Author: Finance Khabar
Bengluru: Flipkart, India’s homegrown e-commerce marketplace, today announced the launch of ‘Flipkart Leap’ — the company’s first startup accelerator program to help new and upcoming startups grow, scale, navigate challenges and in turn contribute to India’s growing entrepreneurial ecosystem and boosting ‘Start-Up India’. With the call-for-entries beginning today, Flipkart Leap will identify B2C and B2B startups and help them scale through an intensive 16-week virtual program. Throughout the program, Flipkart’s leadership from Business, Operations, Product and Technology will mentor the selected startups and share best practices, in addition to master class sessions hosted by industry experts. The program aims to…
Mumbai: ICICI Bank announced qualified institutional placement (QIP) of equity shares wherein the private lender has fixed a floor price of Rs 351.36 per share for the issue. The announcement was made post market hours. The decision on the final issue price and allotment will be taken on 14 August. “A meeting of the issuance committee of board of directors of the bank is scheduled to be held on August 14 to determine the issue price for the equity shares to be allotted to qualified institutional buyers, pursuant to the issue,” said ICICI Bank in its BSE filing. Of late,…
Mumbai: Titan Company reported a net standalone loss of Rs 270 crore for the June ended quarter when compared to a profit of Rs 371 crore seen in the same period last year. The company’s standalone revenue during the quarter declined by 62.3 percent to Rs 1,862 crore against the same period of the last fiscal year. “The disruption caused by the COVID-19 pandemic in India affected the performance of Titan Company severely with retail outlets closed for a major part of the quarter, resulting in a decline in income of 62 percent for the first quarter of the financial…
Twitter Inc is in early talks about a potential merger with TikTok, according to a Dow Jones report citing people familiar with the matter. The report said that it’s unclear whether Twitter will pursue a deal, which would involve TikTok’s US operations. The news report comes a few days after US President Donald Trump signed two separate executive orders banning popular Chinese apps like TikTok and WeChat, terming them a threat to the national security and to the country’s economy. The ban comes into effect in 45 days. Earlier, a Bloomberg report said that Microsoft Corp has been negotiating for…
New Delhi: According to data from the Federation of Automobile Dealers Association (FADA), the apex body of the automobile retail industry in the country, vehicle sales in the country declined by 36 per cent in July compared to the previous year. During this period, two-wheeler sales fell by 37.47 per cent, three-wheelers by 74.33 per cent, commercial vehicle sales by 72.18 per cent and personal weeklies by 25.19 per cent. However, the figures for July have been better than in June this year. FADA says that banks and NBFCs are not in a mood to take risks despite adequate liquidity,…
Mumbai: The domestic stock market has seen a good boom amid mixed global signals. In business, both the Sensex and the Nifty saw gains throughout the day. Today there has been a sharp rise in pharma stocks. Bank and financial stocks have also seen a boom. Shopping was seen in almost every sector in the market. At the end of trading, the Sensex has gained about 142 points and has closed at the level of 38,182.08. At the same time, the Nifty has also closed at the level of 11,274.70 with a strength of 61 points. Today, Mahindra and Mahindra…
Investors to receive maturity benefits on a single dayInvestors can build their monthly savings with deposits starting at Rs. 5,000 per month Pune, Maharashtra: Bajaj Finance Limited, the lending and investing arm of Bajaj Finserv, has now introduced a new Single Maturity Scheme variant under Systematic Deposit Plan (SDP). Single Maturity Scheme variant under the SDP allows the investors to receive maturity benefits of the plan on a single day, for the investment corpus built over a time. Investors can start building their corpus with monthly deposits starting at Rs 5,000. They can also choose tenures ranging from 12 to…
New Delhi: Life Insurance Corporation of India (LIC) on Sunday said it would give its policyholders an opportunity to resume the discontinued policy to encourage them to continue the risk cover in the current difficult times. The insurance company has decided to launch a special revival campaign from 10 August to 9 October, under which LIC’s discontinued personal policy can be resumed. LIC said in a statement that the policy of certain schemes can be reintroduced under the Special Revival Campaign, although the date of default in premium should not be more than five years old. LIC said in a…
Energy giant Saudi Aramco has reported a 73 per cent fall in its profit, or the net income, for the April-June quarter to $6.6 billion amid the pandemic. During the same period of 2019, the company had reported a net income of $24.7 billion. For the first half of 2020, it has reported a net income of $23.2 billion, compared to $46.9 billion reported during the corresponding period a year ago, the company said in a statement. “Aramco navigated challenging market conditions to record net income of $6.6 billion for the second quarter and $23.2 billion for the first half…
New Delhi: Amitabh Kant, CEO of the government’s think tank NITI Aayog, said on Sunday that women have a natural leadership potential, who take great care of their institutions and the NITI Aayog is working to promote women entrepreneurs. She said in a program that there are many good examples in India where women made a place for themselves. He said that women take people along and help them move forward. She said that Niti Aayog is making tireless efforts to promote women entrepreneurs through its Women Entrepreneurship platform.
Bengaluru: NASBCOM President UB Praveen Rao said on Sunday that the relevance of a skill has now remained only for two-three years and in such a situation the need to continue learning throughout life has increased. The chief operating officer of IT company Infosys said that corporates are redeveloping themselves, and so people will have to re-mold themselves to remain relevant. He said that people need to learn new things and continue to do so throughout their lives. Rao said that it is important to do so to remain relevant and in employment.
Washington: President Donald Trump signed several executive orders Saturday, including an order to provide an extra $400 in weekly unemployment aid to those whose $600 weekly benefits expired in July as well as eviction protections and student loan relief. A fourth executive order would defer payroll tax payments for people who earn less than $100,000. It would take effect retroactively and continue through December. During a press conference in Bedminster, N.J., Saturday to announce the orders, the President said if he is reelected in November he would “terminate” the payroll tax, which funds Social Security and Medicare benefits. The executive…
New Delhi: Prime Minister Narendra Modi launched a special fund of one lakh crore rupees to prepare agricultural facilities in the country. This will help in creating better storage, modern cold storage chains in the villages and many employment opportunities will be created in the village. PM Modi said that along with this, transferring 17 thousand crore rupees as PM Kisan Samman Nidhi to the account of eight and a half crore farmer families, I am also very satisfied. The satisfaction is that the goal of this scheme is being achieved. In the last year and a half, through this scheme 75…
New Delhi: DCB Bank’s net profit dipped marginally by 2.5 percent to Rs 79 crore in the first quarter of the current financial year. The bank gave information about this on Saturday. The bank had a net profit of Rs 81 crore in the same quarter of 2019-20. The bank made a total provision of Rs 85 crore during the quarter under review. Of this, Rs 32 crore is an additional Kovid-19 provision, while Rs 13 crore is a regular non-performing asset (NPA) provision. The bank said that it had earlier made a provision of Rs 63 crore for Kovid-19…
New Delhi: State-run power generation company NTPC Limited said on Saturday that it has generated a cumulative Rs 100 billion unit of electricity in the current financial year. NTPC Group has a total capacity of 62.9 GW. “NTPC Group has cumulatively generated 100 billion units of electricity in the current financial year,” it said in a statement. This reflects NTPC Group’s commitment to make operations at all its plants robust. “According to data published by the Central Electricity Authority (CEA), NTPC Korba (2600 MW) based in Chhattisgarh has 97.42 percent plant load factor from April to July 2020. (PLF) has…
MUMBAI: After investing $ 4.5 billion in Jio, US tech giant Google is preparing to invest in another Indian company. If sources are to be believed, Google may take a minority stake in PolicyBazaar, an online insurance platform backed by SoftBank. Google has targeted to invest $ 10 billion in India in the next 5 to 7 years. It is willing to take a 10 per cent stake in PolicyBazaar and can invest around $ 150 million for it. SoftBank holds a 15 per cent stake in PolicyBazaar and may reduce its share slightly. A source said, “Google is preparing…
New Delhi: India’s Koo App, which competes Twitter, has won the title of Prime Minister Narendra Modi’s self-reliant App Challenge. The Koo app has been voted the winner in the social media category. It has been developed in India to compete with Twitter. On this microblogging platform, your ideas, opinions, views and news can be shared and other people can also be connected. It has gained popularity very quickly and people from small towns of the country are also joining it. Koo co-founder and CEO Unmaye Radhakrishna said, ‘We are delighted that we are among the winners of the self-sustaining…
Public sector Indian Overseas Bank (IOB) has cut MCLR by 0.10 per cent on all tenured loans. This deduction will be applicable from 10 August. In the information sent to the stock markets, the bank said that the one-year MCLR has been reduced from 7.75 to 7.65 per cent. The MCLR for one day loan has been reduced from 7.30 to 7.20 percent and the six month MCLR has been reduced from 7.65 to 7.55 percent. The IOB has reduced the two-year MCLR from 7.75 to 7.65 per cent. The Chennai headquartered bank has also announced to reduce its base…
New Delhi: Mukesh Ambani has now become the fourth richest person in the world, leaving behind Europe’s richest person. According to Bloomberg Billionaires Index, the wealth of Reliance Industries Limited chairman has now risen to $ 80.6 billion, with $ 22 billion collected this year. This makes his wealth more than that of France’s Bernard Arnault, whose LVMH Moet Hennessy Louis Vuitton SE has suffered. The reason for this is the sharp reduction in the purchase of high fashion products by people compared to the cost reduction of the company. India’s richest person has recently left behind some of the…
New Delhi: Prime Minister Narendra Modi will launch the financing facility of Rs. 1 lakh crore under the Agriculture Infrastructure Fund on Sunday at 11 AM via video conferencing. Prime Minister will also release the sixth instalment of funds of Rs 17,000 crore to 8.5 crore farmers under the PM-KISAN scheme. The eventwill be witnessed by lakhs of farmers, cooperatives, and citizens across the country. Union Minister of Agriculture and Farmers’ Welfare, Narendra Singh Tomar, will also be present on the occasion. The Union Cabinet has approved the Central Sector Scheme of financing facility under “Agriculture Infrastructure Fund” of Rs.…