Author: Finance Khabar
Lucknow: Uttar Pradesh Chief Minister Yogi Adityanath on Friday said that the state government is trying to speed up all possibilities with full commitment towards creating a ‘self-reliant India’ and making people self-reliant by employing them is the priority of the present government. . Yogi was speaking at a loan disbursement program organized for the new MSME units at his government residence here. He disbursed loans of Rs 2447 crore to 98,743 new units online. The Chief Minister also inaugurated the skill development training scheme run by the MSME department, online training scheme for Scheduled Castes, Scheduled Tribes and Other…
HDFC Bank cut its marginal-cost based lending rate (MCLR) on loans across tenors by 10 basis points with effect from 7 August 2020, the private lender’s website showed. The bank had announced a similar rate cut last month as well. The move comes just a day after the Reserve Bank of India, after its Monetary Policy Committee meeting, decided to keep its repo rates unchanged at 4 percent. After the latest revision, HDFC Bank’s one-year MCLR was reduced to 7.35 percent.
New Delhi: Private sector lender Yes Bank said country’s leading public sector insurer LIC has bought close to 5% stake in the bank from the open market. On the fresh stake, LIC’s stake in the bank increases to 4.9 per cent from 0.75%, said the bank in a regulatory filing. The trusted insurance player bought 105.98 crore shares, equivalent to 4.23 per cent stake from the open market, the filing added. Now, the insurer company has a total holding of 125 crore shares of Yes Bank. The period of acquisition is between September 21, 2017, and July 31, 2020, it…
For the first time ever, Mark Zuckerberg’s net worth passed $100 billion as per Bloomberg Billionaire Index after Facebook Inc. hit a record on optimism about the release of its TikTok competitor Reels. The 36-year-old joins fellow tech billionaires Jeff Bezos and Bill Gates as the only people in the world who currently have centi-billionaire status. Zuckerberg’s net worth is largely derived from his 13 percent stake in Facebook. The coronavirus pandemic has been favourable for founders of America’s largest technology companies as stay-at-home has driven more people online and raised stock market investments despite the US economy contracting at…
New Delhi: India’s consumer confidence recorded by RBI’s forward-looking survey released on Thursday showed that it has hit an all-time low owing for the month of July, in the prevailing economic situation worsened by the coronavirus pandemic. The current situation index, a measure of consumer confidence, dropped to 53.8 in July from 63.7 in May, according to RBI’s data. The central bank said that the survey was conducted through telephonic interviews during 1 to 12 July 2020 of 5,342 households in thirteen major cities which showed that consumer perception of the prevailing economic situation, employment scenario and own income was…
New Delhi: Union Minister Nitin Gadkari said that the government is planning to create a deposit-taking ‘social microfinance organisation’ to disburse loans of up to Rs 10 lakh to women and small entrepreneurs quickly. The Minister for MSME and Road Transport and Highways said that the idea for microlending body came up during a discussion with Nobel laureate and Grameen Bank founder Mohammed Yunus of Bangladesh, and will be confirmed after discussions with the Finance Ministry. India already has dedicated micro-lenders serving in various parts of the country and some of them have already graduated to work as small finance…
New Delhi: Amara Raja Batteries Ltd.’s integrated net profit fell 56 percent to Rs 62.49 crore in the first quarter of the current financial year. This was Rs 140.73 crore in the same period of the previous financial year. In the information given to the stock market, the company said that its consolidated income during the period was Rs 1,151.22 crore. It was Rs 1,814.95 crore in the same period of the previous financial year. The company said that its manufacturing, supply chain, sales and distribution activities were affected by the Kovid-19 epidemic. Despite this, his performance has been better.…
New Delhi: Gold prices have set a new record. Due to the boom in the last 16 sessions, gold in the domestic bullion market finally turned 57 on Friday. In the spot market, the price was recorded at Rs 57,008 per ten grams. Along with gold, silver prices also moved up. Silver rose by Rs 576 to Rs 77,840 per kg. At the end of Thursday’s trade, silver was at Rs 77,264 per kg. While the price of gold had reached Rs 57,003 per ten gram by the end of the session. However, in the spot market, the price was…
Mumbai: The Sensex and Nifty closed marginally higher on Friday, amid sluggish trend in global markets and a steady rise in Covid-19 cases in the country. The 30-share Sensex of the BSE ended the day at a low of 37,787.38 points, after closing at a low of 15.12 points, or 0.04 per cent, at 38,040.57. Similarly, the National Stock Exchange’s Nifty gained 13.90 points or 0.12 percent to close at 11,214.05 points. Among the Sensex companies, Asian Paints shares rose the most by nearly four percent. The shares of Bajaj Finance, Bajaj Finserv, IndusInd Bank and Maruti were also profitable.…
New Delhi: All-new Kia Sonet subcompact SUV from the South Korean carmaker has finally made its global debut in India. It’s the second ‘made-in-India’ model from Kia in the country, following the Kia Seltos. The carmaker says that the Sonet “has a distinctive and dynamic design” along with several first-in-segment features. The new Kia compact SUV carries a sporty design, which is apparent by the brand’s signature Tiger Nose grille with mesh in three-dimensional geometry. The crown jewel LED headlamps, ‘Heartbeat’ LED DRLs with integrated side turn indicators and ‘Heartbeat’ LED taillamps further mark a distinction to its portfolio. Some…
To augment the safety of cheque payments, RBI in its bi-monthly monetary policy meet has announced the decision to introduce a framework of Positive pay for all cheques worth Rs 50,000 and above. Operational guidelines on the same will be issued separately. Under the system, processing of cheques for payment by the drawee bank will be done based on the information provided by the customer at the time of issuance of cheque. So, herein an account holder would share cheque details such as cheque number, cheque date, payee name, account number, amount etc. together with the picture of both the…
Vodafone Idea reported a net loss of Rs 25,460.20 crore for the June ended quarter compared to Rs 4,873.90 crore in the same period a year ago. This included exceptional loss of Rs 19,923.20 crore which includes integration and merger-related cost, provisions, licence fees and SUC on AGR and one-time spectrum charges including interest. The company’s consolidated revenue for the period stood at Rs 10,659.3 crore, which is 5.42 percent lower than 11,269.9 crore reported in June 2019. When compared to the March ended quarter, the telco’s revenue was down by 9.3 percent. “Q1FY21 was a challenging quarter as availability…
New Delhi: Traders’ body CAIT on Thursday said it will launch ‘China Quit India’ campaign on August 9 as part of its call for the boycott of Chinese products in the country. The drive will be held in around 600 cities of the country under the banner of the Confederation of All India Traders (CAIT), which has 40,000 trade associations and seven crore members across India as members, CAIT said in a statement. “The campaign ‘China Quit India’ will be held under our mission ‘Bharatiya Saamaan – Humara Abhimaan’ (Indian Goods, Our Pride),” Sushil Kumar Jain, the convenor of the…
New Delhi: On Thursday, the Reserve Bank of India (RBI) permitted extending the restructuring of MSME (Micro, Small & Medium Enterprises) debt until 31 March 2021 under the existing framework where MSMEs that were in default but ‘standard’ as on 1 March 2020 were being considered. In its bi-monthly Monetary Policy Committee (MPC), the central bank decided to allow banks to restructure stressed loans without classifying them as non-performing assets on the condition that make 10% additional provisions on such loans. RBI governor Shaktikanta Das said, “A restructuring framework for MSMEs that were in default but ‘standard’ as on 1…
Mumbai: Benchmark indices ended the session higher after RBI maintained status quo and kept key policy rate unchanged at 4%. Sensex settled higher by 0.96 percent or 362 points at 38025.45, and the Nifty was up 98.50 points or 0.89 percent at 11200.20. Broader markets also closed higher, with BSE Midcap and Smallcap indices surging 0.7 percent and 1 percent respectively. Infosys, Bajaj Finance, GAIL, HCL Tech and UPL were among major gainers on the Nifty, while losers were Shree Cements, Eicher Motors, Adani Ports, M&M and Bharti Airtel. Realty and financials cheered RBI’s one-time loan restructuring move and stocks…
New Delhi: Bajaj Allianz General Insurance announced premium instalment facility for its health insurance product Health Guard. This health insurance product that provides cover to both individuals and family on floater basis, will now have the premium instalment option on a monthly, quarterly, half-yearly and annual basis as per the customer’s requirements, said Bajaj Allianz General Insurance in a statement. Customers having a net premium of Rs 12,000 or more would be able to opt for the monthly instalment option, it said. Similarly, customers with the net premium of Rs 6,000 or more can opt for the quarterly & half-yearly…
New Delhi: The Reserve Bank of India (RBI) has estimated that the Gross Domestic Product (GDP) for 2020-21 is likely to be negative, in the Governor’s statement, while releasing the Monetary Policy today. “As regards the outlook for growth, the MPC noted that the recovery of the rural economy is expected to be robust, buoyed by the progress in kharif sowing. Manufacturing firms expect domestic demand to recover gradually from Q2 and to sustain through Q1:2021-22. On the other hand, consumer confidence turned more pessimistic in July relative to the preceding round of the Reserve Bank’s survey,” an RBI statement…
New Delhi: RBI’s monetary policy committee decided to leave the policy repo rate unchanged at 4 percent. The accommodative stance continues. As part of the emergency response towards the pandemic, RBI has cut the key lending rate by 1.15 percent since March. A rate cut was highly expected as the central bank tries to support an economy which is expected to contract this financial year. While announcing the policy, RBI Governor Shaktikanta Das has expressed concern about the global economy. However, he said that the recovery has now started in the Indian economy. He said that from January to June…
New Delhi: Tech major HP said that it has started manufacturing operations at contract electronics manufacturer Flex Ltd’s facility at Sriperumbudur near Chennai, Tamil Nadu. HP already has its own manufacturing plant in Pantnagar district of Uttarakhand since 2006 and said that the latest expansion is a part of the company’s “long-term commitment to the Indian market”. The company has, however, not disclosed details about investment and capacity under the contract manufacturing arrangement with Flex. “The plant will manufacture desktops and workstations that enable HP to meet current and future customer needs, while driving greater operational efficiency. Its geographical location…
New Delhi: In a cheer to job seekers in the IT industry,despite Trump’s recent backlash with a H-1 B visa worker ban on federal contracts as there is seen to be a gush in hiring locally even amid the pandemic. This on increased outsourcing of deals and clients are fast moving their gears to digital platform. The news on cracking new deals had been imminent from the June results of some of the IT majors. Also, these companies are seen to come out from the crisis fastest. Earlier there was a threat on whether or not the companies will honour…