Author: Finance Khabar

Mumbai: A SEBI filing said: “The DoT through its letter dated August 11, 2020 has approved Rs 1,053.50 million downstream foreign investment for acquisition of the remaining 49 per cent of the paid-up equity share capital of Tower Co from RIL by the Trust.” Further, the department has also approved the increase in foreign investment in Tower Co to 100 per cent of the paid-up equity share capital. In December last year, Reliance Industrial Investments and Holdings Limited (RIIHL), a wholly owned subsidiary of Reliance Industries Limited (RIL) entered into an agreement under which it will receive Rs 25,215 crore…

Ottawa: The deal is the latest example of countries rushing to secure access to vaccines, and comes weeks after Canada signed separate deals with Pfizer Inc and Moderna Inc. Novavax said it expects to finalize an advance purchase agreement to supply doses of the vaccine, beginning as early as the second quarter of next year. The agreement is subject to the vaccine getting a license from Health Canada, the company said. Financial terms of the agreement were not disclosed. Novavax’s vaccine was shown to produce antibodies against the novel coronavirus, according to initial data from a small, early-stage trial earlier…

New Delhi : ” By taking indigenous manufacturing of toys in India as one of the premier priority sector of the Union Government, Prime Minister Shri Narendra Modi has given enough indication of a major shift in basic fundamentals of the Government policy to make the local products as an important tool for making Atamnirbhar Bharat and the business community of the Country, small industries and logistics sector catering to the need of sectors like toys, offers compliments to Prime Minister Shri Modi for making local products as a new engine of economic growth”-said the Confederation of All India Traders…

Mumbai: New JioFiber customers activating from September 1, will get the 30-day free trial. Under the unconditional free trial, customers will get 150 Mbps “truly” unlimited internet, 4K set-top box with access to top 10 paid OTT apps at no cost, free voice calling for 30 days. If the customer does not like the service during the trial period, the company will take it back and no questions will be asked, a company statement said. Further, plans of all existing JioFiber customers will be upgraded to match the benefits of the new tariff plans and any JioFiber customer onboarded between…

New Delhi: Production of eight basic industries declined by 9.6 percent in the month of July. This is the fifth consecutive month while production of basic industries has declined. Production of basic industries has declined mainly due to poor performance of steel, refinery products and cement sector. In July 2019, production of eight basic industries grew by 2.6 percent. According to the data released on Monday by the Ministry of Commerce and Industry, in July, there has been a decline in the production of seven other sectors – coal, crude oil, natural gas, refinery products, steel, cement and power sector,…

New Delhi: Pandemic Covid-19 induced economic turbulence along with measures to curb its outbreak, heavily dented India’s economy and plunged the country’s GDP to (-) 23.9 per cent during the first quarter (Q1) ended June 2020-21. Though not comparable, the Gross Domestic Product (GDP) had grown by 5.2 per cent in the corresponding quarter of FY2019-20. In the quarter just preceding Q1FY21, the economic growth was at 3.1 per cent. The country had observed mobility restrictions as mandated under the lockdown measures for the better part of the first quarter of FY21. It was only on June 1 that partial…

China’s five largest banks reported their biggest profit declines in at least a decade as they brace for further increases in bad loans in an economy weakened by the coronavirus pandemic. The five lenders — Industrial and Commercial Bank of China, China Construction Bank, Agricultural Bank of China, Bank of China and Bank of Communications — released their latest financial report cards last week. All five posted at least 10% year-on-year declines in profit for the first half of 2020 as they set aside more funds for potential loan losses in the coming months — much like many banks around…

The chairman and CEO of Berkshire Hathaway announced today, on his 90th birthday, that his company has acquired a slightly more than 5% stake in each of the five leading Japanese trading companies. The companies are Itochu Corp., Marubeni Corp., Mitsubishi Corp., Mitsui & Co., and Sumitomo Corp. Berkshire said it acquired the holdings over a roughly 12-month period through regular purchases on the Tokyo Stock Exchange. Based on Friday’s closing prices for the trading houses, a 5% stake in each would be valued at roughly $6.25 billion. The Japanese trading companies — known as “sogo shosha” — are conglomerates…

Mumbai: A stampede has been seen in the market due to India-China tension. The market has closed more than 1300 points above the upper levels amid heavy selling in the market. At the same time, the Nifty has also come down to 11350. In the morning trade, the Sensex was up by 500 points, while the Nifty had reached 11700 level. In fact, after the border dispute and continuous talks about it, Chinese soldiers have again tried to infiltrate the Indian border. Due to which there was a clash again in East Ladakh between India and China on the night…

New Delhi: State-run GAIL (India) Ltd will look for growth in areas including petrochemicals, renewables among others, said the company’s CMD Manoj Jain. The CMD’s message to the shareholders in the company’s annual report said that gas will continue to be its core focus. “While gas will remain our core segment, we will look for growth in other areas such as petrochemicals, specialty chemicals, renewables, water etc. With our newly embraced mission and vision as guiding principles and strategic initiatives as the chosen path, I am confident that GAIL will reach new heights in coming years,” he said. Jain added…

New Delhi: The government has directed banks to refund charges, including merchant discount rate (MDR), if any, collected on UPI transactions on or after January 1, 2020. With an aim to promote digital transactions, the Centre in December last year announced that no charges would be applicable on both RuPay and BHIM-UPI transactions. In a circular on Sunday, the Central Board of Direct Taxes, which comes under the Department of Revenue in the Finance Ministry, said that it has received representations, saying that some banks are imposing and collecting charges on transactions carried out through UPI. A certain number of…

Mumbai: GMR Infrastructure will seek its shareholders’ approval to raise up to Rs 5,000 crore through securities, in its annual general meeting on September 21. In a regulatory filing on Sunday, the company said that it plans to raise the funds in one or more tranches. “Pursuant to the Regulation 29(1)(d) of SEBI LODR, the approval of the shareholders is being sought for raising of funds up to Rs 5,000 crore in one or more tranche(s), through issue of securities as per the requirements of applicable laws, as an enabling resolution,” it said. The company had on Thursday announced a…

Riyadh: The two fields, Hadat Al-Hajrah gas field in the Al-Jawf region and Abraq Al-Talul oil field in the northern border region, were discovered by the Saudi Arabian Oil Company (Saudi Aramco), Xinhua news agency reported. Saudi Aramco will work on assessing the quantities of oil, gas and condensate in the two fields, as well as digging more wells to determine their area and size, the minister said. Saudi Aramco is the world’s most valuable company and pumps more oil on a daily basis than any other producer.

New Delhi: The market capitalization (M cap) of six of the 10 top valued companies in the country increased by Rs 1,06,523.84 crore last week. ICICI Bank and Kotak Mahindra Bank were the biggest gainers. Reliance Industries Ltd., out of the ten valuable companies in terms of market capitalization. (RIL), HDFC Bank, HDFC, Kotak Mahindra Bank, Bharti Airtel and ICICI Bank were in profit. On the other hand four companies Tata Consultancy Services (TCS), Hindustan Unilever Ltd. (HUL), Infosys and ITC were at a loss. ICICI Bank was the biggest gainer in terms of MCAP and its market cap jumped…

New Delhi: As the pandemic has led to severe economic stress across sectors, the Reserve Bank of India (RBI) earlier this month announced to provide a resolution framework to enable the lenders to implement a resolution plan, in respect of eligible corporate borrowers without change in ownership while continuing the account status as standard, subject to specified conditions. “The review will focus on enabling businesses and households to avail of the revival framework on the basis of viability, necessary steps like finalising bank policies and identifying borrowers, and discussing issues that require addressing for smooth and speedy implementation,” a Finance…

Chennai: The newly appointed Director General of Cellular Operators’ Association of India (COAI) S P Kochhar told PTI that any duopoly situation in the current three-player private telcos market can “never be a good thing” and asserted that sufficient competition among the operators is required for ensuring that subscribers get good services at better prices. The COAI will continue to be a neutral body that believes in consensus building and unanimity of views, Kochhar said when asked about past differences amongst the telecom companies, who are members of the association, on various issues. “COAI tries to get the point of…

New Delhi: Compliance of the regulations for display of maximum retail price (MRP) of products by e-commerce platforms has improved, according to a LocalCircles survey. Around 65 per cent of the respondents, who shopped online in the last three months said that e-commerce platforms are now displaying MRP, while the rest 35 per cent said that they could not find the MRP details. “The comparison shows that the MRP display compliance has increased on e-commerce platforms in the last few months. In the survey conducted last year, 44 per cent consumers had said that ecommerce sites were not complying with…

Riding on a strong 5G push, the global smartphone market will return to a full recovery by 2022 and 5G smartphones are expected to capture 50 per cent of the global market by 2023, according to a new IDC report. 5G remains a priority for all smartphone OEMs despite the challenges with the Covid-19 pandemic and lack of consumer demand. “While many of the top vendors have reduced their 2020 production plans to align with the market decline, we’ve seen most of the cuts focused on their 4G portfolios,” said Ryan Reith, programme vice president with IDC’s ‘Worldwide Mobile Device…

The president of the United Arab Emirates has issued a decree canceling a law on boycotting Israel and allowing trade and financial agreements between the two countries, the UAE official news agency WAM reported on Saturday. The decree from UAE President Khalifa bin Zayed Al Nahyan aims at “supporting bilateral cooperation in order to arrive at (the establishment) of bilateral relations,” the agency said. The announcement comes as El Al Airlines plans to operate Israel’s first direct flight between Tel Aviv’s Ben Gurion Airport and the UAE’s capital Abu Dhabi, carrying an Israeli delegation and top aides to U.S. President…

Dubai: Under the initiative, launched earlier this week by the Dubai’s free-zone Dubai Multi Commodities Centre (DMCC) and the government of Dubai’s authority on commodities trade and enterprise, millions of Indian farmers will get an opportunity to connect directly with the entire food industry in the UAE, including food processing companies, traders and wholesalers through the Agriota-E Marketplace platform. The marketplace allows the farmers to bypass intermediaries, optimising the supply chain and ensuring traceability to create value for all stakeholders, officials said. The online marketplace also provides end-to-end traceability and transparency through last-mile verification and extension infrastructure in a blockchain…