Companies & Sectors
7 Indian firms in Fortune 500; Rajesh Exports replaces ONGC
Seven Indian companies figure in the latest Fortune 500 list, released on Thursday, of the world's biggest companies in terms of revenue.
 
Among Indian companies, state-run Indian Oil Corp (IOC) is ranked highest at 161st with revenues of $54.7 billion, although the other public sector firm Oil and Natural Gas Corp has moved out of the rankings for 2016.
 
ONGC has been been replaced by gems and jewellery firm Rajesh Exports, which makes its Fortune 500 debut this year at 423rd position.
 
Of the state-run firms, IOC is followed by State Bank of India (SBI), Bharat Petroleum and Hindustan Petroleum.
 
Mukesh Ambani-led Reliance Industries Ltd (RIL) is the highest ranked, though it has slipped down to 215th position, from 158 last year.
 
Tata Motors follows at number 226, up from 254th last year, with new entrant Rajesh Exports bringing up the rear.
 
Bharat Petroleum fell from 280th to 358th this year, while Hindustan Petroleum is at 367th, compared to its 327th place last year.
 
SBI has improved its position to 232, from being at 260 last year.
 
The overall list was topped by retail giant Walmart with revenue of $482,130 million.
 
The world's 500 largest companies generated $27.6 trillion in revenues and $1.5 trillion in profits in 2015, Fortune said.
 
Others in the global top 10 companies are State Grid (second, $329,601 million), China National Petroleum (third, $299,271 million), Sinopec Group (4th, $294,344 million), Royal Dutch Shell (5th, $272,156 million), Exxon Mobil (6th, $246,204 million), Volkswagen (7th, $236,600 million), Toyota Motor (8th, $236,592 million), Apple (9th, $233,715 million) and BP (10th, $225,982 million).
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.
  

 

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ITC net profit rises 10% in Q1
ITC Ltd on Thursday reported that its standalone net profit rose 10% to Rs2,384.67 crore for the quarter ended June 30, 2016 as compared to Rs2,166.09 crore for the corresponding quarter last year.
 
Total income from operations stood at Rs13,253.06 crore in the quarter under review as compared to Rs12,232.65 crore in the quarter year ago.
 
In the April-June quarter, revenue from cigarettes was Rs8,230.60 crore, up 6.4% from Rs7,733.43 crore in the same quarter last year.
 
Total revenue from its hotels, paperboards, paper and packaging and agri business stood at Rs4,404.34 crore in the first quarter ended June as compared to Rs3,957.21 crore last year.
 
Company's 105th annual general meeting will be held on Friday in the city and its Chairman Yogesh Chander Deveshwar will address shareholders for the last time.
 
Deveshwar would complete his present term on February 4, 2017. This AGM will be his last as CEO of the company, it said in a statement earlier.
 
The company had said when Deveshwar assumed office as Executive Chairman in January 1996, the company was confronted with formidable challenges.
 
The cigarette maker to FMCG conglomerate said early diversification efforts had either failed or were languishing, the businesses were not competitive enough in an emerging liberalised economic environment, and the company's reputation was at a low ebb.
 
At the time Deveshwar took over as Executive Chairman, the revenue of the company was less than Rs5,200 crore and Profit Before Tax (PBT) was Rs452 crore.
 
"The company's eevenue has presently grown tenfold to Rs51,582 crores and PBT has grown 33 times to Rs14,958 crores. Total shareholder returns grew at a compound annual rate of 23.3% during this period," it said earlier.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

 

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14 lakh high value non-PAN transactions being scrutinised: I-T
The Income Tax Department is closely scrutinising 14 lakh high value non-PAN transactions reported for the period 2009-10 to 2016-17 and will be soon issuing letters seeking information regarding the same, an official statement said on Thursday.
 
"The Income Tax Department has details of about 90 lakh transactions for the period 2009-10 to 2016-17. These include reporting of cash deposits of Rs 10,00,000 or more in a saving bank account, sale and purchase of immovable property valued at Rs 30,00,000 or more, etc. Many of these transactions do not have PAN linked to it,” said a finance ministry statement.
 
"The department has grouped such non-PAN transactions and identified 7 lakh high-risk clusters having around 14 lakh non-PAN transactions which are being scrutinised closely. The Income Tax Department will be issuing letters to the parties of these transactions requesting them to provide their PAN number against these transactions,” the statement said.
 
A new functionality on e-filing portal has been developed wherein people who receive these letters can own up transactions and provide a structured response electronically. People can log-in to their e-filing website and by quoting a unique transaction sequence number from the letter sent to them, can link their transaction with their PAN easily.
 
Responses to these letters can be given electronically by choosing the option of either owning up the transaction or denying the transaction as their own. 
 
“The responses received from such parties online will be examined by the Income Tax Department. The department will initiate further necessary action in those cases where no replies are received,” it said.
 
"The members who receive such letters may use the departmental helpline to ask questions, as far as possible, instead of making direct contact with any officials of the income tax department," it added.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.
  

 

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