Author: Finance Khabar

New Delhi:U GRO Capital, a technology first, small business lending platform today announced the launch of ‘Sanjeevani’, an end to end digital lending platform to boost the capital starved MSME sector in India, reeling from the aftermath of Covid-19. The company is committed to reaching out to 500,000 MSME clients. U GRO Capital is making the announcement to launch this program in the run up to the World SME day being observed on 27th of June. U GRO Capital has built a deep digital architecture that is empowered by video-based KYC, Personal Discussions and algorithm-driven predictive risk tools to launch…

New Delhi: In a major development, fuel prices across the metros were unchanged for the first time after price hikes for 21 consecutive days. Petrol prices, however, were unchanged for a day during this 21-day period after the daily revision based on dynamic pricing was reinstated. It is a big relief for the common man as the continuous rise in petrol and diesel prices came to a halt. In the national capital, petrol price was unchanged at Rs 80.38 per litre on Sunday. Cost of diesel also was the same as Saturday at Rs 80.40 a litre. Since the daily…

In a major move towards GST taxpayers’ facilitation, the Modi government has decided to provide the facility of SMS filing of NIL statement of FORM GSTR-1 from 1st week of July 2020. At present, these taxpayers have to log into their account on the common portal and then file their statement of outward supplies in FORM GSTR-1 every month or each quarter. GST taxpayers with NIL outward supplies would not be required to log on to the GST Portal and would be able to file their NIL statement in FORM GSTR-1 through just an SMS. The status confirmation of the…

NEW DELHI: Punjab National Bank, India’s second-largest public sector lender has been one of the top lenders to small businesses under the government’s emergency credit line guarantee scheme (ECLGS). As of 25th June, PNB has sanctioned Rs 6757 crore in 296753 eligible MSME accounts under 3 Lakh crore Guaranteed Emergency Credit Line (GECL) out of which disbursements have been made to 59204 accounts amounting to Rs 2030 crore. 27th June is observed as the International Micro, Small and Medium Enterprises (MSME) Day by the United Nation since 2017. This year’s global theme reflects on “MSMEs: first responders to societal needs”.…

Kolkata: Trade unions (trade unions), which are opposing the opening of the coal sector to private companies, have refused to attend a joint secretary-level meeting called by the central government to discuss the issue. The union says that it will only talk to the secretary or the minister. These trade unions will go on a three-day strike from July 2 in the state-owned Coal India and SCCL. Trade unions have also objected to the split of Central Mine Planning and Design Institute Limited, a subsidiary of Coal India. BK Rai, leader of the Bharatiya Mazdoor Sangh (BMS), said, “A joint…

New Delhi: State Bank of India (SBI) is working on setting up an e-commerce portal for marketing of products manufactured by micro, small and medium enterprises (MSMEs) in the country. SBI Chairman Rajneesh Kumar gave this information on Saturday. A portal called Bharat Craft will be run jointly by the bank and the government. Kumar said in a webinar organized by industry body CII, “Work on this is in progress. We have discussed how it should be done and the development of this platform is going to start soon.” He said, “This is one of the things that was mentioned…

New Delhi: RattanIndia Power’s net loss declined to Rs 511.77 crore in the March 2020 quarter from Rs 593.95 crore in the year-ago period. The company told the stock market that its total income increased to Rs 364.94 crore during this period, from Rs 289.38 crore last year. The company’s net cumulative profit was Rs 165.15 crore in FY 2019-20, while it had a loss of Rs 3,327.97 crore in 2018-19.

New Delhi: Realty sector company Shobha Ltd. The consolidated net profit for the fourth (January-March) quarter of the previous fiscal year 2019-20 declined by 55 percent to Rs 50.7 crore. This earned the company a net profit of Rs 113.3 crore in the same quarter of the previous financial year. In a communication sent to the stock exchanges, the company said that its total income declined to Rs 927.6 crore during the quarter from Rs 1,421.6 crore in the same quarter of the previous fiscal. The net profit of the company declined to Rs 28.15 crore for the entire financial…

IDBI Bank said that its Board of Directors has approved the proposal to sell a portion of its 48 percent stake in IDBI Federal Life Insurance Company Limited (IFLI) to existing joint venture partners-Belgian multinational insurance company Ageas Insurance and Federal Bank. Ageas will receive 23 percent stake, raising its overall stake in IFLI to 49 percent, while Federal Bank’s stake will increase by 4 percent to 30 percent. IDBI Bank’s stake in the insurance company will be reduced to 21 percent after the deal is completed. The sale is subject to all regulatory approvals to be taken by all…

New Delhi: The government of India will come up with Floating Rate Savings Bonds, 2020 (Taxable) scheme starting July 1, 2020. FRSB 2020 (T) taxable bond with no upper investment limit will be available for investment by both resident Indian as well as HUF. Further as the name suggest the interest rate on such taxable bonds will continue to vary all through the scheme tenure. Salient features of the scheme are as below: Eligibility for investment: Individuals (that include holding in joint account) as well as HUFs can invest in these bonds. But NRI category is not eligible to invest…

Facebook shares fell sharply by $56 billion after consumer product giants Unilever and Coco-Cola joined Dove, Honda and Ben & Jerry in support of the #StopHateForProfit campaign by pulling their advertisements from social media platforms. The stock slumped 8.3 percent to $216.08 per share at closing time on Nasdaq. Unilever, one of the largest advertisers, which has an annual advertising budget of almost $8 billion according to a Bloomberg report, said that it will not advertise on Facebook, Twitter and Facebook-owned Instagram for the rest of the year because of the hate speech and polarized politics that users often post.…

New Delhi: With the gradual opening of the lockdown imposed due to the Corona infection, the price of petrol and diesel continues to rise. In fact, amid the slight rise in the prices of crude oil in the international market, the price of petrol and diesel in the domestic market has increased for the 21st consecutive day in the country. In the country’s capital Delhi, the price of both petrol and diesel has reached beyond Rs 80. This is the first time that diesel has become more expensive than petrol and the prices of both have crossed Rs 80. The…

Nike CEO John Donahoe warned employees via email that layoffs were coming. “We will soon be forced to make some difficult choices that will likely result in a net reduction of jobs,” the email said, according to Complex Magazine. After the coronavirus crisis closed most of its stores, Nike reported sales were down 38% with a net loss of $790 million in the fourth quarter. While all stores are reopened now, the company is shifting resources and creating capacity to reinvest in its highest potential area and anticipates this realignment will cause a net loss of jobs, Nike said in…

Coca-Cola on Friday announced it will be pausing paid advertising on all social media platforms globally for at least 30 days. The company clarified it was not joining the official boycott, but said “we are pausing” advertising. In the week since a group of organizations have called on Facebook advertisers to pause their ad spending during the month of July, more than 90 marketers including Verizon, Patagonia, REI, Lending Club and The North Face have announced their intention to join, according to a running list from Sleeping Giants. The group of organizations includes the Anti-Defamation League, the NAACP, Sleeping Giants,…

New Delhi: Chinese investment in the country’s startups increased 12-fold in the last four years and it increased to $ 4.6 billion in 2019. It was $ 381 million in 2016. Most of the startups (unicorns) with good prospects for growth are supported by Chinese companies and the entire investment units, according to Global Data, a company involved with data and analysis. unicorns are called startups that are valued at one billion dollars or above. Chinese investment in Indian start-ups has increased 12-fold in the last four years, according to the Global Data’s Disaster Intelligence Center based on analysis of…

Mumbai: The country’s foreign exchange reserves declined by $ 2.078 billion to $ 505.56 billion from its all-time high during the week ended June 19. This information has been given in the data of the Reserve Bank of India. According to the Reserve Bank, foreign exchange reserves have declined for the first time since April 24. At that time, the foreign currency assets had decreased by $ 113 million to $ 479.455 billion. The country’s foreign exchange reserves increased by $ 28.189 billion between April 24 and June 12. Earlier, in the week ending June 12, the country’s foreign exchange…

LONDON: London has one of the world’s most favourable ecosystems to build a globally successful startup according to latest data from Startup Genome’s The Global Startup Ecosystem Report 2020. The UK capital improved on its joint third place in 2019, to tie in second place with New York this year. Silicon Valley continues to dominate the rankings whilst Beijing and Boston came in fourth and fifth. Access to capital, investment and global talent has fuelled London’s ascent to number two, up from number eight in 2012 when the first rankings were released. The report analyses cities around the world where…

New Delhi: As another round of fund raising, the education technology start-up Byju’s has garnered investment from BOND, Mary Meeker-led tech investment entity. Though, financial contours of the deal are not known, with the latest investment, Byju’s is estimated to value at $10.5 billion. Mary Meeker’s tech investment firm BOND has invested in edtech company Byju’s, marking its first investment in India, the Indian startup said today. Earlier in February this year, the company raised $200 million from General Atlantic and Tiger Global. “Endorsed by millions of students, BYJU’S has emerged as a clear leader in education technology,” said Mary…

New Delhi: Ahead of its Q4 results of FY 2020, shares of edible oil company Ruchi Soya Industries surged 5% to hit a record high price of Rs. 1507.30 per share on the BSE. The shares of the company have been locked in the upper circuit for the 22nd straight trading day. After Baba Ramdev-led Ayurveda firm Patanjali took over the company at a financial consideration of Rs. 4350 crore, the stock after consolidation of equity shares was relisted on January 27, 2020. And since then from a price of Rs. 16.90 per share it has rallied a whopping 90…

New Delhi: On Thursday, a CNBC TV-18 report citing sources said the interest on Employees’ Provident Fund or EPF could be cut to 8.1 percent versus 8.5 percent (earlier declared in March) for the financial year 2019-20 due to liquidity constraints. “EPFO income has been impacted on the inability to sell investments due to market volatility. Also, liquidity strained can be seen on higher payouts, lower contributions during COVID-19,” the report quoted sources saying. It also said the EPFO board is set to meet to discuss the same. In the first week of March, the EPFO Board had proposed 8.5…