Author: Finance Khabar
New Delhi: Google is going to invest 75,000 crore rupees in India in next 5 to 7 years. Google CEO Sundar Pichai announced this on Monday. This investment will focus on 4 major areas of digitization of India. Addressing the sixth Google for India event being held in the country, Pichai said the latest move is a reflection of the company’s confidence in India’s future and its digital economy. Pichai said that today I am excited to announce India’s digitization fund. We will invest 75,000 crore rupees or 10 billion USD in India in the next 5-7 years. He said…
New Delhi: Reliance Industries on Sunday said that Qualcomm Ventures has invested Rs 730 crore for a 0.15 percent stake in Jio Platforms. Qualcomm is the 12th investor in Jio platforms over the past few weeks. RIL said, “Qualcomm Ventures, the investment arm of wireless technology giant Qualcomm Incorporated, has committed to invest up to Rs 730 crore in Jio Platforms. The Jio platform has been valued at Rs 4.91 lakh crore and the enterprise value is Rs 5.16 lakh crore according to equity value for this deal. The company said in a statement that Qualcomm Ventures will get a…
New Delhi. There are eight candidates in the race for deputy governor of the Reserve Bank of India. The search committee, headed by the Cabinet Secretary, will interview these candidates on 23 July. Sources gave this information. NS Vishwanathan, the most senior deputy governor of the central bank, stepped down for health reasons on March 31, three months before his extended tenure. He was associated with RBI for nearly 39 years. Sources said that the Financial Sector Regulatory Appointments Search Committee (FSRASC) has shortlisted the names of eight candidates for the post. These people will be interviewed through video conference…
New Delhi: JAW Steel has drastically cut its investment plan for the current financial year 2020-21 in view of the prevailing market conditions. The company has said that it will now invest Rs 9,000 crore in the current financial year. It was earlier planned to spend Rs 16,340 crore. In this way, the investment of the company in the current financial year will be about 12 percent less than the Rs 10,200 crore of the previous financial year 2019-20. In the company’s annual report, JSW chairman and managing director Sajjan Jindal said that the company has set priorities for all…
Model Economic Township Limited (METL), a subsidiary of Reliance Industries Limited, on Sunday said that the Japanese company Suzuki (Tsuzuki) is about to set up a manufacturing plant at its premises in Jhajjar, Haryana. METL said in a statement that an agreement has been reached with the Japanese company in this regard. Suzuki will manufacture steering knuckles for the vehicle industry at the said plant. Suzuki managing director (MD) Eichi Oya said the company would start manufacturing at the new plant in Jhajjar by 2021. This plant will cater to the demand of both domestic and international markets. Suzuki will…
New Delhi: The government has decided to take FASTag details before registration of new vehicles across the country and while issuing fitness certificates for vehicles with national permits. The Ministry of Road Transport and Highways has asked NIC to make sure to take FASTag details before registering new vehicles and while issuing fitness certificates for vehicles with national permits. The ministry has said in a letter to NIC that the National Electronic Toll Collection (NETC) has been fully integrated with the Vehicle (VAHAN) portal and it went live with the API on 14 May. The vehicle system is now acquiring…
New Delhi: Industry body FICCI says that India’s gross domestic product (GDP) growth rate in the current financial year will be negative. The FICCI Economic Scenario Survey has estimated that the country’s economy will go down by 4.5 percent in 2020-21. The survey said that the rapid increase in cases of corona virus has caused an economic and health crisis worldwide. FICCI’s latest survey has made major downward revisions in the growth rate estimates. FICCI had estimated the growth rate to be 5.5 percent in 2020-21 in the January 2020 survey. Economic activity has been severely affected by the lockdown…
Sugar manufacturing company has proposed to buyback 1 crore equity shars for an amount not over Rs. 180 crore. It has offered to “buyback up to one crore fully paid-up equity shares of the company of face value of Rs 1 each, representing 4.55 per cent of the issued, subscribed and paid-up equity shares of the c .. ompany, from all eligible shareholders”, as per the filing. The record date has been fixed as July 3, 2020. The buy back will take place on a proportionate basis, through the ‘tender offer’ process at a price of Rs 180 per equity…
The investment bank Goldman Sachs sees gold to immensely benefit in a case if China recovers from the second wave of coronavirus infection strongly in comparison to the US. China is the biggest retail consumer of gold and is expected to hit billion prices of $2000 per ounce. Also, the Wall Street sees good prospects for other metal including the likes of silver, copper, steel as well as gold and recommends on having long positions which are “both less exposed to areas with new outbreaks – Asia and Europe versus the Americas – and less exposed in the event of…
Mumbai: Reserve Bank of India Governor Shaktikanta Das has said that banks need to raise capital in advance on the basis of forecasts so that they will have sufficient capital ‘buffer’ in times of crisis like corona virus. Das, while addressing the Banking and Economic Conclave of State Bank of India on Saturday, said that creating and raising a safe capital fund is not only important in terms of ensuring the flow of credit, but also strengthens the financial system. He said, “In such a situation it becomes more important that banks improve the functioning of their operations, and sharpen…
New Delhi: Airline Spice Jet will operate special flights to Dubai from four cities in India from 12 to 26 July 2020. Spice Jet said in a statement that it will operate flights to the UAE from Delhi, Mumbai, Kozhikode and Kochi. SpiceJet Chief Commercial Officer Shilpa Bhatia said, “We will be operating scheduled flights to UAE in the next 15 days and we hope that those who have been waiting for a very long time will take advantage of this opportunity.” ‘ The airline said that it has helped bring back more than 45,000 people from UAE, Saudi Arabia,…
New Delhi: Reliance Industries has received a total of Rs 30,062 crore from four other investors for the deal to buy a partial stake in the group company Jio Platforms. Earlier, the company said that it has received the deal money for shares of Jio Platforms with Facebook. In a communication sent to the stock market on Saturday, Reliance Industries said that it has signed a deal to sell its 6.13 percent stake in Jio Platforms to El Catarton, The Public Investment Fund, Silver Lake and General Atlantic. Reliance has so far sold a total of 25.09 per cent stake…
New Delhi: The corona epidemic has had the worst impact on the aviation sector. Thousands of jobs have been lost in this sector so far. In this hour of crisis, Air India refused to give jobs to 180 trainee cabin crew. After the completion of the training course, he was going to get a job from the airline. According to the information, Air India has also rejected the request of 50 pilots who are currently serving notice periods. Recently, Air India had asked 50 pilots to forcibly resign. These pilots were appealed to the airline management to change the decision,…
New Delhi: Reserve Bank of India Governor Shaktikanta Das said at the seventh SBI Banking and Economics Conclave on Saturday that Indian companies and industries did better even in times of Corona crisis. He also emphasized that this crisis showed how strong and flexible the country’s economy and its financial system are. Shaktikanta Das said that the Reserve Bank of India has taken several steps to preserve the economic system, support the economy in the current crisis. He said, “Development is the first priority for RBI, financial stability is equally important.” He said, ‘RBI has strengthened its offsite monitoring mechanism…
New Delhi: Subscribers of NPS (National Pension System) will soon be given an option to invest through SIP (systematic investment plan). “We are working seriously to bring a SIP like model for NPS subscribers where they can direct their banks to auto-debit a specific amount on regular intervals towards investment in NPS,” says Amit Sinha, Executive Vice President at NSDL e-Governance to Mint. The Mint report further said that Sinha did not specify a launch date for the SIP facility but said that it may be made available in a few months. SIPs, a popular investment mechanism used in mutual…
On Saturday, Avenue Supermarts reported an 87.61 percent plunge in the consolidated net profit at Rs 40 crore for the June-ended quarter from Rs 323 crore in the same period a year ago. The company that runs the supermarket chain DMart, saw its consolidated revenue decline by 33.22 percent to Rs 3,883 crore in the first quarter of 2020-21 from Rs 5,815 crore a year ago. Its profit margin contracted by 4.5 percent on a year-on-year basis to 1 percent in the period of review. “Covid-19 continued to spread across the country. The ensuing restrictions have had a significant impact…
On the basis of consumer reach points or CRP, Brand Footprint has prepared a list of most chosen brands in India and among it Parle has stood on the top. As per the report, scoring the highest CRP ( in million) at 6,029 (12 percent increase) Parle ranks first followed by Amul (4,632 CRP million, 17 percent increase), Clinic Plus (4,514 CRP million, 32 percent increase), Britannia at (4,215 CRP million, 29 percent increase) and Ghari (2,438 CRP million, 12 percent increase). Also five new brands have made it to the list including the likes of Dabur, Vim, Sunfeast, Brooke…
New Delhi: Hyderabad-based Gland Pharma has filed a Draft Red Herring Prospectus (DRHP) for an initial public offer (IPO) with the Securities and Exchange Board of India (SEBI) that includes a fresh issue of shares worth up to Rs 1,250 crore. Apart from the fresh issue of equity, there is an Offer for Sale (OFS) of a little over 3.4 crore shares as part of the IPO. The company, which is backed by China’s Fosun Pharma, develops, manufactures and markets complex injectables. The issue comprises fresh shares worth up to Rs 1,250 crore and OFS of up to 3,48,63,635 shares.…
New Delhi: In its Make in India boost, the centre is considering a ban on some 350 items that includes including electronic goods, toys, furniture, and textiles among others by bringing in place non-tariff barriers for supporting Indian manufacturing and industry as a whole. And for giving a fillip to such a measure, there are being considered steps such launching an import monitoring system for some as well as mandatory licensing requirements for others. Also, the Atmanirbhar Bharat plan is on similar lines to boost the production of locally made goods. Different ministries have been working in the direction such…
The Board of Directors of BASF India Limited have today approved the acquisition of 100% stake by the Company in BASF Performance Polyamides from BASF Nederland B.V. and BASF SE, for a consideration of an amount not exceeding Rs. 305 crore, including adjustments, if any, at arm’s length basis, subject to the approval of the shareholders of the Company, being a related party transaction and such other approvals as may be required in this regard. For this purpose, the Board has also taken into consideration the valuation report issued by Deloitte Touche Tohmatsu India LLP. BASF Performance Polyamides was incorporated…