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FM's pre-Budget meeting with states on January 13
Finance Minister Pranab Mukherjee will hold a pre-Budget discussion with state governments on January 13. Recommendations of the 13th Finance Commission on devolution of funds, the Goods and Services Tax (GST) regime, continuation of stimulus packages and allocation for the Centre’s flagship schemes such as National Rural Health Mission and Sarva Shiksha Abhiyan are expected to dominate the deliberations. A government official told Business Standard today that the states will make a strong pitch to continue the fiscal stimulus package.

Swine flu scare in Team India
A day after paceman S Sreesanth was diagnosed with swine flu, comprehensive preventive measures were today put in place to ensure that other members of the Indian cricket team were not affected by the dreaded virus.

News of the day

MP to push demand for GST postponement
The Madhya Pradesh government will tomorrow press for its demand to postpone proposed goods and service tax from April next year, as it has estimated that losses to all the states will be in tune with Rs 80000 crore before the committee on GST in New Delhi. “The Centre is putting important issues like health and education at stake if implementing GST, as revenues losses to the states would be much higher than calculated,” AP Shrivastava, principal secretary commercial tax department said, “The proposed GST is not different from VAT however the Centre has wrongly calculated tax-base and revenue losses at Rs 21.66 lakh crore (as per Tax Research Unit of Department of Revenue Government of India) and Rs 35,000 crore.” The state finance minister will demand that this is not an opportune time to implement GST and the Centre should give some time for VAT to settle down.
Management

Sun Pharma net profit dips 11.5%

Sun Pharmaceutical Industries, India’s largest drug firm in terms of market capitalisation, posted a 11.49 dip in net profit during the quarter ended September 30, compared with the same period last year, due to regulatory issues and the resultant loss of revenue for its US subsidiary, Caraco Pharmaceuticals. - Daiichi Sankyo net income drops 45% in Apr-Sep 09 - Manufacturing sector hiring activity to pick up in Q4: Nomura - Sensex ends down 171pts - GVKPIL net up 45% - GMR Hyd signs agreement CFM to build training centre - Pricol reports Rs 8 cr profit Sun reported a net profit of Rs 453.81 crore during the quarter, against Rs 512.77 crore in the corresponding quarter last year, according to the consolidated results the company announced today. Consolidated income showed an almost flat growth — Rs 1,185.17 crore against Rs 1,177.84 crore — in the same quarter of last year. However, these numbers bettered analyst expectations of a net profit of Rs 315-325 crore on a turnover of about Rs 935-950 crore. Analysts said despite regulatory issues in the US for its subsidiary, Caraco, growth in domestic business, Caraco’s better sales than what was clocked in the immediate previous quarter and the patent settlement with Forest Laboratories during the recent quarter helped the company post better than expected profits. Caraco had recently announced second quarter sales of $78 million (Rs 368.7 crore), up 63 per cent from the immediate preceding quarter and a net profit of $6.7 million (Rs 31.6 crore). In the corresponding quarter of last year, Caraco had net sales of $122 million with an $8.6-million net profit. Sun Pharma’s exports during the quarter were lower by 2.43 per cent at Rs 709.68 crore, compared with the corresponding quarter in the previous year.


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