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News in Numbers: Mumbai received 298 mm rainfall in 9 hours on Tuesday

LiveMint logoLiveMint 30-08-2017 howindialives.com

5.3%

What is it? The growth in aggregate revenue of 448 companies in the April-June quarter of 2017-18, according to ratings firm ICRA.

Why is it important? It has slowed down from the growth rate registered in the previous quarter (8.3%) and in the same period a year ago (10.6%) and comes at a time when companies were just recovering from the demonetisation shock. ICRA attributed the decline in revenue to the roll-out of the goods and services tax effective July, which made consumer-oriented sectors face inventory de-stocking and offer discounts to clear pre-GST inventories. In addition, recovery of raw material prices and sector-specific factors such as intense competition in telecom and regulatory blocks in pharmaceuticals, affected the earnings.

Tell me more: The margins of the 448 firms contracted by as much as 1.8% to 15.7% in the first quarter of 2017-18 on a year-on-year basis.

298 mm

What is it? The amount of rainfall Santacruz, a suburban locality in Mumbai, received between 8.30am and 5.30pm on Tuesday, according to Skymet Weather Services.

Why is it important? This is the second highest rainfall recorded in a day since July 26, 2005 when the financial capital received 944 mm rainfall. So far, four people have lost their lives. In 2005, more than a thousand people died due to rains. There seems to be no reprieve as Mumbai’s Regional Meteorogical Department has forecast heavy to very heavy rainfall in some districts including Konkan, Madhya Maharashtra and Vidarbha.

Tell me more: Schools and colleges will be shut on Wednesday and only those employees handling critical tasks in government offices need to go to work today. The Indian Navy has helicopters and divers on standby to meet any eventuality.

Rs32,320 crore

What is it? The demand in tax, interest and penalty sought by the Indian tax authorities from Hutchison Holdings on the alleged gains it made by selling its mobile phone business to Vodafone Group Plc for about $11 billion in 2007.

Why is it important? This is the first time a tax notice has been sent to Hutchison, the seller in the transaction. Two tax notices were sent this year -- 13 February 13 (capital gains tax and interest) and 9 August (penalty). Earlier, India had asked Vodafone to cough up Rs 7,900 crore for not withholding tax from its payment to Hutchison when the deal was completed and the total amount demanded including interest and penalty is over Rs 20,000 crore. This matter reached the Supreme Court, which ruled in favour of Vodafone in 2012. In the same year, the government amended tax laws with retrospective effect and raised its demands again.

Tell me more: Hutchison maintains that the Indian tax authorities’ demand, which is based on retrospective legislation, is in violation of international law and that it would not affect the company’s financial position or the results of its operations at all.

Rs92,283 crore

What is it? The amount of tax collected under the goods and services tax (GST) for July this year from 3.9 million registered taxpayers under the new tax regime.

Why is it important? The amount is higher than government’s internal estimate (Rs91,000 crore) based on previous year’s numbers. More than half (Rs47,469 crore) the collections came via integrated GST - levied on inter-state transactions and imports - and 42% of this amount will go to the states.

Tell me more: The final numbers could change as the form TRAN-1, used to claim tax credit on tax paid before GST was implemented on 1 July, was not working properly. Taxpayers were not able to reduce their tax liability under GST because TRAN-1 was not working properly.

26

What is it? The second list of defaulters identified by the Reserve Bank of India (RBI) for debt resolution by December 13 this year.

Why is it important? These 26 companies including Videocon Industries and Jaiprakash Associates account for more than Rs1 trillion of debt, and an early resolution will impact the lender’s’ bottomline. 60% of outstanding amount have been written as non-performing loans by the banks. If the loss is more than 60%, then lender’s profits will get a hit.

Tell me more: If debt resolution is not achieved before 13 December, then the companies will be referred under Insolvency and Bankruptcy Code at the National Company Law Tribunal.

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