PM Modi-Xi Jinping meet: From trade to rare earths, big issues on the table:--

 

Prime Minister Narendra Modi landed in Tianjin on Saturday for his first visit to China in seven years, ahead of the Shanghai Cooperation Organisation (SCO) Summit. His most closely watched engagement will be Sunday’s meeting with President Xi Jinping, as both sides seek to repair ties strained by border tensions and global economic shifts. Discussions are expected to cover trade, rare earths, and terrorism, while steps are being taken to normalise people-to-people exchanges, restore flights, and open channels for dialogue.

India-China SCO Meet News Live Updates: Putin arrives in China for summit hosted by Xi: Russian state media:-

 

India-China SCO Meet News Live Updates: Russian President Vladimir Putin landed in the northern Chinese city of Tianjin on Sunday to attend a summit hosted by counterpart Xi Jinping with around 20 other world leaders, Russian state media reported.

Chandrayaan-5 Mission: India & Japan's big leap to the Moon; what they’ll discover, how it will launch, and every detail inside :--

 

India and Japan have formalised an agreement for the Chandrayaan-5 mission, also known as the Lunar Polar Exploration (LUPEX) mission, to jointly explore the Moon’s south pole. ISRO and JAXA will collaborate to study volatile materials, particularly water, in the permanently shadowed regions.

Japan visit will be remembered for productive outcomes: PM Modi :-ET

 

Narendra Modi completed his two-day Japan visit. He thanked Japanese PM Shigeru Ishiba for the hospitality. Both leaders reviewed the India-Japan partnership, focusing on various sectors. Japan pledged a $68 billion investment in India. They explored collaboration in semiconductors and clean energy. Modi and Ishiba visited a semiconductor factory. Modi also interacted with the Indian community in Sendai.

Israeli airstrike kills Houthi rebel prime minister in Sanaa :-

 

Houthis claim an Israeli airstrike killed their Prime Minister, Ahmed al-Rahawi, in Sanaa. The strike also killed several ministers. Israel stated it targeted a Houthi military target. This attack follows increased tensions. Houthis have launched missiles at Israel during the Gaza conflict. Israel and its allies have responded with strikes on Houthi-controlled areas.

NCN REPORT ON RHI MAGNESITA INDIA LIMITED Q 1 RESULTS

 

RHI Magnesita India Limited reports mixed Q1 FY26 results with revenue growth and profit decline

RHI Magnesita India, a leading refractory manufacturer, announced its Q1 FY26 results, reporting increased revenue alongside a significant decrease in net profit. 

Financial highlights

• Revenue Growth: Revenue increased by 14.29% year-over-year, reaching ₹8.00 billion from ₹7.00 billion in the previous year's first quarter, indicating strong demand.
• Profit Decline: Despite the revenue growth, net profit decreased by 43.01% year-over-year, to ₹465.00 million from ₹816.00 million in the same quarter last year.
• EBITDA and Margin Compression: EBITDA declined from ₹1.30 billion to ₹821.00 million, resulting in a significant EBITDA margin compression from 18.32% to 10.19%. 

Analysis of performance

The disparity between revenue growth and declining profitability suggests potential challenges in maintaining profit margins. Factors potentially contributing to this include increased operational costs, shifts in the product mix, or pricing pressures within the refractory market. 

Strategic initiatives and outlook

RHI Magnesita India maintains a strong market position, holding a 30% share in the Indian refractory market. The company has made technological advancements, including deploying India's first complete robotic solution in a continuous casting system. Strategic acquisitions, such as acquiring Ashwath Technologies Private Limited for ₹14.12 crore, are aimed at enhancing capabilities. The Indian refractory market is expected to grow, offering opportunities for expansion. RHI Magnesita India has also started cost optimization programs focusing on various efficiencies. 

Management commentary

Parmod Sagar, Chairman, MD & CEO, highlighted the operating model's resilience in a competitive market. He expressed confidence in the company's market position and strategies for growth and productivity. Management is expected to address profitability challenges in future communications. 

NICAI UPDATES

 NICAI Updates;

 

​1. Bombay High Court held that serving order on chartered accountant doesn't count as service on assessee. The issue before the bench was whether the copy of the order passed by the Tribunal when served upon the Chartered Accountant is sufficient service and whether it can be construed as 'copy received by the assessee / applicant'.

​2. Justices Bharati Dangre and Nivedita P. Mehta stated that the Chartered Accountant since is not also authorised specifically to accept copy of the order, cannot be said to be a recognised agent of the Assessee.

​3. In this case, the applicant/assessee has filed an application for condonation of delay of 40 days in filing the appeals.

​4. The applicant/assessee along with her husband, were assessed to tax for the Assessment Year 2009-2010 and they having filed the Appeals before the Commissioner of Income Tax (Appeals), their appeals came to be allowed.

​5. The Income Tax Appellate Tribunal heard the Appeals of the Revenue, where the Assessees were represented by Sandeep Bhandare, a Chartered Accountant.

​6. The department submitted that the authorised representative of the applicant, Sandeep P. Bhandare, Chartered Accountant has received the copy of the order and therefore the Applicants cannot claim that they were unaware of the order passed.

​7. After looking into Rule 35 of the Income-tax (Appellate Tribunal) Rules, 1963 the bench observed that upon the order being passed under Section 254 by the Appellate Tribunal, it shall send a copy of the order to the assessee and even the Rules make it imperative for the Tribunal, after the order is signed to cause it to be communicated to the assessee and to the Commissioner.

​8. The bench further opined that “the parlance of Order 5 Rule 12 of CPC cannot be made applicable in the present case as Rule 12 contemplate an agent empowered to accept service and a Chartered Accountant definitely do not act as an agent of the assessee but he represent the assessee in the proceedings before the Income Tax Officer/Appellate Authority and there is no specific authorisation to a Chartered Accountant as it may be in case of a lawyer, who, by taking Vakalatnama, has agreed to accept documents on behalf of his client.”

​9. The bench opined that service upon the Chartered Accountant do not absolve the Tribunal of serving the copies of the order upon the assessee, who has adopted a specific stand that it is only upon receipt of the recovery notice the applicant gained knowledge about the impugned order and thereafter preferred an application for certified copy of the order which was received on 17.05.2024 and the appeal was preferred with a delay of 40 days.

​10. In view of the above, the bench allowed the application. Case Title: Mrs. Neelam Ajit Phatarpekar v. The Assistant Commissioner of Income Tax. Case Number: MISCELLANEOUS CIVIL APPLICATION NO.491 AND 492 OF 2024

By CA RAJ CHAWLA