Author: Finance Khabar
Along with many other banks, the State Bank of India, India’s largest bank, has recently slashed its fixed deposit rates, which is bad news for investors looking to park their hard-earned money in FDs. After all, many risk-averse investors as well as senior citizens bank on FDs for assured returns as well as the safety of capital. However, the falling interest rates of FDs apart from many other safe investment options like PPF are keeping them confused and they are wondering what to do in the current scenario. Industry experts, however, say that there is not much to worry as…
New Delhi: Hotel company APJ Surendra Park Hotels has received approval from SEBI for its initial public offering (IPO) of an estimated Rs 1,000 crore. The company may launch an IPO of Rs 1,000 crore. According to merchant banking sources, the company will offer new shares worth Rs 400 crore and promoters worth Rs 600 crore for sale under the IPO. According to the latest information from the Securities and Exchange Board of India (SEBI), it gave its final comment on March 9. This comment of SEBI is considered acceptance. The funds raised through the company’s IPO will be used…
New Delhi: Public sector company Oil and Natural Gas Corporation (ONGC) on Monday declared a dividend of Rs five per share for its shareholders. With this announcement, the government will receive Rs 3,950 crore on its stake in the company. ONGC said in a regulatory notice that its board of directors met on Monday in which it has announced an interim dividend of Rs 5 on every Rs 5 share of the company. The government holds a 62.78 percent stake in ONGC. The government will receive a dividend and tax of Rs 3,949 crore on this stake. On Monday, ONGC…
New Delhi: Insurance company Bajaj Allianz Life has simplified the claim process for riot victims in North East Delhi. The company said on Monday that it would now have to provide at least documents to file claims. Bajaj Allianz Life said in a release that the company has set up a special help desk at the local office to expedite claims settlement for the people of the area. At the same time, the people of this region are accepting claims of death and crippling priority. To simplify the claim process for the insured, their nominees or legal heirs, the company…
New Delhi: Investors of SBI Card IPO have received a major setback on Monday due to fears of worldwide corona virus cases. Its listing was at Rs 658 with a 13% discount and it could not touch its allocation price of Rs 755 even in day trading. The company’s stock fell 12.84 percent to open at Rs 658 on the BSE. During the business, it trading in the range of Rs 755-658. It finally ended 9.50 percent down at Rs 683.20. Similarly on the NSE, it fell 12.45 percent to open at Rs 661 and closed at Rs 678 with…
New Delhi: Super Plastronics (SPPL), the brand licensee of Kodak in India, has launched Kodak Android televisions on Flipkart. A 43-inch television will come for Rs 23,999 – the lowest price for an ‘official’ Android 4K TV in India. Only Google certified Android TVs get the ‘official’ tag. The series is available in four variants, 43 inch, 50 inch, 55 inch and 65 inch. The price of the series starts from Rs. 23,999 for the 43-inch variant to Rs 49,999 for the 65-inch variant. The product will available on Flipkart from March 19. Currently, prices for official Android 4k TVs…
Mumbai: Corona broke into havoc on the stock market on Monday as well. The Sensex of the Bombay Stock Exchange (BSE) fell by 2713.41 points (7.96%) amid growing outbreaks of the virus in countries around the world. At the same time, the Nifty of the National Stock Exchange (NSE) fell 756.10 points (7.60%) to close at 9,199.10. This is the second biggest drop of a day in the Sensex. On March 12, the Sensex had lost 2,919 points. Shares of all 30 companies closed on the red mark on the BSE. On the NSE, shares of 49 companies were sold…
New Delhi: Seeing the havoc of the corona virus in India, Reserve Bank of India Governor Shaktikanta Das has instructed all banks in the country to be alerted. RBI Governor Shaktikanta Das has said that all banks should be prepared for the emergency situation. The corona virus infection has spread to 15 states in India and 116 cases have been reported across the country so far. Governor Shaktikanta Das said, India is not spared from this epidemic, more than 100 cases have been reported. A large-scale effort is being made by the government to eliminate it. He said that the…
New Delhi: Wholesale price index (WPI) based inflation softened to 2.26 percent in February on the back of cheaper foods and vegetables, government data showed on Monday. In January, the WPI inflation stood at 3.1 percent and in the year-ago same period it was at 2.93 percent, as per the data from the commerce and industry ministry. The WPI inflation for food articles for February 2020 came in at 7.79 percent as against 11.51 percent in the previous month. The rate of price rise for onion and potato too came down to 162.30 percent and 60.73 percent, respectively as against…
All new 2nd Gen Hyundai Creta launched today with 3 BS6 compliant variants: 1.5 Petrol, 1.5 Diesel and 1.4 Turbo charged Petrol coupled to a 7 Dual Clutch Transmission. Hyundai India bags 14000 bookings even before its launch as Kia seltos being the rivalry in the segment. The car made its India debut at the 2020 Auto Expo and is based on the Hyundai ix25 that was showcased in China last year. The Creta is a segment leader in the compact SUV segment and the pressure is high on the new model to keep that momentum going. The new version…
Smartphone maker Motorola today launched its foldable smartphone Moto Razr in India, although it has also been listed on the online shopping site Flipkart before its smartphone launch. The price of this Motorola phone can be around 1 lakh rupees. The phone will be given two screens, one screen inside and the other outside the phone. The screen inside the phone will be a 6.2-inch foldable screen and the other will be a 2.1-inch G-OLED screen. Qualcomm Snapdragon 710 processor will be given in the phone. For multitasking, the phone will have 6 GB RAM and 128 GB internal storage.…
Delhi: In light of the recent unrest and riots in North East Delhi, Pramerica Life Insurance has simplified the death claim settlement process for its customers. To help the bereaved families, Pramerica Life Insurance has set up a “Claims Helpdesk” to render pro-active service to the beneficiaries of the affected policyholders. The simplification of claim documentation requirements (relaxation in usual requirements) would help expedite death claim settlement for families impacted by Delhi riots. Following documents are required to process the death claim: Municipal Death Certificate or Death Certified by any competent Local Government authority like Delhi Government / Government Hospitals…
New Delhi: Online grocery retailers like BigBasket and Grofers has seen an 80-100 percent spike in orders as a result of the coronavirus pandemic, The Times of India reported. The novel coronavirus, or COVID-19, pandemic has infected over 156,000 people worldwide and left more than 5,800 dead. In India, the total number of coronavirus cases reached 110. To contain the spread of the virus, the authorities in major metros are urging people to stay at home, shutting down malls and restaurants. In view of this, customers are turning to online grocery stores and stocking up food and household items like…
After growing electric vehicles scooters, bikes and cars across the country, a startup company has now developed an electric tractor. This tractor has been built by a Hyderabad-based start-up company named Celestial e-Mobility. This tractor can be launched by the end of the year 2020 and within the next 3 years the company is preparing to build 8000 e-tractors. Currently, this tractor is a prototype model and the company is working on certification before the tractor is launched in the market. This e-tractor has a battery that can be removed and the tractor has a regenerative braking system. The energy…
New Delhi: The Enforcement Directorate has summoned Anil Ambani in the Yes Bank crisis case. He has been asked to appear before the Enforcement Directorate officials in Mumbai for questioning in the case of loans issued by Yes Bank. Anil Ambani has given some time to appear, citing health reasons. Now the ED will issue a second summon on Monday. Otherwise, Reliance Financial Officers will be called this week. Anil Ambani was summoned on Saturday. Let me tell you, the distressed Yes Bank informed on Saturday that it had a loss of Rs 18,564 crore in the quarter ended December,…
Launches massive $700 billion quantitative easing programme The Federal Reserve, saying “the coronavirus outbreak has harmed communities and disrupted economic activity in many countries, including the United States,” cut interest rates to essentially zero on Sunday and launched a massive $700 billion quantitative easing programme to shelter the economy from the effects of the virus. The new fed funds rate, used as a benchmark both for short-term lending for financial institutions and as a peg to many consumer rates, will now be targeted at 0% to 0.25% down from a previous target range of 1% to 1.25%. Facing highly disrupted…
New Delhi: Increasing GST on mobile phones to 18 per cent from 12 per cent at the time of economic slowdown coupled with coronavirus outbreak will derail the industry and lead to job losses, industry body ICEA said on Sunday. The India Cellular and Electronics Association said the decision will put a burden of Rs 15,000 crore on common man and adversely impact over 100 crore Indian consumers. “When coronavirus is spreading panic, economic slowdown is at its peak, consumer sentiment is battered and stock markets are in free-fall, increasing GST is both counter-intuitive and insensitive. This will lead to…
New Delhi: With the corona virus epidemic taking its form, fears of global recession have increased. Fearful of this, foreign portfolio investors (FPIs) have withdrawn net Rs 37,976 crore from the Indian capital market so far in March. According to the depository data, foreign investors pulled out Rs 24,776.36 crore net from shares and Rs 13,199.54 crore from the debt or bond market during March 2-13. Thus FPIs have withdrawn a total of Rs 37,975.90 crore during the period under review. Prior to this, foreign investors were net buyers for six consecutive months from September 2019. Research analyst Himanshu Srivastava,…
Riyadh: Saudi Aramco’s 2019 net profit has fallen drastically. The energy giant said on Sunday that its net profit came down by 20.6 percent last year. The company said in a statement that its profit has decreased due to lower crude oil prices and lower production levels. In a communication sent to the Saudi stock market, the company said its net profit last year was $ 88.2 billion, up from $ 111.1 billion in 2018. The company said that the main reason for the decrease in profits is the fall in crude oil prices and a decrease in production.
New Delhi: Tata Motors has asked all its employees working in headquarters and regional offices to work from home on Monday. The company has taken this step in the wake of the corona virus outbreak, the company’s managing director and chief executive officer Guenter Butschek said in a letter to his employees. With the corona virus spreading to countries other than China, the company has formed a team to monitor the situation so that steps can be taken to address the risk of employee exposure. The company has suspended public transport, international and domestic travel for employees. The journey will…