General Affairs
ISRO To Use Radar Imaging Satellite To Locate Missing IAF Plane
-
CHENNAI: The Indian space agency will be using its Radar Imaging Satellite (RISAT) that can see through the clouds to locate the missing Indian Air Force (IAF) plane that went missing on Friday morning with 29 people on board, said its chief today.
"We will be using RISAT to locate the missing aircraft. The satellite can take pictures both during the day and night. It can see through the clouds," Indian Space Research Organisation (ISRO) Chairman AS Kiran Kumar told IANS.
He said ISRO's satellites could be tilted to some extent to look at a different place in times of need.
The RISAT's active microwave remote sensing provides cloud penetration and day-night imaging capability.
These unique characteristics of C-band (5.35GHz) Synthetic Aperture Radar enable applications in agriculture, particularly paddy monitoring in kharif season and management of natural disasters like flood and cyclone, ISRO had said earlier about RISAT.
According to Kiran Kumar, ISRO is in the process of looking into the data of satellites that can throw some light on the missing plane.
He said the search and rescue beacon signal from the IAF plane was not picked by the ISRO satellites as the signals were not there.
"Aircrafts with search and rescue beacons should also have a transmitter to transmit the signals for the satellites to pick up," he said.
The IAF AN-32 aircraft went missing on Friday over the Bay of Bengal off the Chennai coast.
The search and rescue operation by Indian Navy and Coast Guard, which went on through the night, continued today and more assets were deployed.
Two P8I surveillance aircrafts and two Dornier are continuing the search while one Dornier is on standby at Port Blair.
Another AN 32 and two C-130 Hercules aircrafts and Mi-17 V5 with floats are also on standby.
At present, 13 ships of the Indian Navy and four ships of Coast Guard are involved in the search operation.
A submarine was also sent for locating transmissions from the emergency locator beacon on board the missing aircraft. Emergency locator beacons usually get activated in case a plane crashes.
Those on board the AN-32 included six crew members, 15 personnel from the IAF, army, navy and Coast Guard, and eight civilians who were family members of the personnel.
"We will be using RISAT to locate the missing aircraft. The satellite can take pictures both during the day and night. It can see through the clouds," Indian Space Research Organisation (ISRO) Chairman AS Kiran Kumar told IANS.
The RISAT's active microwave remote sensing provides cloud penetration and day-night imaging capability.
These unique characteristics of C-band (5.35GHz) Synthetic Aperture Radar enable applications in agriculture, particularly paddy monitoring in kharif season and management of natural disasters like flood and cyclone, ISRO had said earlier about RISAT.
According to Kiran Kumar, ISRO is in the process of looking into the data of satellites that can throw some light on the missing plane.
He said the search and rescue beacon signal from the IAF plane was not picked by the ISRO satellites as the signals were not there.
"Aircrafts with search and rescue beacons should also have a transmitter to transmit the signals for the satellites to pick up," he said.
The IAF AN-32 aircraft went missing on Friday over the Bay of Bengal off the Chennai coast.
The search and rescue operation by Indian Navy and Coast Guard, which went on through the night, continued today and more assets were deployed.
Two P8I surveillance aircrafts and two Dornier are continuing the search while one Dornier is on standby at Port Blair.
Another AN 32 and two C-130 Hercules aircrafts and Mi-17 V5 with floats are also on standby.
At present, 13 ships of the Indian Navy and four ships of Coast Guard are involved in the search operation.
A submarine was also sent for locating transmissions from the emergency locator beacon on board the missing aircraft. Emergency locator beacons usually get activated in case a plane crashes.
Those on board the AN-32 included six crew members, 15 personnel from the IAF, army, navy and Coast Guard, and eight civilians who were family members of the personnel.
Sushma Swaraj Slams Pak PM, Says 'All Of Kashmir Is India's'
-
NEW DELHI: In its sharpest remarks on Pakistan in recent months, India today accused Islamabad of an "unabashed embrace of terrorism" and warned that its stated goal of detaching Kashmir from India will "not be realised to the end of eternity."
The unflinching censure came from Foreign Minister Sushma Swaraj and was levelled directly at Pakistani Prime Minister Nawaz Sharif for instigating the recent violence in Jammu and Kashmir where nearly 50 people have died and 3,000 been injured in clashes after the shooting of 22-year-old terrorist Burhan Wani.
The Pakistani Prime Minister and his top ministers have eulogised Wani who was shot dead on July 8, triggering a searing cycle of violence - the worst in six years - in the Kashmir Valley with thousands of people, many of them young stone-pelting protesters, defying curfew to retaliate against security forces.
Last week, Mr Sharif called for protest against what Islamabad has described at the United Nations and elsewhere as India's blatant violation of human rights in Kashmir.
Home Minister Rajnath Singh told parliament this week that Pakistan has sponsored the unrest; all opposition parties have backed India's stand - a cohesion praised recently by Prime Minister Narendra Modi.
"All of Kashmir belongs to India," Ms Swaraj said today. Her ministry recently said in a statement that Pakistan should withdraw from the parts of Kashmir it has illegally occupied.
Wani who belonged to Kashmir's largest terror group, the Hizbul Mujahideen, used social media effectively and expansively to recruit young men like himself who accuse the state of indiscriminate force in dealing with dissent.
With hundreds of civilians being treated for eye injuries caused by pellets from non-lethal weapons, the Home Minister has said that security forces have been urged to proceed with caution. Ms Swaraj said today that 1,700 personnel of the police and other forces have also been injured in recent days.
The unflinching censure came from Foreign Minister Sushma Swaraj and was levelled directly at Pakistani Prime Minister Nawaz Sharif for instigating the recent violence in Jammu and Kashmir where nearly 50 people have died and 3,000 been injured in clashes after the shooting of 22-year-old terrorist Burhan Wani.
Last week, Mr Sharif called for protest against what Islamabad has described at the United Nations and elsewhere as India's blatant violation of human rights in Kashmir.
Home Minister Rajnath Singh told parliament this week that Pakistan has sponsored the unrest; all opposition parties have backed India's stand - a cohesion praised recently by Prime Minister Narendra Modi.
"All of Kashmir belongs to India," Ms Swaraj said today. Her ministry recently said in a statement that Pakistan should withdraw from the parts of Kashmir it has illegally occupied.
Wani who belonged to Kashmir's largest terror group, the Hizbul Mujahideen, used social media effectively and expansively to recruit young men like himself who accuse the state of indiscriminate force in dealing with dissent.
With hundreds of civilians being treated for eye injuries caused by pellets from non-lethal weapons, the Home Minister has said that security forces have been urged to proceed with caution. Ms Swaraj said today that 1,700 personnel of the police and other forces have also been injured in recent days.
Declare Black Money By September 30 Or Face Action, Warns PM Modi
-
NEW DELHI: Warning black money holders of stringent action including imprisonment after September 30, Prime Minister Narendra Modi today said those with undisclosed wealth, most of which is parked in jewellery and real estate, should come clean to sleep peacefully.
At a function jewellers organised to felicitate him, PM Modi said he is aware of people going to bullion merchants with "cartload" of money and a message has to be delivered to them to come clean using the one-time compliance window closing on September 30.
Stating that people have been jailed in the past for evading taxes, he said the government should not be forced to resort to the same after September 30.
"Aur us paap ko karna nahi chahata hu jo September 30 ko mujhe karna padega (I do not want to commit the sin which I will have to do after September 30 against black money holders)," he said.
Under the Income Declaration Scheme (IDS) which opened on June 1, black money holders can come clean by declaring the assets by September 30 and paying tax and penalty of 45 per thereafter. Those who fail to take advantage of the scheme will have to face stringent actions, including imprisonment.
The Income Tax department has already identified 90 lakh high value transactions without PAN. As part of the scrutiny, the department will initially issue 7 lakh letters to those who have indulged in such transactions seeking their details.
At a function jewellers organised to felicitate him, PM Modi said he is aware of people going to bullion merchants with "cartload" of money and a message has to be delivered to them to come clean using the one-time compliance window closing on September 30.
Stating that people have been jailed in the past for evading taxes, he said the government should not be forced to resort to the same after September 30.
"Aur us paap ko karna nahi chahata hu jo September 30 ko mujhe karna padega (I do not want to commit the sin which I will have to do after September 30 against black money holders)," he said.
Under the Income Declaration Scheme (IDS) which opened on June 1, black money holders can come clean by declaring the assets by September 30 and paying tax and penalty of 45 per thereafter. Those who fail to take advantage of the scheme will have to face stringent actions, including imprisonment.
The Income Tax department has already identified 90 lakh high value transactions without PAN. As part of the scrutiny, the department will initially issue 7 lakh letters to those who have indulged in such transactions seeking their details.
Suresh Prabhu To Launch First Discharge Free Rail Corridor Tomorrow
-
NEW DELHI: In a bid to make railway tracks discharge free zones, Railway Minister Suresh Prabhu will inaugurate 114-km long Rameswaram-Manmadurai route as the country's first green rail corridor with zero toilet discharge section on Sunday.
Accordingly, 10 passenger trains consisting of 286 coaches moving in the section have been provided with bio-toilets enabling the rail corridor free from discharge of human waste on the track.
The Rameswarm-Manamadurai (114 Km) track was identified to make it green train corridor - free from human waste discharge from trains as part of the Swachh Bharat Mission and tomorrow Railway Minister will inaugurate it to mark the first discharge free route in railways, said a senior Railway Ministry official.
The inauguration will be done from Chennai station by Mr Prabhu through video conferencing.
Stepping up the Swachh Bharat drive launched by Prime Minister Narendra Modi, Railways have taken up a mammoth task of providing human waste discharge free bio-toilets in all its coaches and the same would be completed by September 2019.
With provision of bio-toilets in all its coaches, discharge of human waste from trains on to the track would be completely stopped which in turn would help in improving cleanliness and hygiene besides preventing corrosion of the tracks.
Railways have already provided 40,750 bio-toilets in its coaches till June end this year and it is planned to equip more coaches with 30,000 bio-toilets in the current fiscal.
After Rameswarm-Manamadurai, Okha-Kanalas Junction (141 Km), Porbandar-Wansjaliya (34 Km) and Jammu-Katra (78 Km) would also be taken up for making them free from human waste discharge from trains.
For this around 35 trains consisting of nearly 1,110 coaches would be further provided with bio toilets and the work is underway.
These sections and stations were chosen, because the number of trains originating and terminating at these stations and sections are few, thus making it operationally easier and faster to make them human-discharge free.
Railways in its commitment to provide hygienic environment to passengers and to keep station premises/tracks clean, have developed environment-friendly bio-toilets for its passenger coaches.
The technology has been developed jointly by Indian Railways and Defence Research & Development Organization (DRDO) for railway passenger coaches through an MoU.
In the bio-toilet coaches, human waste is collected in tanks below the toilets and the same is decomposed by a consortium of bacteria and finally water is discharged.
Accordingly, 10 passenger trains consisting of 286 coaches moving in the section have been provided with bio-toilets enabling the rail corridor free from discharge of human waste on the track.
The Rameswarm-Manamadurai (114 Km) track was identified to make it green train corridor - free from human waste discharge from trains as part of the Swachh Bharat Mission and tomorrow Railway Minister will inaugurate it to mark the first discharge free route in railways, said a senior Railway Ministry official.
The inauguration will be done from Chennai station by Mr Prabhu through video conferencing.
Stepping up the Swachh Bharat drive launched by Prime Minister Narendra Modi, Railways have taken up a mammoth task of providing human waste discharge free bio-toilets in all its coaches and the same would be completed by September 2019.
With provision of bio-toilets in all its coaches, discharge of human waste from trains on to the track would be completely stopped which in turn would help in improving cleanliness and hygiene besides preventing corrosion of the tracks.
Railways have already provided 40,750 bio-toilets in its coaches till June end this year and it is planned to equip more coaches with 30,000 bio-toilets in the current fiscal.
After Rameswarm-Manamadurai, Okha-Kanalas Junction (141 Km), Porbandar-Wansjaliya (34 Km) and Jammu-Katra (78 Km) would also be taken up for making them free from human waste discharge from trains.
For this around 35 trains consisting of nearly 1,110 coaches would be further provided with bio toilets and the work is underway.
These sections and stations were chosen, because the number of trains originating and terminating at these stations and sections are few, thus making it operationally easier and faster to make them human-discharge free.
Railways in its commitment to provide hygienic environment to passengers and to keep station premises/tracks clean, have developed environment-friendly bio-toilets for its passenger coaches.
The technology has been developed jointly by Indian Railways and Defence Research & Development Organization (DRDO) for railway passenger coaches through an MoU.
In the bio-toilet coaches, human waste is collected in tanks below the toilets and the same is decomposed by a consortium of bacteria and finally water is discharged.
BJP Demands Probe Into Role Of National Conference In Kashmir Unrest
-
JAMMU: BJP today latched on to a media report claiming that National Conference (NC) was fuelling the ongoing turmoil in Kashmir to demand a probe into the alleged role of the opposition party.
"The allegation (of involvement of some NC workers in fuelling the unrest) is too serious and needs to be investigated expeditiously and role of NC in fuelling the current turmoil exposed," BJP state spokesperson Anil Gupta said in Jammu.
"NC is unable to digest the fact that it has been rejected by the people time and again as is evident from its shrinking number of seats and vote share. Even in the recent Anantnag by-poll, the NC candidate lost his security deposit despite the venomous campaign launched by its leadership against BJP-PDP alliance," he said.
The media report claimed that two NC workers were involved in arson and loot in South Kashmir following the killing of Hizbul Mujahideen commander Burhan Wani in an encounter on July 8.
Mr Gupta said, "NC has been thoroughly exposed and its role in the recent turmoil in Kashmir should be an eye-opener for the people of the state".
"This expose adds credence to the earlier apprehensions that for lust of power NC leadership has joined hands with the separatists in the Valley and was doing their bidding on all contentious issues to remain in the good book of the separatists," he added.
Forty-five people have been killed in clashes that broke out between protesters and security forces two weeks ago.
"The allegation (of involvement of some NC workers in fuelling the unrest) is too serious and needs to be investigated expeditiously and role of NC in fuelling the current turmoil exposed," BJP state spokesperson Anil Gupta said in Jammu.
"NC is unable to digest the fact that it has been rejected by the people time and again as is evident from its shrinking number of seats and vote share. Even in the recent Anantnag by-poll, the NC candidate lost his security deposit despite the venomous campaign launched by its leadership against BJP-PDP alliance," he said.
The media report claimed that two NC workers were involved in arson and loot in South Kashmir following the killing of Hizbul Mujahideen commander Burhan Wani in an encounter on July 8.
Mr Gupta said, "NC has been thoroughly exposed and its role in the recent turmoil in Kashmir should be an eye-opener for the people of the state".
"This expose adds credence to the earlier apprehensions that for lust of power NC leadership has joined hands with the separatists in the Valley and was doing their bidding on all contentious issues to remain in the good book of the separatists," he added.
Forty-five people have been killed in clashes that broke out between protesters and security forces two weeks ago.
Business Affairs
How To Pay Zero Tax On Income Of Up To Rs 10 Lakh
-
With an increase in income, our income tax liabilities also go up. Experts say there are provisions that can help a person cut down his/her tax outgo substantially.
Sudhir Kaushik, CEO and co-founder of Tax Spanner, says, "The tax laws do have the provisions which can of help you to reduce your tax outgo to nil even if your cost to company (CTC) is Rs 20 lakh." But that is possible if there is a complete flexibility to the taxpayers to get their salary restructured and they use the various tax provisions, he adds.
Here is how a person can cut down the tax outgo to zero for income up to Rs 10 lakh.
1) Basic income of Rs 2.5 lakh per annum is exempted from income tax.
2) You can claim deduction of Rs 1.5 lakh under Section 80C. There are various investments such as public provident fund (PPF), tax-saving equity mutual funds and tax-saving fixed deposits that qualify for deduction under this section. You can also claim payment made against the principal of home loan as deduction under this section.
3) Also, if you have a home loan, you can claim a deduction of up to Rs 2 lakh against the home loan interest payment. Or if your company gives you house rent allowance (HRA), you can claim a deduction against it. You can claim the minimum of the three for HRA:
a) The HRA paid by your employer
b) Actual rent paid by you minus 10 per cent of basic salary
c) 50 per cent of salary, if living in a metro or 40 per cent of the salary, in case of non-metro
You can claim both HRA and deduction against home loan if you are residing on rent in another city due to employment reasons.
4) You can claim an additional deduction of Rs 50,000 for investments made in National Pension Scheme (NPS) under Section 80CCD. Section 80CCD represents deduction with respect to a pension plan notified by the government, including NPS.
5) Apart from this, employer's contribution to NPS of up to 10 per cent of basic salary is tax exempt under Section 80CCD(2).
6) You can claim a deduction of Rs 25,000 per annum against medical insurance premium paid. Apart from this, you can claim an additional Rs 30,000 for the medical insurance premium paid for your parents.
7) You can avail a deduction of Rs 25,000 for investments made up to Rs 50,000 in Rajiv Gandhi Equity Saving Scheme (RGESS). New investors with income below Rs 12 lakh can invest in this scheme.
8) If your salary has allowance components, there are certain allowances against which you can claim tax deductions. You can avail a deduction of up to Rs 15,000 as medical allowance. Food coupons of up to Rs 2,200 per month are also tax-exempt. There are certain allowances such as periodicals and uniform which can be claimed as per actuals.
9) Gifts of Rs 5,000 per annum from employer are tax-exempt.
10) You are also allowed to claim a transport allowance of Rs 1,600 per month which is equal to Rs 19,200 a year.
11) You can claim a children's education allowance of up to Rs 100 per month per child. Also, you can claim up to Rs 300 per month against hostel fees for each of your children.
12) If you taxable income is below Rs 5 lakh, you are entailed to a tax rebate of Rs 5,000 on your total tax.
Sudhir Kaushik, CEO and co-founder of Tax Spanner, says, "The tax laws do have the provisions which can of help you to reduce your tax outgo to nil even if your cost to company (CTC) is Rs 20 lakh." But that is possible if there is a complete flexibility to the taxpayers to get their salary restructured and they use the various tax provisions, he adds.
Here is how a person can cut down the tax outgo to zero for income up to Rs 10 lakh.
1) Basic income of Rs 2.5 lakh per annum is exempted from income tax.
2) You can claim deduction of Rs 1.5 lakh under Section 80C. There are various investments such as public provident fund (PPF), tax-saving equity mutual funds and tax-saving fixed deposits that qualify for deduction under this section. You can also claim payment made against the principal of home loan as deduction under this section.
3) Also, if you have a home loan, you can claim a deduction of up to Rs 2 lakh against the home loan interest payment. Or if your company gives you house rent allowance (HRA), you can claim a deduction against it. You can claim the minimum of the three for HRA:
a) The HRA paid by your employer
b) Actual rent paid by you minus 10 per cent of basic salary
c) 50 per cent of salary, if living in a metro or 40 per cent of the salary, in case of non-metro
You can claim both HRA and deduction against home loan if you are residing on rent in another city due to employment reasons.
4) You can claim an additional deduction of Rs 50,000 for investments made in National Pension Scheme (NPS) under Section 80CCD. Section 80CCD represents deduction with respect to a pension plan notified by the government, including NPS.
5) Apart from this, employer's contribution to NPS of up to 10 per cent of basic salary is tax exempt under Section 80CCD(2).
6) You can claim a deduction of Rs 25,000 per annum against medical insurance premium paid. Apart from this, you can claim an additional Rs 30,000 for the medical insurance premium paid for your parents.
7) You can avail a deduction of Rs 25,000 for investments made up to Rs 50,000 in Rajiv Gandhi Equity Saving Scheme (RGESS). New investors with income below Rs 12 lakh can invest in this scheme.
8) If your salary has allowance components, there are certain allowances against which you can claim tax deductions. You can avail a deduction of up to Rs 15,000 as medical allowance. Food coupons of up to Rs 2,200 per month are also tax-exempt. There are certain allowances such as periodicals and uniform which can be claimed as per actuals.
9) Gifts of Rs 5,000 per annum from employer are tax-exempt.
10) You are also allowed to claim a transport allowance of Rs 1,600 per month which is equal to Rs 19,200 a year.
11) You can claim a children's education allowance of up to Rs 100 per month per child. Also, you can claim up to Rs 300 per month against hostel fees for each of your children.
12) If you taxable income is below Rs 5 lakh, you are entailed to a tax rebate of Rs 5,000 on your total tax.
State-Run Traders Float Tenders To Import 330,000 Tonnes Of Corn
-
Two state-run trading firms have floated two tenders to import 330,00 tonnes of non-genetically modified corn, as the government tries to improve supplies of the grain to keep a lid on local prices.
PEC Limited has opened a tender to import 200,000 tonnes of corn for shipment in December 2016 and January 2017. The last date for submitting bids is July 29, the company said on its website.
State Trading Corp of India has sought 130,000 tonnes of corn for shipments in August. The last date for submitting bids is July 28, it said on the website.
India had difficulty in sourcing non-GM corn in late 2015 and earlier this year. It only allows the planting and consumption of genetically modified cotton.
Reuters reported this month that the government had asked a trader backed by it to import half a million tonnes of corn.
Farmers in the country plant corn twice a year. The winter crop is planted in October, with harvests in March and April. The summer crop planting has started, and supplies will become available only from end-September.
PEC Limited has opened a tender to import 200,000 tonnes of corn for shipment in December 2016 and January 2017. The last date for submitting bids is July 29, the company said on its website.
State Trading Corp of India has sought 130,000 tonnes of corn for shipments in August. The last date for submitting bids is July 28, it said on the website.
India had difficulty in sourcing non-GM corn in late 2015 and earlier this year. It only allows the planting and consumption of genetically modified cotton.
Reuters reported this month that the government had asked a trader backed by it to import half a million tonnes of corn.
Farmers in the country plant corn twice a year. The winter crop is planted in October, with harvests in March and April. The summer crop planting has started, and supplies will become available only from end-September.
ITC Plans Multiple Projects With Rs 25,000 Crore Outlay
-
ITC Ltd has planned multiple projects with an outlay of Rs 25,000 crore over the next five years, chairman and CEO Y C Deveshwar told shareholders on Friday.
"Unfortunately the weak cold-chain infrastructure and the virtual absence of well-established end-to-end players impede the growth of processed food industry, more so in the case of perishables where it is most needed."
"It is for this reason that your company is exploring the opportunity to invest in a state-of-the-art cold chain to cover farm produce, including fresh, frozen and dehydrated fruits and vegetables," he said at the company's 105th annual general meeting.
Mr Deveshwar said he advocates a synergy of superior agri-sourcing and culinary expertise.
"Such synergy is expected to infuse competitiveness to your company's Sunbean brand of premium coffee that is due to be launched shortly," he said, adding that the company has engaged with farmers to implement an integrated farm management programme to grow high quality super safe spices.
"A new range of such spices, tested for as many as 450 contaminatants at par with European standards, in comparison to only 10 in the domestic market, will be available shortly for the Indian health-conscious consumer," he said.
According to him, the company is investing substantially in physical infrastructure assets close to markets to reduce wastage from multiple handling and transportation by co-locating manufacturing and distribution facilities.
Around 20 modern integrated consumer goods manufacturing and logistic facilities are under development, he said.
Of the two manufacturing plants in Bengal, one will be operational in September and other will be in the early next year, he said.
ITC, India's largest tobacco firm, also makes a host of non-tobacco FMCG products. The company aspires to be No 1 player in the non-cigarette FMCG business and set a revenue target of Rs 1,00,000 crore by 2030.
Mr Deveshwar said that although he hoped to continue to address the shareholders in the coming years as chairman of the company, it was the last time he was addressing them in the joint capacity of chairman and CEO.
He said the company would take on domestic FMCG firms like Patanjali and Amul.
"Patanjali has built Indian brands. I am happy. We should be glad whenever an Indian brand is created. But we will also compete," he added.
ITC Ltd reported that its standalone net profit rose 10 per cent to Rs 2,384.67 crore for the quarter ended June 30, 2016 as compared to Rs 2,166.09 crore for the corresponding quarter last year.
"Unfortunately the weak cold-chain infrastructure and the virtual absence of well-established end-to-end players impede the growth of processed food industry, more so in the case of perishables where it is most needed."
"It is for this reason that your company is exploring the opportunity to invest in a state-of-the-art cold chain to cover farm produce, including fresh, frozen and dehydrated fruits and vegetables," he said at the company's 105th annual general meeting.
Mr Deveshwar said he advocates a synergy of superior agri-sourcing and culinary expertise.
"Such synergy is expected to infuse competitiveness to your company's Sunbean brand of premium coffee that is due to be launched shortly," he said, adding that the company has engaged with farmers to implement an integrated farm management programme to grow high quality super safe spices.
"A new range of such spices, tested for as many as 450 contaminatants at par with European standards, in comparison to only 10 in the domestic market, will be available shortly for the Indian health-conscious consumer," he said.
According to him, the company is investing substantially in physical infrastructure assets close to markets to reduce wastage from multiple handling and transportation by co-locating manufacturing and distribution facilities.
Around 20 modern integrated consumer goods manufacturing and logistic facilities are under development, he said.
Of the two manufacturing plants in Bengal, one will be operational in September and other will be in the early next year, he said.
ITC, India's largest tobacco firm, also makes a host of non-tobacco FMCG products. The company aspires to be No 1 player in the non-cigarette FMCG business and set a revenue target of Rs 1,00,000 crore by 2030.
Mr Deveshwar said that although he hoped to continue to address the shareholders in the coming years as chairman of the company, it was the last time he was addressing them in the joint capacity of chairman and CEO.
He said the company would take on domestic FMCG firms like Patanjali and Amul.
"Patanjali has built Indian brands. I am happy. We should be glad whenever an Indian brand is created. But we will also compete," he added.
ITC Ltd reported that its standalone net profit rose 10 per cent to Rs 2,384.67 crore for the quarter ended June 30, 2016 as compared to Rs 2,166.09 crore for the corresponding quarter last year.
Oil Dives 4% On Week After US Rigs Rise Adds To Glut Threat
-
Oil prices settled lower on Friday, losing four per cent on the week, after the fourth weekly rise in the US oil rig count added to worries about a global crude glut.
Crude futures were already down, with Brent at two-month lows, on fears of more Iraqi supply before a report by energy services firm Baker Hughes showed US oil drillers added 14 rigs this week to bring the total rig count to 371.
"The oil complex is already struggling with oversupply issues. More than ample inventories and upcoming refinery turnarounds and maintenance have the bulls on the defensive," said Pete Donovan, broker at Liquidity Energy in New York.
"An increase in rigs is the last thing they need."
Brent settled down 51 cents, or 1.1 per cent, at $45.69 a barrel, after falling to $45.17, the lowest since May 11. For the week, Brent lost 4 per cent.
US West Texas Intermediate (WTI) crude closed down 56 cents, or 1.3 per cent, at $44.19. It fell 3.8 per cent on the week.
The dollar's rally to a more than four-month high also hurt demand for greenback-denominated oil among holders of the euro and other currencies.
Iraq's oil exports were expected to rise in July, according to loading data and an industry source. If confirmed, it would put OPEC's No. 2 producer back on track for supply growth after a two-month lag.
"These large and increasing stocks will not only up the likelihood of additional commercial short hedges, but will also encourage the commercials to defer long hedges," said Jim Ritterbusch of Chicago-based oil markets consultancy Ritterbusch & Associates.
Earlier this week, the US government reported that domestic crude inventories were at 519.5 million barrels last week, historically high for this time of year, even after a ninth straight week of drawdowns.
On Thursday, traders said market intelligence firm Genscape reported a build of 725,176 barrels in the latest week at the Cushing, Oklahoma delivery point for US crude futures.
Falling oil prices have encouraged traders to send USsupplies to Europe, counterbalancing 700,000 barrels per day in lost Nigerian supply.
US, European and Asian oil product stocks rose 2.35 million barrels last week for a second week of growth.
"The narrative of a balanced oil market (in the second half of 2016) has so far been an illusion," UBS oil analyst Giovanni Staunovo said.
Crude futures were already down, with Brent at two-month lows, on fears of more Iraqi supply before a report by energy services firm Baker Hughes showed US oil drillers added 14 rigs this week to bring the total rig count to 371.
"The oil complex is already struggling with oversupply issues. More than ample inventories and upcoming refinery turnarounds and maintenance have the bulls on the defensive," said Pete Donovan, broker at Liquidity Energy in New York.
"An increase in rigs is the last thing they need."
Brent settled down 51 cents, or 1.1 per cent, at $45.69 a barrel, after falling to $45.17, the lowest since May 11. For the week, Brent lost 4 per cent.
US West Texas Intermediate (WTI) crude closed down 56 cents, or 1.3 per cent, at $44.19. It fell 3.8 per cent on the week.
The dollar's rally to a more than four-month high also hurt demand for greenback-denominated oil among holders of the euro and other currencies.
Iraq's oil exports were expected to rise in July, according to loading data and an industry source. If confirmed, it would put OPEC's No. 2 producer back on track for supply growth after a two-month lag.
"These large and increasing stocks will not only up the likelihood of additional commercial short hedges, but will also encourage the commercials to defer long hedges," said Jim Ritterbusch of Chicago-based oil markets consultancy Ritterbusch & Associates.
Earlier this week, the US government reported that domestic crude inventories were at 519.5 million barrels last week, historically high for this time of year, even after a ninth straight week of drawdowns.
On Thursday, traders said market intelligence firm Genscape reported a build of 725,176 barrels in the latest week at the Cushing, Oklahoma delivery point for US crude futures.
Falling oil prices have encouraged traders to send USsupplies to Europe, counterbalancing 700,000 barrels per day in lost Nigerian supply.
US, European and Asian oil product stocks rose 2.35 million barrels last week for a second week of growth.
"The narrative of a balanced oil market (in the second half of 2016) has so far been an illusion," UBS oil analyst Giovanni Staunovo said.
Mphasis Q1 Profit Rises 38% To Rs 204 Crore
-
IT company Mphasis on Saturday posted a 38 per cent rise in consolidated net profit at Rs 204.3 crore for the fiscal first quarter that ended on June 30, 2016.
The company's income from operations rose 1.5 per cent year-on-year to Rs 1,516.6 crore in the June quarter.
Terming the first quarter as being a good start, Mphasis CEO Ganesh Ayyar said, "Our sustained focus on hyper specialisation and new generation services is yielding strong results."
"FY2016 was a banner year for Mphasis; we outlined our strategic roadmap to address growth and profitability of the company," Mr Ayyar said in a statement.
The company said that direct international revenue grew 14.7 per cent year-on-year and 1.4 per cent sequentially.
"Robust deal wins continue with $96 million TCV (total contract value) in direct international business of which 75 per cent are in new generation services," it added.
The company's income from operations rose 1.5 per cent year-on-year to Rs 1,516.6 crore in the June quarter.
Terming the first quarter as being a good start, Mphasis CEO Ganesh Ayyar said, "Our sustained focus on hyper specialisation and new generation services is yielding strong results."
"FY2016 was a banner year for Mphasis; we outlined our strategic roadmap to address growth and profitability of the company," Mr Ayyar said in a statement.
The company said that direct international revenue grew 14.7 per cent year-on-year and 1.4 per cent sequentially.
"Robust deal wins continue with $96 million TCV (total contract value) in direct international business of which 75 per cent are in new generation services," it added.
General Awareness
FORTUNE 500 – 2016: 7 Indian Companies among the 500 International Entries
-
Famous Business Magazine Fortune has released the top 500 lisitngs of the world biggest companies for the year 2016.
What is FORTUNE 500 List?
Fortune is a New York based international Business Magazine managed by Time Inc., and dated back to 1929 for its foundation. This magazine is well known for its Fortune 500 list, a detailed and analytical rankings of the international companies depending upon their economy and values. Every year this magazine released various listings such as Fortune 500, 100; Fortune Global 500, Fortune India 500, 40 under 40 and the unicorn List etc.
Fortune 500 – 2016:-
The Fortune list for 2016 was released on July 21. The top runners of this listing are as follows,
- Wal-Mart with revenue of $482,130
- Exxon with revenue of Mobil$246,204
- Apple with revenue of $233,715
- Berkshire Hathaway with revenue of $210,821
- McKesson with revenue of $181,241
- UnitedHealth Group with revenue of $157,107
- CVS Health with revenue of $153,290
- General Motors with revenue of $152,356
- Ford Motor with revenue of $149,558
- AT&T with revenue of $146,801
Indian companies among the listings:-
Indian Oil Corp is ranked highest at 161st among Indian firms, at the same time another state-run firm ONGC has moved out of the rankings for 2016. This time we have a new entry of famous Private gems and jewellery major Rajesh Exports at 423rd position.
There are 7 Indian Companies in this prestigious list. The respective rankings are:-
- Indian Oil Corp – 161,
- RIL – 215,
- Bharat Petroleum – 358,
- Hindusthan Petroleum – 367,
- Tata Motors – 226,
- SBI – 232,
- Rajesh Exports – 423.
It is noted that the world’s 500 largest companies generated $27.6 trillion in revenues and $1.5 trillion in profits in 2015 and also these companies employ 67 million people worldwide and are represented by 33 countries as whole.
Famous Business Magazine Fortune has released the top 500 lisitngs of the world biggest companies for the year 2016.
What is FORTUNE 500 List?
Fortune is a New York based international Business Magazine managed by Time Inc., and dated back to 1929 for its foundation. This magazine is well known for its Fortune 500 list, a detailed and analytical rankings of the international companies depending upon their economy and values. Every year this magazine released various listings such as Fortune 500, 100; Fortune Global 500, Fortune India 500, 40 under 40 and the unicorn List etc.
Fortune 500 – 2016:-
The Fortune list for 2016 was released on July 21. The top runners of this listing are as follows,
- Wal-Mart with revenue of $482,130
- Exxon with revenue of Mobil$246,204
- Apple with revenue of $233,715
- Berkshire Hathaway with revenue of $210,821
- McKesson with revenue of $181,241
- UnitedHealth Group with revenue of $157,107
- CVS Health with revenue of $153,290
- General Motors with revenue of $152,356
- Ford Motor with revenue of $149,558
- AT&T with revenue of $146,801
Indian companies among the listings:-
Indian Oil Corp is ranked highest at 161st among Indian firms, at the same time another state-run firm ONGC has moved out of the rankings for 2016. This time we have a new entry of famous Private gems and jewellery major Rajesh Exports at 423rd position.
There are 7 Indian Companies in this prestigious list. The respective rankings are:-
- Indian Oil Corp – 161,
- RIL – 215,
- Bharat Petroleum – 358,
- Hindusthan Petroleum – 367,
- Tata Motors – 226,
- SBI – 232,
- Rajesh Exports – 423.
It is noted that the world’s 500 largest companies generated $27.6 trillion in revenues and $1.5 trillion in profits in 2015 and also these companies employ 67 million people worldwide and are represented by 33 countries as whole.
No comments:
Post a Comment