 "GST")
India Inc may see over 22% profit jump in Q1; revenue growth may disappoint
Brokerages expect Nifty50 companies to have cumulatively witnessed strong double-digit growth in their earnings in the first quarter of FY24 (Q1FY24). This growth in the combined earnings is expected to have been driven by banks, automakers, and oil & gas companies. Other sectors may report muted profit growth. According to brokerage estimates, Nifty50 companies — excluding Adani Enterprises (for which earnings estimates are not available) — are expected to report a combined net profit of Rs 1.71 trillion for Q1FY24, up 22.4 per cent year-on-year (YoY) from Rs 1.4 trillion. Read more...
GST Council meeting: Onus of deducting TCS may be on ONDC sellers
The Goods and Services Tax (GST) Council in its meeting on Tuesday likely to put out a clarification about the tax collected at source (TCS) liability of suppliers in context with the newly-introduced ONDC model. It may clarify that TCS would be deducted by the seller app while making a payment to the supplier, if there are multiple e-commerce operators (ECO) involved in a single transaction. The Open Network for Digital Commerce or ONDC model is intended to democratise digital commerce and move it from a platform-centric model, such as Amazon and Zomato, to an open-network model in a bid to end monopolistic practices in the digital space. Read more...
Hyundai Motor's Exter to take on Tata's Punch in entry-level SUVs
Hyundai Motor on Tuesday will launch its new model, the Exter, in the entry-level sports utility vehicle (SUV) market, challenging the domination of Tata’s Punch in the segment. Positioned as an entry-level SUV with a price tag of over Rs 5 lakh, going up to the sub-Rs 10 lakh bracket, the Punch has been a success story for the Tatas and has ramped up volumes of 10,000-11,000 vehicles a month. Read more...
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India's natural gas ambitions tripping even though imported LNG prices fall
Last month, Russia’s Novatek CEO Leonid Mikhelson told the St Petersburg International Economic Forum that he sees Asia as the target market for its new LNG projects, and not Europe. Demand will grow in Asia, including in China and India. “These are the target markets for our projects,” Mikhelson said. China has been promising this year for LNG but Mikhelson’s optimism is not reflected in India’s--the world's most price sensitive major market for LNG--waning appetite for gas. Read more...
Uniform Civil Code: Lack of clarity on provisions unifies stakeholders
The deadline for consultations and suggestions invited by the Law Commission on the proposed Uniform Civil Code (UCC) comes to an end on July 14. Even as suggestions and objections pour in about a central promise in the Bharatiya Janata Party’s (BJP’s) election manifesto, those demanding they be kept out of the UCC are as vociferous as those seeking one law that overrides religious personal laws. Prime Minister (PM) Narendra Modi set off the current debate by making a strong pitch for UCC, saying the Constitution mandates having equal rights for all citizens. Read more...
