Author: Finance Khabar

New Delhi: Emphasising on the importance of government relief or support in the given scenario, he pointed out that it is “meagre” so far. In a note published on LinkedIn, he also opined that the 23.9 per cent contraction in the GDP during the Q1 would be “even worse if the damage to the informal sector is taken into account”. “The recently released quarterly GDP growth numbers for the first quarter of FY2020-21 should alarm us all. The 23.9 per cent contraction in India (and the numbers will probably be worse when we get estimates of the damage in the…

New Delhi: According to a research report by BofA Securities, in the last 4 years, with Jio, RIL has been able to build a “digital layer” on top of the existing “physical layer” of retail shops across electronics, grocery and apparels. “We believe the next four years, RIL’s focus would be to add a third ‘layer of commerce’ and monetize the existing investments across different formats,” the report said. The company continues to invest in technology and is partnering with world’s best (Google, Facebook, Microsoft) as well as India’s best (invested in 20 plus startups). “We believe RIL is uniquely…

New Delhi: Tech Mahindra will introduce Blockchain solutions built on Amazon Managed Blockchain to global customers using AWS and other leading organisations across the globe, it said in a statement. “Our collaboration with AWS will support future pandemic preparedness and accelerate an economic rebound post Covid-19 for organisations operating global supply chains and eliminate silos,” said Rajesh Dhuddu, Blockchain and Cybersecurity Practice Leader, Tech Mahindra. Amazon Managed Blockchain is a fully managed service that makes it easy to create and manage scalable blockchain networks using the popular open source frameworks. Tech Mahindra plans to develop and market several transformative Blockchain solutions…

New Delhi: Delhi Metro, which was closed for more than five months due to the covid-19 epidemic, is once again ready to resume its services in three phases from Monday. However, it has appealed to the people to use the service only when it is urgently needed. Delhi Metro Rail Corporation (DMRC) officials said on Sunday that stations located in prohibited areas would remain closed. Officials had also warned earlier that “trains cannot be stopped at some stations” if passengers do not follow the rules of social distance. Officials said that the service of the Delhi Metro would be restored…

New Delhi: The Jeep brand’s parent company Fiat Chrysler Automobiles (FCA) is once again bringing the vehicle under the name Wagoneer. Recently, the company has showcased the Wagoneer concept. The new Wagoneer will be a more premium, upscale three-row luxury SUV and will be offered in Standard and Grand two avatars. The Wagoneer, which arrived in 1962, was discontinued in 1991. The revived Wagoneer will compete with vehicles such as Range Rover, Land Rover Discovery, Chevrolet Tahoe and BMW X7. Currently, the company has only unveiled the Grand Wagoneer concept. Production of both the Wagoneer and Grand Wagoneer is expected…

New Delhi: In order to optimize its cost, State Bank of India (SBI) has planned Voluntary Retirement Scheme (VRS). About 30190 employees will come under this. The total workforce of SBI was 2.49 lakhs by the end of March 2020. As of March 2019, this number was 2.57 lakhs. According to sources, a draft scheme for VRS has been prepared and the board’s approval is awaited. The name of the proposed scheme is ‘Second Innings Tap VRS-2020’. According to sources, a draft scheme for VRS has been prepared and board approval is awaited. The proposed scheme, ‘Second Innings Tap VRS-2020’,…

New Delhi: Nitin Sood, Chief Financial Officer (CFO) of PVR has said that owing to the company’s cost control measures, its fixed costs for the future will be lower than it had before. Even after reopening, the company does not expect these to return to their previous levels soon. His message to the shareholders in PVR’s Annual Report said that the company is already in discussions with its developers for renegotiating the rental arrangements. Sood added that PVR’s other costs too will undergo reductions until some normalcy is restored. “We have also temporarily deferred a substantial portion of our planned…

New Delhi: In his message to the shareholders in the company’s Annual Report, he said that future prospects for the broad-based technology companies like HCL are stable and bright. Noting that a number of opportunities are playing out in the market, Vijayakumar said that digital transformation is being significantly accelerated across industries and digital programmes planned for completion in two to three years are now expected to close in a matter of months. “While momentum sectors such as Life Sciences and Healthcare, Online Grocery Distribution, Telecom and Tech continue to create strong demand, we are also seeing impacted sectors like…

New Delhi: Eight of the 10 most valued companies witnessed a total loss of Rs 1,11,799.05 crore in their market valuation last week, with ICICI Bank and Reliance Industries Limited emerging as leading losers. Tata Consultancy Services and HDFC Bank were the only gainers among the 10 most valued listed firms. Last week, the BSE Sensex plummeted 1,110.13 points or 2.81 per cent amid a global sell-off and weak economic data. The market capitalisation of ICICI Bank tumbled Rs 25,476.75 crore to Rs 2,57,073.30 crore. The valuation of Reliance Industries Limited (RIL) tanked Rs 24,216.53 crore to Rs 13,16,947.89 crore.…

Mumbai: In a regulatory filing on Sunday, the lender said that it approved over Rs 47,000 crore of home loans under CLSS to homebuyers belonging to the economically weaker section (EWS), low income group (LIG) and middle income groups (MIG). “Subsidy under PMAY amounting to over Rs 4,700 crore has been passed on to these 2,00,000 homebuyers, becoming the only financial institution in the country to achieve this feat,” it said. HDFC added that it has been partnering and supporting the Ministry of Housing & Urban Affairs and the National Housing Bank to work towards the government’s goal of ‘Affordable…

New Delhi: The appointment comes into effect from September 5, the company said in a regulatory filing. “Supratim Dutta has been appointed as the Chief Financial Officer of the Company with effect from 5th September, 2020, in place of R. Tandon,” the filing said on Saturday evening. Dutta, joined ITC on November 1, 1990, soon after qualifying as a Chartered Accountant and Cost Accountant. As per the filing, he has wide ranging experience in the company for nearly 30 years, covering various aspects of finance including planning, treasury, M&A, accounting, taxation, IT, investor relations and business strategy. He has also…

New Delhi:The government is mulling setting up at least one electric vehicle (EV) charging kiosk each at nearly 69,000 petrol pumps across the country to induce people to go for electric mobility. Besides, the government is also thinking of making it compulsory to install EV charging kiosks at all Company-Owned, Company-Operated (COCO) petrol pumps of state refiners. In a review meeting on EV charging infrastructure, Power Minister R K Singh suggested oil ministry top officials that “they may issue an order for their oil marketing companies (OMCs) under their administrative control for setting up charging kiosks at all COCO petrol…

Airtel is reported to revise data benefits for all its existing broadband customers to further strengthen itself in competition with Jio Fiber. Airtel’s broadband service is called Airtel Xstream Fiber. Airtel has 4 broadbrand plans – Basic, Entertainment, Premium and VIP. Of these, only VIP plan comes with unlimited data benefits. Limited data is offered on other plans. To avail unlimited data in any Airtel broadband plan other than VIP, the user has to pay an additional amount of Rs 299 per month. The basic plan of Airtel Extreme Fiber comes at Rs 799, with which 150GB of data is…

New Delhi: India has risen 158 places in the World Bank’s Ease of Doing Business Report in three years. With this, the country has come at number 27 among the comfortable countries for businessmen. This information was given by Union Minister Hardeep Singh Puri during a press conference on Saturday. State Business Reform Action Plan 2019 Ranking was also released by the government during the press conference. It was released by Finance Minister Nirmala Sitharaman, holding the number one position in the Ease of Doing Business rankings of the states of Andhra Pradesh and the Union Territories, while Uttar Pradesh…

New Delhi: Speaking at the 60th Annual Session id ACMA, which was held virtually on Saturday, Kant said the move will aide the country in reducing imports. “There is also need for new synergies such as with IT industry in the areas of power electronics,” he said. “India must look at using the first mover advantage for producing all components for EVs, thus driving towards the path of being a future global leader.” According to Kant, with EV battery prices set to go below $100, there is a huge opportunity in the sector to localise indigenising EVs. “The future course…

New Delhi: These guidelines will be called the Central Consumer Protection Authority (Prevention of Misleading Advertisements and Necessary Due Diligence for Endorsement of Advertisements) Guidelines, 2020. These guidelines cover all advertising/marketing communications regardless of form, format or medium. They are applicable to the manufacturer/service provider whose products/services are subjects of the advertising/marketing communications, as well as to advertisement agency and endorser (wherever applicable) of the product/service. The guidelines said that an endorsement is required to take legal opinion or opinion from an advertising self-regulatory organisation which would be considered as “due diligence”. Every endorser endorsing a product or service shall…

New Delhi: Uttar Pradesh and Telangana were placed at the second and third place, respectively in the ease of doing business for 2019, prepared by the Department for Promotion of Industry and Internal Trade (DPIIT). While releasing the report, Sitharaman said the ranking makes states and UTs a better place to do business. The parameters include areas such as construction permit, labour regulation, environmental registration, access to information, land availability and single-window system. The DPIIT conducts the exercise for all states/UTs under the Business Reform Action Plan (BRAP). In the last ranking released in July 2018, Andhra Pradesh had topped…

New Delhi: Piyush Goyal-led Indian Railways has decided to run 80 IRCTC special trains from September 12. Booking or reservation for these new IRCTC special trains will start from 10 September. Before these new special trains, Indian Railways is already running 230 IRCTC special trains. Earlier, Indian Railways started IRCTC special trains for the first time in May. In May, the Railways brought 30 AC IRCTC Special Train Services and 200 Special Train Services in June. Since that time, the Indian Railways has been monitoring the demand for these 230 IRCTC special trains and the number of passengers in it.…

New Delhi: India’s first bullet train project is set to be delayed by around five years, stuck as it is on multiple fronts – from low participation by Japanese companies to tenders being cancelled because of steep rates quoted by bidders. The Mumbai-Ahmedabad bullet train project may be delayed by five years. The project, considered to be very close to PM Narendra Modi’s heart due to reasons like low share of Japanese companies, tenders canceled due to inappropriate rate of bidders for auction, delayed land acquisition, underground project including corona epidemic Can be fulfilled by According to the report of…

New Delhi: State-owned Bharat Petroleum Corp Ltd (BPCL) has offered its employees stock options at one-third of the market price as the company looks to reward staff ahead of its privatisation. The board of BPCL on Friday “approved the proposed Employee Stock Purchase Scheme (ESPS) to the specified employees through the trust mechanism, subject to the approval of the shareholders”, the company said in a regulatory filing. While BPCL did not give details, a source with direct knowledge of the development said ‘BPCL Trust for Investment in Shares’ holds around 9.33 per cent stake of the company’s paid-up share capital.…