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Early Q4 results indicate earnings picking up pace Review shows profit growth quickened to 6-quarter high of 12.13% in March quarter Earnings growth of Indian companies has picked up pace in the three months ended 31 March after demonetization of high-value banknotes in 2016 and implementation of the goods and services tax (GST) in the following year disrupted business activity for several quarters. An initial review of earnings reported so far indicates profit growth has accelerated. Profit growth after adjustment for one-time items of 100 BSE-listed firms that have reported earnings quickened to a six-quarter high of 12.13% in the March quarter from a year earlier. That was faster than the 9.32% pace in the three months ended 31 December.  The government’s stress on affordable housing and higher minimum support price (MSP) for farm produce ahead of several state and national elections over the next 12 months are expected to support consumption demand, analysts said. A n...

EPFO to send you SMS update if employer fails to deposit contribution Currently, EPFO only sends messages to employees whose contributions are credited into their EPF accounts The next time your employer fails to deposit your contribution to the Employees’ Provident Fund Organisation (EPFO), you would get to know. EPFO will now inform employees whose contributions have not been deposited by the employer for a given month in due time. Currently, EPFO only sends messages to employees whose contributions are credited into their EPF accounts. “EPFO has so far been intimating its members by way of SMS on credit of their respective monthly contribution into their accounts,” said an EPFO press statement What is EPF? Every month, a salaried individual contributes 12% of her salary to the EPF account and the employer matches the contribution. The contributions then compound at a rate declared every year. “Employers have to credit the contributions with the EPF account by the 15th of ...

 India-US steel feud escalates as WTO sets up key panel The compliance panel was set up on Friday after a meeting of the dispute settlement body, despite the US opposing the move The ongoing trade spat between India and the US has intensified after the World Trade Organization (WTO) set up a compliance panel following India’s request on the non-implementation of the appellate body’s ruling against countervailing duties (CVD) imposed by the US on Indian hot-rolled carbon steel products. Confirming the move, a commerce ministry official speaking under condition of anonymity said the compliance panel was set up on Friday after a meeting of the dispute settlement body, despite the US opposing the move. The case pertains to India filing a WTO complaint in 2012 against the US CVD on India’s exports of hot-rolled carbon steel flat products. The dispute settlement panel gave a mixed verdict in July, 2014 which was further challenged by both countries before an appellate panel, the ...

  Govt seeks proposals for debt exchange traded fund by May 16 ETF structure to be decided by advisor in conjunction with government The government plans to launch its first debt exchange traded fund (ETF) early in the second half of 2018-19. The ETF’s basket is expected to contain debt offerings from 12-15 state-owned companies, including banks and central public sector enterprises (CPSE), Business Standard has learnt. The Centre will also discuss how to attract more retail investors into corporate bond markets, with market regulator Securities and Exchange Board of India (Sebi), starting with the planned debt ETF. Bonds of NTPC, Power Finance Corporation, Rural Electrification Corporation, LIC Housing Finance, Indian Railway Finance Corporation, National Highways Authority of India and others could be included in the basket. These would be fresh issuances. All these public sector undertakings (PSUs) are active in the corporate bond markets. “The ETF will comprise PSUs, ...

One year after coming into force, Rera remains a work in progress According to property consultancy firm Knight Frank, only 19 states and UTs have a functional portal in place, that too with a lot of information dissymmetry across data points A year after coming into force, what the Real Estate (Regulation and Development) Act, 2016, or Rera, has achieved is that it has made buyers more aware and developers cautious.  The implementation of Rera, however, remains an issue, as majorities of the states are yet to implement it fully. Only three states — Maharashtra, Madhya Pradesh, and Punjab — have implemented full-time regulators under Rera, while 26 states are yet to appoint full-time regulators. A full-time regulator would have implemented the norms in an effective manner. According to property consultancy firm Knight Frank, only 19 states and Union Territories (UTs) have a functional portal in place, that too with a lot of information dissymmetry across data points. In And...