KOLKATA: Hindustan Zinc Limited (HZL) is likely to see a 9% decline in metal production in FY21 due to low capacity utilization in Q1FY21 and project delays as an international travel ban has disrupted specialists' movement required for commissioning the projects, a research report has said. HZL, the largest domestic zinc company, posted a 33.4 % decline in net profit to Rs 1,339 crore for the quarter ended March 31 against a net profit of Rs 2,012 crore in the previous corresponding quarter, according to an official notification to the BSE on Thursday. The company's total income declined to Rs 4,861 crore in the January-March quarter, compared with Rs 6,030 crore in the year-ago period. HZL CEO Sunil Duggal said: "Industrial activity across the globe is undergoing a level of disruption never seen since the Second World War. In these challenging times, our focus is business continuity and safety of people and operations and supporting our communities affected by the pandemic." The … [Read more...] about Hindustan Zinc likely to see 9% decline in metal production in FY21
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Ahmedabad Mayor Bijal Patel's justification for not wearing a mask on Thursday, while accepting PPE kits in donation, has only worsened her perception as an irresponsible first citizen. Responding to news reports and citizens' ire, Patel took to social media and said she did not wear a mask as the event was held at her residence - in the lawns at Mayor's Bungalow. However, a senior official of the AMC health department said that even if it was at her residence, it was important for the mayor to wear a mask as at least five people could be seen in the picture with her. Despite this, AMC has not slapped Rs 200 fine on her for violating the rule of compulsory mask. DyMC Mukesh Gadhvi, in-charge of the solid waste department, did not respond to calls when Mirror tried to ascertain why she was not fined. When Mirror talked to the mayor, she said that she has not received any challan from the AMC. "I have been accepting donations in the same lawns of my residence. I accepted donations from … [Read more...] about Mayor ‘unmasked’, but yet to get Rs 200 challan
Imports from related parties are generally subjected to valuation under the Customs Act, 1962 as well as Transfer Pricing (‘TP’) under the Income-tax Act, 1961. While both regulations aim to arrive at an appropriate price, the outlook is different. Where one prevents excessive price for imports recorded in the books, the other prevents under-pricing. There is even similarity in the methods that are used to arrive at the appropriate price. However, in absence of a legal binding, businesses struggle to make a case before the revenue authorities. The PreambleThe TP Regulations and the tax authorities, through the Arm’s Length Price (‘ALP’) approach, examine the transaction price to ensure that the profit as well as the tax payable on the profit earned from the imported goods, is not understated. On the other hand, Customs law and the customs authorities, through Fair Value (‘FV’) approach, ensures that the price is not understated to reduce the … [Read more...] about Valuation Under Transfer Pricing & Customs – Will They Ever Converge?
New Delhi: In a recent NATHEALTH's survey over 50 private laboratories across 13 Indian states were told to explore ways to enhance testing in private sector labs, the latest research stated the current testing scenario of India. According to the report, the private sector is still being utilized only at 30 % whereas the public sector is running at nearly to it's full capacity. NATHEALTH is an inclusive institution that aims to help build a better and healthier future for both rural and urban India. It has representation of small & medium hospitals and nursing homes, committed to working on its mission to encourage innovation, help shape policy & regulations enabling the environment to fund long term growth.The current testing capacity in India stands at 1.50 to 1.70 lakhs tests per day with the public sector capacity of 1.10 lakh tests per day and private sector capacity of 60,000 tests per day whereas currently India is conducting 1 lakh tests per day only. According to the … [Read more...] about NATHEALTH’s COVID private sector lab survey identifies opportunities to ramp up testing, currently at 30%
NEW YORK: Iconic world sites from the New York Stock Exchange to the Church of the Nativity reopened their doors on Tuesday from the coronavirus pandemic, but new alarm bells rang in Latin America over a spike of infections. In a symbolic return of a high altar of capitalism, the New York Stock Exchange -- which had gone exclusively virtual for two months -- allowed a limited number of traders to return to the trading floor, wearing masks to reduce the risk of infection. The reopening boosted the mood as the benchmark Dow Jones index surged more than 2.2 percent, casting aside grim predictions that the world could be entering a new Great Depression after millions of job losses. Visiting Wall Street, New York Governor Andrew Cuomo called for swift work on long-mulled mega-infrastructure projects such as subway extensions in the hard-hit metropolis. "Let's do something creative, let's do it fast. Let's put Americans back to work," Cuomo told reporters. There were also signs of hope at … [Read more...] about From Wall Street to Bethlehem, iconic sites reopen from virus