Author: Finance Khabar
New Delhi: Integrated net profit of small lending company CreditAccess Grameen Ltd fell by more than 22 percent to Rs 75 crore in the first quarter of the current financial year. In the April-June quarter of the previous financial year 2019-20, the company made a profit of Rs 96 crore. The company said in a release that its net income from interest increased by 55.2 percent to Rs 383.20 crore during this period. Whereas the income from interest of the company was Rs 246.90 crore in the same period last year. The company’s gross loan portfolio grew by 53.9 percent…
New Delhi: Foreign portfolio investors (FPIs) were net buyers for the second consecutive month in July. He invested a total of Rs 3,301 crore in Indian markets in July amid hopes of a corona virus disease vaccine. According to depositories data, FPIs invested Rs 7,563 crore in the stock markets in July, while they withdrew Rs 4,262 crore. Thus he made a net investment of Rs 3,301 crore. In the previous month, FPI made a net investment of Rs 24,053 crore in the Indian market. Himanshu Srivastava, associate managing research director of consulting company Morningstar India, said expectations have risen…
New Delhi: With tepid collections proving to be a challenge in meeting tax revenue goals, CBDT Chairman P.C. Mody has set monthly targets for field formations for disposing of appeals and asked them to compute taxes for all assesses by August-end. In a letter to Principal Chief Commissioners of Income Tax, Mr. Mody said that many taxpayers are waiting to file applications under ‘Vivad Se Vishwas’ scheme, but they are also waiting for correct demand to be intimated to them. The Central Board of Direct Taxes (CBDT) chief also set a monthly target of disposing of pending appeals by sending…
New Delhi: There is no respite from Covid-19 pandemic across the country, with the total number of both, infections and casualties rising with each day. Add to it the prohibitive costs of treatment in the private healthcare sector, and the problems only seem to multiply for the victims and loved ones alike. Keeping the situation in mind, Insurance Regulatory Development Authority of India (IRDAI) recently unveiled two Corona-specific insurance policies viz. Corona Kavach and Corona Rakshak, and made it mandatory for general and health insurers to offer both these products. Corona Kavach is basically an indemnity policy, which reimburses a…
New Delhi: Power producers’ total outstanding dues owed by distribution firms rose over 47% year-on-year to ₹ 1.33 lakh crore in June 2020, reflecting stress in the sector. Distribution companies (discoms) owed a total of ₹ 90,655 crore to power generation firms in June 2019, according to portal PRAAPTI (Payment Ratification And Analysis in Power procurement for bringing Transparency in Invoicing of generators). The portal was launched in May 2018 to bring in transparency in power purchase transactions between the generators and discoms. In June 2020, the total overdue amount, which was not cleared even after 60 days of grace…
New Delhi: In sync with the declining rates in the economy, NHAI and REC have cut the interest rate on their capital gains bonds from 5.75% to 5% from 1st August. The lower rate will only apply to fresh bonds where payment by the concerned institution has been received after 1st August 2020. The reduction will not apply on existing bonds. Investment in NHAI and REC up to ₹50 lakh offers a deduction from capital gains tax under Section 54 EC of the Income Tax Act. Such investment has to be made within six months of the transfer of the…
New Delhi:Finance Minister Nirmala Sitharaman on Saturday said that the government will soon come out with a policy on new public sector enterprises (PSEs) to define strategic sectors which will not have more than four PSUs. As part of the ‘Aatmanirbhar Bharat Abhiyan’, the finance minister had earlier talked about a policy where a maximum of four public sector companies in strategic sectors, and state-owned firms in other segments will eventually be privatised. In other sectors, PSEs will be privatised for which timing to be based on feasibility. “We are working on it … it should go to Cabinet soon,”…
Washington: Apple rode the company’s strong earnings report to become the world’s most valuable publicly traded company, surpassing the state oil giant Saudi Aramco at Friday’s market close. Apple shares closed up 10.47% Friday, giving it a market valuation of $1.84 trillion. Saudi Aramco, which had been the most valuable publicly listed company since its market debut last year, now trails at $1.76 trillion as of its last close. Apple’s strong fiscal third quarter earnings, released Thursday, boosted its stock, as investors rallied behind the company’s 11% year-over-year growth. Apple also announced a 4-for-1 stock split. The company has recovered…
This industry-first Tax app was launched by aspiring CAsApp receives overwhelming response of 1500+ downloads within 2 months of launch Gurgaon JJ Tax, a chat-based app launched by aspiring chartered accountants Mehak Malik and Leesha Arya, has launched ‘Freedom Offer’ and lowered their membership prices from August 3, 2020. The lowering of these prices coincides with Rakshabandhan celebrations. Here’s a comparison of the revised membership prices, as against the old ones. Commenting on the lowering of prices, Co-Founder Leesha Arya said, “We wanted to offer a festive twist to our audience, especially with the tax season on the horizon. The app is…
MagTapp in far better than more than 10 Chinese apps including UC Browser With Indian Government’s recent banning of 59 chinese apps there has been a huge demand in country made apps. Tapping into that sentiment, some youth have developed an indigenous mobile application cum web browser to give people a substitute of the Chinese UC browser, U dictionary and WPS reader, all in one. MagTapp is a visual web browser with an inbuilt visual document reader, visual dictionary, and a translation feature. Anyone who faces difficulty while reading English content on their phone due to difficult words just needs…
New Delhi: GE on Friday said it will be providing its advanced gas turbine technology upgrade Advanced Gas Path (AGP) for Reliance Bangladesh LNG and Power’s upcoming 718-megawatt (MW) combined cycle power plant in Meghnaghat, Bangladesh. Reliance Bangladesh LNG and Power is a joint venture between India’s Reliance Power and Japan’s JERA, a GE statement said. Built by engineering, procurement and construction (EPC) group Samsung C&T, Meghnaghat power plant will be powered by two GE 9F gas turbines, one GE D11 steam turbine and three H53 generators. The power plant will utilise re-gasified liquified natural gas (LNG) fuel to generate…
New Delhi:Indian rupee shredded intraday gains settled 3 paise higher at 74.81 per dollar, amid volatile trade seen in the domestic equity market on Friday tracking weakness in the greenback. It opened 11 paise higher at 74.74 per dollar against Thursday’s close of 74.85 and traded in the range of 74.68-74.89. At the interbank forex market, it witnessed an intra-day high of 74.68 during the session and a low of 74.90 against the US dollar.Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, fell 0.22 per cent to 92.81. Traders said the uptick in…
New Delhi: The Hotel & Restaurant Association has appealed to the RBI to extend the moratorium on repayment of loan till March 2021. In a letter to RBI Governor Shaktikanta Das, the Chairman – Hotel & Restaurant Association of Odisha & IATO Eastern Region, Hony. Secretary, Hotel Association of India, Mr J K Mohanty said without such help from the RBI, the hotel industry in the country will collapse. The moratorium on interest and principal repayment for six months has helped the industry to survive on short term basis, but it needs to be extended further, stated Mohanty. It is…
New Delhi: As part of relief measures announced by the government under the Atma Nirbhar Bharat package for both employers and employees during the COVID pandemic, Employee’s Provident Fund (EPF) contribution was cut by 4% for the three months of May, June, and July. Since the reduced EPFcontribution amount was for three months (till July), from August onwards the EPF contribution will get deducted at 24 percent again (i.e., 12 percent each by the employee and the employer). Earlier in May, finance minister Nirmala Sitharaman had reduced EPF contribution by 4% for three months. As a result, employees of around…
New Delhi: On Friday, the Director General of Civil Aviation (DGCA) has announced the cancellation of international flights. According to DGCA, all international flights will remain suspended till August 31 in view of the corona virus. However, this order will not be applicable to those flights, which are flying with permission from DGCA. The order also states that during this entire time, foreign airlines have been allowed more than 2500 flights, under which Indians stranded abroad will be brought back to India and foreigners stranded in India will be taken abroad. Under the Vande Bharat Mission, Air India and Air…
New Delhi: Reliance Industries Chairman Mukesh Ambani said on Friday that immediate policy measures are needed to pull out of 2G services. He said that these services started 25 years ago and now it needs to be made ‘part of history’. On the occasion of the silver jubilee of the first mobile phone call in the country, Ambani said that due to the feature phones of 2G round, at this time around 300 million consumers are away from basic Internet services, while the country and many other countries are preparing to enter the 5G era. are doing. Ambani said, “I…
Mumbai: In a stock exchange filing, Punjab National Bank (PNB) said that it has decided to infuse Rs 600 crore in PNB Housing Finance, an housing finance company that it is a promoter of. “The Exchange is hereby informed that the Bank has decided to infuse capital of an amount upto Rs.600 Crore in PNB Housing Finance Ltd. (PNBHFL), an Associate of the Bank, through Preferential Issue/Rights Issue etc. subject to Regulatory Approvals, as and when PNBHFL decides to raise capital,” PNB said. PNB Housing Finance offers housing as well as non-housing loans to retail customers and construction finance loans…
New Delhi: Supreme Court barred registration of BS-IV vehicles till further orders. The apex court also expressed displeasure on the sale of a large number of vehicles in March despite the COVID-19 induced lockdown. “An unusual number of BS-IV vehicles were sold during the lockdown,” said the bench headed by Justice Arun Mishra. Earlier this month, SC had expressed displeasure over an oral plea by automobile dealers association that dealers should be allowed to return unsold inventory of BS-IV vehicles to the manufacturers so as to export them to other countries. The counsel appearing for the association told a bench…
Mumbai: the State Bank of India (SBI) reported an 81 percent jump in net profit for the June ended quarter at Rs 4,189.34 crore when compared to Rs 2,312.20 crore in the same quarter last year. The quarter includes an exceptional item, that is the net profit of Rs 1,367.27 crore from the sale of a certain portion of the lender’s investment in SBI Life Insurance Company, it said. SBI’s holding in the subsidiary has now been reduced to 55.50 percent from 57.60 percent. Its net interest income (NII), that is the difference between interest earned and disbursed, was up…
Mumbai: In yet another volatile trading session, Sensex and Nifty ended in the red for the third straight day, dragged by heavyweight stocks like RIL and HDFC twins. Nifty ended with loss of 0.26% at. 11073, while Sensex came down by 0.34% to settle at 37606. Sectorally, Nifty Pharma was the outlier with gains of close to 4% in trade today. Also, Nifty IT climbed over 1% during the day, with Infosys hitting a new high in trade today. SBI which revealed its quarterly results today settled in the green after a surge in profit by as much as 80%.…