HP Cabinet approves interest subvention scheme to revive tourism industry


The Himachal Pradesh government has approved on loan to revive the industry, an official spokesperson said.

Under the Interest Subvention Scheme, units paying GST up to Rs 1 crore will be entitled for maximum loan of Rs 50 lakh and those paying GST between Rs 1 crore and Rs 3 crore for at least one year ending 31st March, 2020 will be entitled for loan up to Rs 75 lakh, he added.

Units paying GST above Rs 3 crore will be eligible for loan of Rs 1 crore and small registered units will also be eligible for maximum loan of Rs 15 lakh, he added.

This loan period will be for four years with interest subvention of 50 per cent each for the first two years, he added.

The cabinet in its meeting chaired by Chief Minister Jai Ram Thakur on Thursday also gave in principle approval to regularise the services of 6,500 PTA, 3,300 PAT and 97 PARA teachers engaged in various government schools, he added.

The Cabinet gave its approval to enhance support price of apple under

Ashok Leyland slips into red, reports Rs 72 cr pre-tax loss in Q4


Ashok Leyland Limited has reported loss before tax for the quarter at Rs 72 crore as against profit before tax of Rs 806 crore during the same period a year ago.

Loss after tax during the fourth quarter was at Rs 57 crore as against profit of Rs 653 crore, a year ago.

ALSO READ: Vedanta moves closer to going private, gets shareholder nod for delisting

During the fourth quarter revenue stood at Rs 3,838 crore as against Rs 8,846 crore for the same period last year.

Vipin Sondhi, MD & CEO, Ashok Leyland Limited said, “This has been a challenging year for the industry, which witnessed a significant decline in volumes (42 per cent). Consequently, Ashok Leyland also saw a reduction in volume. Despite the drop in the volumes, we have been able to achieve an EBITDA of 6.7 per cent.”

ALSO READ: Blocking China goods to hinder electronics companies’ plans for recovery

Gopal Mahadevan, Whole Time Director & Chief Financial Officer, Ashok Leyland said, “We continue the productivity and cost reduction programmes that we started earlier in the year. These initiatives have

Shareholders Back Bailout To Rescue Lufthansa


Lufthansa shareholders on Thursday overwhelmingly backed a nine billion euro ($10 billion) bailout by the German government, saving Europe’s largest airline group from bankruptcy after the coronavirus crushed travel demand.

More than 98 percent of shareholders accounting for 39 percent of Lufthansa stock voted in favour of the resue package, chairman Karl-Ludwig Kley said after a special meeting held online because of the pandemic.

“We will make this work, thank you for your trust,” Kley said.

The bailout will see the German state take a 20-percent stake in the group, bringing it back on board for the first time since Lufthansa’s 1997 privatisation.

CEO Carsten Spohr had earlier described the vote as a “historic moment” that would decide the fate of the airline giant.

The approval was all but guaranteed after the group’s biggest shareholder, German rail industry tycoon Heinz Hermann Thiele, dropped his objections to the bailout hours ahead of the crunch vote.

He said although he still had doubts about the deal, which will dilute his own shareholding, he believed insolvency had to be avoided to stave off mass job losses.

Dozens of Lufthansa employees rallied at Frankfurt airport during the shareholder meeting, many wearing face masks against

Subscribe Now