Author: Finance Khabar

The market capitalization of seven of the country’s top 10 valued companies increased by Rs 67,622.08 crore last week. HDFC Bank and ICICI Bank were the biggest gainers in this. Tata Consultancy Services (TCS), HDFC Bank, Hindustan Unilever Ltd. (HUL), HDFC, Kotak Mahindra Bank, ICICI Bank and ITC were the gainers, while market valuations of Reliance Industries Ltd., Infosys and Bharti Airtel declined. HDFC Bank’s market capitalization (MCAP) jumped by Rs 28,183.55 crore to Rs 5,97,051.15 crore last week. At the same time, ICICI Bank’s MCAP increased by Rs 21,839.67 crore to reach Rs 2,55,929.73 crore. HUL’s MCAP increased by…

Microsoft is signing deals with foreign governments to offer cloud infrastructure packages similar to the bundle it assembled for the U.S. Defense Department, people familiar with the matter said. The Joint Enterprise Defense Infrastructure, or JEDI, cloud offering for the Defense Department provides cloud-based computing and storage resources at all government security classification levels, as well as devices that can work offline until they sync back with cloud infrastructure. The Pentagon awarded the JEDI contract to Microsoft in October. The contract is worth up to $10 billion over 10 years. Outside the U.S., Microsoft has seen interest in the type…

TikTok plans to sue the Trump administration as early as next week over the president’s executive order banning U.S. transactions with the popular video-sharing app and its Chinese parent ByteDance, the company confirmed. Under the president’s executive order issued Aug. 6, any transactions with ByteDance subject to U.S. jurisdiction will face prohibition in 45 days. The full extent of the ban is unclear, as it gives the Secretary of Commerce the power to identify those transactions subject to Trump’s order. A separate order issued on Aug. 14 gave ByteDance 90 days to divest the U.S. operations of TikTok. ByteDance is…

Japanese automaker Honda is preparing to launch its new bike in the Indian market. Recently, the company has released a teaser video of its bike on social media. Although the name of this bike has not been announced officially yet, according to our associate website Financial Express, this bike will be the new CB Hornet 200R, which will be launched on August 27. This new video released by the company has revealed some very interesting features, which make this bike very special. According to Financial Express, this new bike of the company will be CB Hornet 200R only. As seen…

New Delhi: State-run Punjab National Bank (PNB) on Friday posted standalone net profit of Rs 308.45 crore in the April-June quarter as against Rs 1,018.63 crore a year ago, even as provisions for bad loans doubled. While the numbers show a drop of 70 per cent, the lender’s regulatory filing said that the numbers are not comparable as it merged Oriental Bank of Commerce and United Bank of India with itself effective April 1, 2020. “Operating profit of the bank grew by 2.5 per cent on a YOY basis to Rs 5,280 crore in the first quarter of FY’21,” the…

New Delhi: The central government has appointed Ashwani Bhatia as the Managing Director (MD) of the State Bank of India (SBI). Bhatia has been appointed as the MD up to the date of his superannuation that is May 31, 2022, an order from Personnel Ministry stated. Bhatia is currently working as the managing director and chief executive officer at SBI Mutual Fund. Bhatia will be appointed in place of P K Gupta who superannuated on March 31. Before joining SBI Mutual Funds, Bhatia was in charge of revamping the entire credit structure and processes of SBI. He has also been…

New Delhi: The food delivery business has largely recovered by 75-80 per cent, said the “Indian Restaurant Industry ~ Mid Covid-19 Report” from Zomato’s poll “in recent days of thousands of restaurants and customers across India.” Recovery trends are strong for food deliverers, according to the Zomato analysis. The industry is expected to hit preCovid-19 levels of business in the next two to three months. But while the food delivery industry is recovering, the restaurant business of dining out continues to struggle. A horrendous forty per cent of eateries are expected to shut down, estimates Zomato. One of the better…

New Delhi: Budget airline SpiceJet has operated its maiden long-haul cargo flight from Amsterdam to Mumbai using its wide-body Airbus A340 aircraft, making it the first and only Indian carrier to operate non-stop cargo services from Europe on a dedicated freighter. “SpiceJet is the first and only Indian carrier to operate non-stop cargo services from Europe on a dedicated freighter,” the airlines said in a statement. “Adding Netherlands to its international cargo network, SpiceJet carried 13 tonne of cargo supplies to Mumbai.” The Gurugram-based airline, in a release on Saturday, also said that the same A340 cargo plan will perform…

To deal with the pandemic and avoid long queues at its ATM, country’s leading public sector bank SBI has launched a unique doorstep ATM service. So, now when in need of cash, you won’t need to rush to bank ATMs or visit a bank branch instead you can just send a Whatsapp message to the bank’s number for the purpose. The service has been initially started in Lucknow and if successful it shall be implemented in other cities too. Ajay Kumar Khanna, Chief General Manager, State Bank of India, Lucknow Circle informed the decision to launch this SBI phone call…

New Delhi: Oil India Ltd, the second largest public sector oil and gas producer company. (OIL) reported a net loss in the first April-June quarter of the current financial year. The company has incurred losses due to crude oil prices falling below the cost of production. This is the second time in the company’s history that it has incurred losses during the quarter. Oil India incurred a net loss of Rs 248.61 crore in the first quarter of the current financial year. This earned the company a net profit of Rs 624.80 crore in the same quarter of the previous…

New Delhi: The Supreme Court on Tuesday brushed aside technicalities related to the Insolvency and Bankruptcy Code and observed that the adjusted gross revenue (AGR) dues of insolvent companies amount to Rs 45,000 crore and someone needs to pay this. Continuing the hearing for the second consecutive day, a bench led by Justice Arun Mishra observed, “How can we leave it (dues) like that… You may be entering into so many arrangements but finally someone will have to pay… We will decide it finally,” the bench observed, as counsel for State Bank of India and Reliance Jio Harish Salve presented…

Chennai: In a regulatory filing late Friday, ICICI Lombard said the boards of the two companies — ICICI Lombard and Bharti Axa General — had met on Friday and approved entering into definitive agreements for demerger of Bharti AXA’s nonlife insurance business into ICICI Lombard through a Scheme of Arrangement. According to ICICI Lombard, the shareholders of Bharti Axa will receive two shares of ICICI Lombard for every 115 shares of Bharti Axa held by them as on the date on which the Scheme of Arrangement is approved by the Board of Directors of the two companies. The share exchange…

New Delhi: Saudi petrolium company Aramco said that it remains interested in all its Indian investment plan and will give appropriate updates soon. This would include proposed $15 billion investment in RIL’s refinery and chemicals business. Doubts were raised about investment plan of Saudi Aramco after the oil giant reported a 50 per cent fall in net income for the first half of its financial year, reflecting a devastating year for oil markets and the global economy at large as the world continues to battle the coronavirus pandemic. “Aramco continues to explore potential growth opportunities in Asia including India,” the…

New Delhi: Reserve Bank of India (RBI) Governor Shaktikanta Das today said that the new measures to restructure the loan will remove the problem of companies facing cash shortage and will help in bringing the economy back on track. Das said in an interview, “While the health of banks is very important, on the other hand there is a lot of pressure on companies due to Kovid.” He said that this plan of RBI will replace the loan moratorium which ends this month. Das said the moratorium was an immediate solution to the lockdown and the problem is not a…

Mumbai: Yes Bank has signed a definitive agreement with GPL Finance and Investments Ltd to sell 100 per cent stake in Yes Asset Management (India) Ltd (YESAMC) and Yes Trustee Limited (YTL), both wholly-owned subsidiaries of the restructured bank. YESAMC is the asset management company of YES Mutual Fund and YTL is the trustee of YES Mutual Fund. Upon completion of the transaction, YESAMC and YTL will cease to be subsidiaries of the bank, which will exit its mutual fund business. In a regulatory filing, Yes Bank said that White Oak Investment Management Private Ltd owns 99 per cent of…

Walmart-backed Flipkart on Friday announced that the e-commerce giant has entered into a strategic partnership with Nepal’s Sastodeal to initiate cross-border trade opportunities for its lakhs of sellers. A statement released by the company said that under the partnership, Sastodeal will host over 5,000 products from Flipkart marketplace sellers operating across the categories of babycare and kids, audio devices, men’s clothing, women’s ethnic wear, and sports and fitness, among others, in turn opening access to Nepalese customers. Flipkart Private Brands, MarQ and SmartBuy, will also be listed on the Sastodeal platform with a focus on categories such as electronics, home…

New Delhi: After implementing the system of GST and faceless income tax, now the Modi government of the Center is preparing to take another major decision for the business world. The government is preparing to create a single online compliance framework for India Inc to comply with various regulatory requirements at once. A senior government official said that this is being considered to reduce compliance burden. According to the report, the Ministry of Corporate Affairs has initiated discussions on a single platform for compliance of common data sources from various regulators such as the Reserve Bank of India, Security and…

Prelaunch bookings for the Kia Sonet compact SUV started on 20 August. On the very first day, this car got a bumper opening and 6523 units were booked in just one day. Kiya Sonnet can be booked at a token amount of Rs 25000 from the dealerships present in the Motors India or on the official website www.kia.com/in. Kiya Sonnet is scheduled to be launched in mid-September. Kia Sonet will be produced only in the company’s factory in Anantapur, Andhra Pradesh in India and from here it will be exported to other countries. Kiya Sonnet will go to more than…

New Delhi: An Indian court has agreed to hear a petition by the nation’s largest lender seeking to initiate personal bankruptcy against tycoon Anil Ambani after the former billionaire failed to repay debt. A two-member panel of the National Company Law Tribunal, or NCLT, in Mumbai has appointed a bankruptcy administrator to verify a claim by State Bank of India, or SBI, that Ambani offered about $160 million of personal guarantees while seeking loans in 2016 for his now insolvent Reliance Communications Ltd. and Reliance Infratel Ltd., according to an order on the court’s website. The tribunal can admit Ambani…

Mumbai: The domestic stock market has seen a boom amid strong global cues. Today the business is done with an increase in the market throughout the day. At the end of trading, the Sensex has gained about 214 points and closed at 38,434.72. At the same time, the Nifty also closed with a gain of 67 points at 11379. In today’s business, good shopping has been seen in the market. Bank and financial stocks were the fastest. However, there was pressure on IT and metal stocks. NTPC saw more than 5 percent increase. There has been more than 1 percent…