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Curd, lassi, cheque books, ink among things to turn costlier

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Come July 18, 18 per cent Goods and Services Tax (GST) will be applicable on bank cheque book/loose leaf cheques and 12 per cent on maps, atlas, and globes.

Similarly, unbranded but pre-packed curd, lassi, butter milk, food items, grains etc will be brought under the GST net from the exemption list.

Writing, printing, or drawing ink will also become costlier.

The rate rationalisation decision was taken at the two-day 47th GST Council Meeting, chaired by Union Finance Minister Nirmala Sitharaman, that started in Chandigarh on Tuesday.

On the other hand, the GST rates on medical items like ostomy and orthopaedic appliances – splints and other fracture appliances, artificial parts of the body, other appliances which are worn or carried, or implanted in the body, to compensate for a defect or disability, and intraocular lens- has come down to five per cent from 12 per cent.

The GST for transport of good and passengers by ropeway is down to five per cent from 18 per cent and the renting of truck/goods carriage where cost of fuel is included brought down by six per cent to 12 per cent.

The other items for which GST rates has been increased are printing, writing or drawing ink (12 per cent to 18 per cent), knives with cutting blades, paper knives, pencil sharpeners and blades therefor, spoons, forks, ladles, skimmers, cake-servers etc (12 per cent to 18 per cent), power driven pumps primarily designed for handling water such as centrifugal pumps, deep tube-well turbine pumps, submersible pumps; bicycle pumps (12 per cent to 18 per cent).

The rate on machines for cleaning, sorting or grading seed, and grain pulses, machinery used in milling industry or for the working of cereals etc, ‘pawan chakki’, or air-based atta chakki, wet grinder goes up from five per cent to 18 per cent.

Machines for cleaning, sorting or grading eggs, fruit or other agricultural produce and its parts, milking machines and dairy machinery will have rates going up from 12 per cent to 18 per cent.

LED lamps, lights and fixture, their metal printed circuits board, drawing and marking instruments move up from 12 per cent to 18 per cent and solar water heater and systems, prepared/finished leather/chamois leather/composition leathers from five per cent to 12 per cent.

In respect of the services, the rates have been revised upwards in the case of services supplied by a foreman in a chit fund, job work in relation to processing of hides, skins and leather, leather goods and footwear, manufacture of clay bricks, and works contract for roads, bridges, railways, metro, effluent treatment plant, crematorium and others.

The concessional rates for electronic waste, petroleum, and coal bed methane has also been increased.

Exemption on transport of passengers by air to and from North East states and Bagdogra is being restricted to economy class.

Hotel accommodation, priced upto Rs 1,000 per day, shall be taxed at 12 per cent and room rent (excluding ICU) exceeding Rs 5,000 per day per patient charged by a hospital shall be taxed to the extent of amount charged for the room at five per cent without input tax credit.

Tax exemption on training or coaching in recreational activities relating to arts or culture, or sports is being restricted to such services when supplied by an individual.

Exemption on following services is being withdrawn – transportation by rail or a vessel of railway equipment and material, storage or warehousing of commodities which attract tax (nuts, spices, copra, jaggery, cotton etc.), fumigation in a warehouse of agricultural produce, services by the RBI, the IRDA, the SEBI, and the FSSAI, GSTN, renting of residential dwelling to business entities (registered persons), and services provided by the cord blood banks by way of preservation of stem cells.

Business

IT Q2 results beat low expectations, but demand recovery pushed to FY28: Report

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India’s information technology (IT) services sector delivered Q2 FY27 results that were modestly ahead of subdued expectations, but the broader recovery in demand is increasingly being pushed into FY28 as companies contend with pricing pressure and AI-driven disruption, a report said on Friday.

The report from BNP Paribas India said investors responded positively to better-than-expected earnings after analysing quarterly results from 15 Indian IT services companies, including five large-cap and 10 mid-cap firms.

Shares of the covered companies rose by a median 5 per cent following the results after having declined about 23 per cent year-to-date in 2026.

The market rewarded better-than-feared revenue, margin expansion and strong deal momentum, while penalising margin pressure and weak deal wins. Demand remains steady but narrow, with the financial services vertical as the bright spot.

“While FY27 headline revenue growth guidance cuts seemed modest, the organic cut was sharper, implying that FY27 organic revenue is likely to trail FY26, with acquisitions filling in the gap partly,” the report said.

“AI-led work continues to grow even as clients demand pass-back of the productivity gains, shrinking the legacy books and pushing down pricing pressure. With seasonally weak H2FY27, companies now expect recovery in FY28, supported by large deal ramp-ups,” the report noted.

Collectively, 60 per cent of the firms beat on revenue and 53 per cent beat on EBIT margin expectations, while 27 per cent missed on revenue growth and 40 per cent missed EBIT margin expectations.

Deal Total Contract Value (TCV) inched up modestly annually in Q2FY27, underpinned by strong wins of three companies. Headcount increased slightly sequentially, while attrition and utilisations improved modestly.

Another recent report said that management commentary across nearly all major Indian IT companies during Q1 FY27 earnings season showed that clients demanded measurable outcomes, governance frameworks and stronger data foundations before committing to large-scale AI rollouts.

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India bolsters ties with diamond-producing countries

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India, as Chair of the Kimberley Process (KP) for 2026, has flagged key priorities concerning the global diamond industry, including responsible rough diamond sourcing as part of its outreach ahead of the KP Plenary to be held in Delhi from November 30 to December 4, according to a statement issued by the Commerce Ministry on Thursday.

The issue was discussed at a stakeholder consultation in Angola’s Luanda on Tuesday, chaired by Additional Secretary Yashvir Singh on India’s behalf, which brought together the Chairs and Vice-Chairs of KP Working Groups and Committees (KP Working Bodies), the KP Vice-Chair (of Ghana), and the former KP Chair (of the United Arab Emirates). Representatives of observers and partner organisations, including the World Diamond Council and the African Diamond Producers’ Association (ADPA), also participated in the discussion, the statement said.

India has observer status in the ADPA, providing an institutional platform for engagement with African diamond-producing countries. This offers opportunities for cooperation in securing rough diamond supply chains, technical knowledge exchange, value addition, market access and the promotion of ethical and sustainable practices.

The 13th Extraordinary Meeting of the ADPA Council of Ministers, held alongside the 20th anniversary celebrations, approved a Memorandum of Understanding (MoU) between the Gem & Jewellery Export Promotion Council (GJEPC), India, and the ADPA. The MoU seeks to strengthen cooperation between the Indian gem and jewellery industry and African diamond-producing countries, including through capacity building and skills development in diamond sorting, valuation and manufacturing, exchange of technical expertise, and the promotion of trade and investment linkages across the diamond value chain, the statement said.

Yashvir Singh said: “India’s chairship places emphasis on confidence, compliance and credibility. The consultation in Luanda provided an opportunity to engage directly with the leadership of the KP working bodies, the KP Vice-Chair and observers on issues that are important to the future of the Process and the diamond industry. Our endeavour is to build a shared understanding of the issues before the New Delhi Plenary and to advance practical outcomes through constructive dialogue and consensus-based decision-making.”

Discussions covered the sustainability of diamond-producing countries and communities, sustainable funding and continuity of the KP Secretariat, digitalisation of certification and statistical processes, and strengthening compliance with the Kimberley Process Certification Scheme.

Participants also exchanged views on the reform of the conflict diamond definition, responsible sourcing, artisanal and alluvial diamond production, consumer confidence and the importance of effective reporting and peer-review mechanisms.

The ADPA, established in 2006 in Luanda, seeks to enhance cooperation among African diamond-producing nations. It effectively comprises 15 member countries and 8 observers, including two non-African observers, namely Russia and India. Its member countries collectively account for over 60 per cent of global diamond production.

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Business

Adani Ports to acquire Europe’s Evos for 2.56 billion euros in major global expansion

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Adani Ports and Special Economic Zone Limited (APSEZ) on Thursday announced the acquisition of Netherlands-based Evos B.V., Europe’s second-largest independent liquid storage operator, in an all-cash transaction valued at an enterprise value of 2.56 billion euros.

Under the agreement, APSEZ will acquire a 100 per cent stake in Evos from Igneo Infrastructure Partners.

The deal values Evos at an equity value of 1.18 billion euros and implies an acquisition multiple of 11.7 times CY25 EV/EBITDA.

The transaction will be funded through debt and remains subject to regulatory approvals and works council consultation.

“APSEZ, India’s largest and one of the world’s fastest growing Integrated Transport Operator, agrees to acquire 100 per cent stake in Netherlands-headquartered Evos B.V. (Evos) from Igneo Infrastructure Partners. The proposed transaction is an all-cash deal at an enterprise value of 2.56 bn euros,” the official statement said.

For calendar year 2025, Evos reported revenue of 392 million euros and EBITDA of 219 million euros, translating into a robust EBITDA margin of 56 per cent.

Following the acquisition, the combined entity’s pro forma net debt-to-EBITDA ratio is expected to stand at 2.76 times and decline to around 2.5 times by FY27.

Commenting on the deal, Karan Adani, Managing Director of APSEZ, said the acquisition marks a significant milestone in the company’s journey toward handling one billion tonnes of cargo and building a truly global integrated transport platform.

“Evos marks an important milestone in APSEZ’s trajectory towards handling 1 billion tons of cargo and building a truly global, integrated transport platform. We are delighted to welcome Evos into our portfolio, giving us significant presence across key global liquid storage and energy hubs,” Karan Adani noted.

“We look forward to partnering with Europe, supporting its sustainable energy transition and creating enduring value while maintaining the financial prudence that underpins our growth,” he added.

Headquartered in the Netherlands, Evos operates 6.3 million cubic metres of storage capacity across eight strategically located port-based terminals in the Netherlands, Germany, Spain, Belgium and Malta.

The company has a presence in major energy and industrial hubs, including the Amsterdam-Rotterdam-Antwerp region, Hamburg and the Mediterranean.

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