Latest Expert Exchange Queries
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
Popular Search: TDS :: TAX RATES - GOODS TAXABLE @ 4% :: VAT Audit :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: form 3cd :: list of goods taxed at 4% :: articles on VAT and GST in India :: ACCOUNTING STANDARD :: ACCOUNTING STANDARDS :: empanelment :: ARTICLES ON INPUT TAX CREDIT IN VAT :: cpt :: VAT RATES :: due date for vat payment :: Central Excise rule to resale the machines to a new company
« News Headlines »
 Here's how to calculate tax payable on your capital gains
 Income Tax calculations for the financial year 2016-17
 CPE Events 17 October - 22 October 2016
 High Court raps I-T Department for wrong tax demand
  CBDT signs 5 advance pricing pacts with Indian taxpayers
 Finance ministry warns tax officials of action against GST protest
 Big changes for small units under GST
 Parliament’s winter session to begin on November 16 to expedite GST rollout
 Income-tax (27th Amendment) Rules, 2016 - 92/2016
 Announcement - Clarifications in Respect of MEF 2016-17
 Non-taxing GST apps to make filing income tax return less painful

'New tax rattles bidders for Sesa Goa'
March, 05th 2007

Brazilian miner CVRD and mining giant Rio Tinto may pull out of the race for Mitsui's 51 percent stake in Sesa Goa as a new tax has changed its valuation, a newspaper said on Saturday.

On Wednesday, the Union budget levied a tax of Rs 300 per tonne on iron ore exports, a move that analysts say will erode 10 per cent of Sesa Goa's EBITDA margins.
Sesa Goa, India's top private sector iron ore exporter which owns mines in Goa, Karnataka and Orissa, said the tax would squeeze earnings and the net impact on profit would be Rs 200 per tonne.

The company's shares fell as much as 16.7 per cent on Thursday but recovered to close 7.5 per cent lower in a firm Mumbai market. On Friday, its shares rose 0.7 per cent.

Brokerage CLSA, in a note to its clients, said the export duty on iron ore could slice 24 per cent of its earnings estimates and the company's managing director, Prasun Mukherjee said on Thursday the tax would hit Sesa Goa 'very badly'.

"As a result the price multiple has changed significantly. Since these two companies, Rio Tinto and CVRD, are pure-play iron ore exporters and not manufacturers of steel, they have shown a reluctance to bid at the second stage," it quoted the source as saying.

This leaves the world's top steel producer, Arcelor Mittal, as the front-runner for the stake, according to industry experts, the paper said.

It quoted sources as saying that Arcelor Mittal was also considering selling some of its mining assets in Australia to Mitsui.

Other companies in the race are Jindal Steel and Aditya Birla group, the newspaper said.

On Wednesday, the Business Standard reported that miner Vedanta Resources Plc was also in the final round of bidding.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Software Development Software Programming Software Engineering Custom Software Development Requirement Based Software Development Software Solutions Software Serv

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions