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GST effect: Automobile companies reduce prices

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Auto Sector in GST Bill

New Delhi/Mumbai, July 1 : Several automobile companies have reduced their vehicle prices after the rollout of the Goods and Services Tax (GST).

Automobile majors like Maruti Suzuki, Hero MotoCorp, Jaguar Land Rover (JLR) and Audi India announced that they have reduced prices on various models.

However, owing to withdrawal of tax concessions on mild hybrid vehicles, the prices of vehicles in this category like Maruti Suzuki’s “Smart Hybrid Ciaz Diesel” and “Smart Hybrid Ertiga Diesel” have been increased.

Similarly, Toyota Kirloskar Motor hiked prices of its hybrid variants Toyota Camry and Toyota Prius by over Rs 3.5 lakh in Bangalore and going up to Rs 5.24 lakh in New Delhi as per applicable tax under GST framework.

On its part, automobile major Maruti Suzuki India said that after the implementation of GST, the ex-showroom prices of its models have come down by up to three per cent.

“The rate of reduction varies across locations depending on the VAT (value added tax) rates applicable prior to GST,” the company said in a statement.

According to luxury automobile manufacturer Jaguar Land Rover (JLR) India, it has reduced prices of its locally manufactured models by seven percent on an average.

“Post GST regime, Jaguar Land Rover’s locally manufactured prices have come down by seven per cent on an average,” the company said in a statement.

Another luxury car manufacturer Audi India said that it has reduced prices between three per cent to nine per cent depending upon the model and region post GST implementation.

“The new realigned prices offer great opportunity to expand the market and widen our customer base,” said Rahil Ansari, Head, Audi India.

In addition, Toyota Kirloskar Motor reduced prices of its models by up to 13 per cent.

The company said that price change will vary from state to state, model to model and variant by variant depending on tax rates applicable prior to GST.

“We are hopeful that the price decrease post GST will further boost the customer demands in the coming months,” said N. Raja, director and Senior Vice President, Marketing and Sales, Toyota Kirloskar Motor.

“The GST will be fruitful for the growth of the Indian auto industry. We think the industry will break into double digit growth territory this year.”

Two-wheeler major Hero MotoCorp said that it has reduced prices of models across its product portfolio in most of the states.

“The quantum of reduction ranges from Rs 400 to Rs 1,800 on mass-selling models. The actual benefit varies from state to state, depending on the pre and post-GST rates,” the two-wheeler major said in a statement.

“Some of the premium segment models would see a reduction of up to Rs 4,000 in certain markets. In one or two states, such as Haryana, where the pre-GST rates were lower than the post-GST rate, the prices of a few models may go up marginally.”

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Equity indices close in red on weak global cues

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sensex

Mumbai, April 25: The key Indian equity indices on Wednesday provisionally closed in the negative territory following weak global cues, along with heavy selling pressure in the banking, consumer durables and capital goods stocks.

According to market observers, investors were cautious ahead of April derivatives expiry on Thursday.

On Wednesday, the wider Nifty50 on the National Stock Exchange provisionally closed (at 3.30 p.m) at 10,570.55 points, down 43.80 points or 0.41 per cent from the previous close.

The barometer 30-scrip Sensitive Index (Sensex) of the BSE, which opened at 34,593.17 points, closed at 34,501.27 points, down 115.37 points or 0.33 per cent.

The Sensex touched a high of 34,631.27 points and a low of 34,400.56 points during the day.

The BSE market breadth was bearish with 1,447 declines and 989 advances.

The major gainers on the BSE were Bharti Airtel, Tata Consultancy Services (TCS), Mahindra and Mahindra (M&M), Power Grid and Hindustan Unilever, while Tata Steel, ICICI Bank, ONGC, Tata Motors (DVR) and Axis Bank were among the major losers.

On the NSE, the top gainers were Bharti Airtel, TCS and M&M. The major losers were GAIL, Cipla and Hindalco.

On Tuesday, the indices closed with humble gains riding on broadly positive global markets, coupled with expectations of healthy quarterly corporate earnings.

The Nifty50 edged higher by 29.65 points or 0.28 per cent to close at 10,614.35 points, while the Sensex closed at 34,616.64 points, up 165.87 points or 0.48 per cent.

IANS

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61% Indian IT managers clueless how bandwidth is being consumed, claims Sophos

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New Delhi, April 25: Around  57 percent Indian IT managers can’t identify network traffic while 61 percent don’t know how their bandwidth is consumed, a new report revealed on Wednesday.

The report claimed also the majority of Indian IT managers have legal liabilities when it comes to unidentified traffic at their workplaces.

As per British IT security firm, Sophos’ global survey titled “The Dirty Secrets of Network Firewalls,” 89 percent of Indian software heads opined that halting malware threats have become harder over the last year.

“While 94 percent agree that stopping ransomware should be a top priority in organisations, a lack of effective application visibility is a serious security concern for 90 percent of Indian businesses,” news agency IANS reported citing the report.

The survey was conducted on more than 2,700 IT decision makers across medium-sized businesses in 10 countries worldwide, including India, the US, Canada, Mexico, France, Germany, the UK, Australia, Japan and South Africa.

“Controlling network traffic is an essential role of every firewall yet, 61 per cent IT managers can’t tell you how their bandwidth is being consumed,” said Sunil Sharma, Managing Director Sales at Sophos India & Saarc.

“If you can’t see everything on your network, you can’t ever be confident that your organisation is protected from threats. IT professionals have been ‘flying blind’ for too long and cybercriminals take advantage of this,” Sharma pointed.

About 79 percent of IT heads witness security risks from unwanted or unnecessary applications.

“While 72 percent want to see applications by risk levels through their organisation’s firewall, 60 percent concerned on productivity loss due to unwanted apps and 52 percent had legal liability or compliance concerns due to potentially illegal content,” it added.

The survey further said that 61 percent would like to see better perimeter security in their organisation’s network firewall along with better threat visibility and better protection.

“Ineffective firewalls are costing you time and money. On an average, organisations are spending 7 working days to remediate infected machines,” assreted Sharma.

With just a single network breach multiple computers can be harmed, so keeping this in the mind faster you can stop the infection from spreading the more you limit the damage and time needed to clean it up.

“Companies are looking for the kind of next-generation, integrated network and endpoint protection that can stop advanced threats and prevent an isolated incident from turning into a widespread outbreak,” Sharma informed.

WeForNews 

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Equity indices close higher, RIL top gainer

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SENSEX-

Mumbai, April 24: Healthy buying in oil and gas, banking and auto stocks, coupled with broadly positive global cues, lifted the key Indian equity indices on Tuesday.

Index heavyweights like Reliance Industries (RIL), Yes Bank, Adani Ports, Mahindra, Larsen and Toubro were the top gainers on the BSE.

However, heavy selling pressure in metals, IT and consumer durables stocks trimmed some gains of the benchmark indices, market observers said.

The wider Nifty50 of the National Stock Exchange (NSE) rose by 34.05 points or 0.32 per cent to provisionally close (at 3.30 p.m.) at 10,618.75 points.

The barometer 30-scrip Sensitive index (Sensex) of the BSE, which opened at 34,491.38 points, closed at 34,616.64 points — up 165.87 points or 0.48 per cent from its previous session’s close.

The Sensex touched a high of 34,706.71 points and a low of 34,465.49 points during the intra-day trade.

In contrast, the BSE market breadth remained bearish with 1,479 declines and 1,191 advances.

On Monday, the equity indices closed a volatile trade session on a flat-to-positive note as healthy quarterly results drove investors’ sentiments.

The Nifty50 closed higher by 20.65 points or 0.20 per cent at 10,584.70 points, while the Sensex closed at 34,450.77 points — up 35.19 points or 0.10 per cent.

IANS

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