Author: Finance Khabar
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…
New Delhi: India’s unemployment rate has been improving post the COVID-19 induced nationwide lockdown. According to the Centre for Monitoring Indian Economy’s (CMIE) data, the national unemployment rate has eased to 8.9 percent for the week ended 3 July, which is a significant improvement from 23.5 percent in May. However, it is slightly higher than 8.6 percent seen for the week ended 28 June. “The data so far therefore seems to suggest that the worst is over and we are likely to settle at an unemployment rate which would be only slightly higher than the rates witnessed before the lockdown,”…
New Delhi: As per sources, amid Covid 19 blues, the country’s leading lender ICICI Bank will rewards its more than frontline workforce with an hike of up to 8%. The workforce strength being considered for a hike is almost 80% of the bank’s total staff and as told to PTI, the hike is being mulled as recognition of staff’s services during the Covid 19 outbreak. The hike of up to 8 per cent is for the fiscal year 2020-21 and applicable from July onwards, the sources said. However no response on e-mail has been received from the bank. The rank…
The European Commission, the EU’s executive arm, slashed its 2020 and 2021 projections on Tuesday as the coronavirus pandemic takes its toll on the 27 member states. The Brussels-based institution expects the 27-member region to contract by 8.3% this year, followed by a rebound of 5.8% in 2021. In May, the Commission estimated a 7.4% contraction for total GDP across the region this year, with a rebound of 6.1% in 2021. “The economic impact of the lockdown is more severe than we initially expected. We continue to navigate in stormy waters and face many risks, including another major wave of…
Mumbai: Benchmark indices ended the day higher led by good gains in banking and finance stocks. Global cues were weak, with European markets seeing cuts of nearly 2 per cent. However, that did not deter Indian markets from notching a fifth straight days of gains. The Nifty ended the day higher by 36 points, nearly at the 10,800 points mark in trade. Bajaj Finance, IndusInd Bank, Bajaj Finserv and ICICI Bank led gainers in trade today. L&T Finance Holdings too had a good day in trade ending higher, after its subsidiary L&T Infrastructure Finance, received the first tranche of $50…
New Delhi: As the Indian Railways gears up to run 151 trains across 100 routes via public-private-partnership (PPP), freedom has been provided to private firms to run these trains like airlines. Private firms will be able to set their own fares, offer additional services to passengers like onboard meals, preferred seats, baggage services, etc. Passengers may be charged extra for services like these, the earnings from which will be part of the gross revenue to be shared with the Railways department, according to a document from the national transporter. These private will use the existing Indian Railway Passenger Reservation System…
New Delhi: HDFC Bank has cut its MCLR (marginal cost of funds-based lending rate) across tenures, with effect from 7 July 2020. The reduction in MCLR comes in line with the repo rate cuts announced by the Reserve Bank of India (RBI) to provide banks with liquidity to encourage them to lend to borrowers at cheaper rates and push economic growth. If your floating rate home loan is linked to MCLR, the new rates will become applicable on the reset date. HDFC Bank MCLR rates with effect from 7 July 2020: Tenure MCLR (in %)Overnight 7.101 month 7.153 month 7.206…
New Delhi: Driven by the RBI’s policy rate cut to historic lows amid Covid 19 blues and ample liquidity in the system, interest rates across loan products have now hit a new low. As per the latest RBI data, the weighted average lending rate (WALR) on outstanding bank loans in India has edged below 10% level for the first time and stood at 9.89% for April month. And for different set of banks lending rate is offered with a marginal difference. Say, for instance, for PSBs interest rate on existing loans stands at 9.33%, while in case of foreign banks…
New Delhi: The country’s coal imports declined by 29.7 percent to 46.8 million tonnes in the April-June quarter on a yearly basis. In the same quarter last year 69.5 million tonnes of coal were imported. According to mjunction, the reason for this decrease in coal imports is to direct the government to increase coal production to Coal India. The government has set a target to replace at least 10 million tonnes of coal from domestic production out of the total imported coal from Coal India during 2020-21. Mjunction is a joint venture between Tata Steel and SAIL. It is an…
Chandigarh: The month of Sawan has brought happiness to the youth of Haryana. In the meeting of the Haryana Cabinet on the first day of the month of Savan, Deputy CM Dushyant Chautala kept the draft of the ordinance to recruit 75 percent Haryanvi youths in private jobs while fulfilling his party’s promise. The draft of the ordinance was passed in the cabinet meeting of the state government held at the Haryana Secretariat on Monday. As soon as the ordinance is approved by the upcoming cabinet meeting, the provision of giving 75 percent reservation for the youth of Haryana in…
Mumbai: A recent survey of 250 start-ups has revealed that the COVID-19 pandemic has had an unprecedented impact on the businesses, with 70 percent saying that their business has been impacted, and some others shutting operations. The survey titled “Impact of COVID-19 on Indian Start-ups” conducted by FICCI (Federation of Indian Chambers of Commerce & Industry) jointly with the Indian Angel Network showed that only 22 percent of the start-ups have cash reserves to meet fixed cost expenses of their companies over the next 3-6 months. “70 percent of start-ups stated that their businesses have been impacted by COVID-19. 12…