December 28, 2020
Portfolio Restructuring To Focus On The Strip
With a view to strengthen its 20-inch mill, Tata Steel said it will invest one million pound to increase capability to make high-strength steel tubes.Earlier in February, Tata Steel had announced signing a definitive agreement to sell Speciality Steel business in the UK to Liberty House Group for 100 million pounds (about Rs 840 crore). Tata Steel said the two SAW mills to be sold to Liberty Group are fed with steel plate sourced from outside Tata Steel and hence are independent of the company Grommet strip products supply chain.
The two parties will work to complete consultations with employees and trade unions, as well as transfer of supplier and customer contracts."With this sale, Tata Steel UK will complete its portfolio restructuring to focus on the strip products supply chain linked to Port Talbot," Tata Steel UK CEO Bimlendra Jha said.6 billion in its UK business since acquiring Corus in 2007, including 100 million pounds over the last year to enable advanced steel manufacturing in a number of UK sites, it added. Tata Steel, however, said it would retain its 20-inch tube mill at the same Hartlepool site, where a further 270 people work.The company has invested more than 1. Tata Steel said it has signed definitive agreement with Liberty House Group to sell its SAW mills at Hartlepool in UK.
Tata Steel on Tuesday said it has signed definitive agreement with Liberty House Group to sell its Submerged Arc Weld (SAW) mills at Hartlepool in the UK for an undisclosed sum. Tata Steel said it would continue to be the largest steelmaker in Britain even after the sale of the mills and will employ almost 8,500 people in the UK, manufacturing advanced products for sectors like automotive and construction. The sale is also an important step towards developing a more sustainable future for the rest of our UK business, he added..
The transaction is expected to be completed within the next few months, the statement said. The 20-inch mill is supplied with steel coils from Tata Steel European steelworks and is part of its strip products supply # chain.Tata Steel, however, said it would retain its 20-inch tube mill at the same Hartlepool site, where a further 270 people work.The sale agreement covers the 42-inch and 84-inch pipe mills, also known as the SAW mills, where about 140 employees manufacture pipeline for gas and oil projects around the world, the company said in a statement
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December 21, 2020
Another Focus Area In Currently Subdued
FMCG companies wants see a revival in consumer confidence and create demand both in urban and rural markets. Agriculture, infrastructure and service sectors are also expected to get due attention and support.After taking a demonetisation hit, FMCG companies are pinning hopes on a growth oriented Budget to see a revival in consumer confidence and create demand both in urban and rural markets."
We are expecting a growth-oriented Budget with various stimuli to revive consumer confidence... proactive reforms to stimulate demand by increasing the money in the hands of the emerging middle class and rural India, this will help bring FMCG growth back on track," Godrej Consumer Products Ltd Managing Director Vivek Gambhir told PTI.Kolkata-based Emami too is expecting a growth oriented budget "to boost consumption, increase public investment, promote digitisation, broaden tax base and lead higher growth" and improvement of business sentiments."It (Budget) should aim at clarifying policies particularly with respect to GAAR, POEM, GST etc. As with every other Budget, restraining deficits and delivering higher growth is going to be a great challenge," said Emami CFO & CEO Finance Strategy & Business Development N. H Bhansali.He further said: "While tax rates are expected to reduce with increased basic exemption limits, but taxpayers base is expected to broaden. Ease of doing business would be another focus area in currently subdued business environment.Agriculture, infrastructure and service sectors are also expected to get due attention and support." Marico too is looking for a Budget in which the government would focus on boosting the rural sector and agricultural productivity besides providing benefits to the salaried taxpayers in order to increase disposable income in the urban markets, which would drive consumption."We are expecting an all-inclusive, progressive Budget to assist the sustainable economic growth of our country.
In order to do so, it is essential for the government to focus on three crucial factors -- boosting the rural sector and agricultural productivity, providing benefits to the salaried taxpayers in order to increase disposable income in the urban markets," said Marico MD & CEO Saugata Gupta.He added that this was important to encourage private investment and leverage demographic dividend as job creation is very critical. FMCG firms like HUL and Jyothy Laboratories, which have come up with their October-December results, have admitted that their sales were impacted due to "adverse liquidity conditions" due to demonetisation.Cholayil Group, maker of ayurvedic soap Medimix, is expecting tax incentives for the FMCG products based on traditional Ayurveda. "Thanks to the upsurge in consumer buy of body care products with ayurvedic ingredients, most FMCG companies have in the recent past entered this category.The expectation from the Budget is that such products with Ayush ingredients be taxed at a significantly lesser rate under GST," said Cholayil Ltd MD & CEO Pradeep Cholayil.He further added: "It will also auto rubber Suppliers be very good if there is a specific boost to the ayush/natural ingredients manufacturing akin to tax holidays that are extended in some of the manufacturing sector.Ayurveda-based FMCG manufacturing EOU parks can be promoted to give a boost to exports, and encourage players who have a strong product portfolio in the space."
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December 16, 2020
To Boost Electronic Manufacturing
A group of senior officials from ministries, including commerce and finance, will early next month deliberate on the incentives sought by US-based iPhone maker Apple to set up a manufacturing unit in the country.Officials from departments of commerce, industrial policy and promotion (DIPP), revenue, environment and forest, electronics and information technology (DeITY) will attend the meeting.The group is likely to meet in the first week of January to discuss the issue, sources said.In a communication Rubber gasket Suppliers to the government, the Cupertino-based technology major has asked for several tax and other incentives to enter India in the manufacturing sector.
However, government sources said the technology-major should set up the manufacturing unit in India without seeking additional support."Several companies in India are manufacturing mobile phones in India.
Nobody is asking for additional incentives.Currently, the government provides sufficient support to boost electronic manufacturing," they added.The government provides benefits under Modified Special Incentive Package Scheme (MSIPS) to boost electronic manufacturing in the country.The scheme provides financial incentives to offset disability and attract investments in the electronics hardware segment. It also gives subsidy for investments in Special Economic Zones, among other benefits.
Currently, Apple's products are manufactured in six countries, including Korea, Japan and the US.Earlier, the finance ministry in May had rejected relaxing the 30 per cent domestic sourcing norms, as sought by the iPhone and iPad maker as a pre-condition for bringing in FDI to set up single-brand retail stores in the country.The company had sought exemption on the ground that it makes state-of-the-art and cutting-edge technology products for which local sourcing is not possible.
The government had also turned down the firm's proposal to import refurbished phones and sell them in India.The company sells its products through Apple-owned retail stores in countries like China, Germany, the US, the UK and France, among others. It has no wholly-owned store inIndia and sells its products through distributors such as Redington and Ingram Micro.The government has announced incentives to promote electronic manufacturing in India and reduce the import bill.Total import of electronics goods were valued at Rs 2.25 lakh crore in 2014-15 as against Rs 1.95 lakh crore in the previous year.
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December 08, 2020
Forest On Both Sides Offers
Akamala near Wadakkancherry in Thrissur is a lush green place wrapped in spirituality. Akamala’s diverse landscapes enhance its beauty, especially the forest that falls under Machad range of Thrissur forest division. Among those rural areas that boast of captivating beauty, Akamala stands tall. A place located close wholesale auto rubber to Wadakkancherry in Thrissur district, Akamla is known for its forest, temple and hills.Akamala’s diverse landscapes enhance its beauty, especially the forest that falls under Machad range of Thrissur forest division. The ghat road that starts from the temple has giant shady trees lined up on both sides.
Even during hot afternoons, the road is ideal for trekking. The Ernakulam-Shoranur rail line passes through the scenic Akamala forest. The trains passing long the semi tunnels with forest on both sides offers good photographic opportunities. Rubber plantations are the added attractions.Pilgrim's havenThe Sri Dharma Sastha Temple located close to the Wadakkancherry-Shoranur Road is the prime attraction of Akamala.
The temple is being surrounded by lush greenery and is open for pilgrims on early mornings and evenings. During Sabarimala pilgrim season, large number of pilgrims pay obeisance at the temple. The temple all lit up with lamps in the evenings is a beautiful sight to watch. The Sreekovil of the temple has been renovated recently adding elaborate wood work and carvings. Free food (annadanam) is offered to the pilgrims twice a day. The beautiful temple pond is an added attraction and perched n the trees on the premises are monkeys.
Shopping timeBrisk sales of pottery products happen on the sides of ghat road near the temple. Spicy and delicious traditional beverages are available here. Those who pass through Akamala will definitely pay a visit to this unspoiled, fresh place to get immersed in the beauty of nature.(The writer is a lecturer at the School of Tourism Studies, Mahatma Gandhi University, Kottayam)
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December 04, 2020
Sufficient Revenue From Industrial Production
Jayant Mallaiya said it is difficult to bring petroleum products under GST as state gets 35 per cent of its revenue from it. The Madhya Pradesh government on Saturday made it clear that petroleum products will not be brought under the ambit of GST.
Indore: The Madhya Pradesh government here on Saturday made it clear that petroleum products will not be brought under the ambit of Goods and Services Tax (GST)."The total commercial revenue that we get from petroleum products is about 35 per cent of the total tax (commercial) that government collects.
Therefore, it is difficult for us to bring it under the GST as we need funds for running the government, development and to fulfill our social obligations," state finance minister, Jayant Mallaiya told reporters.However, the minister, who admitted that the rate of tax (VAT and entry tax) on petroleum products in the state is on the higher side also gave a justification for it."States like Gujarat and Maharashtra get sufficient revenue from industrial production, but it was not the case with Madhya Pradesh as industrial activities are less here.
Therefore, for earning enough funds (revenue) we have to levy tax on petroleum products," Mallaiya said.The minister said in 2016-17, a total of Rs 29,500 crore commercial tax was collected in the state which means an increase of 14.5 per cent per year.Mallaiya said he was satisfied with the implementation of GST in the state and the GST Council on the basis of state Automobile Tubing Manufacturers feedback is continuously reforming it. "Madhya Pradesh will get lot of benefit with this new tax regime because it is located centrally.
It will also result in enhancement of business activities especially stocking and transportation of goods," he said.Answering a question he said only those who don't want to do their business in a fair manner are not happy with decisions like GST and demonetisation.On oppositions charge that the state government is burdening people by borrowing money continuously, the minister said the government will not have any problem in taking loans for developmental and schemes meant for fulfilling social obligations.Besides, the growth rate of the state is much higher under BJP regime than that of Congress.
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