Author: Finance Khabar
Mumbai: Benchmark indices surged in trade, as the government eased eased curbs for the lockdown, even as lockdown in the containment zones was extended till June 30. The IMD also retained its forecast for normal monsoon this year saying that conditions are becoming favourable for good rains. This too helped sentiments today. Markets ignored rising Covid 19 cases in the country, even as cases spiked to 1.90 lakhs and Indian infections reached the seventh highest in the world. The Sensex closed the day higher by 879 points, while the Nifty rallied 245 points in trade. Bajaj Finance and Bajaj Finserv…
New Delhi: On Monday, the Union Cabinet approved the increase in minimum support price (MSP) for 14 kharif crops. Agriculture Minister Narendra Singh Tomar said in a cabinet briefing that the revised prices will provide farmers nearly 50-83 percent more than the cost. MSP of paddy and jowar had been increased by 50 percent each over the cost of cultivation to Rs 1,868 and Rs 2,620 respectively. MSP of bajra was hiked by 83 percent over the cost of cultivation to Rs 2,150. Among other produce, the MSP for Cotton (Rs 5,515 per quintal) ragi, moong and groundnut have been…
New Delhi: On late Saturday, the CBDT has notified all income tax forms for the financial year 2021 and here is all that has been changed: Declaration needs to be given for electricity bill over Rs. 1 lakhDeposit of Rs. 1 crore in bank account has to be notifiedExpenses of Rs. 2 lakh on foreign travel in all forms Sahaj ITR-1, Form ITR-2, Form ITR-3 and Form Sugam (ITR-4). Also, in lieu if the income, investments donation or expenses between April and June 2020, there has been incorporated a separate column which can help a person claim tax benefits. But…
New Delhi: In May, India’s unemployment rate rose to 23.48 percent, which is marginally lower than 23.52 percent in the previous month, according to data released by the Centre for Monitoring Indian Economy (CMIE) on Monday. The Mumbai-based think tank’s survey data shows that the unemployment rate for the whole month of May in urban India was at 25.79 percent and at 22.48 percent in rural areas. The joblessness rate continues to remain in double digits for the second straight month as the nationwide lockdown, to curb the spread of COVID-19, diminished work opportunities as economic activity declined sharply. The…
New Delhi: In the state of Maharashtra, petrol and diesel have become costlier by Rs 2 per litre with effect from 1 June as the state government has decided to levy a cess of Rs 2 on fuel. The decision has increased the price of fuel in Mumbai to Rs 78.32 per litre of petrol and Rs 68.21 per litre of diesel. In India, prices of the vehicular fuels vary among states due to state government-imposed taxes in addition to those imposed by the central government. In Maharastra, Value Added Tax (VAT) on petrol and diesel is 26 percent 24…
New Delhi:In Monday, India’s manufacturing purchasing managers’ index (PMI) was recorded at 30.8 for the month of May, which is the second straight month of contraction after the all-time low of 27.4 seen in April. A recording below 50 means contraction in the economy. Economic activity in the country has seen a sharp decline from 51.8 in March due to nationwide lockdown to curb the spread of COVID-19. Factories were forced to close and consumers were indoors, affecting demand. A Reuters poll said that the Indian economy is expected to contract for the April-June quarter, for the first time since…
New Delhi: Even as India continues to improve its annual Ease of Doing Business ranking, its startup ecosystem appears to be losing steam. According to the global innovation mapping and research company StartupBlink, which gathers local data of every country to rank their startup ecosystem based on the quality of startups, business environment coupled with the quantity, India has moved down from 17th position in 2019 to 23rd this year out of 100 countries. The third-largest ecosystem – India, in terms of number of technology startups, has been ranked even behind emerging ecosystems such as Estonia, Lithuania, Brazil, Denmark etc.…
Bengluru: IT services major Infosys has said its profitability may be “marginally impacted” and its cash flows negatively affected amid COVID-19 pandemic. Also, Infosys CEO Salil Parekh drew a pay package of about USD 6.15 million in fiscal 2020, Infosys said in a regulatory filing. Outlining risks related to the occurrence of COVID-19, Infosys said its profitability may be marginally impacted as some clients have sought price reductions or discounts. “Lower profitability and prolonged payment terms requests from clients can impact our cash flows negatively and may impact our ability to provide dividend to shareholders,” Infosys said in its 20-F…
Facebook’s Mark Zuckerberg raising concern over China’s way to regulate internet services said that he is worried about how other countries are trying to imitate that model which is “really dangerous”. Talking to European Union Industry Commissioner Thierry Breton recently, as cited by CNBC, Zuckerberg said that “there is a model coming out of countries like China that tend to have very different values than Western countries that are more democratic.” According to the 2019 Freedom on the Net report by the US-based democracy and human rights monitor Freedom House, the Chinese government has been the world’s worst abuser of…
New Delhi: Private sector lender Yes Bank on Sunday announced restructuring of salaries for senior leadership team, wherein nearly a third of their yearly compensation will be moved to the “variable pay” category. The move to allocate 30 per cent of the total cost to company as variable pay is applicable to the “leadership team” for FY21, an official statement from the bank said, without detailing who are part of the team. Generally variable pay to staff is linked to the commercial success of an entity or other specified milestones. The move comes at a time when there are widespread…
New Delhi: Toyota Kirloskar Motor’s domestic sales in May declined 86 percent year-on-year. During this period, the company sold 1,639 vehicles. In the same month last year, the company sold 12,138 vehicles. “We are conscious of the position of dealers in many areas of the country,” Naveen Soni, senior vice-president (sales and service) of the company said in a statement. We are prioritizing production according to the needs of our dealers. The number of vehicles and its models are being taken care of, ”he said. He said that business in the market was slow and demand was very low. The…
New Delhi: The Goods and Services Tax (GST) Council may meet on June 14 amid pressure on the tax collection front. This will be the first meeting of the GST Council after the onset of the corona virus epidemic. The lockdown is in force across the country from March 25 to prevent the spread of the corona virus epidemic. This has affected tax collection. The GST Council is headed by the Union Finance Minister and consists of representatives from all states and union territories. According to sources, the likely meeting of the GST Council on June 14 will be through…
New Delhi: Reliance Industries is moving towards its goal of becoming a debt-free company. During the last few weeks, Reliance has raised significant funds from various companies, which has made it easier for it to achieve its goal of becoming a zero debt company. A brokerage company report states that even if Reliance’s deal with Saudi Aramco is delayed, it will still be in a position to pay off its entire net debt. Reliance Industries, controlled by billionaire industrialist Mukesh Ambani, has raised a total of Rs 78,562 crore by selling a minority stake in its digital entity to Facebook…
New Delhi: The withdrawal of foreign portfolio investors (FPIs) from Indian capital markets continued for the third consecutive month in May. FPIs have withdrawn Rs 7,366 crore from Indian capital markets in May amid the Covid-19 crisis. According to depository data, during May 1 to 29, FPIs netted Rs 14,569 crore in shares, but withdrew Rs 21,935 crore from the debt or bond markets. In this way he extracted a net amount of Rs 7,366 crore from the Indian capital markets. Earlier in March, FPIs pulled out a record Rs 1.1 lakh crore from the Indian capital markets. In April,…
New Delhi: Mutual fund companies have invested Rs 1,230 crore in the stock markets during the lockdown. Industry experts believe that mutual fund companies are still waiting for a good ‘entry point’ in the market. They are keeping their cash levels high in view of any possible withdrawal by corporate houses. Vidya Bala, co-founder of PrimeInvestor.in, said, “The investment of mutual funds in shares will depend on the flow of investment by investors. However, it will be quite challenging, as the next quarter will see a large number of retail investors’ salaries falling and there is a risk of them…
New Delhi: The public sector Union Bank of India has cut the external benchmark landing rate (EBLR) by 40 basis points. Now the bank’s EBLR has come down to 6.80 per cent. The revised rates will be effective from 1 June 2020. The effective rates for various schemes will be EBLR + Premium / Discount for that product. With this decision of the bank, it will become cheaper to take home loan, auto loan, personal loan, MSME loan etc. According to information received from Union Bank of India, it has implemented EBLR based landing rates in the retail to micro…
New Delhi: When HMD Global brought Nokia to the market in a new avatar, there was a hype about devices launches and innovations. Now even if the company is not creating the same hype as before, but has not shied away from innovating and trying something new. The company is working on a foldable smartphone and related details and leaks have surfaced. A few months ago it was revealed that the company’s mid-range phone could be launched this year. It was also said in some reports that Nokia has stopped its project related to the foldable phone. Now another reliable…
India’s automobile industry is headed for another year of double-digit sales decline this fiscal, given the extended lockdown to contain the Covid-19 pandemic, rating agency CRISIL has stated. “Overall sales volume would plunge to multi-year lows, with sales of passenger vehicles (PVs) and commercial vehicles (CVs) reaching fiscal 2010 levels. What started as a supply-side pain has quickly engulfed the demand side, too, with job-loss and pay-cut fears dampening consumer sentiment,” the firm has stated. Says Hetal Gandhi, Director, CRISIL Research, “Automobile sales are running out of steam as urban income sentiment wilts under the pandemic. We assessed 26,000 companies…
New Delhi: Public sector Bank of India has announced a 0.25 per cent reduction in the Marginal Cost Based Loan Interest Rate (MCLR) of the fund on all its tenure loans. This will make it cheaper to take home loans, auto loans and all types of MSME loans. The new interest rates will be effective from June 1, 2020, next Monday. In a statement issued by the bank here, after the introduction of the new interest rates, the annual interest rate on the loan for a period of one year will come down to 7.70 per cent. It is currently…
New Delhi: India’s core sector output shrank by a record 38.1 per cent for the month of April 2020, as the coronavirus-induced lockdown, played havoc with output. The eight core sectors had expanded by 5.2 percent in April 2019, and has fallen by 9 per cent in the month of March, 2020. The key sectors that comprise the core output includes coal, crude oil, natural gas, refinery products, fertiliser, steel, cement and electricity. A look at some of the sector wise declines: Coal sector output – negative 15.5 per cent (year-on-year)Cement sector output – negative 86 per cent (year-on-year)Steel sector…