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Sensex opens with a positive note on tuesday morning

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Sensex opens on a flat note with a positive bias on tuesday morning.

The Nifty50 holds above 8,500 levels supported by gains in realty, metal, auto, banks, and power stocks.

At 09:20 am, the 30-share index was trading at 27,794, up 48 points or 0.17 per cent. It touched a high of 27,804.73 and a low of 27,767.77 in morning trade.

The Nifty50 was trading at at 8,521 up 13 points or 0.16 per cent. It touched a high of 8,525.95 and a low of 8,505.70 in the first 30 minutes of trade.

The S&P BSE Midcap Index was up 0.20 per cent and BSE S&P Smallcap Index was trading 0.16 per cent higher.

Wefornews bureau

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Petrol, diesel become dearer after OMCs raise retail prices

The pump price of petrol increased by 17 paisa per litre on Thursday to Rs 82.66 a litre in Delhi from a level of Rs 82.49 a litre a day earlier.

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Oil Price

Oil marketing companies on Thursday increased the prices of petrol and diesel after keeping the retail prices unchanged for the past couple of days.

The pump price of petrol increased by 17 paisa per litre on Thursday to Rs 82.66 a litre in Delhi from a level of Rs 82.49 a litre a day earlier.

Similarly, the diesel price increased by 19 a litre to Rs 72.84 a litre in the national capital as compared to Rs 72.66 per litre on the previous day.

The prices of auto fuel have also increased across the country but the level of rise has been different depending on the taxation structure in each state.

In the past 14 days, due prices have risen 11 days with petrol prices rising by Rs 1.60 per litre and diesel by Rs 2.38 a litre.

The increase has been primarily on account of firming up of global oil and product prices following news of successful coronavirus vaccine.

Petrol prices had been static since September 22, and diesel rates hadn’t changed since October 2.

Though retail pricing of petrol and diesel has been deregulated and oil marketing companies were following a daily price revision formula, the same was suspend ended for almost two months to prevent volatility in international oil markets from impacting fuel prices regularly during the pandemic.

But with crude on the boil again on news of a successful coronavirus vaccine launch soon, the patience was lost by OMCs who finally resorted to price increase to cover for their under recovery on the sale of two petroleum products.

The benchmark Brent crude has crossed $48 a barrel on Intercontinental Exchange (ICE) lately. It has remained an over $44 a barrel for most part of November.

OMCs need almost 40 paise per litre increase in retail price of petrol and diesel to cover for $ 1 increase in crude.

Going by this yardstick, product prices would have to be increased by upto Rs 2 per litre to cover under recovery on its sale.

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MDH owner Mahashay Dharampal Gulati passes away

According to MDH Masala, Mahashayji used to donate 90 per cent of his salary to charity. A trust run by MDH runs several hospitals and schools in Delhi.

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New Delhi, Dec 3 : Mahashay Dharampal Gulati, the owner of the spices brand ‘MDH’ passed away on Thursday morning.

Reports suggest that his health deteriorated recently and he was undergoing treatment at a Delhi hospital.

On Thursday early morning, he suffered cardiac and passed away.

Born in 1923 in undivided India in Sialkot, now in Pakistan, Mahashay ji, also popularly known as ‘Dadaji’, had a very humble beginning.

Being a school dropout, he soon joined his father’s spices business at a very young age.

The flourishing family business suffered after participation and Mahashayji had to move to India and live in refugee camp in Amritsar.

But soon the family business of spices was set in a store in Delhi’s Karol Bagh. From there started the journey of building a spices brand with the birth of MDH in 1959.

Ever since then the brand has now established itself as the most recognisable one in the species segment with a global presence in over 100 countries.

And the brand itself has been synonymous with Mahashayji whose presence in TV commercials sporting a flowing white moustache and wearing red turban became an iconic image on Indian television.

His decision to appear on the masala commercials for his own brand became a big commercial success story making MDH and ‘Dadaji’ household names in the country.

His success was not without its share of rewards with reports suggesting that Dharampal Gulati navele the highest paid CEO in the FMCG space in 2017 drawing a mind boggling salary of over Rs 20 crore, much higher than the likes doyens of India Inc. that time.

According to MDH Masala, Mahashayji used to donate 90 per cent of his salary to charity. A trust run by MDH runs several hospitals and schools in Delhi.

For his work, Mahashayji was awarded the Padma Bhushan, third highest civilian award in India in 2019.

Dharampal Gulati took MDH to new heights with its masala packets selling in crores and becoming a household necessity. MDH now has a capacity of producing 30 tonnes of spices in a day. The baton now passes to the next generation to keep the flag flying.

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November GST collection at nearly Rs 1.05 lakh Cr

The government has settled Rs 22,293 crore to CGST and Rs 16,286 crore to SGST from IGST as regular settlement. The total revenue earned by Central government and the State governments after regular settlement in the month of November 2020 is Rs 41,482 crore for CGST and Rs 41,826 crore for the SGST.

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New Delhi, Dec 1 : Gross GST revenue collection in November stood at nearly Rs 1.05 lakh crore, an official statement said on Tuesday.

The revenues for the month of November 2020 were 1.4 per cent higher than the GST revenues in the same month last year.

During the month, revenues from import of goods was 4.9 per cent higher and the revenues from domestic transaction, including import of services, are 0.5 per cent higher that the revenues from these sources during the same month last year.

The total goods and services tax collected includes Central GST (CGST) of Rs 19,189 crore, State GST (SGST) of Rs 25,540 crore and Integrated GST (IGST) of Rs 51,992 crore.

“The gross GST revenue collected in the month of November, 2020 is Rs 1,04,963 crore of which CGST is Rs 19,189 crore, SGST is Rs 25,540 crore, IGST is Rs 51,992 crore (including Rs 22,078 crore collected on import of goods) and Cess is Rs 8,242crore (including Rs 809 crore collected on import of goods),” said the Finance Ministry statement.

The total number of GSTR-3B returns filed for the month of November 30 2020 was 82 lakhs.

The government has settled Rs 22,293 crore to CGST and Rs 16,286 crore to SGST from IGST as regular settlement. The total revenue earned by Central government and the State governments after regular settlement in the month of November 2020 is Rs 41,482 crore for CGST and Rs 41,826 crore for the SGST.

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