Centre’s net indirect tax collections rise 12% in FY21
The Centre’s net revenue collections from indirect taxes witnessed a 12.3% year-on-year (YoY) rise to 10.71 lakh crore in the financial year 2020-21. This was supported by robust growth in receipts from customs duty and central excise (mostly from petrol and diesel). This figure has surpassed both the original as well as upwardly revised estimates for FY21 in the case of customs duty, central excise, and service tax taken together. The Centre collected Rs 1.32 lakh crore in customs duty receipts in FY21, an increase of 21% YoY.
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BPCL partners with Accenture to transform its sales, distribution network
Bharat Petroleum Corporation Ltd (BPCL) has partnered with Accenture to transform its extensive sales and distribution network. Accenture will use its capabilities in data, artificial intelligence (AI), and cloud technologies to build, design, and implement a digital platform, called IRIS. This platform will integrate real-time data from across BPCL’s countrywide network to provide a consolidated view of its extensive operations.
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S&P Dow Jones Indices removes Adani Ports from sustainability index
S&P Dow Jones Indices said it is removing Adani Ports and Special Economic Zone Ltd (APSEZ) from its sustainability index due to the company’s business ties with Myanmar’s military, which is accused of human rights violations after a coup in February. APSEZ had earlier announced plans of building a $290 million port in Yangon on land leased from the military-backed Myanmar Economic Corporation (MEC). The stock will be removed from the index prior to the open on April 15.
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L&T begins construction of 300-MW solar power plant in Saudi Arabia
The renewables arm of Larsen & Toubro’s (L&T) Power Transmission & Distribution Business has secured the go-ahead to begin construction of a 300 MW solar power plant in Jeddah, Saudi Arabia. The engineering, procurement, and construction (EPC) order was received from a consortium of Masdar, EDF Renewables, and Nesma Company. Earlier, L&T said it had secured a major EPC order for establishing a 1.5 gigawatt (GW) Sudair solar PV project in Saudi Arabia.
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Adani Green Energy’s subsidiary commissions 50-MW solar plant in Chitrakoot
Adani Solar Energy Chitrakoot One Ltd (ASECOL), a subsidiary of Adani Green Energy Ltd (AGEL), has commissioned a 50 megawatt (MW) solar power plant in Chitrakoot, Uttar Pradesh. The plant has a power purchase agreement (PPA) with the Uttar Pradesh Power Corporation Ltd at Rs 3.07 per kilowatt-hour for a period of 25 years. This takes AGEL’s total operational renewable capacity to 3,520 MW.
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JLR will report significant cash flow in Q4: Tata Motors
Tata Motors Limited said Jaguar Land Rover (JLR) is confident of reporting significant cash flows for the quarter ended March (Q4) and break-even on a cash flow basis for the financial year ended March 31. JLR posted a 12.4% year-on-year (YoY) increase in retail sales to 123,483 units in Q4. Sales of Jaguar declined by 17.1%YoY to 23,463 units, while sales of Land Rover jumped 22.6% YoY to 100,020 units during the same period.
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Ashoka Buildcon declared lowest bidder for Gujarat Rail project
Ashoka Buildcon Limited has emerged as the lowest (L1) bidder for a tender floated by Gujarat Rail Infrastructure Development Corporation. The project consists of Gauge Conversion of Bechraji-Ranuj section to Broad Gauge with 25 kilovolt (kV) AC electrification in Ahmedabad Division of Western Railway. The total project cost is Rs 333.26 crore.
Cipla doubles remdesivir production amid unprecedented demand
Cipla Limited said it has doubled production of Covid-19 medication remdesivir to help meet “unprecedented demand” as India battles the second wave of infections. Recently, the Centre banned the export of the antiviral drug and its Active Pharmaceutical Ingredients (API) to deal with shortages of the medication. The drugmaker is working with authorities to restrict remdesivir supply just to hospitals and areas with a high burden of severe Covid-19 cases.
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NBCC secures order to construct office building in Noida
NBCC (India) Limited has been awarded a work order for engagement as Project Management Consultant (PMC) for the construction of a Fertilizer Corporation of India (FCIL) office building at Noida, Uttar Pradesh. The total value of the project is Rs 65.10 crore at a PMC fee of 7%. NBCC (India) is a Government of India enterprise that provides civil engineering construction services.
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Ramco Systems partners with EXSYN Aviation Solutions
Ramco Systems Limited has partnered with EXSYN Aviation Solutions to jointly offer aircraft data migration solutions to new clients. This partnership will enable new clients that are onboarding Ramco Aviation M&E MRO Suite to trust and rely on the expertise and technology of EXSYN. This will help clients to smoothly migrate their data from existing systems into Ramco applications.
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