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Mint
5 days ago
- Business
- Mint
Small-cap stock below ₹50 Vishal Fabrics edges higher despite weak trends in Indian stock market
Stock Market Today: Small-cap stock below ₹ 50, Vishal Fabrics edged higher in the morning trades on Friday despite weak trends in the Indian stock market: Here's why Vishal Fabrics intimated the exchanges on 29 May 2025 about a Board of Directors meeting outcome with regards to fund raising . Th Outcome of the Fund-raising Committee Meeting of the Board of Directors held on May 29, 2025 was intimated by Vishal Fabrics to the Bombay Stock Exchange or the BSE. This was with reference too the Conversion of 69,32,824 warrants into equal number of equity shares of the Company. Vishal Fabrics had intimated on September 12, 2024, with respect to the allotment of warrants and in the same context Vishal Fabrics said that Fund raising Committee of the Board of Directors of the Company in their meeting held on Thursday , May 29, 2025, considered and approved the allotment of equity shares having face value of Rs. 5/- each , upon part conversion of 69,32,824 warrants. This is out of total 1,50,00,000 warrants applied by Elysian Wealth Fund (Formerly known as Silver Stallion Limited) under the Non-Promoter, Public Category. The warrants hav been approved to be issued by Small-cap stock below ₹ 50, Vishal Fabrics at an issue price of Rs. 30.60/- each, on preferential basis, upon receipt of amount aggregating to Rs.15,91,08,310.80 /- (Rupees Fifteen Crore Ninety One Lakhs Eight Thousand Three Hundred and Ten and Eighty Paisa only) at the rate of Rs. 22.95/- (Rupees Twenty-Two and Ninety-Five Paise only) per warrant from the allottee pursuant to the exercise of their rights of conversion into equity shares. According to a release by Vishal Fabrics, these warrants were granted to "Non-Promoter, Public Category" on a preferential basis with a price of Rs. 30.60/-per warrant upon payment of Rs. 7.65/- (Rupees Seven and Sixty-Five Paise only) per warrant, which is 25% of the Issue Price. This gives the warrant holders the right to convert their warrants into an equal number of Equity Shares of the Company by paying the remaining 75%, or Rs. 22.95/-per warrant, within 18 months of the date of warrants allotment. Small-cap stock below ₹ 50, Vishal Fabrics share price opened at ₹ 30 on the BSE on Friday, almost flat over the previous days closing price of ₹ 30.04. The Small-cap stock below ₹ 50, Vishal Fabrics share price gained to intraday highs of ₹ 30.50 marking gains of 1.5% on a day when Indian stock market was weak and sensex was down around 0.25%. Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
Business Recorder
26-05-2025
- Business
- Business Recorder
Rethinking food taxes
As the Federal Budget FY26 approaches, existing and proposed fiscal measures—such as Rs.15/kg Federal Excise Duty (FED) on sugar sold to manufacturers and the proposed 5 percent FED on over 50 ultra-processed food items—warrant reconsideration. While such measures may be presented as public health or revenue-generating tools, their real-world impact on the economy, consumers, and the formal sector tells a different tale. At their core, these levies create a critically uneven competitive landscape—penalizing the tax-compliant formal sector while rewarding the tax-evading informal economy. They make it harder for tax-paying companies to compete, while giving an advantage to informal businesses that don't pay taxes. This ends up harming the very goals the taxes are meant to achieve. The country's formal sectoralready operates under a direct tax burden nearing 46 percent, in addition to municipal taxes, utility hikes, and regulatory compliance costs. Imposing an additional excise duty on a basic input like sugar—or processed food items in general—only amplifies their operational burden. This is especially problematic at a time when inflation has been high and consumer spending power is shrinking. The unintended consequence of these taxes would be strengthening of the informal sector, which neither pays taxes nor complies with regulatory standards. As formal manufacturers are forced to raise prices to absorb higher input costs, they are priced out of the market, losing ground to unregulated competitors offering cheaper alternatives. This shift erodes not only formal employment and quality assurance but also reduces the overall tax base. The excise duty on processed foods will inevitably be passed on to consumers—raising prices of everyday staples like biscuits, juices, frozen foods, and ready-to-eat meals. In a country where the average household spends a disproportionately large share of its income on food, these increases are economically damaging. The price sensitivity of Pakistani consumers in a volatile economic is likely to provoke dissatisfaction and pushback. Yes, many developed countries—such as France, the UK, and Chile—have imposed health-based taxes on sugary drinks and ultra-processed foods to address obesity and lifestyle-related diseases. However, those countries have robust public healthcare systems, subsidize healthier food options, and use revenues to fund health and education programs. In contrast, Pakistan currently lacks such safety nets. While the long-term health rationale may be valid, the majority of Pakistanis do not have affordable access to healthier alternatives. Increasing prices on accessible, calorie-rich staples like biscuits may push low-income households toward even less nutritious, unregulated options, worsening public health rather than improving it. It's also important to note that biscuits are not ultra-processed foods—they are baked items, commonly consumed as affordable energy sources, especially by lower-income groups. The formal food sector, which invests heavily in quality control, supply chain integrity, and employment, is placed at a severe disadvantage. A shrinking consumer base and falling sales due to price hikes will reduce profitability and investment capacity, leading to lower tax contributions, job losses, and a potential contraction in industrial activity. Globally, countries take two main routes when taxing processed foods: health-based taxes in developed countries aim to reduce consumption of specific harmful ingredients (such as the UK's Soft Drink Levy and Hungary's public health tax), while revenue-based taxes in developing economies often prioritize collection over outcomes, lacking a clear link to health policy. Pakistan's current approach seems to fall in the latter category—revenue-driven without the health infrastructure to support its goals. More concerning is that it targets a sector already under pressure, without introducing complementary policies. The recent news that the government may remove the sugar FED in FY26 is a positive move. If the government recognizes how harmful this tax is for businesses, jobs, and prices, then it should also reconsider the plan to tax ultra-processed foods. Pakistan's tax policy needs to balance raising revenue with the country's economic realities. Flat taxes on sugar and processed foods hurt formal businesses, push up prices, make life harder for consumers, and give an unfair edge to the informal sector. Without affordable healthy options in place, these taxes end up doing more harm than good. This isn't the time for quick fixes in the name of health. Pakistan needs smart, targeted policies—not broad, harmful taxes.
New Indian Express
21-05-2025
- Business
- New Indian Express
Delhi government cuts MLA Development Fund from Rs 15 crore to Rs 5 crore
NEW DELHI: Three months after its formation, the BJP government in Delhi has reduced the annual MLA Local Area Development (LAD) Fund from Rs.15 crore to Rs. 5 crore, igniting a sharp reaction from the Opposition AAP. The previous AAP government in October last year had increased the MLALAD Fund from Rs. 10 crore to Rs.15 crore. A sum of Rs. 4 crore was provided to each MLA in 2021-22 and 2022-23, and it was enhanced to Rs. 7 crore in 2023-24. According to an order by the Urban Development Department, the MLALAD Fund has been kept at Rs 5 crore/assembly constituency per year. 'In pursuance of Cabinet Decision No. 3187 dated 02.05.2025, the allocation of funds under the MLALAD Scheme has been kept at Rs. 5 crore per assembly constituency per year from financial year 2025-26 onwards,' said the order. The ministers have been directed that it will be an untied fund and could be spent for the approved works of capital nature as well as repairs and maintenance of the assets without a ceiling.
United News of India
09-05-2025
- Sport
- United News of India
16th KIIT International Chess Festival begins with Grandmasters from 42 countries
Bhubaneswar, May 9 (UNI) The 16th KIIT International Chess Festival 2025 was inaugurated on Friday under the aegis of the All-India Chess Federation (AICF), drawing over 1,200 participants. These include international arbiters, international masters, and grandmasters from 42 countries, including India. For the first time, players from 42 different nations are participating in an international chess tournament hosted in India. The event offers a total prize pool of Rs.60 lakhs, making it the second-highest prize purse ever awarded in a chess tournament in the country. A total of 436 prizes will be distributed across three categories. In Category 'A' (open to all), the prize money amounts to Rs.30 lakhs. Categories 'B' (rated below 1900) and 'C' (rated below 1700) will each have prize pools of Rs.15 lakhs. While inaugurating the event, renowned Indian tennis star, Olympian, and Major Dhyan Chand Khel Ratna Awardee, Leander Paes, praised the vision of Dr. Achyuta Samanta, Founder of KIIT & KISS, calling it truly unique for combining education with sports excellence. 'The sports infrastructure and training facilities at KIIT & KISS are outstanding,' Paes remarked, lauding Dr. Samanta's role in bringing international sporting events to India. He also expressed gratitude to Dr. Samanta for establishing KIIT & KISS as leading hubs of sports education. Grandmaster and FIDE Commissioner for Chess in Schools, Abhijit Kunte, highlighted the difficulty of organising an event of such scale consistently for 16 years. Former AICF Vice President Bhavesh Bhai Patel said the festival is not only a source of pride for Odisha but for the entire nation. Dr. Achyuta Samanta, Founder of KIIT & KISS, emphasised that both institutions have played a significant role in promoting chess and elevating Odisha's status on the global chess map. UNI DP ARN
