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Wednesday, June 15, 2011
ADVANCE TAX NUMBERS = FOR FIRST QTR (1st) ENDING JUNE 2011 = GOOD RISE IN MOST CASES = BANKING, FINANCE, IT COs DID WELL
ADVANCE TAX PAYMENTS IN Q1(June 2011)
The Advance Tax numbers that are coming in through various press / media reports for the first quarter are reasonably Good.
Banking and Finance sector especially seems to have done well. Same is the case with IT sector. The payment by 100 corporates headquartered in Mumbai have jumped 14 % for the June quarter.
While the IIP is reflecting a slower growth in Q1, the interest rates are rising constantly – and both are expected to hit growth of the listed companies (and unlisted ones) to some extent. This did not happen to any considerable extent, from current indications of advance tax numbers.
Advance tax payments are considered as the barometer for a company's performance for the reporting quarter. The jump in tax collections comes after the IIP growth in April slowed to 6.3 per cent amid a rising interest rate scenario.
Below are the figures of various companies – with last year same period payment indicated in Brackets
ØS B I : Rs.1,100 crores in Q1 (Rs.850 crore)
ØR I L : Rs.900 crore (Rs.650 crores)
ØL I C : Rs.580 crore (Rs530 crore)
ØT C S : Rs.240 crore (Rs.128 crore)
ØD I C G C : Deposit Insurance & Credit Guarantee Corporation : Rs.475 crore (Rs.400 crore)
ØIDBI Bank : Rs180 crore(Rs81 crore)
ØHindalco : Rs 80 crore (Rs 55 crore)
ØTata Steel : Rs 280 crore (Rs 300 crore) – some media have reported the amount as Rs.260 cr.needs confirmation.
ØTata Motors : Rs 65 crore (Rs 62 crore)
ØTata Chemicals : Rs 27 crore ( Rs 29 crore)
ØBank of India : Rs165 crore (Rs158 crore)
ØBank of Baroda : Rs.250 crore (Rs.225 crore)
ØDena Bank : Rs.55 crore (Rs.45 crore)
ØCentral Bank of India : Rs.145 crore (Rs.150 crore)
ØAll most all the private sector lenders have paid up more in taxes this time.