Author: Finance Khabar

New Delhi: State Bank of India on Tuesday said it has sold a 2.1 percent stake in its subsidiary SBI Life Insurance Company through a sale offer. The stake has been sold in compliance with the shareholding rules. The bank said in a notice to the stock exchanges that the sale offering (OFS) took place in two installments on June 12 and June 15, 2020. The bank has not disclosed the amount raised. The bank has reported to sell a total of 2,10,00,000 equity shares which is equivalent to 2.1 per cent stake, though SBI is expected to raise Rs…

New Delhi: Oil companies have increased the price of petrol and diesel for the 11th consecutive day. On Wednesday, the price of petrol was increased by 55 paise and diesel by 60 paise per liter. Overall, petrol has increased by Rs 6.02 and diesel by Rs 6.40 per liter in the last 11 days. According to the notification issued by the oil marketing companies, the price of petrol in Delhi increased from Rs 76.73 to Rs 77.28 per liter. At the same time, the price of diesel increased from Rs 75.19 to Rs 75.79 per liter. Oil companies reduce or…

New Delhi: Leading car manufacturer Maruti Suzuki India (MSI) on Wednesday said it has partnered with Karur Vysya Bank to provide easy and flexible financing facility for new customers to purchase cars. Maruti Suzuki India has said in a statement issued here that through this partnership with the bank, it will provide full financing facility to the potential buyers of the company to buy the car with a six-month holiday. This feature will be available on all other models of the company except Van Eeco. This facility will be available to salaried class and all customers doing their own business.…

Mumbai: Benchmark indices ended the day higher, significantly underperforming global markets, as border tensions between China and India reduced gains. The Sensex, which had one stage crossed the 34,000 points mark, ended the day at 33,614 points, with gains of 384 points. The Nifty on the other hand ended the day with gains of 100 points. Global markets were seeing solid gains with the Japanese Nikkei ending the day higher by almost 5 per cent, while most of the European indices were up almost 3 per cent in trade. Reports that a Commanding Officer of the Indian Army and two…

New Delhi: Airtel Payments Bank on Monday offered ‘Security Pay Accounts’ specifically designed for Micro, Small and Medium Enterprises (MSMEs). There are more than 60 million units in MSME sector in India and they account for 29 percent of India’s GDP. Airtel Payments Bank said in a statemen that these units use a large number of informal labor forces, which do not get social and health benefits along with salary. “The security pay account is specifically designed for these consumer groups,” the statement said. Through this unique account, MSMEs and other organizations will be able to make cashless payments and…

New Delhi: Tata Motors reported a consolidated net loss of Rs 9,863.73 crore for the quarter ended March 31. Domestic sales have also been affected, with the Corona virus epidemic affecting the company’s British unit JLR. Earlier, the company had a net profit of Rs 1,108.66 crore in the January-March quarter of the financial year 2018-19. tata motors said in a statement that the consolidated total operating income of the company stood at Rs 62,492.96 crore in the fourth quarter of 2019-20 as against Rs 86,422.33 crore in the same quarter a year ago. On a stand-alone basis, the company…

New Delhi: Gross premium collection of private sector general insurance company Bhartiaxa General Insurance increased by 38 percent to Rs 3,157 crore in 2019-20. In the same period of last financial year, the company collected a premium of Rs 2,285 crore. The company said in a statement on Monday that crop, motor vehicles and health insurance contributed to its premium collection. The company has recorded double digit growth in all categories. The company’s crop insurance premium collection increased by 59 percent to Rs 828 crore, vehicle insurance premium collection increased by 30 percent to Rs 1,143 crore, health insurance premium…

New Delhi: The market capitalization of the country’s most prominent company Reliance Industries reached around Rs 11 lakh crore on Monday. Reliance shares closed at Rs 1,612.30 after touching an all-time high of Rs 1626.95 on the National Stock Exchange. According to market reports, 2.45 crore shares of the company are listed on the National Stock Exchange. In this way the market capitalization of the company touched 10 lakh 92 thousand crores. It is the first Indian company to touch this level of market capitalization. The company’s rights issue was also listed on the stock market on Monday. The company…

MUMBAI: Wipro Limited , a leading global information technology, consulting and business process services company, today released its ‘State of IT Infrastructure 2020’ report. The study reveals that 75% of organizations find the need to upgrade outdated infrastructure and invest in new technologies. In addition, 81% of enterprises are reskilling their existing workforce to increase digital penetration, signifying major changes on the horizon for IT infrastructure. The report provides a multi-dimensional view of how the COVID-19 pandemic will impact IT infrastructure trends in the immediate future. With uncertainty in demand, there is a rapid shift in channel preferences, the largescale…

MUMBAI: FICCI’s Committee Against Smuggling and Counterfeiting Activities Destroying the Economy (CASCADE) applauds the Directorate of Revenue Intelligence (DRI), who in a major haul seized foreign brand cigarettes worth Rs 11.88 crore from a container at the Jawaharlal Nehru Port Trust (JNPT) in Navi Mumbai on June 12, 2020. This is one of the biggest seizures since lockdown. Amid lockdown, several cases of seizures by enforcement agencies of smuggled imported cigarettes have been reported indicating a spike in cigarette smuggling over the last few months. The trend is nationwide, with seizures intercepted via road transport, in cargo and passenger luggage.…

MUMBAI: Foreign Portfolio Investors (FPIs) have continued to invest in the Indian equity markets despite the mounting worries over Covid-19 cases. Their net investment thus far in the cash market to date is Rs 12,195 crores. FPIs have made gross purchases to the tune of Rs 66,645 crores, whereas their gross sales have been Rs 54,449 crores, resulting in net purchases in the cash market to the tune of Rs 12,195 crores so far. Domestic institutions have pressed net sales to the tune of Rs 2000 crores since June 1. Their net purchases in the domestic market have been Rs…

MUMBAI:Wholesale inflation based on wholesale price index (WPI) for the month of May contracted by 3.21 percent in May, according to a government statement on Monday. The Department of Promotion of Industry and Internal Trade (DPIIT) has resumed releasing detailed wholesale price index (WPI) data after suspending it for a month. “This department has advised the field offices to collect price data through electronic means of the communication during the lockdown. The response rate for April 2020 has improved substantially. Final index for the month of April 2020 will be released in next month press note in the light of…

MUMBAI: On Monday, Indian Gas Exchange (IGX), the country’s first natural gas exchange, was launched online by Dharmendra Pradhan, minister of petroleum and natural gas. IGX, set up by the Indian Energy Exchange (IEX), will offer the option of both just buying the product as well as purchase along with delivery. Plans to set up the exchange were made a few years ago to tap into the increasing demand for clean fuel. In February, the Indian Gas Exchange (IGX) had invited members to be part of its platform ahead of its formal launch. IGX has 12 members and 300 plus…

MUMBAI: Benchmark indices ended the day sharply lower, as worries over a second wave of Covid-19 infections gripped global markets. Fresh new infections in China, coupled with a rising number of Covid-19 infections in a number of states in the US came back to haunt global markets. Dow Futures fell sharply by more than 2 per cent, while the European markets were also down nearly 2 per cent and Asia closed lower. The Sensex ended the day with losses of 588 points, as banking stocks led the declines. IndusInd Bank and Axis Bank were the biggest losers from the Nifty.…

MUMBAI: Franklin Templeton received an interest payment of Rs 102.71 crore from Vodafone Idea Ltd on June 12, the fund house said in a press release. This amount will be distributed to investors in proportion to their holdings in the plans of the segregated portfolios. There are six schemes Franklin India Ultra Short Bond Fund, (No. of segregated portfolios -1), Franklin India Low Duration Fund(No. of segregated portfolios – 2),Franklin India Short Term Income 7.01 Plan (No. of segregated portfolios -3), Franklin India Credit Risk Fund (No.of segregated portfolios – 3) and Franklin India Dynamic Accrual Fund (No. of segregated…

MUMBAI: L Catterton, the world’s largest consumer-focused private equity firm, will invest Rs 1,894.50 crore in exchange for a 0.39 percent stake in Jio Platforms, a record tenth investment in the Reliance Industries (RIL) digital unit in seven weeks. RIL, the oil-to-retail-to-telecom conglomerate, has now sold 22.38 percent stake in Jio and collected Rs 104,326.65 crore from some of the world’s top technology investors in the largest continuous fundraising by a company anywhere in the world. The investment by L Catterton, which has made more than 200 investments in leading consumer brands, in Jio Platforms is at an equity valuation…

MUMBA: In order to ensure compliance with the Private Placement Memorandum (PPM), SEBI had vide its circular dated 5 February, 2020 prescribed an annual audit. The findings of the audit along with any corrective steps are required to be communicated to the Trustee, the Manager and SEBI. The audit is not required for angel funds and AIFs / Schemes with minimum commitment of INR 70 crore from each investor, subject to obtaining a waiver from the investors in the prescribed form. SEBI has clarified vide circular dated 12 June, 2020 that the finding of audit of compliance with PPM needs…

New Delhi: Foreign portfolio investors (FPIs) have infused a net capital of Rs 20,574 crore in Indian capital markets so far in June, with capital inflows rising due to improved liquidity position in the emerging markets of the world. According to the latest depository data, between June 1 and June 12, FPIs infused capital of Rs 22,840 crore into the stock markets. At the same time, capital of Rs 2,266 crore was extracted from the bond segment. Thus, there was a net capital inflow of Rs 20,574 crore. Earlier, FPIs remained net sellers for three consecutive months. He took out…

New Delhi: The market capitalization (market cap) of seven of the top 10 companies of the Sensex decreased by Rs 78,127.74 crore last week. HDFC Bank was the biggest loser in this. Among the top 10 companies, only Reliance Industries Ltd., Hindustan Unilever Ltd. And HDFC was in profit. HDFC Bank’s market capitalization fell by Rs 28,391.71 crore to Rs 5,39,305.38 crore in the business week ended June 12. Indian Airtel’s market valuation declined by Rs 13,638.89 crore to Rs 3,05,456.66 crore. On the other hand, Kotak Mahindra Bank’s MCAP decreased by Rs 11,882.72 crore to Rs 2,53,197.91 crore. ICICI…

New Delhi: An investment of Rs 815 crore was made in Gold Exchange Traded Fund (ETF) in May amid stock market fluctuations due to Corona virus crisis. The reason for this is that investors are now turning to safer investment options. The category has outperformed other properties over the past year. A total investment of Rs 3,299 crore has come in Gold ETFs since August 2019. According to the latest data from the Association of Mutual Funds in India (Amphi), the net investment in the May Gold ETFs stood at Rs 815 crore. It had an investment of Rs 731…