ITC Ltd reported 4 per cent drop in net profit at Rs 748.67 crore for the quarter ended June 30, 2008, from Rs 782.87 crore during the corresponding quarter of last year. The drop in net profit was attributed to the increase in excise duties on non-filter cigarettes in the Union Budget 2008, steep rise in commodity prices and store rentals.
However net turnover of ITC increased by 18 per cent to Rs 3,900 crore driven by a 29 per cent growth in non-cigarette businesses due to the continued scale up of new FMCG businesses, higher agri business revenues and a healthy performance by the hotels and paperboards and packaging businesses. The hotels business posted a 17 per cent increase in revenues to touch Rs 239 crore. This was supported by better occupancies and room rates and higher food and beverage sales.
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Indian Oil Corporation ltd’s(IOC) reported the company results reporting a 71 per cent decline in net profit for the first quarter of the current financial year.
Huge under-recoveries suffered due to sale of auto and cooking fuels below cost price (revenue loss of Rs 410 crore a day) was a dominant factor in bringing down the company’s net profit to Rs 415.13 crore (Rs 1,468.41 crore). However, net sales increased to Rs 74,872.60 crore (Rs 52,861.96 crore).
The Chairman of IOC, Mr Sarthak Behuria, quoted “the under-recovery on account of non-realisation of market-related prices for petrol, diesel, kerosene, and domestic LPG for the quarter was Rs 7,320.57 crore (after considering special oil bonds of Rs 13,527 crore).” Diesel consumption has seen a growth of 18-20 per cent. Currently, the company’s borrowings have touched Rs 42,500 crore, are likely to reach Rs 58,000 crore by September-end.
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Punjab National Bank(PNB) has decided to raise its benchmark prime lending rate(PLR) by 100 basis points to 14 per cent with effect from 1st of next month, being country’s second largest public sector bank by assets PNB decided to hike its deposit rate by 75-100 basis oints across various maturities to make them more competitive in the market.
These decisions have been taken today looking at the extraordinar situation prevailing and to provide better returns to the depositors of PNB with the inflation rates at 12 per cent PNB said that they will not be able to induce the people to save unless they increase teh deposit rates.
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Shares of Jet Airways zoomed 6.8 per cent after India’s top private carrier posted an unexpected net profit of Rs 143 crore in the June quarter, beating market expectations of a net loss of Rs 377 crore.
The relentless rise in jet fuel prices since April had badly hit all airlines with the losses as high as Rs 10 crore daily for major players and the April-June quarter was expected to see huge losses.
However, enhanced revenues from its international operations and a change in accounting policy on depreciation helped the private air-carrier post a good set of numbers in the period, analysts said.
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The World Trade Organization (WTO) talks have failed; India, China and the United States have failed to reach a consensus on reforming farm trading norms. Trade ministers from over 30 countries, worked overtime over nine grueling days staying well past their original timetable hungry for the success of the WTO talks after a sting of failures over the past seven years. The issues were contentious.
The position had entrenched for a brief while on Friday. There was hope as trade ministers agreed on a compromise put forward by Pascal Lamy the WTO, Director General. The founder on the issue of special safeguard mechanisms, that is defenses in the form of additional duties that the developing countries can impose to guard against the surge and the imports of subsidized farm produce and consequent price slumps. There were three triggers that could activate these defenses.
But developing countries argued that they were useless, as additional duties could not pierce the maximum permissible import duties unless imports surge by 40%, which they said could be pretty devastating on their farmers. In a way it was a contest between commercial agricultural interest and the livelihood concerns of subsistence farmers. This is not an issue between India and the US, India had to support more than 100 developing countries including China. The exclusive focus on special safeguards was also seen by developing countries as a US ploy as it had little to offer on the issue of cotton subsidies.
There was sadness as the talk ended because success at this time would have come as welcome news for a world facing threats in food, fuel and financial markets.
Source: moneycontrol.com
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If you have not filed your Income Tax returns then better be quick and complete the formalities by July 31, here are some consequences which might occur if you fail to pay the tax or file your IT Returns:
1) The tax department may impose a penalty of up to Rs 5,000 under section 271F on you for not filing IT Return.
2) If you have unpaid tax of more than Rs 3,000 but less than Rs 1 Lakh, you can be sentenced for a jail term of three months along with the penalty.
3) If the unpaid tax amount is more than Rs 1 Lakh the jail tern can increase to a minimum of six months to a maximum of seven years, over and above the penalty.
4) In case a person does not file returns but submits documents like Form 16A and other TDS certificates after getting a notice, he can be still asked to pay a penalty of Rs 5000.
5) If the person ignores the notice then the penalty will increase to Rs 10,000 for each notice.
However, return filing can be extended to till April 2009, the last date of assessment year for 2007-08 if there is a genuine ground, There are several advantages also like:
1) Income tax law allows carry forward of set off business losses against the income in the subsequent years.
2) If more tax than the due amount is deducted from your income, you will get the refund only after filing the returns.
3) If you file the return by July 31, you will also get the interest on the refund amount for the period between April 1, 2008 and the date of refund but if you file your returns after July 31, 2008, you will not get the interest.
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