Novelis Inc, the wholly-owned subsidiary of Hindalco Industries, has reported a 36% year-on-year fall in its net income for the June quarter at $96 million. Excluding special items, the bottomline was 43% lower compared to the previous year at $116 million. The US-based aluminium-maker’s net sales were 13% higher compared to the previous year at … Read more
Experts in the field on Tuesday clarified that the GST Council has not recommended the imposition of any new tax for old and used vehicles in the recent meeting. The experts clarified that the GST Council has simplified the tax rate and recommended unifying and prescribing a single rate of GST on the sale of all old … Read more
The Indian rupee depreciated to an all time low during the day, but ended slightly stronger at 85.01 per US dollar on a closing basis, due to the rebalancing of FTSE’s equity index and interventions from the Reserve Bank of India, traders said. The rupee hit a low of 85.10/$1 during the day, before closing … Read more
The Indian rupee slipped to its weakest closing level on Monday, pressured by a decline in its Asian peers while likely intervention by the Reserve Bank of India ensured the currency did not weaken more. The rupee closed at 83.9725 against the U.S. dollar, after closing at 83.9550 in the previous session. The currency hovered … Read more
on Saturday reported a nearly 63 per cent YoY rise in net profit for the September quarter to Rs. 730.48 crores. Revenue for the quarter rose nearly 36 per cent on year to Rs. 10385 crores. The earnings before interest, taxes, depreciation and amortization (EBITDA) for the quarter rose more than 33 per cent on … Read more
The rupee has dropped nearly 7% against the US dollar in the year to date, falling to a low of Rs 79.96 to a dollar last week and even breaching the psychological 80-mark in the over-the-counter and derivatives markets. Nomura expects INR to fall to `82 in the third quarter of this calendar year. In … Read more