Author: Finance Khabar
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…
New Delhi: This was done through a notification by the Health Ministry on March 26. It implies that all Indian licensees are permitted to deliver at home and e-pharma is essentially nomenclature. “Whereas the central government is satisfied that retail sale of drugs to the doorstep of consumers is essential to meet the requirements of emergency arising out of Covid-19 pandemic and in the public interest,” the Ministry said. “It is necessary and expedient to regulate the sale and distribution of drugs for their delivery to the consumers,” the notification said. The notification allows licensees to make retail sales of…
Union Minister Dharmendra Pradhan on Friday praised the work of Modi government since it came in power in 2014. “With focus from providing banking to ‘every household’ to providing banking to ‘every unbanked adult’, #ModiGovt is committed to take financial inclusion to the last mile. Jan Dhan has benefitted more than 1.5 crore poor people in Odisha covering more than 74 lakh households,” he said in a tweet. Further, minister said, “Benefits worth Rs 60,865 crore have been transferred directly to beneficiary accounts in Odisha for over 65 GOI schemes, like #PMUY, #PMAY, #PMKisan, #PMVVY. #DBT has been a win-win…
Mumbai: The company would use the latest round of funding to accelerate the development and rollout of new product offerings, increase its school network in tier 2-3 cities and hire talent across domains. The current Series C round is LEAD School’s third round of institutional funding since 2017. Both the previous rounds were led by Elevar Equity, which remains a major stakeholder. “LEAD School partners with affordable private schools to transform them into centres of excellent learning through our Integrated System,” LEAD School Co-founder and CEO Sumeet Mehta said in a statement. “The new round of funding will help us…
Mumbai: The domestic stock market has been weak amid weak global cues. The Sensex and the Nifty saw a sell-off on Weekly Expiry. Bank and financial shares witnessed sharp decline. Pressure has been seen in almost every sector except metal, media and pharma. The Sensex has lost 394 points and closed at a level of 38,220.39. At the same time, the Nifty has also closed at the level of 11,309.60 with a weakness of about 99 points. HDFC and ICICI Bank saw the most weakness, while NTPC closed around 7 percent stronger. Earlier on Wednesday, the stock market closed in…
Mumbai: Banker HSBC India on Thursday launched its ‘Green Deposit Programme’ for corporate clients to finance green initiatives. According to the bank, deposits under this programme will finance green initiatives such as renewable energy, clean transportation, pollution prevention and control, green building, sustainable water, waste water management and others, providing a simple way for companies to support environmentally-beneficial projects. “The ‘Green Deposit’ is available in INR as ‘Term Deposit’. This innovative and unique fixed tenure deposit will go towards financing eligible businesses and projects that promote the transition to a low-carbon, climate resilient and sustainable economy,” the bank said in…