Odisha clears investment projects of Rs 4645 cr, provide jobs to 870 people

on Tuesday approved four investment projects worth Rs 464.72 crore envisaging direct opportunities for more than 870 people.

The government approved a Medium Density Fibreboard (MDF) manufacturing facility at Malipada in Khurdha district with an annual capacity of 72,000 cubic meters. The MDF manufacturing facility will be set up by Galax Industries Private Limited with an investment of Rs 93 crore and provide to more than 310 persons, an official release said.

A 120 KLPD grain-based distillery unit for manufacturing of Extra-Neutral Alcohol (ENA)/Ethanol and 4 MW cogeneration power plant was also approved which will be set up in Khorda and Nayagarh. The distillery unit will be set up by Globus with an investment of Rs 151.72 crore. It will provide opportunities to over 300 people.

“A pellet plant of 1.6 MTPA capacity to be set up at Lathikata in Sundergarh by Envirocare Infrasolution Pvt Ltd with an investment of Rs 100 crore and employment opportunities for over 195 persons,” the release said.

The fourth project approved in the state is a four MTPA slurry pipeline project which will employ over n

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Aviation and hotel stocks soar sharply on coronavirus vaccine hope

The prospect of faster-than-expected economic recovery on the back of successful Covid-19 vaccine trials has resulted in a sharp surge in aviation and

Shares of most operating in these sectors have outperformed the markets this month as investors were seen rotating out of 2020 winners such as IT and pharma and buying into sectors that were badly bruised because of the Covid-19 pandemic.

For instance, Indian Hotels, InterGlobe Aviation, SpiceJet, and EIH have gained between 18 per cent and 26 per cent in November. In comparison, the benchmark Sensex has gained 11 per cent.

The gains have been underpinned by positive data on Covid-19 vaccine trials by drugmakers and Moderna.

“While Covid-related risks remain, the stock market has been boosted by positive sentiment. A vaccine is now in sight as more than one successful trial data is available. We could expect vaccine approval and distribution in the next two quarters. Thus, recovery in hotels and travels sector could be faster than anticipated,” said Narendra Solanki, head of equity research (Fundamental), Anand Rathi Shares & Stock Brokers.

Though aviation and

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Businesses can offset coronavirus-driven losses in order to cut tax bill

Businesses suffering lower revenues due to the coronavirus crisis may be able to offset their expected losses for this year against last year’s taxable profits in order to help reduce their tax bill.

That is good news for many struggling UK SMEs in the current climate, from accountants and business advisors, Moore.

Income for many companies has been severely impacted by the coronavirus outbreak and it is therefore essential that businesses find ways to improve cashflow in the coming months, if they are to survive.

Moore adds, many SME companies will be needing to make corporation tax payments in the forthcoming months, that are based on previous year’s taxable profits. However, if the business is expecting to make a significant loss in the current year, one option would be to consider offsetting these losses as soon as possible in order to reduce tax liabilities and to help with cashflow.

This is one option that a business may wish to look at, as an alternative to entering into an agreement with HMRC to delay their tax payments, known as a Time to Pay agreement. There have been substantial logistical issues in arranging Time to Pay agreements as HMRC has been

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