Business: Tata Power posts net loss of Rs 246.9 crore; GST Council finalises tax rates

By NewsX Bureau | Updated: 20 May 2017 10:11 AM

The GST Council has finalised tax rates for all services under the new tax regime. Services like healthcare and education remain exempted from tax. All other services have been fitted into 4 different rates of 5%, 12%, the standard rate of 18%, and luxury rate of 28%. While the transport services have largely been kept under the 5% bracket, cinemas have been brought under the 28% tax rate.

Telecom customer base grew by about half a per cent to 119.45 crore in March taking the number of telephone subscribers in India from 1,188.55 million at the end of February 2017 to 1,194.58 million at the end of March. Telecom operators including Airtel, Idea, Vodafone, and BSNL reported an increase in their base, recovering from the competitive pressure from Reliance Jio.

Tata Power has posted a loss for the 4th quarter ended 31 March from a profit a year earlier. The company reported a consolidated net loss of Rs 246.9 crore for the fourth quarter, compared with a consolidated net profit of Rs82.95 crore a year earlier. Revenue from operations also fell 1.8% to Rs7166.79 crore.

Grasim Industries Ltd, the flagship company of the Aditya Birla Group, reported a marginal increase in consolidated net profit at Rs1,063 crore for the 4th quarter from Rs1,055 crore a year ago. Revenue sees an increase of 6% at Rs11,409 crore against Rs10,763.70 crore last year. Grasim Industries has 4 lines of businesses—viscose staple fibre, cement, chemicals and textiles.

About 37,000 AT&T workers in Chicago, walked off the job on Friday as part of a planned 3-day national strike over a contract dispute. These workers represent nearly 14 percent of the company’s total workforce. The walkout could possibly shut down some AT&T retail stores this weekend. The workers are demanding wage increases that cover healthcare costs, job security and a fair scheduling policy.

First Published | 20 May 2017 10:10 AM
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Web Title: Business: Tata Power posts net loss of Rs 246.9 crore; GST Council finalises tax rates

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