Author: Finance Khabar
New Delhi: According to an official statement made by the government on Wednesday, it has received over five lakh applications under the PM SVANidhi scheme which aims to provide street vendors loans of up to Rs 10,000 to restart their business post the COVID-19 lockdown. The Union Housing and Urban Affairs Ministry said the PM Street Vendor’s AtmaNirbhar Nidhi scheme has generated considerable enthusiasm. The number of loans sanctioned and applications received under ‘PM SVANidhi’ scheme have crossed one lakh and five lakh respectively within 41 days of commencement of the lending process. Under the scheme, vendors can avail a…
Broking firm, Motilal Oswal expects GDP to contract 18 to 20 per cent in the first quarter of 2020-21. The brokerage firm believes that the decline in the IIP, which was released on Tuesday, was much lower than expected. “While decline in Jun’20 IIP was slower vis-a-vis the previous three months, our monthly EAI-GDP/ GVA suggests overall economic activity still saw massive decline. This was largely attributable to the partial lockdowns imposed by certain states in the wake of rising COVID-19 cases. Consequently, we expect real GDP to have declined 18-20% in 1QFY21. Moreover, as these lockdowns continued in many…
In the wake of strict coronavirus curbs enforced between April-June period the economic output of UK contracted by a steep 20.4%. This is the highest decline in GDP logged by any key nation thus far as per official data published today. Also, with contraction reported for the second consecutive quarter, the world’s sixth leading economy has officially entered into recession. Nonethelesss, the month of June witnessed some recovery with GDP growing by 8.7% from May, said the Office for National Statistics.The output level in the month of June was 16.8% below its level a year ago, in comparison to a…
New Delhi: Prime Minister Narendra Modi will launch a platform to honour honest taxpayers on Thursday. The launch of the platform for ‘Transparent Taxation – Honoring the Honest’ will further carry forward the journey of direct tax reforms, said an official statement. Union Minister of Finance and Corporate Affairs, Nirmala Sitharaman and Minister of State for Finance and Corporate Affairs, Anurag Singh Thakur will also present at the launch which will be done through a video conference. The event will also be witnessed by various chambers of commerce, trade associations, chartered accountants’ associations and also eminent taxpayers, apart from the officers…
The Department of Personnel and Training of the Ministry of Personnel, Public Grievances and Pensions has issued an Office Memorandum (OM). This is about the security of salaries for central government employees. Under this, in the scenario of the Seventh Pay Commission, the government employees will be protected from salary after appointment to a new post in a separate service or cadre through direct recruitment in the central government. It will be found inside FR 22-B (1) of Seventh Pay Commission. The office memorandum further states that the President was allowed protection of pay under the provisions made within FR…
The domestic stock market saw a sell-off amid weak global cues. The Sensex and the Nifty both closed weakly amid trade fluctuations. Although auto stocks tried to stop the decline, selling pressure in pharma stocks increased the pressure. In today’s business, there has been a mixed trend between banks and financial stocks. The Sensex has fallen by about 37 points and closed at a level of 38,369.63. At the same time, the Nifty also lost 14 points and closed at 11,308.55 levels near 11,300. There is more pressure on the metal and pharma sector. Let me tell you that on…
New Delhi: Reliance Industries Ltd’s philanthropic arm Reliance Foundation on Wednesday said it has forged a new partnership under the Womens Global Development and Prosperity (W-GDP) Initiative for US Agency for International Development (USAID)to bridge the gender and digital divide in India. The partnership was announced W-GDP event hosted by Deputy Secretary of State of the United States Stephen Biegun and with special guest, Ivanka Trump, Advisor to the President of the United States, and Deputy USAID Administrator Bonnie Glick, it said in a statement. Ivanka Trump said: “The W-GDP Fund was created to source and scale the most innovative…
Tesla Inc on Tuesday announced a five-for-one stock split of its common stock that goes into effect on August 21. The move that could help smaller investors afford Tesla stock also it resulted in sending the electric carmaker’s recently high-flying shares up 7% in extended trade. Tesla’s stock, which traded at $1,475 after the announcement, is among the highest priced on Wall Street, and the Palo Alto, California-based company said in a press release it was looking to make its shares more accessible to employees and investors.
New Delhi: In continuation of its initiative to fight the Covid-19 pandemic, OYO Hotels and Homes has partnered with over 24 state governments, local authorities and hospitals under the ‘OYO Care’ initiative to offer some of its properties for pay-per-use quarantine and self-isolation facilities at affordable prices. In a statement, OYO said that it is in touch with over 50 government and private hospitals to provide accommodation support to medical first responders at affordable rates. “The company has already provided 1,00,000 room nights as part of the ‘OYO Care’ initiative in the past four months. The hospitals which have been…
Bengaluru: All the world’s agencies have feared that India’s GDP will fall by 3-9% due to Corona epidemic. Recently, the Monetary Policy Committee of the Reserve Bank met. After that Governor Shaktikanta Das had said that there is every possibility of a decline in the growth rate this year. Meanwhile, Infosys founder NR Narayana Murthy on Tuesday feared that the country’s economic momentum would be in the worst state since independence due to the corona virus. He said that the economy should be brought back on track at the earliest. He feared that this time the gross domestic product (GDP)…
New Delhi: Housing Development Finance Corporation (HDFC) said that it has raised Rs 10,000 crore equity capital by issuing shares to qualified investors, including Government of Singapore and Invesco Oppenheimer Developing Markets Fund. Besides, the housing finance major has raised Rs 3,693 crore through an issue of non-convertible debentures (NCDs). It has also allotted 1.7 crore warrants at an issue price of Rs 180 per warrant, aggregating to around Rs 307 crore under the QIP issue, according to its regulatory filing. “We wish to inform you that the committee of directors -QIP 2020 of the Corporation at its meeting held…
New Delhi: In June, industrial production in the country declined by 16.6 percent in June, mainly due to lower output of manufacturing, mining and power generation, as per the government data released on Tuesday. According to the Index of Industrial Production (IIP) data, manufacturing sector production registered a decline of 17.1 percent, while the output of mining and power fell 19.8 percent and 10 percent, respectively. In a press release, the Ministry of Statistics and Programme Implementation issued a disclaimer saying that “it may not be appropriate to compare the IIP in the post-pandemic months with the IIP for months…
New Delhi: In a bid to facilitate more individuals and MSMEs, the ministry of Finance has augmented scope of the government’s Rs 3 lakh crore Emergency Credit Line Guarantee Scheme (ECLGS) launched for MSMEs. Now more businesses will be able to raise credit as the centre has hiked the upper limit of loan outstanding, as on 29 February 2020, to Rs. 50 crore from the earlier up to Rs. 25 lakh. Under the government’s ambitious ECLGS scheme, MSMEs could apply for emergency credit from banks and NBFCs for a sum of up to 20 percent of their outstanding loan amount.…
Billionaire Mukesh Ambani-led Reliance Industries Limited (RIL) has jumped 10 spots to be included among the world’s top 100 companies on the Fortune Global 500 list. On Tuesday, the ranking released by Fortune showed the conglomerate at the 96th spot on the list. Earlier, in 2012, Reliance had managed to be ranked 99 in the top 100 but had slipped in its position in the subsequent years to fall to 215th in 2016. On the other hand, state-owned Indian Oil Corp (IOC) slipped 34 positions to rank 151st on the 2020 ranking while Oil and Natural Gas Corp (ONGC) is…
Strong quarterly results and general positive outlook on tech giants have driven Apple Inc’s market value to more than $1.9 trillion. In fact, last week, the iPhone market surpassed Saudi Aramco to become the most valuable publicly listed company in the world. Apple is more valuable than ever and so is its chief executive officer (CEO) Tim Cook, who after nine years of taking over after Steve Jobs, has become a billionaire. When co-founder Steve Jobs died, the company was valued at $350 billion. Now that Apple is worth nearly $2 trillion, Cook’s net worth has eclipsed $1 billion as…
Google has rolled out a new Search feature in India that enables influencers, entrepreneurs, freelancers, or anyone else who wants to be easily discovered online create a virtual visiting card in what appears to be the company’s latest attempt to add more LinkedIn -esque functionalities into its search engine. The company said it has rolled out the feature, called people cards, first in India because of the special affinity people in the world’s second largest internet market have shown toward looking up their own names on the search engine. People cards currently only supports English. Users can create people cards…
MUMBAI: The domestic stock market today has seen strength amid better global cues. In today’s business, good shopping was seen in the market and the market is growing throughout the day. Bank and financial shares have seen a good boom in today’s business. However, IT and pharma stocks declined. Currently, the Sensex gained 225 points at the end of trading and closed at a level of 38,407.01. At the same time, the Nifty also became stronger by 52 points and closed at the level of 11,322.50. Today Axis Bank is the top gainer. On the first Monday, the market was…
London: Employment in the U.K. has seen its largest quarterly fall in over a decade, according to official data published Tuesday. The Office for National Statistics said estimates show 32.92 million people were in employment between April and June, 113,000 more than a year before, but 220,000 fewer than the previous quarter. This decrease in employment, which affected both men and women, was the largest quarterly fall since May to July 2009. Data for July showed that the number of employees on payrolls fell by 730,000 compared with March, the ONS said. “Survey data show employment is weakening and unemployment is…
Hyderabad: On a mission to equip SMEs with technology-led solutions, India’s homegrown financial services platform Paytm has launched the country’s first pocket Android POS device for contactless ordering & payments. The company has introduced ‘Paytm All-in-One Portable Android Smart POSP’ at an introductory price of Rs 499 per month rental. Styled like a mobile phone for accepting orders and payments on the go, this is the first such Android-based device to be introduced in India and is much more powerful than the portable Linux based POS devices presently available in the country. It also comes bundled with Paytm’s ‘Scan to…
Mumbai:TRA Research, India’s leading consumer insights and brand analytics company, today released a whitepaper titled TRA’s Diwali 2020 Buying Propensity Report gauging the changing buying mindsets and sentiments for the upcoming Diwali in November 2020. 65% of all consumers expressed a Positive Buying Sentiment as compared to now, and 28% felt it would remain the same. The Apparels category was a positive outlier and had the Highest Buying Priority at 3.11 times the average of all other categories. Mobile Phones, Consumer Electronics and Two-wheelers were on Very High Consumer Buying Priority, followed by Home Furniture, Jewellery and TVs, which were…