Author: Finance Khabar
New Delhi: Alibaba which has fuelled the growth of several Indian start-ups, will not put in fresh funds to expand its investments in the country for at least six months, the sources said. However, there are no plans to reduce its stakes or exit investments, they added. The sources declined to be identified as the talks are private. Alibaba did not respond to a request for comment. The Chinese conglomerate and its affiliates Alibaba Capital Partners and Ant Group have invested more than $2 billion in Indian companies since 2015 and participated in funding rounds of at least another $1.8…
Mumbai: Sony is closing in on Viacom 18 which would see Sony emerge as a formidable player in the Indian general entertainment channels (GEC) space. Sources said the two sides have agreed and the deal which has seen protracted negotiations is close to being finalised. The contours being discussed indicate that Sony is likely to own the lion’s share after a merger with Viacom 18, setting the stage for a battle for Indian TV audiences in the general entertainment channels (GEC) market with Disney-Star. Viacom 18 is a 51:49 JV between Reliance owned Network 18 and Viacom. There has been…
New Delhi: Union Finance Minister Nirmala Sitharaman on Thursday said that the coronavirus pandemic has hit the economy bad as the goods and services (GST) collection has the shortfall of Rs 2.35 lakh crore for fiscal 2021. The minister told that the centre has released over Rs 1.65 lakh crore as GST compensation to states for fiscal 2020, including Rs 13,806 crore for March. “Compensation gap which has arisen this year (expected to be Rs 2.35 lakh crore). This shortfall is due to Covid-19 as well. Shortfall in compensation due to implementation of GST has been estimated to be Rs…
New Delhi: The Reserve Bank of India (RBI) on Thursday indicated further cuts in interest rates, said that measures taken to save the economy from the covid-19 epidemic will not be removed soon. RBI Governor Shaktikanta Das said in a program that whether rate cuts or other policy steps, the arrows of our quiver are not over yet. He said that the banking system of the country is strong and stable. Even in this era of corona virus epidemic, the banking system of India has retained its capacity. The Reserve Bank did not change the repo rates in the policy…
Mumbai: The stock markets closed with a slight uptrend on Thursday. The Sensex gained 39.55 points to 39,113.47 and the Nifty gained only 9.65 points to end at 11,559.25. IndusInd Bank shares were the biggest gainers on the Sensex at 6.59 per cent after the close of business. Apart from this, Mahindra & Mahindra, SBI, Axis Bank, HDFC, Sun Pharma and Maruti were also in the top gainers. On the other hand, shares of Kotak Mahindra, Reliance, Bajaj Auto and ONGC lost more than 1 percent. The stock market opened up on Thursday morning. The BSE Sensex opened with a…
New Delhi: Kevin Meyer, chief executive officer (CEO) of Chinese video sharing app TikTok has resigned. Meyer left the company within three months. In his place, Vanessa Pappas, the company’s general manager in America, has been appointed as the interim CEO of TikTok. The company sued the Trump administration after President Trump signed an executive order banning TikTok’s transactions in the US. After this development, now Kevin Mayer has announced his resignation. The new executive order of the Trump administration states that if TikTok is to continue business in the US, they must sell it within 90 days and delete…
New Delhi: Future Retail has averted a default as it repaid the interest worth around $14 million (around Rs 100 crore) on its $500 million ( around 3,700 crore) foreign bonds to investors. “In furtherance to our letter dated 22 July 2020, wherein we had informed about the grace period of 30 days for making payment of interest on above USD Notes; today we are pleased to inform that the company has made the payment of said interest for the half-year for an amount of $14 million on above USD Notes,” Future Retail said in a filing to the stock…
Moody’s Investors Service on Tuesday affirmed the long-term local and foreign currency deposit ratings of State Bank of India (SBI) at ‘Baa3’ while downgrading SBI’s BCA to ‘ba2’ from ‘ba1’. Moody’s view that the bank’s asset quality and profitability will deteriorate on account of concern on asset quality due to moratorium therefore the rating agency downgraded SBI’s Baseline Credit Assessment (BCA). It is to be noted, ‘Baa’ rating indicates moderate credit risk and ‘ba’ indicates substantial credit risk. “As a result, Moody’s has also downgraded SBI’s foreign currency preferred stock non-cumulative MTN (medium term note) program rating to (P)B2 from…
New Delhi: Setting the stage for a major expansion amid the pandemic, leading digital payments service Paytm on Wednesday said it is in the process of hiring over 1,000 engineers, data scientists, financial analysts among other positions for tech and non-tech roles. Paytm in April announced to hire over 500 people for multiple roles, aside from continued hiring in product and technology and the current move is to ramp up recruitments for expanding its financial and wealth management services. Other than tech and non-tech hires to fill positions across its operations in New Delhi National Capital Region (NCR), Mumbai and…
The Cupertino giant has been busy in India making a lot of advancements in the country, from assembling iPhone SE (2020) in India or declaring its plans to begin production of the upcoming iPhone 12 series in the country next year. according to report, There have been plans by Apple to launch an online store in India, however, it has not been able to do so for a long time. Now, after a lot of government support and initiative, Apple will finally be launching its own online store as fast as next month. Till now, Apple had to rely on…
Mumbai: The industry had earlier this year raised concern over the directive of recovery of about Rs 46,000 crore of unpaid interest on delayed GST payment. The interest was charged on gross tax liability. The GST Council, comprising centre and state finance ministers, in its 39th meeting in March had decided that interest for delay in payment of GST to be charged on net tax liability with effect from July 1, 2017, and law would be amended retrospectively. However, the Central Board of Indirect Taxes and Customs (CBIC) on August 25, notified September 1, 2020, as the date from which…
MUMBAI: The domestic stock market has been doing well today, amid mixed global signals. Both the Sensex and Nifty indices have closed with good gains. In today’s business, shopping has been seen in every sector except FMCG and Pharma. Auto stocks saw a great rise. There is also shopping in the bank and financial sector. At present, the Sensex gained about 230 points to close at the level of 39,073.92. At the same time, the Nifty also closed with a gain of 77 points at 11,549.60. All IndusInd Bank top gainer is Airtel top loser. Talking about global signs, the…
Chennai: The Madras High Court had, on August 18, refused to allow the reopening of Sterlite copper smelting plant in Tamil Nadu’s Thoothukudi, which has remained closed since April 2018 and disposed of the plea filed by Vedanta challenging the closure of the plant. The High Court had in January this year reserved its orders on the appeal of Vedanta-owned Sterlite Copper challenging the Tamil Nadu government’s decision to shut down its copper smelter in Thoothukudi and seeking the reopening of its plant. In April last year, the Supreme Court had dismissed a petition seeking reopening of the Sterlite copper…
The 2020 Honda Jazz BS6 has been launched in India. The new premium hatchback from the Japanese carmaker gets refreshed looks, updated styling, and new range-topping ZX trim. The 2020 Honda Jazz BS6 is available in 3 variants with prices starting at INR 7.49 lakh*. To enhance the overall visual appeal of the new Jazz, Honda has included several interesting features such as a chrome accentuated high-gloss black front grille, new LED headlamps with LED DRLs, and LED fog lamps. The Tata Altroz rival also gets revised front and rear bumpers. The signature rear LED wing light ensures that the…
New Delhi: The Telecom Regulatory Authority of India (TRAIP) on Tuesday issued a show-cause notice to Vodafone Idea over the contentious priority plan ‘RedX’, saying that offer is not in compliance with regulatory principles. In its notice, the regulator raised certain points regarding the plan which lacks transparency and is misleading. As per PTI, the regulator has asked Vodafone Idea to “show cause” by August 31, “as to why appropriate action should not be initiated against it for violating the extant regulatory framework by its RedX tariff plan”. If the company fails to answer regulator’s queries, the plan will be…
New Delhi: A report in the Australian Financial Review (AFR) first reported this, citing an internal staff meeting by Accenture CEO Julie Sweet in mid-August. India, which has the largest Accenture employee base of nearly 2 lakh employees, could see thousands of workers being affected by the move. Accenture told IANS that at this time, the company is not planning extraordinary global workforce actions. “Every year, as part of our performance process, we have conversations with our people about how they are performing, areas for improvement, their potential to progress, and whether they are a long term fit for Accenture,”…
MUMBAI: Domestic stock market today had a good start in the domestic market due to better global signals, but at the end of business, the edge was reduced. The American market was on record high due to increased hopes of treatment for Corona virus, which was supported by the market. Currently, the Sensex has gained 45 points at the end of trading and has closed at the level of 38,843.88. At the same time, the Nifty has also strengthened by 6 points and closed at the level of 11,472.25. Today, banks and financial stocks have continued to boom. Realty has…
New Delhi: Finance Minister Nirmala Sitharaman said on Tuesday that the two wheeler is neither a luxury item nor does it fall into the category of perishable goods. Therefore, a case for amendment in the Goods and Services Tax (GST) rate is made on this. In the meeting held with the Confederation of Indian Industry (CII), Sitharaman said that the matter of amending the GST rate on two-wheelers will be considered in the meeting of the GST Council. This information has been given in the statement issued by CII. It was also released later by a finance ministry spokesperson. Two-wheelers…
New Delhi: The road transport and highways ministry said it has made the use of electronic toll collection device FASTag mandatory for availing any discount in toll charges, including a return journey within 24 hours. The step has been taken to encourage the adoption of digital payments. “In order to further promote digital payments on the fee plazas on the national highways, it is decided that discount for users who make return journey within 24 hours and all other local exemptions shall be provided only if the vehicle carries a valid functional FASTag,” an official statement said. “For discount on…
New Delhi: On Tuesday, gold prices in India eased on global cues. Gold futures on MCX were trading almost flat, up only by 0.37 percent at Rs 51,459 per 10 grams and in the international market, spot gold was down 0.2 percent to $1,929.25 per ounce. Asian stock market, including indices of the stock exchanges in India, opened higher after Standard and Poor’s 500 and the Nasdaq Composite, both notched up to new all-time highs on the back of US regulatory approval for a blood plasma treatment for COVID-19. At the close of trading on Monday, the Dow Jones Industrial…