Author: Finance Khabar
New Delhi: The CBI has filed a case against GVK Group of Companies Chairman G Venkata Krishna Reddy, his son Sanjay Reddy, Mumbai International Airport Limited and others for alleged irregularities of Rs 705 crore. This case is related to irregularities in the upgradation and maintenance of Mumbai Airport. The Airport Authority of India Limited had formed a joint venture with GVK Airports Holdings Limited, promoted by the GVK Group under Mumbai International Airport Limited, a public private partnership firm for upgrading and maintaining Mumbai Airport. On April 4, 2006, AAI entered into an agreement with MIAL for modernization, maintenance,…
Mumbai: The stock market closed on Thursday on a heavy note. Today where the Sensex gained about 429.25 points to close at the level of 35843.70. At the same time, the Nifty gained 121.65 points to close at the level of 10551.70. Apart from this, today on the BSE, a total of 2890 companies were traded, out of which about 1711 shares closed up and 1052 closed down. At the same time, there was no difference in the share price of 127 companies. Mahindra & Mahindra shares closed at Rs 529.70, up by Rs 31 each. Hero MotoCorp shares closed…
New Delhi: Payments using the Unified Payments Interface (UPI) hit an all-time high of 1.34 billion transactions worth Rs 2.62 trillion in June according to data released by the National Payments Corporation of India (NPCI). The previous high was recorded in February this year with 1.32 billion transactions worth Rs 2.22 trillion. Sequentially, the number of transactions grew at 9 percent from 1.23 billion in May, and the value of transactions rose 18 percent from Rs 2.18 trillion. From a year ago, payments grew 78 percent from Rs 1.46 trillion in June 2019. After the nationwide lockdown was imposed to…
New Delhi: Despite losing a quarter of his stake in Amazon Inc as part of his divorce settlement last year, Jeff Bezos’s net worth soared to surpass its previous peak. On Wednesday, shares of the e-commerce giant 4.4 percent to a record high of $2,878.70 shooting up the founder’s wealth to $171.6 billion, according to the Bloomberg Billionaires Index. Bezos’ previous record high net worth was recorded on 4 September 2018 at $167.7 billion. A massive gain of $56.7 billion in his wealth was made in this year alone, widening the wealth gap in the US as the country and…
New Delhi: Bharat Sanchar Nigam Limited (BSNL) has canceled the tender issued for 4G upgradation. It did so after the DoT refused to use Chinese telecom equipment. A source close to the development said that a new tender will be issued in this regard, in which the emphasis will be on prioritizing ‘Make in India’ products. The government had asked the public sector BSNL not to use Chinese equipment for 4G upgradation. Following this direct instruction means that the company will have to issue a new tender. Here, the railway has also canceled the tender to buy the thermal camera.…
Mumbai: There was a day of buying in the stock market today, the Sensex gained 498.65 points to close at 35414.45 points. At the same time, the Nifty gained 127.95 points to close at the level of 10430.05. Apart from this, today on the BSE, a total of 2906 companies were traded, out of which about 1503 shares closed up and 1276 shares declined. At the same time, there was no difference in the share price of 127 companies. At the same time, the rupee closed 9 paise down at 75.59 against the dollar this evening. Axis Bank shares closed…
New Delhi: The finance ministry on Wednesday disclosed a GST (Goods and Service Tax) revenue collection of Rs 90,917 crore of the month of June, up from Rs 62,009 crore mopped up in May and Rs 32,294 crore in April. “The gross GST revenue collected in the month of June, 2020 is Rs. 90,917 crore of which CGST is Rs. 18,980 crore, SGST is Rs. 23,970 crore, IGST is Rs. 40,302 crore (including Rs. 15,709 crore collected on import of goods) and Cess is Rs. 7,665 crore (including Rs. 607 crore collected on import of goods),” the ministry’s statement said.…
New Delhi: For the second quarter i.e. July-September of FY21 beginning today, interest rate on small savings schemes including the likes of NSC, PPF and such other instruments have been held steady. This is despite a downward trend in yield on 10-year benchmark bonds. Small savings schemes see revision in interest rate on a quarterly basis based on the yield on 10-year government bonds. The move will encourage more investors to consider investment in these government backed schemes which are highly safe and provide assured returns in addition to tax deduction under section 80 C up to a limit of…
Bike manufacturer Hero MotoCorp has started sending its much awaited bike Extreme 160R to dealerships. Now the company has also given information about its price. This bike has been launched in the market with single disc and double disc two variants. Both variants of the bike are equipped with single channel ABS. Hero Extreme 160R has a 160cc air-cooled engine with fuel-injection system. This bike generates 15 bhp power at 8500 rpm and 14 Nm peak torque at 6,500 rpm. The bike comes with a 5-speed gearbox. According to the company’s claim, this bike can accelerate from 0-60 kilometers per…
Ride-hailing app Bolt has launched an electric bicycle-sharing scheme in Paris, expanding its transport offerings even as Uber pares back its own bike and scooter ambitions. The Estonian start-up said the bikes would be available on its platform from Wednesday. Users will need to switch from taxi-hailing to bikes within the app, and can then unlock one by scanning a QR code. It marks a significant investment from Bolt into so-called “micromobility” services, which were hard hit after the coronavirus pandemic wiped out demand in the still-nascent industry. Bolt is betting such offerings will help it recover from the crisis…
New Delhi: The price of non-subsidized cylinders of domestic LPG has increased by four and a half rupees since Wednesday. In Delhi, the price of 14.2 kg cylinders of non-subsidized LPG has been increased by one rupee, four and a half rupees in Kolkata, three and a half rupees in Mumbai and four rupees in Chennai. The prices of non-subsidized LPG cylinders have been increased for the second consecutive month. The government provides 12 cylinders at a subsidy throughout the year. Customers who have given up their subsidy also have to buy their cylinder at the market price. The price…
After the Chinese companies stopped 59 mobile apps, now other countries have also started questioning China. The US has initiated action against China. The US Federal Communications Commission voted 5-0 on Tuesday, calling China’s tech company Huawei and ZTE a national threat. The Trump government has stopped the $ 8.3 billion fund from American companies to buy equipment. The American telecom regulator voted 5-0 in November. Questions have already been raised in the US for a long time to ban the use of products from Chinese company Huawei. The US Federal Communications Commission has clearly stated that the telecom companies…
New Delhi: The Carlyle Group will soon buy a 25 per cent stake in Airtel’s data center business ‘Nextra Data’ for about Rs 1,780 crore. The company gave this information in a statement to Badhuwar. With this, Nextra’s valuation is expected to be $ 1.2 billion which is more than Rs 9,084 crore. On completion of the agreement, Carlyle will hold a 25 percent stake in the industry and Airtel will hold the remaining 75 percent. New Delhi-based Nextra is a wholly owned subsidiary of Bharti Airtel, which has 10 large data centers in India. Bharti Telecom, the promoter company…
Airbus announced plans Tuesday to lay off approximately 15,000 workers over the next year as the coronavirus pandemic further tamps down on travel worldwide. The Dutch company said the layoffs would take place by summer 2021. “Airbus is facing the gravest crisis this industry has ever experienced,” Airbus CEO Guillaume Faury said in a statement. “The measures we have taken so far have enabled us to absorb the initial shock of this global pandemic. Now, we must ensure that we can sustain our enterprise and emerge from the crisis as a healthy, global aerospace leader, adjusting to the overwhelming challenges…
New Delhi: Fitch Ratings on Tuesday lowered India’s growth forecast for FY 2021-22 to eight per cent. The agency had estimated it to be 9.5 per cent last month. However, it has not changed its previous estimate of a five per cent contraction in the economy during the current financial year (2019-20). The estimated growth of the Indian economy in 2019-20 was 4.2 percent. Fitch said in a June update of his global economic scenario that the Indian economy will grow at 5.5 per cent in 2022-23. Fitch said, ‘The government in India implemented a stringent lockdown of the world…
New Delhi: Cyber fraud cases are increasing very fast due to technology advancement. In such a situation, ICICI Lombard General Insurance Company has brought a retail cyber insurance policy to give relief to the people. To protect against cyber fraud situation, non-life insurance company ICICI Lombard General Insurance has introduced a Retail Cyber Liability Insurance Policy. This policy of the company protects you and your family from the risk of any kind of cyber crime. It protects people from online fraud to any kind of online financial mess. This policy can be purchased at a cheaper rate by all digitally…
New Delhi. After the border dispute with China, India has shocked Beijing on many business fronts. These include the decision not to use equipment from Chinese companies in the 4G expansion of state-owned telecom company BSNL. But now BSNL has disagreed with the government’s decision. According to BSNL, the loss of Chinese companies from 4G Tanger will increase its losses further. BSNL has openly disagreed with the government’s decision in this matter. It is known that the government has not officially taken any such decision yet, but the think tank Institute NITI Aayog recently recommended that BSNL’s 4G network was…
New Delhi. Investing on mutual funds, a new means of investment that is becoming increasingly popular among the people, will now become expensive. From tomorrow, ie from July 1, 2020, stamp duty will have to be paid for investing in mutual funds or selling it. This will make investment a little expensive, which will make a difference on investment. Not only this, if you invest in Mutual Fund through Systematic Investment Plan ie SIP and Systematic Transfer Plan ie STP, you will be charged stamp duty. The highest impact of this stamp duty will be seen on debt funds, which…
New Delhi: The civil aviation ministry came up with the norm as per which passengers were required to submit a declaration that they have not been tested positive for coronavirus infection in the last 2 months. Now the rule has been eased to enable individuals who have recovered from the coronavirus infection to take flights. The rule has now been modified to 3-weeks time. “Covid-19 recovered persons fulfilling this condition will be allowed to travel upon showing a Covid-19 recovered/discharged certificate from any institution dealing with Covid-19 subject”, said joint secretary Usha Padhee in an office memorandum on Tuesday. The…
New Delhi: Aditya Birla Fashion and Retail (ABFRL) on Monday announced its decision to open Rs. 995 crore rights issue for subscription next week. The record date for the offering has been fixed as July 1. The issue will open for subscription on July 8 and will close on July 22. The price for the issue has been set at Rs. 110 for each fully paid share of face value Rs. 10, which is a 14% discount to its last closing price of Rs. 128. Through the rights issue, the company plans to issue 9,04,65,693 partly-paid up equity shares. Further,…