Author: Finance Khabar
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 Fearful of this, foreign portfolio investors (FPIs) have withdrawn net Rs 37,976 crore from the Indian capital market so far in March.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 Thus FPIs have withdrawn a total of Rs 37,975.90 crore during the period under review.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…
New Delhi: SBI Card’s IPO will be listed on the stock market on Monday amid high volatility in the stock market. The IPO opened for subscription on 2-5 March. The IPO of SBI Cards received a strong response in the stock market. The IPO received 26 times more bids. According to stock market experts, the IPO is less likely to get premium in the condition of the market. It can be listed either flat or at a discount. If this happens, then the big investors (HNIs), who have invested in this IPO by taking loans at a higher interest rate,…
New Delhi: Gold imports, which have a bearing on the country’s current account deficit (CAD), fell 8.86 per cent to USD 27 billion (about Rs 1.90 lakh crore) during April-February period of the current financial year, according to commerce ministry data. Imports of the yellow metal stood at USD 29.62 billion in the corresponding period of 2018-19. The decline in gold imports has helped in narrowing the country’s trade deficit to USD 143.12 billion during April-February period of the current fiscal, as against USD 173 billion a year ago. Gold imports have been recording negative growth since December last year.…
New Delhi:Loans against credit cards aren’t an uncommon phenomenon, as most banks are now offering cardholders loans against credit cards at varying interest rates. Card-holders using a credit card can easily apply for an instant loan against their credit cards. These loans are quite similar to personal loans. However, know that while a personal loan takes a couple of days to get approved, a loan against credit card is pre-approved. Additionally, a loan against a credit card does not require documentation, unlike a personal loan. Because of which, this unsecured loan option is one of the quickest and easy options…
Nike is closing all of its stores in the U.S., along with other parts of the world, to try to curb the spread of the new coronavirus, the company said Sunday morning. Its locations across the U.S., Canada, Western Europe, Australia and New Zealand will close from Monday through March 27, the company said. Meantime, Nike is still keeping open its stores in South Korea, Japan, most of China and in “many other countries,” the company said, based on daily assessments of the COVID-19 pandemic. Nike joins a growing list of companies taking similar measures. Retailers including Patagonia, Apple, Warby…
There are many 7-seater mid-size SUV’s in India, Tata Gravitas, Tata Harrier, Hector Plus and Kia Seltos. In such a situation, it is expected that Hyundai can also introduce the 7-seater version of the Creta. Hyundai, a South Korean automaker, is going to launch the facelift model of the Creta in India tomorrow i.e. on March 16. The new car will get major changes with many upmarket features. Let me tell you, amid the news of the launch of the facelift model of Creta, its 7 seater version is also a topic of much discussion these days. There are many…
New Delhi: The 10 most valued domestic companies lost a massive Rs 4,22,393.44 crore in market capitalisation last week, with heavyweights TCS and RIL taking the biggest hit. In a nerve-wracking week for the markets, the BSE Sensex plummeted 3,473.14 points or 9.24 per cent, largely in tandem with global equities which were hammered by panic selling amid the coronavirus pandemic. The market capitalisation (m-cap) of TCS dropped by Rs 1,16,549.07 crore to reach Rs 6,78,168.49 crore for the week ended Friday. Reliance Industries’ m-cap plummeted Rs 1,03,425.15 crore to Rs 7,01,693.52 crore. Infosys was another major drag, with its…
MUMBAI: Yes Bank is facing a huge loss due to the crisis. On Saturday, the bank reported a loss of Rs 18,564 crore for the quarter ended in December 2019. The news of such a huge loss can further increase the concern of the bank’s customers and investors. However, the good news for the customers of the bank is that the Reserve Bank’s ban on it will be lifted from 6 pm on Wednesday, 18 March. After this, customers will be able to withdraw more than 50 thousand money from the bank account. After implementation of Moratorium, this large private…
Walmart is reducing hours at its U.S. stores to allow more time to replenish shelves and clean and sanitize stores, the retailer announced Saturday in a letter on its website. The national retailer said its stores will be open from 6 am to 11 pm until further notice. The new hours take effect Sunday. The retailer has more than 4,700 Walmart and Neighborhood Market locations in the U.S. The shortened hours affect about 2,200 stores across the country that are open 24 hours a day. Walmart is the largest grocer in the U.S. and has been dealing with a significant…
Goldman Sachs’ economists declared the U.S. economy all but recession-proof at the dawning of 2020, but now it appears a coronavirus-induced recession may have begun just a few months later. The analysis didn’t account for a “Black Swan,” a term for an improbable and unforeseen event. Instead, it explored the idea of a “Great Moderation,” which is characterized by low volatility, sustainable growth and muted inflation. “Overall, the changes underlying the Great Moderation appear intact, and we see the economy as structurally less recession-prone today,” Goldman economists Jan Hatzius and David Mericle wrote. The economy, they argued, would settle gently…
New Delhi: The GST Council on Saturday demanded Infosys to upgrade the Information Technology (IT) backbone by July 30. In the meantime, the council decided to defer introduction of e-invoicing till September 30. Non-executive Chairman of Infosys, Nandan Nilekani, who made a presentation before the Council on Saturday has suggested that in order to smoothen the rollout of the new return system, and to ensure a better uptake, the transition may be made in an incremental manner. He suggested that the process may be initiated by addressing the compliance related issues first, so that the problem of tax evasion and…
San Francisco: Apple has announced to close all its stores outside of China by March 27 because of the Corona virus. The company’s Chief Executive Officer (CEO) Tim Cook said that Apple has learned from the steps taken in China. The company has recently reopened its retail stores in China. “To prevent the spread of the virus and to reduce its risk, one of the lessons is to reduce the congestion of individuals and increase the physical distance between each other as much as possible,” Cook said in a statement on Friday. He said that this transition is increasing in…
New Delhi: The report added that the Council also decided to extend the deadline for filing the GST9R and GSTR9C for FY18-19 till June 30, 2020. Filing will be mandatory for taxpayers over Rs5 crore of annual turnover, the report stated. While the earlier deadline was March 31, the turnover limit was Rs 2 crore. The Council is said to have deferred the proposal of hiking the rates on fertilizers and footwear due to due to the current economic slowdown and impact of the novel coronavirus pandemic. It also decided to defer the proposal of rate rationalisation on textiles, the…
New Delhi: The government notified a rescue plan for Yes Bank, led by State Bank of India (SBI) and joined by other lenders, as it looked to shield the banking sector from a widespread crisis. The so-called reconstruction scheme, cleared by the Union Cabinet, took effect on March 13. The Reserve Bank of India’s (RBI) moratorium, imposing limits on withdrawals to prevent a run on deposits will be lifted in three working days, according to the notification. “Moratorium on the bank to be lifted on the third working day at 18.00 hours (6 pm) from date of commencement of the…
New Delhi: Private sector Bandhan Bank has announced to invest Rs 300 crore in the troubled Yes Bank under the restructuring plan of the Reserve Bank. Bandhan Bank, in a notice sent to the stock exchanges late on Friday, said that its board of directors has approved the purchase of 30 crore shares of Yes Bank of Rs 2 each at a premium of Rs eight per share. In this way Bandhan Bank will invest Rs 300 crore in Yes Bank. ICICI Bank, HDFC Ltd, Axis Bank and Kotak Mahindra Bank also announced on Friday to join SBI-led alliances to…