Ranbaxy posts loss of Rs2,982 crore for Oct-Dec 2011

Net sales of Ranbaxy rose to Rs3,738 crore for the fourth quarter ended 31 December 2011.

Drug firm Ranbaxy Laboratories said its consolidated net loss widened to Rs2,982.7 crore in the fourth quarter ended 31 December 2011, over the same period previous year. The company had posted a net loss of Rs97.4 crore in the same period of previous year, Ranbaxy Laboratories said in a filing to the BSE.

Net sales of the company, however, rose to Rs3,738 crore for the fourth quarter ended 31 December 2011, against Rs2,086.4 crore in the same period in the previous year.

For the year ended 31 December 2011, the company posted a net loss of Rs2,899.7 crore against a net profit of Rs1,496.7 crore in 2010.

On a standalone basis, the company posted a net loss of Rs2,710.3 crore for the fourth quarter ended 31 December 2011. It had a net profit of Rs55.2 crore in the same period last year.

For the year ended 31 December 2011, the company posted a standalone net loss of Rs3,052 crore, while it had a net profit of Rs1,148.7 crore in the previous year.

In the late afternoon, Ranbaxy Laboratories was trading at around Rs439.95 per share on the Bombay Stock Exchange, 0.25% up from the previous close.

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RBI allows 926 bank branches to receive advance income tax

‘Long queues and inconveniences can be avoided at the RBI counters:’ RBI

For hassle free income tax collection, the Reserve Bank of India (RBI) designated a total of 926 computerised branches of public and private sector banks to receive advance income tax for people residing in Mumbai and Navi Mumbai.

"These arrangements have been made for the convenience of the income tax assessees," RBI said.

Of the total of 926 bank branches, 862 are that of public sector lenders, while the rest are of private sector banks, including HDFC, ICICI and Axis Bank.

Long queues and inconveniences can be avoided at the RBI counters, if the assessees in Mumbai and Navi Mumbai utilize the services being made available at various designated branches of the banks, and deposit their income tax dues well in advance of the last date, the RBI statement said.

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COMMENTS

S SORNAVEL

5 years ago

RBI should promote at Rural level also.

Employees, employers differ on Rs1,000 pension in EPF scheme

‘Neither employers' representatives nor the union leaders were willing to share any extra load.’

The Central Board of Trustees (CBT), the apex decision-making body of the Employees' Provident Fund Organisation (EPFO), could not approve the proposal to benefit its 47.2 million subscribers, as neither employers' representatives nor the union leaders were willing to share any extra load, sources said.

"We have decided to form a committee to suggest modalities for implementing the proposal. The committee will give its report within a month," Labour Minister Mallikarjun Kharge, who is also chairman of the CBT said, after the meeting.
However, this committee would be an informal arrangement among the trade unionists, he said.

Of 3.5 million EPFO pensioners, 1.4 million get monthly payment of less than Rs500 per month. Only 0.7 million of them get above Rs1,000 or more as monthly pension and there are cases where pensioners are getting as low as Rs12-38 per month.

At present, both an employer and his employee contribute 12% of basic pay plus dearness allowance (BPDA), each towards the PF fund. Out of the employer's contribution 8.33% goes towards the pension account. Over and above, the government contributes 1.16% of BPDA towards this head. If the pension floor is fixed at Rs1,000 per month, additional contribution of 0.63% of BPDA will be required.

The union leaders on the CBT demanded that the government should bear the additional burden because EPFO is a social security scheme. Mr Kharge said one of solutions could be to raise the retirement age of an employee to 60 years from 58 years (in the EPFO scheme). Yet another solution is of foregoing of two-year bonus given to employees after 20 years of service, he said. The idea has been rejected by unionist trustees.

Decision on providing 'Contribution Cards' similar to bank passbooks was also deferred.

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