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CBEC revises arrest, prosecution norms
Nov 02, 2015
The Central Board of Excise and Customs (CBEC) has revised the monetary limits for arrest and its guidelines for prosecution in matters relating to offenses punishable under Customs, Central Excise, and Service Tax laws.
Its circulars (dated October 23) prescribe threshold limits, due sanction from senior officers, procedures to be followed, monitoring disciplines, and procedures for withdrawal of complaints. In Customs matters, the CBEC says arrest in respect of an offense should be effected only in exceptional situations.
Big correction in coriander
Nov 02, 2015
Coriander prices have tanked over 20 percent in the last two weeks on the National Commodity and Derivatives Exchange (NCDEX). They are currently trading at Rs. 9,391 per quintal. This sharp and sudden fall took the markets by surprise.
The trigger for the huge fall came after unconfirmed reports stating that the Securities and Exchange Board of India (SEBI) has asked the NCDEX to provide historical price data of the commodity. This made the market nervous and the contract witnessed panic selling thereafter. The ripple effect had the contract hitting the lower circuit for three consecutive days. Following this, the NCDEX has increased the margin for the coriander futures contract with effect from Thursday last week.
Granules India net zooms 40% in Q2
Nov 02, 2015
Granules India has posted a net profit of Rs. 31 crores for the second quarter ended September 30, 2015, a 40 percent rise over the Rs. 22 crores it posted in the corresponding quarter last year. The company’s revenue rose 19 percent to Rs. 366 crore. The operating margin improved by 204 basis points to 19.2 percent from 17.2 percent.
Giving a business break up for the second quarter on a consolidated basis, the company stated that Active Pharmaceutical Ingredients (APIs) contributed 44 percent, Pharmaceutical Formulation Intermediaries (PFIs) 27 percent, and Finished Dosages 29 percent. Geography-wise, the regulated markets contributed 55 percent and the rest of the world 45 percent.
Reliance Communications, Sistema to merge in all-stock deal
Nov 02, 2015
Anil Ambani-owned Reliance Communications is merging the telecom business of Sistema Shyam Teleservices (SSTL) with itself in a cashless deal worth around Rs 4,500-5,000 that will lead to the first major consolidation in the intensely competitive sector since 2009.” SSTL will get around 10% stake in the combined entity,
but no board seat and no veto powers,” a person directly involved in the deal said. ET had first reported on May 20 that Reliance Communications (RCom) is holding talks on a possible takeover of SSTL in an all-stock deal that could give the latter’s shareholders a stake of around 10% in the merged entity.
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