The government has brought back the windfall profit tax on domestically produced crude oil after international prices firmed up while the levy on export of diesel has been cut to nil, according to an official order. The levy on crude oil produced by companies such as Oil and Natural Gas Corporation (ONGC) is now Rs 6,400 per tonne with effect from Wednesday, the order dated April 18 said. At the last revision on April 4, windfall tax on domestically produced crude oil was cut to nil as international oil prices dipped below $75 per barrel.
'With the World Cup around the corner and being hosted by India, the demand has risen manifold. We manufacture around three million bats annually but the demand for this month and the previous one was 15 times higher. We manufactured around three to four million bats in two months that we delivered'
The US president said that he has sought help from Prime Minister Narendra Modi to allow the sale of Hydroxychloroquine tablets ordered by the US to treat the growing number of coronavirus patients in his country, hours after India banned the export of the anti-malarial drug.
Bharat Forge, the Pune-based automotive component maker, has been one of the top-performing companies in its segment. The company's stock price is up 39.3 per cent since the beginning of the 2023 calendar year, surpassing other leading automotive component makers such as Bosch and Samvardhana Motherson International. The stock also outperformed the benchmark BSE Sensex, which is up 17.3 per cent year to date so far.
The government has cut windfall gains tax on domestically-produced crude oil to nil while continuing the rate at zero on the export of diesel and ATF. The government has slashed the special additional excise duty (SAED) on crude oil produced by companies such as Oil and Natural Gas Corporation (ONGC) to nil from Rs 4,100 per tonne with effect from Tuesday, an official order dated May 15 said. This is the second time that the levy, which was introduced in July last year in the form of a cess to tax supernormal gains of oil producers and fuel exporters, has been cut to nil for domestically-produced oil.
DRDO's latest tank will face trial in Rajasthan's summer which will be followed by 'user trials' ahead of facing battle in high-altitude deserts of eastern Ladakh and Sikkim, reports Ajai Shukla.
India's manufacturing sector activities moderated in March with companies reporting softer expansions in new orders and production as inflation concerns dampened business confidence, a monthly survey said on Monday. The seasonally-adjusted S&P Global India Manufacturing Purchasing Managers' Index (PMI) was at 54.0 in March, down from 54.9 in February, highlighting weakest rate of growth in terms of production and sales since September 2021. The March PMI data pointed to an improvement in overall operating conditions for the ninth straight month.
Capital goods companies are likely to report double-digit growth in sales and profit for the first quarter of the 2023-24 financial year (Q1FY24), according to analysts. The performance will ride on lower raw-material costs and healthy execution of orders. Sales by capital goods companies are likely to increase 13-20 per cent year-on-year (YoY), five domestic brokerage firms said.
By the time the enemy aircraft is 50 km away, the Akash-NG's computers have calculated the launch trajectory and impact point and launched the missile.
Worried by a spike in Chinese imports, the Indian Steel Association (ISA) plans to take up the matter with the government and seek measures to fix "trade distortions". Alok Sahay, secretary general of the group that represents the country's steel producers, said systemic changes were needed. "In order to take any trade measure, it takes a minimum of 15 months' time, due to prevalence of lesser duty rule in India, making India an easy target. "We are going to write to the government on this," he said.
Aircraft maker Airbus on Thursday announced awarding a contract to Indian company Dynamatic Technologies for manufacturing all the doors for its next-generation narrow body A220 planes, giving a boost to the 'Make in India' initiative. While financial details were not disclosed, Civil Aviation Minister Jyotiraditya Scindia said it is one of the single-largest export contracts for an Indian aerospace manufacturing company and emphasised that the country is becoming a destination for aircraft component manufacturing activities.
Although the country's manufacturing growth rate fell to its lowest in over four years last month, the export orders picked up and both input and output inflation eased, as per a monthly Purchasing Manager survey conducted by HSBC India and financial information provider Markit.
Can the launch of smartphones under its own brand name by Finnish company HMD Global - despite having a licence to use the Nokia brand which it bought from Microsoft - help it regain its once dominant position in the mobile phone sweepstakes in India, where it was once routed? In 2009, Nokia was the country's largest MNC with revenues of $4 billion and a market share touching 80 per cent in 2010. After this, its fortunes fell. Although it had been the first global player to set up an assembly plant, not only to assemble phones for the local market but for exports, it had to shut down operations in 2014.
BJP workers depend on Annamalai's popularity to emerge victorious. He has has made 100 promises to be fulfilled in 500 days and assurances include cleaning up rivers, an international airport and food vans named after former Chief Minister K Kamaraj.
Of the 156 choppers, 66 would be inducted by the Indian Air Force while the rest 90 would be acquired by the Indian Army.
Barring rice, spices, iron ore and pharmaceuticals, all the remaining 26 key sectors registered negative growth in May. Imports too plunged 51 per cent to $22.2 billion in May.
The department of commerce has urged the agriculture ministry as well as the diplomatic mission in Tehran to apprise it of details as to why Iranian buyers have stopped import of rice and tea from India, a senior government official said. Exporters said that exports of items such as high quality tea and rice have stopped since last week. As of now, there has been no confirmation from the authorities and the response from the embassy in Tehran is also taking time, they said.
Mangoes from India are popular in the Middle East, the Far East, the United States and European countries.
In an exclusive interview with PTI video, the minister also said an extensive risk-based analysis is done continuously to ensure the production of quality medicines in the country, and the government and regulators are always alert to ensure that no one dies due to spurious medicines.
A corpus of Rs 20,000-30,000 crore is under consideration, to narrow the input tax credit cycle and facilitate their working capital requirements.
Exports in February fell to $21.55 billion compared with $25.35 billion a year ago
The festive season will mean business for the steel industry as it is the time when automotive and consumer appliance companies bump up demand to prepare for higher sales, experts have said. Ranjan Dhar, chief marketing officer at ArcelorMittal Nippon Steel India (AM/NS India), said that bookings by auto and consumer appliance industries are 20 per cent higher ahead of the festive season compared to last year. "While this could be for a couple of months, it could normalise later at approximately 10 per cent," he said.
Hundreds of tailors from a local apparel unit in Kannur have been working tirelessly to get the uniform shirts ready for the Israel police force for the past eight years.
A team of National Human Rights Commission (NHRC) on Friday held on-spot inquiries in Sandeshkhali to ascertain facts about alleged sexual abuse by some Trinamool Congress leaders even as fresh agitation rocked the trouble-torn village, where locals torched the property of accused Trinamool leaders and held demonstrations against the delay in arresting the main accused, Shahjahan Sheikh.
A piece of slightly negative news can cause a serious setback, warns Debashis Basu.
Modi sees export-led growth one of the best ways to create jobs.
Reversing a concession given by the commerce ministry to the embattled exporters in the midst of recession in the West last year, the Central Board of Excise and Customs has directed chief commissioners of customs and excise to recover the drawbacks from exporters who have not realised their proceeds.
India's manufacturing sector activities witnessed faster growth in April amid quicker increases in production as well as factory orders, and renewed expansion in international sales, a monthly survey said on Monday. The seasonally adjusted S&P Global India Manufacturing Purchasing Managers' Index (PMI) rose from 54.0 in March to 54.7 in April, as a retreat of COVID-19 restrictions continued to support demand. The April PMI data pointed to an improvement in overall operating conditions for the tenth straight month. In PMI parlance, a print above 50 means expansion, while a score below 50 denotes contraction.
When overall gems and jewellery exports remained resilient so far this year on global economic uncertainty, shipment of silver jewellery witnessed a phenomenal growth so far this year.
India remained the world's top arms importer, but its imports declined by 11 per cent between 2013-17 and 2018-22, according to a report released on Monday by Stockholm-based defence think-tank SIPRI.
The government has slashed the windfall profit tax levied on domestically-produced crude oil as well as on export of diesel and ATF following a drop in global oil prices, according to an official order. The levy on crude oil produced by companies such as Oil and Natural Gas Corporation (ONGC) has been cut steeply to Rs 1,700 per tonne from Rs 4,900, the order dated December 15 said. Crude oil pumped out of the ground is refined and converted into fuel like petrol, diesel and aviation turbine fuel (ATF).
'...which is possible through flexicap and multicap funds.' 'The latter has a better balance between large, mid and smallcap stocks.'
Tata Consultancy Services-led consortium has bagged a Rs 15,000-crore contract from BSNL to deploy 4G network for the state-run telco. In a statement, TCS said it has received an "advance purchase order" valued over Rs 15,000 crore from BSNL.
Due to the huge pile-up of visa applications, the US consular officers in the neighbouring country are now adjudicating Indian visa applications where interview requirements have been waived.
The official said that the National Statistical Commission (NSC) is examining the working group report on the roadmap for introducing the PPI and their recommendations are awaited. "It is with Statistical Commission, so we will wait for the panel recommendation," the official, who did not wish to be named, said.
Although the special relationship might compel Bhutan to be considerate of Indian interests, new challenges will likely arise. An emerging new phase of relations will also call for fresh redlines between India and Bhutan, observe Harsh V Pant and Aditya Gowdara Shivamurthy.
Billionaire Gautam Adani's group is planning to build 10 GW of integrated solar manufacturing capacity by 2027, as it looks to capture energy transition business, sources close to the company said. Adani Group currently has a solar manufacturing capacity of 4 GW. Adani Solar has a confirmed order book of over 3,000 MW in exports that are to be serviced over the next 15 months, they said, adding Adani, recently, raised $394 million for solar manufacturing from Barclays PLC and Deutsche Banks AG through a trade finance facility.
The Supreme Court on Tuesday allowed the export of unused stock of formulation of Endosulfan insecticide while retaining the complete ban imposed by it on its production, sale and use in the country.
Manufacturing sector activities in India moderated for the second straight month in July as rates of expansion in output and new orders eased slightly, a monthly survey said on Tuesday. The seasonally adjusted S&P Global India Manufacturing Purchasing Managers' Index (PMI) eased to 57.7 in July from 57.8 in June. Despite the fall, the Indian manufacturing sector maintained strong growth momentum at the start of the third quarter amid ongoing buoyant demand, the survey said.
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