Author: Finance Khabar
Mumbai: The Reserve Bank (RBI) has been conducting the OBICUS of the manufacturing sector on a quarterly basis since 2008. The RBI on Tuesday said it has launched the latest round of its quarterly Order Books, Inventories and Capacity Utilisation Survey (OBICUS) of the manufacturing sector, results of which are used in monetary policy formulation. The Reserve Bank (RBI) has been conducting the OBICUS of the manufacturing sector on a quarterly basis since 2008. “The survey provides valuable input for monetary policy formulation,” the RBI said while announcing the launch of 54th round of the survey. The information collected in…
New Delhi: GST revenue for the month of June stood at Rs 92,849 crore, a 2 per cent increase over the same month a year ago, the Finance Ministry said on Tuesday. The gross GST revenue collected in the month of June 2021 stands at Rs 92,849 crore of which Central GST is Rs 16,424 crore, State GST Rs 20,397, Integrated GST Rs 49,079 crore (including Rs 25,762 crore collected on import of goods) and Cess is Rs 6,949 crore (including Rs 809 crore collected on import of goods), the ministry said. The GST revenues for the month of June…
Mumbai: On the basis of continued buying in banking and financial companies, the BSE Sensex rose by about two hundred and fifty points to a new historical level of 53,129.37 points during trading today, although at the end of the day, 18.82 points or 0.04 percent due to the sell-off in the market at the end. Slipped to close at 52,861.18 points. The Nifty of the National Stock Exchange also fell 16.10 points, or 0.10 per cent, to 15,818.25. It had reached 15,914.20 points in mid-trade, which is its second highest level. Markets were put under pressure due to fall…
Mumbai: The Reserve Bank of India (RBI) has amended the norms as per which unclaimed maturity proceeds of term deposits (TDs) with banks will attract the rate of interest as applicable to savings accounts or the contracted rate of interest on the matured TD, whichever is lower. As per the current rules, if a term deposit matures and proceeds are unpaid, the amount left unclaimed with the bank shall attract rate of interest as applicable to savings deposits. “On a review of these instructions, it has been decided that if a Term Deposit (TD) matures and proceeds are unpaid, the…
San Francisco: Led by Facebook, the global shipments of virtual reality (VR) headsets grew 52.4 per cent (year over year) in the first quarter of 2021, according to a new IDC report. Standalone headsets, which feature an all-encompassing design such as the Oculus Quest 2 or the HTC Vive Focus, accounted for the vast majority of shipments, capturing 82.7 per cent share during the quarter, up from 50.5 per cent in the first quarter of 2020. The growing popularity of gaming, as well as fitness, has helped spread consumer awareness of VR while companies like Facebook have made the tech…
Mumbai: The Flipkart Wholesale app will now be available for fashion retailers in Patna, Purnea, Katihar, Munger, Madhubani, Bhagalpur and Muzaffarpur, with the expansion to other cities in Bihar planned in the coming months. With this launch, Flipkart Wholesale digital platform will also give a boost to MSME fashion suppliers and artisans in the region through pan-India supply chain integration and help keep their businesses operational by offering a lively marketplace for them to sell their products, a company statement said. Santosh Kumal Mall, IAS, Secretary, IT, Government of Bihar, said, “We congratulate Flipkart Wholesale for entering Bihar in the…
Mumbai: Share market closed with a gain on today. At the close of business today, BSE Sensex has closed near 52900 and Nifty has also closed beyond 15800. Today 23 stocks were buying on the Sensex, due to which it got better support. There was buying in all banking stocks and Reliance on the Sensex. During trading today, the Sensex had even crossed 52900, but after that it fell slightly. At the close of trading today, the Sensex rose by 395.33 points to 52,880 and the Nifty closed at 15,834.35 with a gain of 112.15 points. Today 23 stocks closed…
New Delhi: There was a tremendous decline in the activities of the service sector in the country last month. Demand decreased due to restrictions imposed in many parts of the country due to rising cases of corona. According to the monthly survey, the Adjusted India Service Business Activity Index in June 2021 fell to 41.2 as compared to 46.4 in May. This is the sharpest low since July 2020. Due to this, the companies once again laid off. A score of over 50 on IHS Markit’s Purchasing Managers’ Index (PMI) indicates expansion, while a score of less than 50 indicates…
New Delhi: The business of Gujarat Co-operative Milk Marketing Federation Limited (GCMMF), a cooperative company dealing in Amul brand milk and its products, grew 2 percent to Rs 39,200 in FY 2020-21 despite the outbreak of Kovid-19. The company’s managing director RS Sodhi gave this information on Sunday. GCMMF had registered a revenue of Rs 38,550 crore during the financial year 2019-20, registering a growth of 17 per cent. Sodhi said in an interview with news agency PTI that the pace of sales growth was a bit slow during the last financial year but it is expected to pick up…
New Delhi: Airtel Payments Bank has seen a surge in business volumes in FY21 as lockdown curbs and migrants heading back to villages spurred new accounts as well as transactions, and the company is eyeing a break-even this fiscal, a top official said. Factors like growth in revenues, expanded scale of operations, and higher realisation per user from cross selling of products are expected to drive break-even in the current financial year. The pandemic and subsequent lockdown curbs fuelled uptake as customers, both in rural interiors and urban cities, sought banking solutions closer home, opting for convenient and secure digital…
New Delhi: The Central Board of Direct Taxes (CBDT) has brought into effect a provision relating to tax deducted at source (TDS) applicable to businesses with turnover of over Rs 10 crore. In a major move towards ease of doing business, new guidelines direct that businesses buying shares or commodities traded through recognised exchanges will not be required to deduct TDS on the transaction. The Central Board of Direct Taxes (CBDT) has brought into effect a provision relating to tax deducted at source (TDS) applicable to businesses with turnover of over Rs 10 crore. The Finance Act, 2021 inserted a…
New Delhi: State-run Oil and Natural Gas Corporation Ltd (ONGC) and its subsidiary ONGC Videsh have witnessed a ratings downgrade with a negative outlook, courtesy a similar Indian sovereign rating. Fitch Ratings has assigned ‘BBB-‘ rating on ONGC’s Long-Term Foreign-Currency Issuer Default Rating (IDR) and US dollar senior unsecured notes and on the foreign-currency guaranteed notes issued by ONGC Videsh, ONGC Videsh Vankorneft Pte Ltd, along with the medium-term note programme co-issued by the three entities. “ONGC’s ratings are constrained by the ratings of the state of India (BBB-/Negative), its majority owner, according to Fitch’s Government-Related Entities Rating Criteria, and…
Foreign portfolio investors (FPIs) made a net investment of Rs 13,269 crore in the Indian markets in June, changing the trend after increasing selling for two months. Himanshu Srivastava, Associate Director (Managerial Research), Morningstar India, said that this could be due to the continuous decrease in Kovid-19 cases in the country, which has raised hopes of a faster opening of the economy. Along with this, good results in the first quarter of the year and positive earnings growth trend in the long run is the reason for increasing FPI interest in Indian stocks, he said. According to depository data, FPIs…
New Delhi: During the last five months, there has been a boom in the sale of houses in the cities of the country. There has been a 23 per cent increase in house sales from January to May in seven major cities. In the first five months of 2020, 1,08,199 houses were sold but in the first five months of 2021, 1,32,818 houses were sold. Most of the houses were sold till 15 April 2021. According to a report by PropEquity, Bengaluru, Chennai, Hyderabad, NCR and Pune grew by 16, 40, 39, 29 and 34 per cent respectively in the…
Mumbai: In a surprise development, IBM has announced that Jim Whitehurst has decided to step down as President of the company just 14 months after joining in that role. Whitehurst has played a pivotal role in the $34 billion IBM and Red Hat integration announced in 2018. He will continue to work as senior advisor to Arvind Krishna, Chairman and CEO, IBM. “In the almost three years since the acquisition was announced, Jim has been instrumental in articulating IBM’s strategy, but also, in ensuring that IBM and Red Hat work well together and that our technology platforms and innovations provide…
New Delhi: IT industry’s margins are expected to be impacted by wage increases as well as high attrition rate, said HDFC Securities. “Margin will be impacted by wage increases, increase in sub-contracting or attrition, offset partly by operating leverage and FX or offshoring,” HDFC Securities said in a report. According to the report, strong deal momentum, broad- based industry-vertical trends towards digital transformation, positive cyclical indicators in product development or engineering services and consulting, accelerated hiring, and improving alignment with hyperscalers or ‘SaaS’ indicate continuity of momentum for the sector. “‘Tier-1 IT’ is expected to deliver 4 per cent QoQ…
New Delhi: However, it pointed out that commodity pressures are likely to moderate margins in FY22 from previous year levels. “The credit outlook on tractor industry remains ‘Stable’. Despite expectations of some margin pressure, the operating margins for most OEMs in the industry are expected to remain at healthy levels, with return indicators being robust. OEMs continue to focus on developing new application oriented products and are working on emission norm related product launches,” said Rohan Kanwar Gupta, Vice President, ICRA. “In line with ICRA’s stable outlook on the industry, the credit profiles of OEMs are expected to remain healthy,…
Banks are offering good interest on Senior Citizen Deposit Scheme. Recently, SBI, Bank of Baroda, ICICI Bank and HDFC Bank are offering special FD schemes for senior citizens. SBI interest ratesThe name of this special FD of State Bank of India (SBI) is SBI We care. In this scheme of SBI, senior citizens are getting 6.20% interest on FDs of 5 years to 10 years. This interest is available on FDs of less than Rs 2 crore. HDFC interest ratesHDFC Bank to Senior Citizens Under its HDFC Senior Citizen Care FD Scheme, Senior Citizens are getting 0.75% more interest than…
After four consecutive days of decline, today on July 2, the market has closed with an increase. BSE Sensex has closed near 52500 today on the last trading day of this week. The Sensex was supported by heavyweights stocks like Reliance and ICICI Bank today. During trading today, the Sensex had fallen to a low of 52,177.68 points, but after that it started recovery and closed 306.99 points above this high. At the close of trading, the Sensex closed at 52,484.67 with a gain of 166.07 points and the Nifty closed at 15,722.20 with a gain of 42.20 points. Today…
New Delhi: The second wave of the corona epidemic has badly affected the people of non-metro cities and rural areas and due to this the consumer sentiments of rural areas have also been badly affected. However, despite this, rating agency ICRA has maintained the forecast of two-wheeler sales to grow at the rate of 12-14 per cent for the current financial year 2021-22. According to ICRA, the demand for two-wheelers will be supported in the festive season due to low base, healthy rural cash flow and priority to personal vehicles. According to Icra, due to the second wave, recovery of…