Author: Finance Khabar
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…
New Delhi: There has been a slight improvement in vehicle sales in August. It seems that the vehicle sales are coming out from the effect of lockdown. People are again becoming interested in buying cars. Although not every car company’s sales have improved yet, the hope of improving the condition in the coming months seems to be catching up. Sales of the country’s largest car company Maruti Suzuki India (MSI) increased 17.1 percent to 1,24,624 units in August 2020. In the same month a year ago, the company sold 1,06,413 vehicles. The company’s sales in the domestic market increased by…
New Delhi: The government has completely eliminated the need to provide subsidy on domestic cooking gas as the global fall in oil prices and frequent rise in LPG gas cylinder price has brought the price of the common man’s fuel closer to market rates. As of September 1, the price of non-subsidised and subsidised 14.2 kg cooking gas is identical at Rs 594 a cylinder. What this means is that government would no longer need to pay subsidy under the direct benefit transfer scheme (DBT) into the account of beneficiaries. In fact, with the price gap between the subsidised and…
Effective 01 September, the rebranding is an adoption of its principal deliverable ‘Care’Care Health Insurance’s policies across the continuum of care, will continue focussingon customer-centricity, product innovation and financial inclusionExcept the name, Care Health Insurance’s founding management team, value-for-money products and the technology-driven servicing capabilities are all the same National: Highlighting its ethos of delivering quality consumer experience while offering a wide continuum of care policies, Religare Health Insurance today rechristened itself as Care Health Insurance. Despite the name change, all service and product offerings remain the same, backed by the founding management team and reflecting its high standards of…
New Delhi: The Supreme Court on Tuesday granted 10 years to telecom companies to clear their respective adjusted gross revenue (AGR) dues and also directed them to deposit the first instalment of 10 per cent by March 31, 2021. A bench headed by Justice Arun Mishra said the instalments should be paid by February 7 of every succeeding year. The apex court also warned the telecom companies that if there was any default, then it would accrue interest, and also non-payment would invite contempt of court proceedings against the firms. It also said it agreed with senior advocate Harish Salve…
New Delhi: The significant and complex divestment deal, one of its kind in India announced in May 2018 has been completed after receiving the requisite regulatory approvals and fulfilment of necessary conditions. The deal for Rs 14000 crore or almost $ 2 billion has come during the present tough conditions surrounding COVID-19 pandemic. A statement said the divestment is in line with L&T’s stated goal of unlocking value for future growth. Its exit from the E&A business is a part of the strategic portfolio review process.