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MP govt may raise upper slab of VAT
Stung by the Centre’s indication to compensate half of what was promised as full compensation against phasing out of Central Sales Tax (CST), the Madhya Pradesh government may increase the upper slab of value added tax to 15 per cent from the existing 12.5 per cent before goods and service tax (GST) comes into effect.

No second term for Rajnath
The Rashtriya Swayamsevak Sangh (RSS) today obtained a commitment from the Bharatiya Janata Party’s (BJP’s) warring leaders that they would stop their infighting even as moves were initiated for a major overhaul of the party’s top brass, which will see the exit of Rajnath Singh as party president in the next three months and likely stepping down of L K Advani as leader of the Opposition in the Lok Sabha.

News of the day

Conflict of interest rules need to be clear
The concept of conflict of interest in commercial jurisprudence is hogging the headlines. A judge of the Supreme Court has recused himself from adjudicating a high-profile corporate war since his daughter now works for a law firm that had been involved in scripting a document that the court would have to interpret.
Small Business

Hindalco net slips on debt

Loans taken for acquiring Novelis caused a dip in the net profit of the Aditya Birla Group’s Hindalco Industries. The profit dipped 21.65 per cent to Rs 427 crore for the third quarter ended December 31, from Rs 545 crore in the corresponding quarter of the previous year. - GMR Infra Q3 PAT plunges 85% to Rs 9 cr - Market in a pincer - Marico net up on strong volumes - Cairn India net up 23% - Cipla net up 29% at Rs 289 crore - Tata Tea net falls 77% The net profit has also fallen due to lower other income at Rs 50 crore for the third quarter, as against Rs 150 crore for the corresponding quarter of 2008-09. This was due to a lower corpus post repayment of a bridge loan taken for acquisition of Novelis, said Hindalco. Net sales were Rs 5,315 crore for the quarter, an increase of 29 per cent from Rs 4,117 crore for the corresponding previous year’s quarter, thanks to higher metal volumes and better copper realidation. With five per cent higher aluminum metal production, a 34 per cent increase in rolled aluminium production and 22 per cent higher copper production, compared to the third quarter of 2008-09, the quarter has been amongst the best ever, claimed the company. Capacity increases through expansion of exisiting units have resulted in higher production, as well as lower costs. However, Ebitda (earnings before interest, taxes, depreciation and amortisation) was lower by four per cent at Rs 748 crore, mainly on account of lower by-product credit in the copper business of Rs 100 crore and higher coal cost of Rs 50 crore, said a press release.


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