, inter alia, have recommended the final dividend of Rs 0.2 per equity Share (i.e. 20%) , subject to the approval of the shareholders.

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Bhansali Engineering Polymers to hold AGM
Apr 17,2017

Bhansali Engineering Polymers announced that the 33rd Annual General Meeting (AGM) of the company will be held on 15 July 2017.

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Samrat Pharmachem to hold board meeting
Apr 17,2017

Samrat Pharmachem will hold a meeting of the Board of Directors of the Company on 30 May 2017, to approve the Audited Financial Results for the year ended 31 March 2017.

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Miven Machine Tools to hold board meeting
Apr 17,2017

Miven Machine Tools will hold a meeting of the Board of Directors of the Company on 20 April 2017, to consider the Appointment of Managing Director.

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