Author: Finance Khabar

New Delhi: Piyush Goyal spoke at the 60th SIAM Annual Convention which was held virtually. In connection with the industry’s demand for a reduction in GST taxation, Goyal asked the JV auto companies based in India to also ask for a royalty reduction from their parent companies to tide over these testing times. He also asked the JV companies to seek permission from their parent companies to allow them to export more from India to other countries. Besides, the Union Minister acknowledged that some sub-segments of the industry have almost reached pre-Covid-levels in August and the overall trend has improved.…

New Delhi: During an internal address to employees on Leave with Limited Benefits (LwLB), Rohit Kapoor, CEO, OYO India and South Asia said that although the company is hopeful about recovering, there is “sadly no clear visibility on the timelines at this moment”. The situation remains uncertain, as the number of Covid-19 cases across India continue to surge and impact consumer behaviour, he said. “As a result, hotels are reopening in phases and the recovery is taking much longer than expected. Despite our best efforts, we don’t quite know when our occupancies and revenues will recover to pre-Covid levels in…

MUMBAI: The domestic stock market has witnessed heavy selling amid weak global cues. Today, the business saw a downward trend throughout the day. There has been selling in all major sectors including banks and financials. All 12 stocks of Nifty Bank have closed in red mark. In this weakness, the Nifty has weakened to the level of 11350. The Sensex has a weakness of about 634 points and has closed at the level of 38,357.18. At the same time, the Nifty also closed at the level of 11352 with a weakness of 176 points. Talking about global signs, the Dow…

Franklin Templeton Mutual Fund’s six shut schemes have received about Rs 1,498 crore from maturities, pre-payments and coupon payments in the second half of August, the fund house said on Thursday. This takes the total cash flows received till date since April 24 to Rs 6,486 crore. On April 23, Franklin Templeton shook the investors by closing its six debt mutual fund schemes, citing redemption pressure and lack of liquidity in the bond market. The schemes together have an estimated Rs 25,000 crore as assets under management (AUM). These include Franklin India Low Duration Fund, Franklin India Dynamic Accrual Fund,…

New Delhi: Fraudulent transactions worth Rs 17,394 crore happened at debt-ridden mortgage firm DHFL during FY07 to FY19, according to transaction auditor Grant Thornton. Earlier this year, the administrator of Dewan Housing Finance Corporation Limited (DHFL), appointed under the Insolvency and Bankruptcy Code (IBC), obtained assistance from Grant Thornton to conduct investigation into the affairs of the mortgage firm. Last year, the Mumbai bench of the National Company Law Tribunal (NCLT) had admitted the company for insolvency resolution. It had appointed Indian Overseas Bank’s former managing director and CEO R Subramaniakumar as the company’s administrator. “The preliminary estimation included in…

New Delhi:Private sector lender IndusInd Bank on Wednesday said it has approved allotment of preferential shares to marquee investors to raise Rs 2,495.79 crore. The lender said the shares have been issued T a price of Rs 524 a piece. In a regulatory filing, the bank said, “The Finance Committee of the board of directors at its meeting held on September 2, 2020, approved allotment of 4,76,29,768 equity shares of the face value of Rs 10 each at a price of Rs 524 per share on a preferential basis, for an aggregate consideration of Rs 24,95,79,98,432.” The filing further said,…

New Delhi: Prices of diesel were lowered marginally on Thursday, marking its first cut for the first time in close to six months after state-owned fuel retailers reduced retail selling rate by 16 paise per litre. In the national capital diesel was now at Rs 73.40 per litre, as against Rs 73.56 a litre previously, according to a price notification of state-owned fuel retailers. Petrol, which witnessed the second rally in rates beginning mid-August, was unchanged at Rs 82.08 a litre. Thursday’s cut is the first reduction in diesel price since mid-March. It was then when Indian Oil Corp (IOC),…

As the Donald Trump administration has asked ByteDance to sell operations of its most popular short video platform TikTok in the US, a Chinese hotel management solutions provider has become another victim to sell its business in the country. Shiji Group, a China-based global hospitality technology provider which has Kempinski hotel as one of its clients, said on Tuesday that its board has approved the decision to sell its 100 per cent controlled US subsidiary StayNTouch to MRC, a US hotel operating company, after a White House administrative order, reports The Global Times. “Shiji will apparently become another Chinese victim…

New Delhi: Lieutenant Governor Anil Baijal approved the Delhi government’s suggestion to reopen the bar in the national capital from 9 September. This information has been received by quoting sources. After this order, liquor can be served in the pub / bar / restaurant and hotel in Delhi. The central operating SOP means standard operating procedure. Let us know that the Kejriwal government had given permission to open hotels and weekly markets in the past. Metro service will also be started from September 7. In the month of March, congested places were closed all over the country after the Corona…

New Delhi: State Bank of India has made gold loans cheaper. In order to enable customers to take the gold kept in the house during difficult times, the bank has brought the interest rate on SBI Personal Gold Loan Scheme at 7.50% per annum. The bank says that this interest rate for gold loans is the lowest in the industry. The benefit of SBI Personal Gold Loan Scheme can also be taken from the YONO SBI app. Apart from gold jewelery, gold coins can also be pledged in SBI Gold Loan Scheme. SBI has also increased the maximum loan amount…

Mumbai: The domestic stock market started off better amid better global cues, but later it got weak. The stock markets closed weakly at the end of trading. The Sensex lost 95 points and closed at 38,990.94. The Nifty had a 3-point weakness and closed at 11532 level. Banking and financial shares have been sold in today’s business. There has been buying in IT and auto stocks. Today, stocks like Titan, Tech Mahindra and Maruti have supported the market. However ICICI Bank, Airtel and RIL saw weakness. Talking about global signs, the Dow Jones saw an increase of 450 points yesterday.…

New Delhi: In a statement on Wednesday, the CBDT said that the Principal Director General of Income Tax (Systems) has notified the procedure and format for providing notified information to the scheduled commercial banks. “The Central Board of Direct Taxes in exercise of powers conferred under section 138(1)(a) of Income Tax Act, 1961, has issued Order in F.No. 225/136/2020/ITA.II dated 31.08.2020, for furnishing information about IT Return Filing Status to Scheduled Commercial Banks, notified vide notification No. 71/2020 dated 31.08.2020 under sub-clause (ii) of clause (a) of sub-section (1) of section 138 of the Act,” it said. Noting that the…

Mumbai: The Reserve Bank of India (RBI) has approved the appointment of Murali Ramakrishnan as the MD and CEO of South Indian Bank with effect from October 1. In a regulatory filing on Thursday, the bank said that the RBI approved the appointment for a period of three years through a letter dated September 2. Ramakrishnan, 58, retired from the ICICI Bank as Senior General Manager at Strategic Project Group on May 30 and joined the South Indian Bank as an Advisor on July 1. During his tenure at ICICI Bank, in the last assignment he was heading a business…

Mumbai: Leading infrastructure investor Global Infrastructure Partners (GIP) has bought the entire solar portfolio of RattanIndia Power Ltd (formerly India Bulls Power) for an enterprise value of about Rs 1,670 crore ($232 million). RattanIndia Group has solar assets portfolio of 306 MW, consisting of ground mounted solar assets of 297 MW spread across Karnataka (Pavagada), Maharashtra (Katol), Rajasthan (Bhadla) and Uttar Pradesh (Allahabad and Bareilly) and 9 MW rooftop solar projects spread across 10 cities. GIP entered the Indian market in 2018 when it acquired the infrastructure asset management business of multi-asset manager IDFC Alternatives Ltd. These included two funds…

Mumbai: With economic disruptions set for a long haul due to Covid-19 pandemic, India could see its fiscal deficit this year to balloon to over 8 per cent of GDP, brokerages analysing the deficit numbers post release of August GST collection data have said. The Controller General of Accounts on Monday said that country’s fiscal deficit has expanded to 103.1 per cent of Budget Estimate in the April-July period primarily due to lower tax collection and higher expenditure for Covid-19 relief. According to a report on Indian economy by Kotak Institutional Equities, low economic activity and lower tax collections coupled…

Billionaires Mukesh Ambani’s twins Isha and Akash Ambani have been ranked in the ’40 Under 40′ list of Fortune’s influential people. Apart from this, Byju’s founder Biju Ravindran has also made a place in this list. This time Fortune has released ’40 under 40′ list in 5 categories i.e. Finance, Technology, Healthcare, Politics and Media & Entertainment. In each category, 40 celebrities of the world have been included, whose age is less than 40. Isha, Akash Ambani and Baiju Ravindran are named in the technology category. Fortune magazine said that the coronavirus epidemic changed the way people work and socialize.…

New Delhi: India has joined the group of top 50 countries in the Global Innovation Index for the first time, climbing four places to the 48th position. India is between the countries of Central and Southern Asia. The Global Innovation Index (GII) 2020 list released on Wednesday has been released jointly by the World Intellectual Property Organization (Wipro), Cornell University and INSEAD Business School. According to this ranking, countries with Asian economies like China, India, Philippines and Vietnam have increased their rankings. India ranks in the top 15 in indicators such as exports of information and communications technology services, government…

New Delhi: Reliance Industries Ltd’s acquisition of Future Group’s consumer business will strengthen the retail footprint of India’s largest organised retailer, Moody’s Investors Service said on Wednesday. Last week, RIL announced that it will acquire Future Enterprise Limited’s (FEL) consumer business for a purchase consideration of around Rs 24,713 crore. “The transaction is credit positive because it will solidify its (RIL’s) position as the largest organised retailer in India and further diversify its earnings,” the rating agency said in a note. Moody’s said despite a price tag of around USD 3.3 billion, the cost of the acquisition remains small relative…

New Delhi: State-owned lender Indian Bank on Tuesday slashed its marginal cost of fund-based lending rate (MCLR) by 5 basis points for one-year tenure. The bank in a regulatory filing, said, “We have to inform you that the Asset Liability Management Committee (ALCO) of the bank in its meeting held on date reviewed the existing Marginal Cost of Funds Based Lending Rates of the bank and decided to reduce the MCLR for one year Tenor by 05 basis points.” The new rates will be effected from September 3 (Thursday), the filing added. The bank has decided to reduce the MCLR…

New Delhi: Jindal Steel & Power’s Mauritius arm has sold 48.99 per cent stake in its Oman asset, Jindal Shadeed Iron and Steel LLC to Vulcan Steel, a subsidiary of Templar Investment. This is the first tranche of the sale, and in a filing on Wednesday, Jindal Steel and Power (JSPL) said that the company aims to complete the entire sale within the specified time. In June JSPL had said that it would sell its entire stake in its Oman asset for an enterprise value of over $1 billion to Templar Investment. “Jindal Steel & Power (Mauritius) Ltd (JSPML), wholly…