Govt may extend excise duty concessions to auto sector beyond December

Govt may extend excise duty concessions to auto sector beyond December Sep 12,2014   10:16 Hrs IST In a move which would provide further relief to the auto-makers, the government is mulling at the proposal for extending excise duty concessions to the automobile sector beyond December. Further, towards this development, the Heavy Industry Ministry is likely to send a proposal to Finance Ministry regarding extension of excise duty concession till March 31, 2015. The extension of duty concession would enable continuation of excise duty on small cars, scooters, motorcycles and commercial vehicles at the current level of 8% from 12% previously and would enable factory gate duty on SUVs at the reduced rate of 24% as against 30%. Meanwhile, the duty on large cars will continue at 24% compared with 27% earlier, while the duty on mid-sized cars will stand at 20% from 24%. The government to help the industry tide over sluggish sales had cut excise duty on cars, SUVs and two-wheelers as well as consumer durables in the Interim Budget in February. While, in the cheer for automobile and consumer durable sectors, the government in June this year extended the excise duty concessions which were earlier valid till June 30 by six months to December 31. However, it then also announced that capital goods and consumer durables will continue to attract a lower duty of 10% as against the pre-budget rate of 12%. Most carmakers had passed on the benefit of excise duty reduction to customers by cutting prices on account of sluggish sales of the industry, which were already impacted by soaring prices of fuel. Automobile sales in India fell for the second consecutive year in 2013-14 and were 4.65% lower at 1786,899 units. In 2012-13, car sales fell 6.69%, the first drop in a decade. In a separate development, Heavy Industries Ministry is contemplating over a policy of mandatory recalls, which will do away with the current system of voluntary recalls by auto companies.

Sep 12,2014   10:16 Hrs IST

In a move which would provide further relief to the auto-makers, the government is mulling at the proposal for extending excise duty concessions to the automobile sector beyond December. Further, towards this development, the Heavy Industry Ministry is likely to send a proposal to Finance Ministry regarding extension of excise duty concession till March 31, 2015. The extension of duty concession would enable continuation of excise duty on small cars, scooters, motorcycles and commercial vehicles at the current level of 8% from 12% previously and would enable factory gate duty on SUVs at the reduced rate of 24% as against 30%. Meanwhile, the duty on large cars will continue at 24% compared with 27% earlier, while the duty on mid-sized cars will stand at 20% from 24%. The government to help the industry tide over sluggish sales had cut excise duty on cars, SUVs and two-wheelers as well as consumer durables in the Interim Budget in February. While, in the cheer for automobile and consumer durable sectors, the government in June this year extended the excise duty concessions which were earlier valid till June 30 by six months to December 31. However, it then also announced that capital goods and consumer durables will continue to attract a lower duty of 10% as against the pre-budget rate of 12%. Most carmakers had passed on the benefit of excise duty reduction to customers by cutting prices on account of sluggish sales of the industry, which were already impacted by soaring prices of fuel. Automobile sales in India fell for the second consecutive year in 2013-14 and were 4.65% lower at 1786,899 units. In 2012-13, car sales fell 6.69%, the first drop in a decade. In a separate development, Heavy Industries Ministry is contemplating over a policy of mandatory recalls, which will do away with the current system of voluntary recalls by auto companies.

Gayatri Projects bags order worth Rs 158.92 crore from NHAI

Gayatri Projects bags order worth Rs 158.92 crore from NHAI

Sep 12,2014   11:00 Hrs IST

Gayatri Projects has bagged order worth Rs 158.92 crore from National Highways Authority of India (NHAI). The order is for improvement and augmentation of Thanjavur-Pudukottai section 2 laning with paved Shoulders from km 0.00 to km 55.228 (Existing Chainage from km 0.00 to 56.460) (Total design length 55.228 km) of NH-226 in the state of Tamil Nadu under NHDP-IV on EPC Mode. Gayatri Projects, an ISO 9001-2000 company, is one of the fastest growing construction companies in India executing major civil works including construction of concrete/masonry dams, earthen dams, national highways, bridges, canals, aqueducts, airports, ports, etc.

Titan Company gains on commissioning Stainless Steel Case Plant at Coimbatore

Titan Company gains on commissioning Stainless Steel Case Plant at Coimbatore

Sep 12,2014   09:26 Hrs IST

Titan Company is currently trading at Rs. 387.50, up by 5.45 points or 1.43% from its previous closing of Rs. 382.05 on the BSE. The scrip opened at Rs. 382.10 and has touched a high and low of Rs. 387.60 and Rs. 382.10 respectively. So far 4,972 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 397.80 on 09-Sep-2014 and a 52 week low of Rs. 203.00 on 30-Jan-2014. Last one week high and low of the scrip stood at Rs. 397.80 and Rs. 376.00 respectively. The current market cap of the company is Rs. 34,401.00 crore. The promoters holding in the company stood at 53.05% while Institutions and Non-Institutions held 24.35% and 22.59% respectively. Titan Company’s Watch Division has commissioned brand new Stainless Steel Case manufacturing facility which is located at Cochin Frontier Road, Coimbatore in state of Tamil Nadu. This plant has been set up with technical assistance from SEIKO EPSON, Japan to manufacture high-end Stainless Steel Cases meeting global standards of quality with an investment in excess of Rs 75 crore. The initial capacity of the facility is 1 million cases / annum scalable to 2 million / annum and an employment potential of 250 people. Titan Company is an Indian designer and manufacturer of watches, jewellery, precision engineering components and other accessories including sunglasses, wallets, bags and belts.