Connect with us
Tuesday,16-September-2025
Breaking News

Business

GST for packaged food: Rice will become costlier in TN

Published

on

The decision of the government of India to levy 5 per cent Goods and Service Tax (GST) on packaged food may increase the price of rice from Rs 3 to Rs 5 per kilogram in Tamil Nadu from Monday.

The Tamil Nadu rice mills association and traders in a statement on Sunday said that the centre has issued notification bringing rice, maize, and other essential food commodities under 5 per cent GST from July 18 onwards.

The rice merchants and rice mill association have urged the Tamil Nadu government to exert pressure on the Union government for a roll back to bring the food products under GST. Around 3000 rice mills and thousands of rice merchants had protested against bringing the essential commodities under GST slab and had shut shop on Saturday.

The rice mill owners and rice merchants had in a petition to Chief Minister M.K. Stalin, stated that according to the Supreme Court rulings, GST recommendations are not binding for the state government.

M. Sivanandan, State Secretary, Tamil Nadu Rice mill owners association, while speaking to media persons said: “The GST council had imposed taxes on registered rice brands in 2017 but had exempted unregistered brands. The exemption is now withdrawn and all pre-packed rice brands will now have 5 per cent GST.

While loose rice may not fall under the ambit of GST, the state food department has directed all shopkeepers to ensure that rice and other food products are sold in packed form under the FSSAI Act.

Several mill owners, however, said that implementing 5 per cent GST from Monday may not be practical as many of these mills don’t have GST numbers. The mill owners want more time for the mills to get GST numbers.

Business

Sensex, Nifty open higher as India-US trade talks set to resume

Published

on

Mumbai, Sep 16: The Indian benchmark indices opened higher on Tuesday amid mixed global cues, as US Chief Negotiator Brendan Lynch arrived in India to resume trade negotiations between the two nations.

As of 9.25 am, the Sensex was up 184 points or 0.23 per cent at 81,970, and the Nifty was up 47 points or 0.19 per cent at 25,117.

The broadcap indices outperformed benchmark indices, as Nifty Midcap 100 inched up by 0.26 per cent, and the Nifty Small cap 100 moved up 0.70 per cent.

Kotak Mahindra, Axis Bank and Hero Motocorp were the top gainers on NSE Nifty 50 index. Titan Company, SBI Life Insurance, Asian Paints and Tata Consumer Products weighed on the Nifty 50 index.

Among sectoral indices, Nifty Media, the top gainer, jumped 1.08 per cent. Nifty Auto (up 0.65 per cent) and Nifty Oil and gas (up 0.57 per cent) were the other major gainers. Except Nifty FMCG and Nifty PSU Bank, which were marginally down, all other indices were in the green.

Analysts said that, from a technical standpoint, a sustained move above the 25,160 level could pave the way for a rally toward 25,250 and 25,500 zones. The immediate support lies at 25,000 and 24,900 zones.

“The bold reforms – both fiscal and monetary – implemented this year have started yielding results and is likely to gather momentum in near future. An India-US trade agreement without the penal tariffs can be a shot in the arm for markets,” said VK Vijayakumar, Chief Investment Strategist, Geojit Investments Limited.

Major US indices ended firmly in the green zone overnight as the Nasdaq rose 0.94 per cent, the S&P 500 gained 0.47 per cent, and the Dow advanced 0.11 per cent.

Most of the Asian markets made strong gains during the morning session. While China’s Shanghai index dipped 0.1 per cent, and Shenzhen inched down 0.26 per cent, Japan’s Nikkei rose 0.54 per cent, while Hong Kong’s Hang Seng Index inched up 0.07 per cent. South Korea’s Kospi inched up 1.2 per cent.

The US markets are pricing in a 96.4 per cent probability of a 25-basis-point rate cut on September 17, with additional cuts expected through year-end.

On Monday, foreign institutional investors (FIIs) sold equities worth Rs 1,268 crore, while domestic institutional investors (DIIs) were net buyers of equities worth Rs 1,933 crore.

Continue Reading

Business

Nifty, Sensex open flat as investors wait for fresh cues, US Fed meet outcome

Published

on

Mumbai, Sep 15: The Indian benchmark indices opened on the flat note with a positive bias on Monday, on the back of positive domestic inflation data and growing expectations of a US Federal Reserve rate cut.

As of 9.30 am, the Sensex was up 4.5 points or 0.005 per cent at 81,909, and the Nifty was up 4.15 points or 0.017 per cent at 25,118.

The broadcap indices outperformed benchmark indices, as Nifty Midcap 100 inched up by 0.26 per cent, and the Nifty Small cap 100 moved up 0.53 per cent.

Bajaj Finance, Tata Motors, Hero Motocorp and Bajaj Finserv were the top gainers on NSE Nifty 50 index. Infosys Ltd., Tata Consultancy Services, Sun Pharmaceutical Industries, Dr. Reddy’s Laboratories Ltd., and Shriram Finance Ltd. weighed on the Nifty 50 index.

Among sectoral indices, Nifty Realty, the top gainer, jumped 1.19 per cent. Nifty PSU bank (up 0.39 per cent) and Nifty Auto (up 0.38 per cent) were the other major gainers. Nifty Pharma was the top loser down 0.78 per cent.

Inflation had cooled to 2.07 per cent well below the RBI’s projection of 3.1 per cent in August, latest government data said.

Analysts said that Indian equities, which have recently underperformed compared to global peers, now appear attractively valued. Positive factors such as ongoing GST reforms, anticipation of a Fed rate cut, and improving US–India trade ties are expected to further support the market.

Last week, Nifty 50 notched its eighth consecutive advance, closing above the symbolic 25,100 mark for the first time since July—its longest winning streak in a year and the biggest weekly gain in nearly three months.

“Nifty has been gradually taking out the crucial resistances and on the weekly chart, the Nifty has confirmed a pattern of higher tops and higher bottoms, which is an encouraging sign for a sustained positional bullish trend,” said Devarsh Vakil, Head of Prime Research at HDFC Securities.

Nifty seems to be heading towards the next resistance of 25,250, while the 24,900 level could offer support, he added.

Major US indices posted strong weekly gains and closed near all time highs. The Nasdaq rose 2.0 per cent, the S&P 500 gained 1.6 per cent, and the Dow advanced 1.0 per cent, marking the best week since early August.

Most of the Asian markets made strong gains during the morning session. While China’s Shanghai index advanced 0.22 per cent, and Shenzhen added 1.07 per cent, Japan’s Nikkei rose 0.89 per cent, while Hong Kong’s Hang Seng Index jumped 0.32 per cent. South Korea’s Kospi inched up 0.52 per cent.

The US markets are pricing in a 96.4 per cent probability of a 25-basis-point rate cut on September 17, with additional cuts expected through year-end. Softer labour data and persistent inflation support the dovish shift, boosting demand for equities and cryptocurrencies, said analysts.

Continue Reading

Business

Adani Power signs pact to supply 2,400 MW power to Bihar

Published

on

New Delhi, Sep 13: In a significant development, Adani Power Ltd (APL) has signed a 25-year power supply agreement with Bihar State Power Generation Company Ltd (BSPGCL) to supply 2,400 megawatt (MW) of power to the state, the Adani Group’s firm said on Saturday.

Under the agreement, the India’s largest private sector thermal power generator would supply the proposed power from a greenfield ultra super critical plant to be set up at Pirpainti in Bhagalpur district of Bihar.

The development came after a Letter of Award (LoA) by BSPGCL to APL, on behalf of North Bihar Power Distribution Company Ltd (NBPDCL) and South Bihar Power Distribution Company Ltd (SBPDCL) in August.

Adani Power won the project by offering the lowest supply rate at Rs 6.075 per kWh.

“The company is planning to invest approximately $3 billion to build the new plant (800 MW X 3) and its supporting infrastructure under the Design, Build, Finance, Own, and Operate (DBFOO) model,” the APL informed.

The coal linkage for the power plant has been allocated under the SHAKTI Policy of the government of India.

During the construction phase, the project will generate around 10,000 to 12,000 direct and indirect employment. Once it becomes operational, it will employ 3,000 people.

APL aims to commission the plant in 60 months.

Earlier, in a first-of-its-kind adoption of the greenshoe option in a thermal power tender in India, APL was awarded a total of 1,600 MW capacity by MP Power Management Company Limited (MPPMCL).

The company received a LoA from MPPMCL, awarding 800 MW additional capacity under the ‘Greenshoe Option’.

Both units (800MW x 2) in Anuppur district, Madhya Pradesh, will be commissioned within 60 months of the appointed date.

APL said that it will invest around Rs 21,000 crore towards setting up the plant and related infrastructure.

The project is expected to generate direct and indirect employment of 9,000-10,000 during the construction phase, and 2,000 once in operation.

Continue Reading
Advertisement
Advertisement

Trending