Author: Finance Khabar

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…

Bangalore: E-commerce platform Flipkart on Wednesday launched operations of its digital business-to-business marketplace, Flipkart Wholesale, with an aim to connect local manufacturers with retailers and bring the entire wholesale marketplace at their fingertips. The platform is currently available for fashion retailers, especially footwear and apparel, in Gurugram, Delhi and Bengaluru, with plans to expand to Mumbai as well, the company said in a statement. Flipkart Wholesale also plans to expand to 20 more cities and in categories such as home and kitchen and grocery by the end of this year. “With the strong capability within the group in B2B, we…

Mumbai: The domestic stock market has closed strongly amid mixed global signals. Both the Sensex and the Nifty have gained in business. The Nifty closed above 11500. The Sensex is up about 185 points and has closed at the level of 39,086.03. At the same time, the Nifty has also strengthened by 69 points and closed at 11539 level. Business has seen a boom in IT, metal and auto stocks. Buying in midcap and smallcap stocks. Earlier on Tuesday, the market was growing. Talking about global signs, the US markets saw a great rise on Tuesday, the first day of…

New Delhi: The government of India has banned several Chinese mobile apps once again amid fresh deadlock with China running along the Ladakh border. According to the information, 118 more Chinese mobile apps including PUBG have been banned. The Ministry of Electronics and Information Technology has decided to ban these mobile apps under Section 69A. The ministry has taken this decision to ban after receiving many complaints. The statement issued said that these apps were a threat to national security. Earlier, the Modi government imposed restrictions on many Chinese apps, while tightening shinja on China. The government had banned 59…

New Delhi: Commerce and Industry Minister Piyush Goyal on Tuesday said that India ‘wholeheartedly’ endorses the broad concept of working towards ensuring a trustworthy, dependable and reliable supply chain in the Indo-Pacific region. Speaking at the Australia-India-Japan Ministers’ meeting on ‘Supply Chains Resilience’ held via videoconference, he said the diversification of the supply chain is critical for managing the risks associated with the supply of inputs including disciplining price volatility. “We could provide the core pathway for linking value chains in the region by creating a network of reliable long term supplies and appropriate capacities,” Goyal said. The meet was…

New Delhi: The gross GST collection in August stood at Rs 86,449 crore, down from Rs 87,422 crore collected in July, the Finance Ministry said on Tuesday. The revenues for August are 88 per cent of the GST collected in the same month last year. In August 2019, Rs 98,202 crore was mopped up from Goods and Services Tax (GST). Of the gross collection, Central Goods and Services Tax (CGST) is at Rs 15,906 crore, State Goods and Services Tax (SGST) Rs 21,064 crore, Integrated Goods and Services Tax (IGST) Rs 42,264 crore (including Rs 19,179 crore collected on import…

New Delhi: After the country’s economy contracted by a record 23.9 per cent in April-June quarter, real GDP for FY21 is expected to shrink by 10.9 per cent, according to State Bank of India’s research report – Ecowrap. It had earlier estimated real gross domestic product (GDP) at (-) 6.8 per cent for the current fiscal. The first quarter GDP contraction compares with 3.1 per cent growth in the preceding January-March quarter and 5.2 per cent expansion in the same period a year back. Our preliminary estimate indicates that all the four quarters of FY21 will exhibit negative real GDP…

New Delhi: Industrial and commercial consumers of electricity are back in business in a clear sign that the ‘Unlock’ phases are gradually bringing back economic activity to near normal levels. The country’s power demand, a big indicator of the level of economic activity in the country, fell by a massive 25 per cent in the month of April right at the beginning of the lockdown. But thereafter, the story has been a big recovery in demand as the fall was arrested close to 9-10 per cent levels in May and June. The demand slump narrowed to 2.6 per cent in…

Elon Musk has now become the third richest person in the world. According to Bloomberg Billiners Index, now only Microsoft founder, Bill Gates and Amazon chief Jeff Bezos are ahead of them in this list. Tesla CEO has left behind Mark Zuckerberg of FaceBook. The reason for this is the increase in shares of Tesla after going into the stock split. Now the market value of Tesla has increased to $ 464 billion and it has overtaken the retail giant Walmart. Tesla has now become America’s largest company by revenue as well. Because of this, the total net worth of…

Mumbai: The domestic stock market has seen a good recovery after yesterday’s fall amid mixed global signals. Both the Sensex and Nifty closed in the business with good gains. The Sensex has gained nearly 273 points and closed at a level of 38,900.80. At the same time, the Nifty gained 109 points to close at 11,496. The BSE Midcap Index has also closed strong by around 171 points. At the same time, the Smallcap index has also gained 77 points. Financial and pharma stocks have also been good. Earlier on Monday, the Sensex broke down by 1500 points from the…

New Delhi: There is news of relief for those taking advantage of composition scheme option under GST. The government has extended the deadline for filing GST returns for the financial year 2019-20 for the dealers falling under the composition scheme by two months to 31 October 2020. This is the second time in the last few months that the deadline has been extended. The actual deadline for filing this return was 15 July, which was increased to 31 August 2020. Now once again the deadline has been pushed forward. The Central Board of Indirect Taxes and Customs (CBIC) said in…