Readymade Steel India raised Rs34.75 crore through the issue
Shares of steel fabrication firm Readymade Steel India got listed at Rs115 apiece on the Bombay Stock Exchange today, reflecting a jump of over 6% vis-a-vis their issue price. The stock surged by 6.48% against its issue price of Rs108 a share on BSE in opening trade.
However, within minutes, the stock came under heavy selling pressure and was trading at Rs83.50, down 22.68% from the issue price.
Readymade Steel India, which is primarily in the business of providing ready-to-use steel for construction activities to the infrastructure industry, raised Rs34.75 crore through the issue.
The company plans to utilise the issue proceeds for partly financing the expansion of its existing facility at Khopoli in Raigad district of Maharashtra, and setting up of new facilities near New Delhi and Raipur, besides pre-operative expenses, including issue expenses and working capital requirements.
On Wednesday, Readymade Steel India ended Rs66.45 on the Bombay Stock Exchange, while the benchmark Sensex gained 1% to 18,596.02.
Organisations deducting TDS are required to submit the data to the Tax Information Network on the NSDL site on the basis of which taxpayers are supposed to file returns
Taxpayers have been hampered in filing income-tax returns, due to an unexplained delay in updating of TDS data on the Tax Information Network (TIN) maintained on the web site of the National Securities Depository (NSDL).
From the information available it seems that this has particularly affected senior citizens who have subscribed to the postal Senior Citizen Scheme. But there are other complaints which suggest that people who have invested in various other financial products have also been inconvenienced.
According to the law, an individual/organisation that undertakes TDS (tax deducted at source) must compulsorily file the return of tax with the income-tax department on a quarterly basis.
These returns are given to the NSDL, who is the custodian of this data. NSDL digitises the information and creates a statement called 26AS, which can be accessed by taxpayers. Assessees can then check the TDS on TIN.
"I have a savings account with the State Bank of India (SBI) and also a fixed deposit account in SBI's Bagmari branch in Kolkata. I got a TDS certificate, but to date the TDS (is) not reflected on the NSDL site. It's not only my problem, (but) many of my friends also face same problem," reads one complaint on www.complaintsboard.com.
According to the I-T department, it is mandatory for organisations that deduct tax to provide consolidated TDS information to those whose tax has been deducted. One way taxpayers can get this information is from the NSDL web site.
But the unavailability of data on the web site is causing unnecessary hardship for taxpayers filing returns through the actual submission of forms or by e-filling.
For those who choose e-filling, the data must match with what is on TIN as the income-tax department will cross-check the data submitted with the information available on the web site. Any discrepancy will result in the taxpayer being denied a possible refund.
There is a similar problem for those filling returns through physical submission of forms, for currently, the income-tax department does not ask for supporting documents, such as Form16 and Form16A (TDS certificates) and will verify the data on TIN.
Strangely, the income-tax department advises tax assessees to file their returns only after checking the data on TIN, when the data itself is either incorrect or not there at all.
Responding to a message from Moneylife seeking an explanation in the matter, NSDL said, "TDS returns are submitted/uploaded to the ITD's (income-tax department) web site by the respective deductors (and in the case of Post Office savings, by the Department of Posts) and not by NSDL."
The parks proposed to be set up by the Ministry of Food Processing Industries will help 20,000 small and medium industries engaged in the manufacture and processing of food products every year
The Centre plans to set up 30 food parks in various states with the aim of helping small and medium industries in the sector to grow, a senior official of the Indian Institute of Packaging (IIP) said.
The parks proposed to be set up by the Ministry of Food Processing Industries will help 20,000 small and medium industries engaged in the manufacture and processing of food products every year, IIP Director NC Saha said.
Addressing a one-day workshop on packaging and processing of ethnic food here last evening, he said the proposed parks will help the country overcome the problems of inadequate storage facilities and damage suffered during transport due to improper packaging.
Saha said the size of the food processing industry was likely to grow from $200 billion at present to $310 billion by 2015. Though India was the leader in production of several food products, it accounted for only 1.5% of global trade.
He said the IIP, a national enterprise set up by the Indian packaging and allied industry and the Ministry of Commerce to improve the standards of packaging, proposed to establish two more centres at Ahmedabad and Guwahati in order to promote packaging technology.
Saha said the only way to control prices of food products was to process and preserve them without any wastage.
Scientist SK Vel, the principal of the Indian Institute of Crop Processing Technology, said packaging prevented physical damage of food products and increased their shelf life.