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SBI Cards and Payment Services (SBI Card) announced a net profit of ₹594 crore for the first quarter ending June 30, 2024, a slight increase from ₹593 crore in the same period last year. However, this figure represents a decline from the ₹662 crore profit reported in the previous quarter, March 2024. The company's total income for the quarter rose to ₹4,483 crore, up from ₹4,046 crore year-on-year, and slightly higher than the ₹4,475 crore recorded in the March quarter. The results reflect a steady performance amid fluctuating profits, as the company continues to navigate the competitive landscape of the payments sector. The latest financial disclosures were made public in a filing with stock exchanges on Friday. 
Published: Jul 26 2024, 10 pm ISTeznews.inThe Jawaharlal Nehru Port Authority (JNPA) has launched an Expression of Interest (EoI) for investors to participate in a ₹20,600 crore greenfield container port project at Vadhvan, Maharashtra. This initiative aims to reclaim 1,227 hectares of land offshore, approximately 4-6 km from the coast, and construct an offshore protection bund. The project, developed in two phases with a total cost of ₹76,220 crore, will have a capacity of 24.5 million TEUs. The EoI is open to various entities, including government organizations and private developers, under a public-private partnership (PPP) model. JNPA chairman Unmesh Wagh indicated that road construction will commence post-monsoon, with land reclamation expected to start next year. The first phase is projected to handle 6.85 million TEUs by 2030, increasing to 23.2 million TEUs by 2040, with an estimated cost of ₹50,000 crore for Phase 1.
Published: Jul 26 2024, 8 pm ISTeznews.inThe Central government's workforce is projected to decrease by approximately 48,000, or just over 1%, by March 1, 2025, primarily due to a reduction in the Railways, the nation's largest employer. Despite this decline, total expenditure on pay and allowances, including travel, is expected to rise by around 10% in the fiscal year 2024-25. The number of government employees was over 31.6 lakh in March 2023, anticipated to increase to over 35.6 lakh by March 2024, before falling to about 35.1 lakh the following year. The Railways' employee count is expected to drop from 12.9 lakh to 12.17 lakh. Notably, the allocation for pay and allowances is set to increase from ₹2.76 lakh crore in 2022-23 to over ₹3.25 lakh crore in the current fiscal, driven by higher dearness allowances and potential revisions. Over 9.64 lakh posts remain vacant within the Central government.
Published: Jul 26 2024, 9 pm ISTeznews.inString Bio, a biotechnology firm, has announced that its microbial protein, PRO-DG, has received self-determined Generally Recognized as Safe (GRAS) status for use in crustacean feed in the United States. This designation, confirmed by an independent panel of experts, underscores the safety of PRO-DG, which is composed of approximately 70% protein derived from methanotrophic bacteria and produced via the company's patented String Integrated Methane Platform. The GRAS status, governed by the US Food and Drug Administration (FDA), is a significant achievement that distinguishes String Bio in the alternative protein sector, following over two years of rigorous scientific evaluation. CEO Ezhil Subbian highlighted that this milestone will facilitate the commercialisation of PRO-DG in the US, potentially expanding market opportunities and enhancing the company's presence in the feed industry, as many countries regard GRAS status as a benchmark for ingredient safety.
Published: Jul 26 2024, 9 pm ISTeznews.inThe Indian Food Ministry has allocated 22 lakh tonnes of sugar for domestic sales in August, with an additional 2 lakh tonnes from unsold July stock, totaling 24 lakh tonnes to meet demand. Strict guidelines have been issued to sugar mills, mandating adherence to these quotas, with penalties for violations. Mills that breach stockholding limits more than three times will be barred from receiving benefits, including export quotas, for one year starting from the third violation. The government plans to reassess sugar export permits in October, contingent on the sugarcane crop and production forecasts. These measures aim to stabilize domestic sugar prices and ensure mills can pay cane growers. The ministry has also implemented deductions from sugar quotas for mills exceeding their limits, reinforcing compliance to prevent market distortions. Violations will result in reduced quotas and restrictions on future releases, emphasizing the government's commitment to maintaining order in the sugar market.
Published: Jul 26 2024, 7 pm ISTeznews.inIndia's corporate sector has raised concerns regarding the complexities of multiple Goods and Services Tax (GST) assessments and audits across various states, prompting the Finance Ministry to encourage industry advocacy for a centralized assessment mechanism. Revenue Secretary Sanjay Malhotra acknowledged the challenges faced by companies operating nationwide, as they navigate assessments from up to 30 different states, complicating compliance efforts. He emphasized the need for a collaborative approach between the government and industry to address these issues over time. Malhotra also highlighted the Union Budget's focus on simplifying tax processes and reducing compliance burdens, while expressing the government's willingness to partner with industry for a comprehensive review of the Income Tax Act. He noted that enhancing the tax base is complex but emphasized that India's current tax-GDP ratio of 18% is reasonable given its level of development, with expectations of further formalization of the economy in the future.
Published: Jul 26 2024, 8 pm ISTeznews.inAs of July 26, 2024, India's kharif season planting has reached 811.87 lakh hectares, marking a 2.3% increase from the previous year, despite a slight decline in paddy acreage due to excessive rainfall. The area under paddy has decreased to 215.97 lakh hectares, down 0.27% from last year, although recovery is anticipated as sowing continues in states like West Bengal. Conversely, pulses have seen significant growth, with arhar up 34.1% and overall pulse sowing rising 14.1% to 102.03 lakh hectares. Maize acreage has also increased by 13.6%, while cotton has experienced a notable decline of 6.9%. The total area for oilseeds has risen by 3.8%, with groundnut showing a robust 13.7% growth. The Agriculture Ministry remains optimistic about a good harvest, closely monitoring conditions across states.
Published: Jul 26 2024, 8 pm ISTeznews.inIn a recent development, the Central Board of Indirect Taxes & Customs (CBIC) has clarified that rice, when sold in loose quantities exceeding 25 kg, may be subject to Goods and Services Tax (GST) as it is not classified as an 'agricultural farm produce.' This interpretation stems from a circular issued on July 15, 2024, following recommendations from the GST Council. The circular specifies that agricultural produce packaged in quantities over 25 kg will not incur a 5% GST levy. However, concerns have arisen that similar treatment may extend to flour and pulses sold loose from bags over 25 kg. A senior CBIC official acknowledged the validity of this interpretation but noted that no industry representations have been received yet. The classification hinges on the processing of rice, which involves milling that alters its essential characteristics, distinguishing it from raw agricultural products.
Published: Jul 26 2024, 8 pm ISTeznews.inCoking coal prices are expected to remain under pressure for the remainder of 2024 due to sluggish global steel production, particularly in China, which is anticipated to negatively impact demand. Analysts from BMI forecast Australian coking coal prices to average between $220 and $250 per tonne this year, with a decline from $264 in 2024 to $208 by 2026. Despite this, the Indian construction and infrastructure sectors are poised to benefit from lower steel-making raw material costs, as India’s metallurgical coal imports are projected to rise, driven by expanding blast furnace capacity. While Australia remains the largest supplier, its market share has decreased significantly, with Russian coal gaining traction due to discounts. The World Bank also predicts a 28% drop in Australian coal prices in 2024, although prices will still be above historical averages, reflecting a complex global market influenced by both demand and supply dynamics.
Published: Jul 26 2024, 7 pm ISTeznews.inThe Directorate of Revenue Intelligence (DRI) reported a significant increase in the seizure of illicit arecanut imports, with 12,881.82 tonnes confiscated in 643 cases during the 2023-24 fiscal year, compared to 3,400.30 tonnes in 454 cases the previous year. In the first quarter of 2024-25, 3,009.04 tonnes were seized across 84 cases. Union Minister of State for Commerce and Industry, Jitin Prasada, highlighted ongoing vigilance by Customs and state tax departments to combat illegal imports through various ports. Notably, 10,000 kg of arecanuts valued at ₹0.47 crore were seized at airports in the current fiscal year. To deter illegal imports, the government has imposed a 100% import duty and raised the minimum import price from ₹251 to ₹351 per kg, alongside strict quality checks by the Food Safety Standards Authority of India (FSSAI).
Published: Jul 26 2024, 7 pm IST
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