Author: Finance Khabar
New Delhi: Honda Amaze of Honda Cars India Limited (HCIL) has crossed the 4 lakh unit sales figure in India. The company said today that it had launched this model in India in 2013 and it has sold 4 lakh units so far. The second generation Amaze is currently Honda’s best-selling model in India and has a strong market share in its segment. The brand Amaze is designed keeping in mind the emerging needs and expectations of the Indian consumers. Rajesh Goyal, Senior Vice President and Director (Marketing & Sales) of the company said that Honda Amaze has been a…
Mumbai: The Sensex closed at 38,310.49, down by a slight loss of 59.14 points at the close of business on Thursday. The Nifty closed at 11300.45 with a slight decrease of 7.95 points. The biggest gainers on the Sensex were 4.31 per cent and 3.62 per cent in the L&T and Titan stocks, respectively. On the other hand, Bharti Airtel and Sun Pharma were the biggest losers, down 2.35 and 2.11 percent respectively. The Nifty sectoral index had a mixed trend of rise and fall when trading closed. Auto stocks saw a gain of 1.22 percent, while PSU Bank shares…
New Delhi: Prime Minister Narendra Modi on Thursday launched the platform for “Transparent Taxation – Honoring the Honest” via video conferencing. The platform, which has been launched to honour the honest taxpayers of the country, will bring transparency in income tax systems and empowering taxpayers, according to the government. In a tweet earlier in the day, PM Modi said the initiative will strengthen the Government’s efforts of reforming and simplifying the tax system and will benefit several honest taxpayers, whose hard work powers national progress. The newly launched platform will offer faceless assessments, faceless appeal and taxpayers’ charter. Faceless appeal…
New Delhi: As per the Economic Times report, the government has initiated the process of issuing e-passports for all its citizens and likewise is on the hunt for an agency that would develop IT infrastructure and solution for implementing the large scale project. So, from next year onwards it is highly likely that on applying for a new passport or making a reissue application, you will be given an e-passport with an electronic microprocessor chip. The move will render forgery of passports tougher and also enable speed immigration for international passengers. Earlier on a trial basis, the centre had issued…
Washington: The US administration has eased select norms for H-1 B visa holders and allowed them to enter the country if they are rejoining the same job which they were into before the announcement of the visa ban. Dependents (spouse and children) will also be allowed to travel along with primary visa holders, said the US Department of State. “Travel by applicants seeking to resume ongoing employment in the United States in the same position with the same employer and visa classification,” the state department advisory said. The Trump government also permitted entry of technical specialists, senior-level managers, and other…
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…