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Tuesday, September 12, 2017

ISSDA hails duty on flat steel imports from China
The Finance Ministry's decision to impose countervailing duty (CVD) on imports of certain flat steel products from China will not only help domestic players to recover the losses but also create jobs, industry body ISSDA said yesterday. The decision to impose the duty was taken by the finance ministry after the Directorate General of Anti-Dumping and Allied Duties (DGAD) found that despite sufficient demand in India and capacities, the domestic industry has lost sales opportunities, which is a direct consequence of subsidised imports from China. The country's apex stainless steel industry body Indian Stainless Steel Development Association (ISSDA), welcomes the imposition of Countervailing Duty (CVD), its President K K Pahuja said.

Gold gets a festive lift, tops Rs 31,000-mark
Gold overcame a sluggish global trend by surging Rs 470 to trade at Rs 31,000 per 10 grams yesterday after local jewellers ramped up buying for the festive rush. Silver offered a picture of contrast, which went below Rs 42,000 by falling Rs 300 to Rs 41,700 per kg, weighed down by muted demand from industrial units and coin makers. Increased local buying fulled by the festive season demand drove gold prices, but a weak overseas trend acted as an overhang.

GJEPC hails GST council decision on rough diamond import
The Gem and Jewellery Export Promotion Council (GJEPC) yesterday welcomed the GST council's decision on revising GST rates for import of rough diamonds from 3% to 0.25% for industrial and unsorted category. "We welcome the pragmatic decision of GST council for harmonising the GST rates for import of rough diamonds and reducing it from 3% to 0.25% for industrial and unsorted category," GJEPC Chairman Praveenshankar Pandya said in a release.

Business Guru Basesh Gala to address workshop
‘K-Family’ has organized an Interactive Workshop on ‘Flourish or Vanish’. With revolutionary changes taking place in the Industry and Technology, there is a need for Revolutionary Transformation in our Business Stategies to Flourish. The Workshop has been organized on September 16th 2017 at Hindu Colony in Dadar. Success Mentor & Founder Chairman of 39 Solutions Group, Basesh Gala will address the Workshop dealing with Demonetization, GST, how to progress in times of RERA etc. The event has been sponsored by Roman Vision.

Targetting 10 mn farmers in e-choupal network by 2022: ITC
Diversified firm ITC has said it is looking to more than double the number of farmers in its e- Choupal network to 10 million by 2022 as it gears up to expand farm produce procurement basket. The company has been working with farmers in villages since 2000 through e-Choupal -- an Internet based supply chain in rural areas which plays a key role in sourcing of various agri produce. Currently, over 4 million farmers are in the network.

Centre must curb pulse price volatility, says Crisil
With pulses inflation swinging a whopping 8,100 bps in the latest cycle, the government needs to tame the volatility by announcing effective MSP, introducing open trade policy, effective irrigation facility and promote futures market, said a report. "We've observed that inflation in pulses follows a cyclical pattern, with prices shooting up every two-three years. "The trend rate of inflation has averaged 12.2%, with the peaks 40% above the zero level and the troughs 25% below it," said the report by Crisil.

MarketSmith India, 5Paisa.com announce tie up
For the first time in India, an independent equity research firm and a broking house have come together to give a world class research information to investors. 5Paisa.com, the discount broking arm of IIFL, is going to integrate MarketSmith India in their app to give access to an independent and world class research to its customers. This will benefit the customers of 5Paisa.com in a big way from next week as they will now get access to all the research content of MarketSmith India, helping them to take informed investment decisions.

SIAM seeks cess exemption on 10-13 seater vehicles
Auto industry body SIAM yesterday sought exemption from cess on 10-13 seater vehicles under the recently introduced Goods and Services Tax (GST) framework. It, however, hoped the new cess rates announced last week would now remain stable and not be increased frequently. "SIAM feels that the long standing anomaly in the taxation of 10-13 seater vehicles could have been fully corrected and these should have been fixed at a GST rate of 28% without any cess as these are public transport vehicles and not for personal use," it said in a statement. SIAM hoped this anomaly would be addressed in future, it added.

Edelweiss Tokio Life launches new plan 'Smart Lifestyle'
Edelweiss Tokio Life Insurance yesterday launched Smart Lifestyle, a non-linked participating endowment plan aimed at fulfilling multiple needs. Smart Lifestyle is designed to provide flexibility which suits the policyholders' cash flows and requirements in terms of multiple policy terms and premium payment options, the private insurer said in a release.

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