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Wednesday,05-August-2020

Business

Diesel in Delhi to get cheaper by Rs 8.36 per litre

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Petrol

In a major relief to fuel consumers in the national capital, the Delhi government on Thursday reduced VAT on diesel from 30 per cent to 16.75 per cent, making the transport fuel cheaper by Rs 8.36 per litre.

With this, pump price of diesel will now come down to Rs 73.64 a litre from the existing level of Rs 81.94 a litre. Petrol however will continue to be priced at Rs 80.43 a litre as there is no change in state taxes on it. The price change would be reflected from Friday when retail prices are revised by oil marketing companies.

Briefing about the decision in a Press Conference, Chief Minister said, “We were receiving demands from many sectors in Delhi to reduce the VAT on diesel. This cut will strengthen the economy in Delhi.”

The proposal for reduction in VAT was passed in the cabinet meeting on Thursday.

Delhi was the only major city in the country where diesel prices were higher than that of petrol. While diesel is priced at Rs 81.94 a litre here, petrol is holding back the same price since June 29 at 80.43 a litre.

Delhi Petroleum Dealers Association (DPDA) has welcomed the Delhi government’s decision to reduce VAT on diesel. DPDA is a body of petrol pumps owners in Delhi with membership of about 400 fuel pumps.

Anil Bijlani, president of DPDA told IANS, “Delhi Government had increased Value Added Tax (VAT) on diesel to 30 per cent from 16.75 per cent on May 5. This increase in VAT had resulted in a price difference of more than Rs 8/litre in diesel with neighbouring states, which was causing a heavy loss of sales. We had approached Delhi government many times and asked them to reduce VAT on fuel prices.”

Bijlani told IANS that new prices will be applicable from 6 a.m. on Friday. He said, “We are expecting our business to return to normal after this reduction in next 2-3 months.”

Arvind Kejriwal also urged people to return to their work and restart factories and shops which were closed during the lockdown. He said, “Our government is making every effort to bring the economy back on track. The job portal, we have started is receiving a tremendous response. So far 2,04,785 jobs have been listed on the portal and 3,22,865 job seekers have applied on the portal”.

Kejriwal said he will start meeting traders and businessmen of Delhi in coming days.

Business

Godrej Properties logs Rs 20 crore consolidated net loss in Q1

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Godrej. (Photo: twitter@GodrejGroup)

Godrej Properties on Wednesday reported a consolidated net loss of Rs 20.23 crore for the April-June quarter of FY 2020-21.

During the corresponding period of the last fiscal, the company had reported a consolidated net profit of Rs 89.87 crore.

The real estate major reported an 88.63 per cent fall in its revenues from operations during the first quarter of FY 2020-21 at Rs 72.29 crore.

In its investor presentation, the company said that due to the Covid-induced lockdown, there was very limited construction activity during the quarter and as a result, no new projects achieved revenue recognition. Cash collections, which depend on construction milestones, were also impacted, it added.

“This led to an accounting loss and negative operating cash flow for the quarter,” the company said.

Commenting on the performance, Pirojsha Godrej, Executive Chairman, Godrej Properties Ltd, said: “While we expect poor reported earnings and cash flows this financial year due to the lockdown and the major impact it has had on our annual construction plan, we expect strong momentum in both portfolio project additions and new project launches during the rest of the financial year.”

He added that that the current crisis will add further momentum to the process of consolidation that is underway in the sector and the company will continue to focus on rapidly growing its market share.

Shares of the company plunged nearly 3 per cent post the earnings announcement. Currently its shares on the BSE are trading at Rs 902.50, lower by Rs 28.70 or 3.08 per cent from its previous close.

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Business

Indian Railways changes freight policy to boost economy

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Indian-Railways

With an aim to boost economic activities in the country during unlock 3.0, the Indian Railways is offering a slew of incentives, including 50 per cent concession in terminal access charges for covered wagons, to boost freight traffic.

A Railway Ministry spokesperson said that its new policy measures will further boost the incentives for all suppliers to transport their goods through railways.

In the revised policy, the Railways has worked on the alternate goods shed policy, under which terminal charge will not be levied on consignments booked from alternate goods sheds, instead of identified busy goods shed, the official said.

The railways has already surpassed the freight loading figures in August so far, adding that 8.64 million tonnes of freight had been loaded compared with 8.37 million tonnes during the corresponding period last year.

The official said that under the free-time relaxation for covered wagons, zonal railways are empowered to relax the free time up to double the normal free time and/or non-levy of demurrage/wharfage in case of covered stock up to September 30.

The official said that to boost the freight traffic, the railways has decided to give 50 per cent concession in terminal access charge on container traffic handled at Group-III Container Rail Terminals.

The Ministry has decided to not collect the stabling charges on container traffic from May 18 to October 31.

A discount of 5 per cent on haulage charge per 20-foot equivalent unit (TEU) is being given on loaded containers from August 4 to April 30, 2021, the official said.

The official said permission to accept road weighbridge weight figures to certain goods sheds of South Central Railway for loading granite-all documents and data to be captured in the system.

The railways has also decided to give a concession of 40 per cent for loading in open wagons covered with tarpaulin.

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Business

Maruti Suzuki launches new S-Cross Petrol

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Automobile major Maruti Suzuki India on Wednesday launched the all new S-Cross Petrol with a starting price of Rs 8.39 lakh.

As per the company, the SUV has been engineered with a ‘1.5 Litre K series BS6’ petrol engine.

“The new refined engine delivers a peak power of ’77KW@6000 rpm’ with a top-end torque of ‘138Nm@4400rpm’ that de livers an energetic driving experience.”

“The engine offers superior NVH characteristics powered by a pendulum mount engine, offering unmatched best in-class fuel efficiency (18.55km/l) and an improved cooling performance.”

According to the company, the new S-Cross Petrol is available with 5-speed m anual and 4-speed automatic transmission.

“Automatic variants are equipped with hill hold assist feature, as standard. These help enhance the driving experience through optimal acceleration and performance,” the statement said.

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