Author: Finance Khabar

New Delhi: Indian Overseas Bank on Thursday appointed Partha Pratim Sengupta, deputy managing director and chief credit officer at State Bank of India, as managing director and chief executive officer (CEO). Mr Sengupta replaces Karnam Sekar, who retired on June 30. Mr Sengupta is a career banker with more than three decades of experience in SBI, Indian Overseas Bank said in a regulatory filing. The appointment of Mr Sengupta will be till the date of attaining superannuation, which is December 31, 2022, or until further orders, whichever is earlier. Mr Sengupta has resigned from the position of non-executive director at…

New Dekhi: ICICI Bank today reported its Q1 FY21 profit at Rs 2,599.1 crore, 36.2 percent year-on-year increase due to stake sale in general and life insurance subsidiaries. This is despite provisioning of Rs.5,550 crore due to Covid 19. Net interest income during the quarter increased by 20 percent to Rs 9,280 crore compared corresponding period of the previous fiscal, with loan growth of 7 percent and strong deposits growth of 21 percent YoY. “Deposits increased by 21 percent year-on-year to Rs 8,01,622 crore in June quarter. Average current and saving accounts deposits increased by 20 percent and 14 percent…

New Delhi: The annual wage hike of 15% has been finalised for bank employees after severe deliberation between IBA and union of bank employees. “Today IBA & UFBU have signed an MoU for 15% increase in pay slip component of Bank Employees, in Principal agreement to remove cap & offer 30% of Basic Pay as family Pension,” IBA Chief Executive Officer Sunil Mehta said in a tweet. The hike in wages has been made effective since November 2017. And as the new hike will be implemented and there are changes introduced in it, on some aspects, NPS contribution for these…

New Delhi: The total bad loans of the Indian banks is likely to rise by six percentage points to 14.7 per cent by the end of the current financial year, the Reserve Bank of India Friday warned, citing a worrying trend of bad loans accumulation with small borrowers of late. The report comes days after RBI Governor Shaktikanta Das underlined the need for further recapitalization of PSU banks to increase their systemic resilience amid Covid-19 stress. Macro stress tests for credit risk indicate that the gross NPA ratio of all banks may increase from 8.5 per cent in March 2020…

Mumbai: Reliance Industries has overtaken ExxonMobil to become the world’s second most valuable energy company after its market capitalisation scaled to a record high of over Rs 14 lakh crore. The oil-to-telecom conglomerate is now ranked 46th globally on market cap, according to stock market data. On Thursday, Reliance was ranked 48th and was behind ExxonMobil. Its share price on Friday scaled an all-time high of Rs 2,163 before settling at Rs 2,146.20, taking the company to 46th position. The Rs 13.6 lakh crore m-cap of Reliance together with Rs 54,262 crore m-cap of its partly-paid shares that were issued…

New Delhi: Malaysia has reached a $3.9bn settlement with Goldman Sachs over losses suffered from a multibillion-dollar scandal at the country’s 1MDB investment fund. The deal announced on Friday includes a $2.5bn cash payout by the Wall Street giant to the Malaysian government and a guarantee to return at least $1.4bn in assets linked to 1MDB bonds. “This settlement represents assets that rightfully belong to the Malaysian people. We are confident that we are securing more money from Goldman Sachs compared to previous attempts, which were far below expectations,” Tengku Zafrul Abdul Aziz, Malaysia’s finance minister, said. “We are also…

New Delhi: Apple has begun assembling the high-end iPhone 11 smartphone at its Foxconn plant in Chennai. According to the report, Apple plans to increase production in a phased manner. The units from the Chennai plant could also be shipped to other markets. The report further said that Apple is also planning to assemble its new iPhone SE 2020 at its Wistron plant in Bengaluru. If the report is to be believed, this is the first time Apple is manufacturing one of its most premium handsets in India. We have reached out to Apple for more information on the same.…

Mumbai: Domestic benchmark indices managed to recoup most of the losses during Friday’s trading session to end the day flat. S&P BSE Sensex ended down 11 points while the Nifty 50 was just shy of the 11,200 mark. With this, domestic markets gained 3% during the week, considerably more than their global peers. This was the sixth consecutive week where Sensex and Nifty managed to advance on their gains. Analysts say that the weekly gain was led by the quarterly numbers that were announced during the week which were better than expected with companies coming with a positive outlook. Top…

Mumbai: The market valuation of Reliance Industries Limited (RIL) crossed Rs 14 lakh crore mark as its share price rallied more than 4 percent to hit a new all-time high of Rs 2,149.70 on BSE. This took its market valuation to Rs 13,54,033.41 crore in the late morning trade. The company’s partly paid-up shares listed separately have a market capitalisation of Rs 53,821 crore. The combined market capitalisation of Reliance Industries now stands at Rs 14,07,854.41 crore. ReliancePP-the partly paid-up shares issued in the recently concluded rights issue- had listed on the stock exchanges on 15 June 2020. RIL is…

New Delhi: Shares of Sun Pharmaceutical Industries Limited rose 4 percent to Rs 497.80 in early trade after its US subsidiary, Taro Pharma reached a settlement agreement with the US Department of Justice (DoJ), Antitrust and Civil divisions to pay $205.7 million to settle the generic drug price-fixing allegations against the company. “Taro Pharmaceutical Industries Ltd. (NYSE: TARO) announced today that its wholly-owned subsidiary, Taro Pharmaceuticals U.S.A., Inc. (“Taro” or the “Company”), has resolved all cases involving the Company in connection with the multi-year investigations by the Department of Justice, Antitrust Division and Civil Division (“DOJ”) into the U.S. generic…

Mumbai: The Reserve Bank of India (RBI) in the its 21st issue of the Financial Stability Report (FSR) released Friday, lauded the government intervention during the coronavirus pandemic which, it said, ensured smooth functioning of financial markets. The central bank, however, warned that an overleveraged non-financial sector, simmering global geopolitical tensions, and economic losses on account of the pandemic pose major downside risks to global economic prospects. The FSR report reflects the collective assessment of the Sub-Committee of the Financial Stability and Development Council (FSDC) on risks to financial stability, and the resilience of the financial system in the context…

Warren Buffett this week added to his already massive stake in Bank of America at a time when the coronavirus pandemic still clouds the U.S. and global economic outlook. A Securities and Exchange Commission filing showed Buffett’s conglomerate, Berkshire Hathaway, bought 33.9 million shares of the banking giant between Monday and Wednesday. That increased Berkshire’s stake in Bank of America by $813.3 million to more than $24 billion. Bank of America shares rose nearly 1%, bucking the broader market’s negative trend Thursday and outperforming other major banks such as JPMorgan Chase, Citigroup and Wells Fargo. Berkshire also has stakes in…

Washington: Concerted efforts to improve the business environment and encourage investment have helped India attract investment, but these measures are not enough. The International Monetary Fund (IMF) has expressed this opinion. The IMF has said that India still needs further economic reforms to attract investment. IMF Chief Spokesperson Gerry Rice responded to the question on Thursday by big global companies Facebook and Google Inc announcing large investments in India. In recent times, many international companies have committed to foreign direct investment (FDI) of $ 20 billion in India. So far this year, India has received FDI of 40 billion dollars.…

New Delhi: Reliance shares closed at an all-time high on July 23. Its stock has reached Rs 2076. On July 22, Mukesh Ambani had total assets of $ 75 billion. Today, his total wealth in the Forbes Billionaire Index rose to $ 77.3 billion. Reliance Industries is the country’s premier company dealing in crude oil, refinery, petrochemical, retail and telecom sectors. Reliance is the 48th most valuable company in terms of market valuation worldwide by market share data. Saudi Aramco is the world’s most valuable company with a market capitalization of $ 1,700 billion in this category. It is followed…

Mumbai: Shares of ICICI Securities rose as much as 7.1 percent after the broking firm reported a 70 percent increase in profit after tax (PAT) to Rs 193 crore in the June-ended quarter when compared to Rs 114 crore a year ago. Revenue of the company surged 36 percent to Rs 546 crore in April-June 2020 from Rs 402 crore in the same period of the last financial year, aided by strong growth in equities and allied business. The company attributed strong quarterly profit to growth in revenue, improvement in margins, and changes in statutory tax rates. During the quarter,…

Mumbai: In its debut, Rossari Biotech made a stellar listing with gains of 58%to the issue price at Rs. 670 per share. To its Rs. 496 crore IPO offer, the company received strong subscription. The company is the first to list on the bourses during the lockdown after a nearly 4-month hiatus in the primary market. The public issue comprised of a fresh issue of Rs 50 crore and an offer for sale of 1.05 crore equity shares by promoters, closed with a massive 79.37 times subscription on July 15, with overwhelming response from all investor class. The grey market…

Bank of Baroda (BoB) has launched ‘Insta Click Savings Account’ that uses a new form of digital KYC and Aadhar-based OTP authentication of the customer. The account can be opened on the bank’s website, through internet banking or over its mobile app. The account is activated in real-time, making the account opening process instant, allowing customers to start transacting using the Baroda M Connect Plus application with the MPIN received on the mobile number, immediately. “We are working on digitisation of all our process and intend to be 100% paperless by 2023. The only way to ensure our customers can…

Riyadh: Lower crude oil prices and the COVID-19 outbreak has hurt the Saudi Arabian economy and the kingdom is now considering various options, including income tax and sale of state assets to boost income, a Bloomberg report said. The kingdom could raise more than 50 billion riyals ($13.3 billion) over the next four to five years by privatizing assets in the education, health-care and water sectors, said Finance Minister Mohammed Al Jadaan on Wednesday during a virtual forum organized by Bloomberg. A Bloomberg report quoted Al Jadaan saying that the Saudi Arabian government is “considering all options” to bolster its…

Mumbai: WhatsApp India head Abhijit Bose said that it will work with partners like banks and financial institutions in India to make it easier for people to access products such as insurance, microcredit and pension. The instant messaging app will also support multiple pilots to test potential solutions to solve problems related to the distribution of financial products, Bose said at the Global Fintech Fest. The Facebook-owned company has been working for more than a year with banking partners to see how it can supplement their digital presence and accelerate the pace of financial access across segments and geographies in…

Mumbai:Amazon India said that it will begin offering auto insurance in partnership with Bengaluru-based startup Acko General Insurance. The product is already available Amazon Pay’s home page and app. Customers of Amazon’s Prime loyalty programme will get extra benefits and more discounts, Amazon said. Amazon has been selling third-party insurance products but this partnership will enable an easy-to-use integrated buying experience for its customers. Amazon India also announced the expansion of its fulfillment network in India, with 10 new Fulfillment Centres (FC) and expansion of seven existing buildings. With this expansion, Amazon.in will have more than 60 FCs in 15…