INTERNATIONAL TRADE CENTRE ITC
Centre sacrificed large amount of GST revenue to compensate states: Former CEA Subramanian
Former Chief Economic Advisor Arvind Subramanian revealed that the Centre has been sacrificing a substantial portion of GST revenue, amounting to 1 per cent of GDP annually, to uphold a 14 per cent compensation guarantee for states since the introduction of the tax regime. Subramanian emphasised the importance of maintaining the current structure of GST, stating that bringing petrol and alcohol under GST would not be advisable.
Valuations take centre stage as Sensex touches new peak
Majority of the Sensex constituents now trade above their respective long-term average valuations. It means investors need to be selective while accumulating blue chip names.
India catching up with China, Vietnam on phone exports
India is rapidly narrowing the gap with China and Vietnam in mobile phone exports. In FY24, while mobile phone exports from China and Vietnam declined by 2.78% and 17.6% respectively, Indian exports surged by 40.5%, according to officials citing global trade data. India has captured nearly 50% of the reduction in mobile phone exports from these two countries, aligning with its objective of absorbing a significant portion of the supply chain shift from China.
US automobile industry threatened by prospects of Chinese EVs entering the country through the Mexican border
The US automobile industry has been threatened by the prospects of low-cost Chinese Electric Vehicles (EVs) reaching the country through the Mexican border. The US-Mexico-Canada trade agreement provides for free movement of goods and services between the three countries. The average price of an EV manufactured in the US has been priced at $55,000 and the Chinese EVs are priced at half this rate.
Centre eyeing one startup in every district by next year
The government is optimistic about its plan to have at least one registered startup in all 785 districts of the country, industry department officials said. With only 20-25 districts remaining without a startup, the goal is expected to be achieved within a year.
EVs versus pork: China has its hand on a raw nerve of Europe
The escalating trade tensions between Europe and China over electric vehicles have the potential to ignite a new trade war. As Europe imposes tariffs on Chinese EVs, China retaliates by targeting European farmers, particularly in the pork industry. This tit-for-tat strategy threatens to impact various sectors on both sides.
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Counterstrike! China eyes trade war targets across Europe
Trade war: China is preparing to retaliate against the European Union over proposed tariffs on electric cars. Targeted products include brandy from France, pork from Spain, wine primarily from France, and cars from Germany. The potential trade barriers aim to comply with WTO rules but could impact European exporters significantly.
Fertiliser stocks jump up to 9% amid hopes of exemption in upcoming GST Council meeting
Fertiliser stocks surged by up to 9% on Wednesday following reports of anticipated relief for the sector through Goods and Services Tax (GST) rate rationalization, expected to be discussed at the GST Council meeting scheduled for June 22, Saturday.
CII wants Modi 3.0 govt to push land, labour, agri reforms to boost growth
Industry body CII on Thursday made a case for pushing reforms in sectors like land, labour, and agriculture by the Modi 3.0 government to accelerate economic growth, which is estimated to be around 8 per cent in the current financial year. CII President Sanjiv Puri said a lot of policy interventions in the past have put the economy on "a much stronger wicket".
How brands should inspire politicians to move away from 'divide' and 'drown’ to ‘unify' and 'thrive’
Political parties should be emulating those marketers who have already cracked New India. To narrow-cast our population as a fundamental oneness, courtesy technology and aspiration. Then to engage experientially, with customer-centric regional empathy.
The man who escaped the scam rings of Cambodia
Thousands of workers are trafficked to Southeast Asia to commit cyber fraud on their fellow citizens over social media. Ex-serviceman Botcha Sankhar, who was forced to work in the scam compounds of Cambodia for six months, unravels the modus operandi of this new and terrifying form of crime and forced labour
Govt urges over 100 corporates to setup incubation centers for manufacturing startups
Startups and entrepreneurs in the nation have been playing a significant role in shifting global value chains to India by creating and innovating domestically. The National Council for Cement and Building Materials has already set up the centre.
What should investors do with RIL and ITC? Amnish Aggarwal answers
Elections is a very important event and we are now just I think three trading days away from it. We had issued a note to our clients in which we had identified a few sectors and the scripts which would be doing well irrespective of the outcome of elections.
Russia’s premier foreign policy forum to focus on BRICS role in shaping global financial architecture
The 'Primakov Readings' Forum in Moscow will discuss BRICS priorities in the context of Russian Presidency of BRICS. The theme is 'Russia in the Global Context' with key attendees like Yury Ushakov and Sergey Lavrov.
Agar is next tea and oil for Assam if developed systematically: Assam Chief Secretary Ravi Kota
Kota said that the climate and the landscape of Assam are best suited for agar tree plantation. There is a high demand of agarwood of Assam in the global markets particularly, Middle East because of its best quality aroma. Besides, huge domestic market of favours and perfumes is also knocking the door’.
National security has become crucial to many economic transactions: Jaishankar
Rooting for multipolarity and the role of India, the minister said, "The transformation of India is critical to strengthening multipolarity in Asia itself, a prerequisite for a multipolar world. India's growing weight will ensure that the overall balance in the world order remains in favour of freedom, openness, transparency and a rules-based order."
ITC Q4 Results: Profit falls marginally to Rs 5,120 crore, misses estimates
ITC Q4 Results: Revenue from operations rose 2% year-on-year (YoY) to Rs 19,446 crore in the January-March 2024 period, compared with Rs 19,058 crore in the corresponding period of last year. The Board has also recommended a final dividend of Rs 7.50/share for the financial year ended March.
Consumption demand remained subdued in Q4, rural India recovered after several quarters: ITC
FMCG major ITC notes subdued Q4 consumption but rural demand recovery. Q4 profit below estimates at Rs 5,190 crore; revenue up 2% to Rs 19,446.5 crore. Cigarette revenue rises 7.7%, FMCG (excluding cigarettes) up 7.2%, impacted by low priced Chinese supplies and trade restrictions on agri commodities affecting agri business segment.
Expect 15-18% upside in Sun Pharma over medium to long term: Hemang Jani
Sun Pharma numbers were slightly below expectations in terms of EBITDA and we do think that though they have guided for a very strong growth through their speciality portfolio, that is a little bit time away.
IFSC regulator looking to allow NBFCs operate as risk aggregators
The International Financial Services Centres Authority is exploring the option of non-bank financial players acting as risk aggregators for small customers in GIFT City to facilitate FX transactions and manage interest rate risk exposures.
Forex settlement next step by GIFT to onshore what's offshore
GIFT City to launch foreign currency settlement system chaired by K Rajaraman, IFSCA, supported by RBI and Clearing Corporation of India. System to settle US dollar transactions between IBUs in real-time. CCIL subsidiary to operate FCSS, aiming for operation by October 2024. Other currencies may be added later
Arbitration matters related to Chabahar port to be referred to tribunal in Muscat: Official
"Major concerns, including lack of consensus on an arbitral framework, have been addressed. As per the agreement signed on Monday, matters requiring arbitration with regard to operation of the Chabahar port, will be referred to a three-member arbitration tribunal based in Muscat in accordance with the Singapore International Arbitration Centre (SIAC)," the official said on condition of anonymity.
Why are Indian spice companies facing global market heat, and what steps can regulators take to restore trust?
Global scrutiny on Indian spice industry post ethylene oxide contamination. Urgent need to enhance domestic market quality for export trust. Authorities and experts stress transparency and stringent measures for maintaining export integrity.
Russia-India ties will expand notwithstanding Delhi’s growing ties with other powers: Experts
India aims to enhance global ties under potential Modi 3.0 government, focusing on strengthening partnerships with Russia, US, and Europe. Experts predict a 2024 summit meeting between Indian PM and Russian President, emphasizing the strategic importance of these relationships.
Indian official meets Saudi Arabia's Vice Haj Minister, discusses logistical arrangements for pilgrims
Pardeshi held a meeting with Saudi Arabia's Vice Haj Minister Abdul Fattah Mashat and discussed logistical arrangements and infrastructure developments aimed at the welfare and comfort of pilgrims.
F&O stocks to buy today: 9 short-term trading ideas by experts for 21 March 2024
Among sectors, auto was the top performer while metal turned out to be the biggest dud. The S&P BSE Sensex settled at 72,101.69, higher by 89.64 points or 0.12%, the broader Nifty closed at 21,839.10, down by 21.65 points or 0.10%.
Centre eyes 10x expansion in domestically flagged Ships
India plans to increase Indian flagged ships by ten times to become a formidable force in global maritime trade. Senior government official mentioned disputes between nations. Shipping ministry noted that most Indian flagged vessels are engaged in coastal trade. China has a large number of flagged ships engaged in overseas trade. Concerns exist regarding India's ageing ships.
Import of Apple watches goes into effect. What next?
The U.S. International Trade Commission in October ordered Apple to stop importing and selling Apple Watches based on a complaint from medical-monitoring technology company Masimo. The federal agency disputed that the Apple Watch feature for reading blood-oxygen levels infringes Masimo's pulse oximetry patents.
These Apple Watches will not be imported for now. Here's why
The United States International Trade Commission (ITC) decided in October to ban Apple Watch models over a patented technology for detecting blood-oxygen levels. Apple contends that the ITC finding was in error and should be reversed, but last week paused its US sales of Apple Watch Series 9 and Apple Watch Ultra 2.
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