The airline reported a loss of over Rs 1,000 crore last fiscal which is five times higher than its 2013 loss.
ITC's results for the January-March quarter (Q4) were strong, with robust growth in the fast-moving consumer goods (FMCG) segment and a good performance in hospitality. The tobacco division's performance was on expected lines, with double-digit volume growth, helped by reclaiming of market share from the smuggled trade. There was 60 per cent growth in non-cigarette earnings before interest and tax (Ebit), despite a relatively weak performance in paperboards.
Besides, it loses Rs 15.46 per litre on kerosene and Rs 158.78 per domestic LPG cylinder as the government has not allowed them to revise retail prices.
The government will have to make substantial payments, as well as forego revenues in FY'23, if it wants to work on the survival of Vodafone Idea because it will have to extend the same incentives to the entire telecom sector. According to estimates, the industry has to spend around Rs 21,000-Rs 25,000 crore for spectrum which it bought on a deferred payment basis. Vodafone Idea has asked for a moratorium for another year (FY23). If granted, the government will have foregone the instalment payout for a third year in a row as it has already provided a moratorium for two years, giving telcos Rs 42,000 crore worth of relief.
The automobile sector has started seeing volume growth, the crucial economy segment included. Maruti Suzuki India (MSIL) could be a big beneficiary as the country's largest passenger vehicle (PV) maker has seen several favourable developments including volume recovery. Demand for its new sports utility vehicles (SUVs) appears to be good, and the company has 4 lakh outstanding orders by April 2023, (up from 3.6 lakhs in January 2023). Siam (Society of Indian Automobile Manufacturers) estimates that passenger vehicle demand would grow by 5-7 per cent in the 2023-24 financial year (FY24) and MSIL is likely to beat the market growth.
Officials from State-run refiners contend that savings from purchase of Russian oil are used to offset a part of the losses in revenues from selling transport fuels and LPG at State-set rates.
According to market experts, the buyers are expected to shell out in the "range of 500 to 600 crore INR" per team in the closed-bid auction for the women's IPL.
In a major embarrassment to the Inter-Services Intelligence, United States-based Kashmiri separatist leader Syed Ghulam Nabi Fai, on Wednesday pleaded guilty to federal charges of spying for the Pakistani spy agency and illegally lobbying the Congress to influence the American policy on Kashmir.
The tourism industry expects a short-term impact, as it is counting on the state's proven expertise in managing such crises.
Recovery was largely driven by the European Union markets.
Rising crude oil prices and muted passenger traffic in the July-September quarter (second quarter, or Q2) of 2023-24 (FY24) have raised concerns about the profitability of listed aviation players. These two concerns have caused the stock of InterGlobe Aviation (IndiGo), the largest player in the sector, to slip by 11 per cent since its highs at the end of July. Nuvama Research expects yields to cool down in the near term due to seasonality, rising crude oil prices, and higher capacity.
The Enforcement Directorate on Wednesday told a Delhi court the investigation in the money laundering probe against Aam Aadmi Party leader Manish Sisodia in the alleged excise scam is at a "crucial' stage and it has found fresh evidence of his complicity.
These stocks offer the best combination of maximum 'buy' recommendations from brokerages and share price upside over the next 12 months.
The DoT and CAG developments come in the wake of reports of revenue loss and misuse of WiMax licences.
The ministry of finance has shot off a missive to the Department of Telecommunications stating there could be a revenue loss in 2006-07 to the national exchequer, owing to reduced license fee from international and national long distance services.
GST Council has also reached consensus on the definition of revenue to compensate states for revenue loss
The combined debt of Indian Oil, Bharat Petroleum and Hindustan Petroleum has risen to Rs 115,000 crore (Rs 1,150 billion) as they borrowed to make up for revenue losses on fuel sales during the first half of the current fiscal.
Kerala has seen one of the worst floods in its history during this monsoon. From August 8 to 20, nearly 223 people have lost their lives, 33 are missing and around 1.2 million individuals from 3,02,441 families are in 3,941 relief camps. Initial losses are estimated to be around Rs 200 billion (Rs 20,000 crore). With the rescue measures in its last leg, the Kerala government is looking at raising funds to rebuild the state. In an interaction with Gireesh Babu and T E Narasimhan, Kerala Finance Minister T M Thomas Isaac says he has a three-pronged strategy to raise funds. Edited Excerpts.
The huge loss at Merrill follows Citigroup Inc's write-off of $18 billion against sub-prime exposure. Citigroup, on Tuesday, had reported the biggest loss of almost $10 billion in its 196-year history.
Union finance secretary T V Somanathan recently said the Centre had saved Rs 10,000 crore in FY22 on interest payments after adopting new accounting mechanisms for central government agencies and centrally sponsored schemes (CSS) for state governments. Speaking at an event, Somanathan said due to these, there was an unspent balance of Rs 1.2 trillion with state agencies from CSS as on March 31, 2022. This means this amount will be reduced from the Centre's borrowing for now and it can be considered a short-term saving for the exchequer.
Delhi high court judge (retired) Shiv Narayan Dhingra, who is heading commission probing the grant of licenses to entities in Sector 83 of Gurgaon, on Thursday said Sonia Gandhi's son-in-law Robert Vadra may be called to record his statement "if required".
Some serious cost-cutting has resulted in significantly lower losses at JLR.
India's largest edtech firm Byju's will fire 1,000 employees in a fresh round of layoffs across departments. With the latest round, total job cuts at the company have mounted to around 3,500. According to sources, fresh job cuts are an attempt by the company to improve its finances and work towards a path to profitability.
GST authorities have detected GST fraud of Rs 55,575 crore over the last two years and arrested over 700 persons for causing loss to the exchequer, an official said on Thursday. Over 22,300 fake GST identification numbers (GSTIN) were detected by the officers of the Directorate General of GST Intelligence (DGGI). The government on November 9, 2020, launched a nationwide special drive against unscrupulous entities for availing and passing on Input Tax Credit (ITC) fraudulently by issuing fake/bogus invoices, thereby evading Goods and Services Tax (GST).
States also demanded that Budget for 2015-16 should make adequate provisions for central sales tax compensation for early roll out of Goods and Services Tax, a Constitutional Amendment Bill for which was tabled in the Lok Sabha last week.
Last month, Indian Oil Corp, Bharat Petroleum and Hindustan Petroleum were losing Rs 390 crore (Rs 3.9 billion) per day on sale of petrol, diesel, kerosene and domestic LPG. This month, losses have come down to Rs 352 crore (Rs 3.52 billion) per day, an industry official said.
'The economy of Kashmir has collapsed.'
Inefficient concession grant process, including delays and inefficiencies in concession system, forest and other clearances also contribute to illegal mining.
The Committee headed by senior BJP leader Yashwant Sinha had proposed no tax on income of up to Rs 300,000 per annum; 10 per cent for Rs 300,000-10 lakh (Rs 1 million); 20 per cent, for Rs 10-20 lakh (Rs 1-2 million) and 30 per cent on annual income beyond Rs 20 lakh (Rs 2 million).
Flagging higher fuel prices in many opposition-ruled states, Prime Minister Narendra Modi on Wednesday called it "injustice" to people living there and urged the governments there to reduce VAT in "national interest" to benefit the common man. Modi raised the issue of many states not adhering to the Centre's call for reducing the Value Added Tax (VAT) on petrol and diesel after his government slashed excise duties on them in November last, and asked them to work in the spirit of cooperative federalism in this time of global crisis. Higher prices in some states were also harmful for neighbouring states, he added.
Notwithstanding lower growth rates recorded in the first quarter (Q1) of 2023-24 (FY24), which spanned from April to June, footwear stocks have seen some gains in the past two trading sessions. Bata India saw an increase of approximately 5 per cent, driven by positive expectations surrounding a potential tie-up in the sports/athleisure segment. This development is viewed favourably due to the segment's higher growth rates.
Metal and mining companies, such as Tata Steel, JSW Steel, Hindalco, and Coal India, have been among the top-performing sectors on the bourses in recent months. The S&P BSE Metal Index is up 13 per cent in the past three months, rallying 29 per cent in the past year, outperforming the broader market. For comparison, the benchmark S&P BSE Sensex has only seen a 1.7 per cent increase in the past three months, with a 15 per cent gain since the end of September last year.
Jewellers remained firm over complete rollback of excise duty.
India imports 73 per cent of its crude oil import needs and the cost of imports would spiral after crude inched closer to a record $125 per barrel, while rupee touched its 13-month low, official sources said. The basket of crude oil India imports was at $120.65 per barrel on Thursday, a 91 per cent jump over the last fiscal's lowest price of 62.91 dollars recorded on May 9, 2007, official sources said.
The Individual tax payer exemption limit to be raised to Rs 200,000 from Rs 180,000.
The government has no plans to increase petrol and diesel prices even though international crude rates have touched $100 per barrel, Oil Minister S Jaipal Reddy said in Panipat on Tuesday.
Edtech major Byju's founders Byju Raveendran and Divya Gokulnath are planning to increase their stake in the company to about 40 per cent and have initiated discussion with investors, sources aware of the development said on Wednesday. The founders jointly hold around 25 per cent stake in the company at present. "There is an intention of Byju's founders to double their stake in the company.
Debt-ridden Kingfisher Airlines reported net loss of Rs 754 crore for the July-September quarter, a sharp increase from Rs 469 crore in the year-ago period.
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