Author: Finance Khabar

Mumbai: Assets worth about Rs 2,203 crore of Yes Bank co-founder Rana Kapoor and others have been attached by the Enforcement Directorate (ED) under the anti-money laundering law, officials said on Thursday. They said properties of DHFL promoter brothers Kapil and Dheeraj Wadhawan have also been attached as part of a provisional order issued by it under the Prevention of Money Laundering Act (PMLA). Some foreign assets of Kapoor have also been frozen by the central agency, they said. According to the information, a bungalow situated on Amrita Shergill Marg in Delhi, a London property and a New York property…

Mumbai: With a modern and unexpected interpretation that stays true to each brand’s heritage, adidas and McDonald’s have added some exciting flavour to the basketball game by introducing the “Sauce Pack” collection in India. The collection features Harden Vol. 4, Dame 6 and TMAC 1. It is every player’s goal to develop their own game and have their own sauce on the court. International iconic basketball players such as James Harden, Damian Lillard and Tracy McGrady add their own flavour to the game and have redefined how the game can be played for the next generation. These special collaboration sneakers…

Mumbai: IndiaFirst Life Insurance Company Limited (IndiaFirst Life), promoted by Bank of Baroda and Union Bank of India, has appointed Atri Chakraborty as its Chief Operating Officer (COO) and Sankaranarayanan R (Sankar) as its Chief Technology & Data Officer (CT&DO). Both took charge of their respective roles at IndiaFirst Life in July 2020. Congratulating the newly appointed, RM Vishakha, MD & CEO, IndiaFirst Life Insurance Company Limited said, “We welcome aboard our new COO – Atri Chakraborty and CT&DO –Sankaranarayanan R. Atri brings with him a wealth of operational management experience, specifically in the insurance domain. We are happy to…

Mumbai: RankMF, a Samco Group brand, announces the launch of a new and superior portfolio upgradation tool, ‘SmartSwitch’. RankMF’s SmartSwitch is a revolutionary mutual fund portfolio evaluation and recommendation tool that helps to analyse your existing mutual fund portfolio giving quality score on various parameters like Quality of existing mutual funds Category of mutual funds Over or under exposure to specific fund or category Over or under diversification SmartSwitch uses RankMF’s proprietary research and rating engine to recommend switching of poor-performing schemes with high quality recommended schemes. “Approximately 11 lakh crores of AUM is stuck in less than 4 stars…

Mumbai: Benchmark indices ended the day higher, with the Nifty closing the day above the 10,800 points mark. Cues from Asia were positive, while Europe too was trading with good gains of more than 1 per cent. Metals and financials led the rally in trade today with Hindalco jumping as much as 6 per cent in trade. Other notable winners were State Bank of India, Bajaj Finance, Tata Steel and GAIL. The Nifty ended the day higher by 107 points at 10,751 points, led by good gains in metal stocks. Yes Bank shares saw its shares end the day higher…

New Delhi: Shares of IDBI Bank were locked in a 5 percent lower circuit at Rs 46. A Bloomberg report citing officials said that the government is planning to raise as much as Rs 20,000 crore by selling stake in Coal India and IDBI Bank. The report said that the proposal to sell shares will take place depending on market sentiment. In the case of Coal India, the company will buy back shares from the government if valuations are not attractive. In January 2019, Life Insurance Corporation India had acquired a 51 percent controlling stake in IDBI Bank. The government…

New Delhi: E-commerce giant Flipkart announced an investment of Rs 260 crore for a minority stake in Arvind Fashions’ recently-formed subsidiary Arvind Youth Brands which owns the Flying Machine brand. The Flipkart Group and Arvind Fashions will work collaboratively through the investment to identify opportunities and synergies to innovate and develop products with strong value propositions at attractive price points. “Through this investment, we look forward to partnering with the team at Arvind Youth Brands to continue to grow the market for its portfolio of products and enhance the strong brand equity that has been built over the last few…

New Delhi: In the wake of the current pandemic, RBL Bank has reinforced its new-age banking services to offer contactless facilities. With this, RBL Bank customers can fulfil all their banking needs without physical contact and from the safety of their homes and offices. As part of its continuous thrust on digital and to meet the ‘new normal’ challenges, RBL Bank has revamped its credit card app – RBL MyCard – to deliver a host of category-first features such as spend analyser, real-time disbursal of loan amount to any bank account and a fully-visual representation to keep you updated on…

New Delhi: Indian multinational company Bharat Forge Limited (BFL), in collaboration with AI start-up Blackstraw, has launched HRMS – an AI based solution that enables companies and institutions to comply with MHA provided guidelines for safe reopening. HRMS stands for Health Risk Monitoring System, an Intelligent Video Analytics solution, which has been developed to empower workplaces with worker safety for holistic growth, and is aligned with the future dependability of enterprises on technology and AI to monitor compliance of laid MHA policies, by employees. It primarily comprises of two major components: (a) A Contactless Thermal screening system integrated with RFID…

New Delhi: Muthoot Finance, India’s No.1 Most Trusted Financial Services Brand and India’s largest gold loan NBFC has launched Loan@Home service. This service enables customers to avail a gold loan without stepping out of his/her home. Dedicated Loan@Home staff visit the customer’s home at the appointed date and time, carry out required digital checks, verify the customer’s gold ornaments at the customer’s premises, create the loan, generate loan documentation and the loan amount is credited to the customer’s bank account. The movement restrictions and safety concerns occasioned by the COVID situation is a game-changer for the business ecosystem, especially with…

New Delhi: In line with its commitment to support the nation, IndiGo operated a special flight 6E 8717 on July 07, 2020 from Doha to Mumbai to bring back 213 Indian citizens under the aegis of Mission Vande Bharat. The passengers included 37 adults and 02 infants who were stranded in Bogota and travelled on a Qatar Airways flight from Bogota to Doha on July 6, 2020 and connected onwards to the Mission Vande Bharat flight from Doha to Mumbai. The flight operated in close coordination with Indian Mission in Bogota, Indian Mission in Doha and Qatar Airways. The flight…

Mumbai: Late on Tuesday, Reliance Industries Limited (RIL) in a stock exchange filing said that its digital arm Jio Platforms has received the subscription amount of Rs 43,574 crore from Jaadhu Holdings, a wholly-owned subsidiary of Facebook Inc. “Jio Platforms Limited has allotted equity shares to Jaadhu Holdings following which Jaadhu Holdings holds 9.99% of the fully diluted equity share capital of Jio Platforms Limited,” the statement said. The payment is in line with RIL’s 22 April announcement on Facebook’s Rs 43,574-crore investment in Jio Platforms for a 9.99 percent stake. The conglomerate has announced 11 more such deals since.…

Mumbai: The Income Tax Department has issued a notification to expand the scope of ‘infrastructure’ for the purpose of claiming income tax exemption under Section 10 (23FE) of the IT Act to attract more investments into the country. The change gives sovereign wealth funds and global pension funds the benefit of income tax exemption on their investment in Indian infrastructure. The tax exemption will apply to interest, dividend and capital gain incomes. In a notification, the Central Board of Direct Taxes (CBDT) said changes have been made to Section 10 (23FE) of the IT Act introduced via the Finance Act…

Mumbai: The Nifty ended the day lower in trade, after having gained for six straight trading sessions. Metals and Banking stocks saw some decent gains, even as IT stocks continued to put pressure on the markets. The Nifty ended the day with losses of 94 points to end the day below the 10,800 points mark at 10,705 points. Leading the set of gainers in trade were some of the banking stocks like IndusInd Bank and State Bank of India. In fact, the former was the top gainer from the Nifty jumping as much as 6 per cent. Other notable gainers…

New Delhi: After a hiatus of almost 4 months in the IPO market owing to corona led lockdown, Mumbai-based specialty chemicals company Rossari Biotech is all set to launch its IPO on July 13. Price-band for the issue has been fixed between Rs. 423 and Rs. 425 as per one of the book running lead managers, Axis Capital. The issue will end for subscription on July 15, 2020. Interestingly, the company would make its debut on the bourses after SBI Cards which listed on March 16 at a discount in comparison to what was estimated of it earlier due to…

New Delhi: The Enforcement Directorate seized the property of the jeweller Nirav Modi for Rs. 330 crore, including apartments in Mumbai, London and the United Arab Emirates under the Fugitive Economic Criminals Act. The investigation agency had previously seized property worth Rs. 2,348 crore from Nirav Modi. Apartments in Samudra Mahal in Mumbai Worley, farmhouse by the sea in Maharashtra Alipog, wind mill in Jaisalmer Rajasthan, apartment in London and apartments in UAE are among the properties now confiscated. On June 8, a special court in Mumbai authorized the agency to confiscate the assets.On December 5 last year, the same…

Recent data on inflation trends points towards a softening movement in price levels in the wholesale price index (WPI), while the consumer price index (CPI) continues to stay at elevated levels, particularly in the food segment. Even before the lockdown was announced, food inflation remained higher in both, the WPI and CPI. This was mainly due to the supply constraint arising from crop damages caused by excessive and unseasonal rains. This hit in supplies has been causing an increase in the prices of most food items, such as vegetables, fruits and pulses. In December 2019, inflation in the consumer food…

New Delhi: The latest business survey conducted by the Retailers Association of India (RAI) with more than 100 big and small retailers revealed that there has been no significant growth in business for retailers even during the second half of June. Retailers witnessed 67% degrowth from June 15 to June 30 compared to the corresponding period last year. During the same time frame, malls witnessed 77% degrowth (y-o-y) on account of not being allowed to open uniformly across the country, high street retail showed degrowth of 62% (y-o-y) in business despite being allowed to open across India. Commenting on the…

New Delhi: Amitabh Kant, CEO, NITI Aayog today emphasized that India will soon bounce back from COVID-19. Addressing a session on ‘Role of the Creative Economy in Nation Building’ in conversation with Mr Ajit Mohan, VP and MD, Facebook India and Chair of the FICCI Digital Forum, organised during ‘FICCI FRAMES 2020’, Mr Kant said, “We are already witnessing emergence of green shoots in the economy. We are seeing that key sectors like FMCG, etc. have already come back. I am optimistic that we will bounce back with vengeance.” He further said that India must identify 12-13 sectors in which…

Hyderabad: Arzooo.com, India’s fastest growing retail-tech venture has announced the launch of its new digital credit lending product, ‘Arzooo Credit’, for offline retailers. The new credit service will provide working capital cushion to Arzooo’s partner stores, especially during the time when the retail is just on its way to recovery from months of halt. With Arzooo Credit, retailers can avail from Rs 1,00,000 to 10,00,000 credit on Arzooo platform. At present, the service is open to over 5000 retailers across 10 cities. Arzooo Credit is one of its kind digital lending solution that allows retailers access to a fully digital…