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The Dollar Business Bureau The government said on Tuesday that taxes on entertainment, Direct-To-Home (DTH)  and cable services would come down in the new Goods and Services Tax (GST) as 'entertainment tax' that is imposed by the states has been included in the GST regime. The services offered through admission to cinematography films or entertainment events in cinema halls will be imposed with a rate of 28% under GST effective from July 1, the Finance Ministry said in a statement. Presently, the states levy entertainment tax of up to 100% with regard to exhibition of films in cinema halls/theatres. The entertainment tax has now been subsumed under the GST, and therefore only the taxes imposed by a municipality or panchayat on amusements and entertainments will stay. “Entertainment ...

The Dollar Business Bureau TVS Group flagship Sundaram-Clayton Ltd. (SCL) on Thursday announced it will invest about Rs.750 crore to establish its first overseas plant in the US as well as expand its facilities in India. The leading manufacturer and supplier of aluminium products will invest Rs.400 crore over the next three years in the Indian market to cater to the multifold growth of this segment in the market. The company’s investment in India would enhance its domestic production capacity to 70,000 MT from the current 60,000 MT. SCL has four manufacturing facilities across the country. The company has planned to invest $50 million (about Rs.350 crore) to establish a plant in the US. Its US facility will be set up on a 50-acre ...

The Dollar Business Bureau TVS Motor Company on Monday announced its December sales, which registered a 8.47% decline to stand at 184,901 units in December. The Chennai-based automobile manufacturer had sold 202,021 units in December 2015. The company’s total two-wheeler sales fell 7.47% to 179,508 units during the month, while the three-wheelers sales also plummeted 32.8% to 5,393 units. Total exports during the month also declined 6.15% to 31,694 units as against 32,706 units in December 2015. Exports of two-wheelers, however, grew marginally to 26,095 units from 25,841 units on a year-on-year basis. TVS Motor Company Ltd.’s sales dropped 8.5 percent in December, but the fall was lesser than that of its larger rivals in the two-wheeler space. However, the decline in TVS’ sales was significantly less ...

PTI In a dramatic development that took the corporates and others by surprise, Cyrus Mistry was on Monday sacked as Chairman of Tata Sons and was replaced by Ratan Tata, from whom he had taken over the reins of the over $100 billion salt-to-software conglomerate four years ago.The surprise announcement came after the Board of Tata Sons met here and decided to replace 48-year-old Mistry and appoint Ratan Tata, 78, as interim head.The board named a five-member search committee, which includes Tata, to choose a successor to Mistry within four months.Mistry was chosen as Tata's successor in November, 2011, and was appointed Deputy Chairman of Tata Sons, whose board he had entered in 2006. He was made chairman on the basis ...

The Dollar Business Bureau CDPQ, the Canadian pension fund company, on Wednesday announced that it will invest more than Rs.1,000 crore to acquire a significant minority share in the third-party logistics arm of TVS Group, that includes buying out the present private equity investors KKR and Goldman Sachs.  “CDPQ will invest over Rs.1,000 crore ($155 million) to acquire a minority stake in TVS Logistics Ltd. With this transaction, Goldman Sachs and KKR will fully exit from their investments,” R Dinesh, Managing Director of TVS Logistics Services' told reporters in Chennai. He declined to disclose the percentage of shares held by KKR and Goldman Sachs, and said that KKR had invested around Rs.240 crore and Goldman Sachs hadinvested around Rs.120 crore.KKR invested in the logistics arm in 2012 whereas Goldman Sachs had ...

The Dollar Business Bureau TVS Motor has set a target of achieving 15% market share in India’s two-wheeler segment by the 2016-17 financial year. The company plans to launch TVS Akula, a 300cc bike jointly developed with German automobile major BMW, by the end of the current fiscal. “The unit sales of two-wheelers will grow by 15% as compared to last year and we expect the market share for two wheelers to be close to 18% in the next two years,” said K N Radhakrishnan, president and CEO, TVS Motor. TVS Motor expects its 2015-16 capex to be around Rs.400 crore. “Profitability will grow and we expect the EBITDA (earnings before interest, taxes, depreciation and amortization) to grow to double digits in the next ...

During April- November 2015, the countrys auto exports grew by just 2.61%, much less than the growth rate of 5.78% witnessed during April-October period The Dollar Business Bureau During April-March 2015, the countrys overall automobile exports grew by 14.89% over 2014 when the overseas sales in of three-wheelers and two-wheeler grew by 15.44% and 17.93% respectively Indias automobile exports seem to have been facing the heat of the global slowdown as the growth rate in the overseas sales has witnessed a sharp reduction in the past two months. During April- November 2015, the countrys auto exports grew by just 2.61%, much less than the growth rate of 5.78% witnessed during April-October period. Analysts say that the steep fall in the export of commercial vehicles ...