Typically, refining companies are ascribed EV/EBITDA multiples of 8-9 times in upcycles; this may drop by 1-2x due to the windfall tax and uncertainty over sunset for the recently introduced export curbs. Synopsis Stocks of refiners and explorers plunged last week after the government announced the tax. ONGC and Reliance Industries (RIL) were the leading … Read more
On the evening of Wednesday, March 31, as the financial year was drawing to an end, the finance ministry issued an order to steeply cut administered interest rates on Public Provident Fund (PPF) and small savings schemes, with effect from the very next day, April 1. For Q1 2021-22, or April-June 2021, it slashed interest … Read more
There is a large output gap in the economy and in such a situation there is nothing wrong with pressing the fiscal pedal, expenditure secretary TV Somanathan said. The budget numbers are reasonable and if there is need for adjustment, the capital and growth-oriented parts will not be touched, he said in an interview with … Read more
MUMBAI: Reliance Industries, India’s largest conglomerate, showed signs of recovery in its oil-to-chemical business in the December quarter as the opening up of the economy helped improve demand, but the company’s retail business is still nursing from the impact of the Covid-19 pandemic. The oil-to-telecom giant reported better-than-expected consolidated net profit for the reported quarter … Read more
What happens when there would be a dispute over the newly introduced equalisation levy? That seems to be a question several tax experts seem to be asking as digital giants take different stands on how they want to deal with the levy that is applicable on their revenues from India. “Provisions pertaining to equalisation levy … Read more
Apart from aviation and services, automotive and metal and mining are the worst-hit sectors due to significant reduction in their EBITDA with no change in their finance costs that they continue to bear, the EY report pointed out. Synopsis The EY report– Impact of the pandemic on Indian corporate results—analysed top 200 listed companies (BSE … Read more
Goods and Services Tax (GST) collections for September stood at Rs 95,480 crore, the highest on a monthly basis since the lockdown began in March this year. Collections for September were 10.4% higher than August and 4% higher than last year same month, the finance ministry said in a statement Thursday. “With a significant part … Read more
Mumbai: Broadcaster Zee Entertainment Enterprises may post a sharp drop in net profit in the quarter ended June as Covid-19 pandemic-induced lockdown significantly hurt advertising demand. The television channels were also forced to air rehashed old content as production came to a grinding halt. The company is slated to announce its June quarter earnings on … Read more