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GST Council okays uniform 12 per cent GST on milk cans, cartons, water sprinklers

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GST Council okays uniform 12 per cent GST on milk cans, cartons, water sprinklers

New Delhi, June 22 (IANS) The GST Council meeting held on Saturday recommended a uniform GST rate of 12 per cent on all milk cans whether they be made of steel, iron, or aluminum, Finance Minister Nirmala Sitharaman said.

Milk cans will be governed by a standard measurement and not by the material they are made of, in order to avoid ambiguity, the Finance Minister said.

They are called milk cans but wherever they are used, that will be the rate applicable so that no disputes arise out of it, she added.

The council also recommended a uniform GST rate of 12 per cent on all carton boxes and cases of both corrugated and non-corrugated paper or paper board.

This will in particular help the apple growers of Himachal Pradesh and Jammu & Kashmir.

A uniform 12 per cent GST has also been recommended on all types of water sprinklers including fire water sprinklers, she added.

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–IANS

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Road accidents major cause for increased fatalities in India: MoS Ajay Tamta

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Road accidents major cause for increased fatalities in India: MoS Ajay Tamta

Road accidents major cause for increased fatalities in India: MoS Ajay Tamta

New Delhi, July 25 (IANS) Addressing a session during the 8th Road Safety Conference on ‘Future for Safe Ecosystem through Innovative & Sustainable Solutions’ organised by The Associated Chambers of Commerce and Industry of India (ASSOCHAM), Ajay Tamta, Union Minister of State for Road Transport and Highways, said to achieve a significant improvement in road safety, the government is committed to raising awareness and taking measures to review the standards pertaining to safety in the design of rural and urban roads.

In this context, one of the recent initiatives includes the knowledge-sharing platform hosted by the National Highways Authority of India for sharing knowledge and the innovative best practices.

This effort will assist the authority in working with specialists and citizens who want to exchange knowledge and views on road design, construction, road safety, environmental sustainability, and related sectors, Tamta said.

He also discussed various types of accidents across different conditions and road types, stressing the importance of designing future roads to prevent road mishaps.

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The Minister also addressed the annual impact of road incidents, including permanent damage and casualties.

In his special address, Shive Keshari Singh, DCP (Traffic), Delhi Police, gave insights about how accidents happen majorly at nighttime and asked people to be safe while driving and be aware of road safety.

Delivering the welcome address, Anil Rajput, Chairperson, ASSOCHAM National CSR Council, said, “Road safety is a critical issue that impacts all of us, and every year, millions of lives are lost or irreversibly altered due to road accidents. I believe enhancement of driving skills, greater awareness of the perils of drunk driving along with intense dissemination of information on vehicle maintenance can play a pivotal role in reducing road accidents and the resulting complications.

“Mindful of the severity of the situation, the Government of India, especially over the last 10 years, has been proactively addressing this issue through the introduction of numerous solutions to cater to diverse aspects of road safety.

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“These include increased awareness and education among masses, research and development, innovation in road infrastructure, integrated transportation systems, and post-trauma care.

“Significant attention has also been given to improving Indian systems in all 6Es of ensuring road safety — Engineering, Enforcement, Education, Emergency, Encouragement, and Economy.

“Road Safety is not an individual responsibility, it requires sustained and concerted efforts of the policymakers, corporates, OEMs, NGOs, media, civil society organisations, think-tanks, research groups, educational institutions, advocacy groups, and the society at large.”

Mihir Shah, Head of Operations, Swiggy, said, “Road safety is a shared responsibility, requiring the combined efforts of government bodies, corporations, and the public. The ASSOCHAM Road Safety Conference underscores the importance of sustainable solutions, innovative technologies, and effective policies in building a safer road ecosystem.

“At Swiggy, we are dedicated to this cause through our ‘Delivering Safely Charter’, which incorporates advanced safety technologies, comprehensive road safety training, and robust emergency response systems for our delivery partners. By collaborating and fostering a culture of responsible driving and safe behaviour, we can make meaningful progress towards ensuring safer roads for all.”

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During the industry address, Prabhu Nagaraj, Operating Officer, Corporate Affairs, Honda Motorcycle & Scooter India Pvt. Ltd., outlined Honda’s initiatives in road safety and training.

The concluding remarks were made by Vinod Pandey, Chairman of ASSOCHAM National Council on Manufacturing & Capital Goods, and Director, CSR, BMW India, who stressed BMW Group’s commitment to putting safer cars on the road.

–IANS

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Adani Energy Solutions posts 73 pc net profit growth in Q1, revenue surges 43 pc

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Adani Energy Solutions posts 73 pc net profit growth in Q1, revenue
 surges 43 pc

Adani Energy Solutions posts 73 pc net profit growth in Q1, revenue
 surges 43 pc

Ahmedabad, July 25 (IANS) Adani Energy Solutions Ltd (AESL) on Thursday reported strong results for the April-June quarter, as operational revenue surged 47 per cent to Rs 5,379 crore (year-on-year) while adjusted profit after tax (PAT) reached Rs 315 crore, up an impressive 73 per cent.

Operational EBITDA was at Rs 1,628 crore, up 29.7 per cent YoY, said the Adani Group company.

On account of carving out of the Dahanu power plant from the company’s books and in line with Indian Accounting Standard (IND AS) 105, AESL has reported a one-off exception item of Rs 1,506 crore.

Adjusted for this exception item, the company’s revenue was up 47 per cent YoY, PAT was up 73 per cent YoY, and EBITDA was up 30 per cent YoY.

The company is carving out the Dahanu power plant to meet its broader environmental goals, which include achieving net zero status by 2050.

The move is expected to attract a fresh set of ESG-focused investors who earlier were constrained due to the Dahanu power plant being part of AESL’s portfolio.

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“AESL remains steadfast with the commissioning of new lines, along with strong energy demand growth in its distribution areas of AEML and MUL. We are further contributing to decarbonisation of the power distribution in Mumbai by way of 37 per cent renewable power penetration in Mumbai,” said Anil Sardana, MD, Adani Energy Solutions.

“We take pride in our contribution to developing critical transmission infrastructure, to facilitate renewable evacuation (e.g. Khavda) and as well as strengthening the existing grid and driving energy efficiency in India through its smart metering programme,” Sardana added.

The revenues witnessed a robust growth on account of the contribution from the newly operationalised transmission assets, line addition at under-construction projects and an increase in the units sold because of higher energy consumption in the distribution business at Mumbai and Mundra and contribution from smart metering business.

The Mumbai distribution business witnessed an increase in the energy consumed by 8 per cent. Its distribution losses of 5.18 per cent remained low and the utility added new consumers, reaching 3.2 million on the back of reliable and affordable power supply, informed the company.

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Within the transmission segment, the company added multiple projects to its pipeline in recent quarters, expanding the order book to Rs 17,000 crore for transmission projects.

In line with the robust demand trends across the country, energy demand (units sold) in Adani Electricity Mumbai in Q1 FY25 ended 8 per cent higher YoY to 2,962 million units, the company said.

–IANS

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Centre's fiscal consolidation plan will boost India's credit profile: Global agencies

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Centre's fiscal consolidation plan will boost India's credit profile: Global agencies

Centre's fiscal consolidation plan will boost India's credit profile: Global agencies

Mumbai, July 25 (IANS) Global credit agencies said the government’s plan for fiscal consolidation would positively impact India’s credit profile.

In the Union Budget 2024-24, the government set the fiscal deficit target at 4.9 per cent of the GDP for FY25, lower than the 5.1 per cent announced in the Interim Budget.

Global credit agencies like Moody’s, Fitch Ratings, and S&P Global Ratings have given thumbs up to the Union Budget.

Moody’s Ratings said, “Policy continuity is reflected in the budget. The government’s capital spending on infrastructure is around 23 per cent of total expenditure.”

The rating agency further said, “Overall, the Budget is credit positive. The government has set the fiscal deficit target for the current financial year at 4.9 per cent of the GDP, which is lower than the 5.1 per cent set in the Interim Budget. At this pace, it can achieve its target of reducing the fiscal deficit to 4.5 per cent of the GDP by the financial year 2025-26.”

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S&P Global Ratings said, “The budget reflected the government’s commitment to continue fiscal consolidation. Rs 11.11 lakh crore has been allocated for capital investment in infrastructure, which shows that the government’s focus is on investing in infrastructure.”

The rating agency added, “Reducing taxes on foreign companies will help in job creation and investment in India.”

Rating agency Fitch said, “The budget reflects the government’s commitment to reduce the fiscal deficit. Fiscal consolidation will bring down India’s debt ratio in the medium term and support its credit profile.”

–IANS

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Adani Green Energy's cash profits surges 32 pc to Rs 1,390 crore in Q1 FY25, revenue up 24 pc

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Adani Green Energy's cash profits surges 32 pc to Rs 1,390 crore in Q1 FY25, revenue up 24 pc

Adani Green Energy's cash profits surges 32 pc to Rs 1,390 crore in Q1 FY25, revenue up 24 pc

Ahmedabad, July 25 (IANS) Adani Green Energy Ltd (AGEL) on Thursday reported robust results for the April-June quarter (Q1) of the current fiscal, clocking a 23 per cent industry-leading EBITDA growth at Rs 2,374 crore, as cash profit surged 32 per cent (year-on-year) to Rs 1,390 crore.

The total revenue for India’s largest and fastest-growing pure-play renewable energy company grew an impressive 24 per cent to Rs 2,528 crore in the quarter.

The robust growth in revenue, EBITDA and cash profit is primarily driven by a capacity addition of 2,618 MW over the last year, the company said in a statement.

Amit Singh, CEO of Adani Green Energy, said that they are working relentlessly towards the development of the world’s largest single-location renewable energy plant of 30 GW at Khavda in Gujarat.

“To enable accelerated implementation, we have deployed advanced robotics technology for the installation of solar modules, significantly enhancing productivity. Additionally, we have developed an extensive local supply chain and established a sustained mobilisation of human resources,” he said.

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AGEL this week operationalised the first 250 MW wind capacity at the world’s largest 30,000 MW (30 GW) renewable energy plant at Khavda.

With this milestone, 2,250 MW of cumulative capacity has been made operational at the Khavda plant, strengthening AGEL’s leadership in India with the largest operational portfolio of 11,184 MW.

In the April-June quarter, operational capacity was expanded by an impressive 31 per cent to 10,934 MW, with greenfield additions, including 2,000 MW of solar capacity in Khavda, 418 MW of solar capacity in Rajasthan, and 200 MW of wind capacity in Gujarat. The energy sales were up by 22 per cent YoY to 7,356 million units, propelled by the robust capacity additions and strong operational performance, said the company.

“Adani Green is well on track to achieve its 2030 capacity target of 50 GW including at least 5 GW energy storage in the form of pumped hydro, with sites already secured and clear visibility on evacuation,” the company CEO said.

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For FY24, the company had reported 30 per cent EBITDA growth at Rs 7,222 crore, as the renewable energy (RE) major revised its target for 2030 to 50 gigawatts (GW) from 45 GW.

The Khavda renewable energy plant is spread over an area of 538 sq km, almost five times the city of Paris.

This is not only the world’s largest single-location renewable energy plant but also the world’s largest single-location power plant across all power sources. Within 12 months of breaking ground, AGEL already operationalised the first 2 GW and plans to add a total of 6 GW capacity in FY25 and Khavda will contribute a major part of this capacity. The entire 30 GW RE capacity will be developed in Khavda by 2029, also setting a global benchmark for the speed of execution at such a large scale, said the company.

–IANS

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Sensex, Nifty close flat after volatile trading session

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Sensex, Nifty close flat after volatile trading session

Sensex, Nifty close flat after volatile trading session

Mumbai, July 25 (IANS) Indian equity indices closed flat on Thursday following a volatile session.

At closing on Thursday, Sensex was down 109 points or 0.14 per cent at 80,039, while Nifty fell 7 points or 0.03 per cent to 24,406.

The biggest decline was seen in banking shares with Nifty Bank falling 428 points or 0.83 per cent to close at 50,888.

Selling pressure was seen on small and medium stocks. The Nifty Midcap 100 index was down 131 points or 0.23 per cent at 56,741, while Nifty Smallcap was at 18,673, down 50 points or 0.27 per cent.

Tata Motors, L&T, Sun Pharma, Kotak Mahindra, Wipro, HDFC Bank, Power Grid, and Bajaj Finance were the top gainers in the Sensex pack, while Axis Bank, Nestle, ICICI Bank, Titan, and Tata Steel were the top losers.

Among the sectoral indices, metal, realty, private bank, fin service, PSU bank and IT were the major laggards, while auto, pharma, and energy were the major gainers.

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Experts are of the view that after a volatile session, the market ended on a flat note influenced by lower-than-expected earnings growth from major banks.

Global indices also reacted pessimistically due to the disappointing results from top US tech companies.

Shrey Jain, Founder and CEO of SAS Online, said, “The market sentiment initially soured on Budget day due to a proposed hike in capital gains tax. Now, the sentiments have worsened following a sharp global market downturn, highlighted by Nasdaq’s 3.64 per cent plunge, resulting in a significant gap-down opening on Thursday.”

–IANS

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