Author: Finance Khabar
New Delhi: Lundmark, who will succeed Rajeev Suri as Nokia chief executive will team up with Sari Baldauf, the incoming chairman, in a move that reunites two figures from the era when the Finnish company dominated the mobile handsets business. The company said in a statement on Monday that its board of directors has approved the new appointment. Lundmark will take over new responsibilities from September 1 this year and until then Suri will continue in this position. He is currently the chairman and chief executive of the oil company Fortum . Suri lived with Nokia for 25 years and…
New Delhi: The impact of the corona virus spread was seen on manufacturing activities in India during the month of February. During this period there was some moderation in the activities of the manufacturing sector. This has been said in a monthly survey released on Monday. The Manufacturing Managers Index (PMI) of the manufacturing sector of IHS Market India stood at 54.5 in February 2020. This figure is down from the January 55.3 mark. In January, it was the highest in the past eight years. This is the 31st consecutive month when the PMI of manufacturing sector in India remains…
Mumbai: Indian Hotels Company (IHCL), South Asia’s largest hospitality company, today announced the signing of a Taj hotel in Jaipur. This will be a management contract with Kanha Hotels & Spa Pvt. Ltd. Commenting on the signing of this agreement, Suma Venkatesh, Executive Vice President – Real Estate & Development, IHCL said, “Jaipur has evolved into a dynamic business, leisure and MICE destination. Taj Jaipur, along with IHCL’s diverse portfolio of authentic Palaces and hotels, is well poised to capture the growing demand of the city. We are delighted to partner with Kanha Hotels & Spa Pvt. Ltd., for this…
MUMBAI: The news of corona virus case in Delhi caused huge panic in the stock market on Monday. The condition was that the Bombay Stock Exchange’s Sensex fell to 939 points from its upper level during trading. However, the Sensex later fell 153.27 points (0.40%) to close at the level of 38,144.02. At the same time, the Nifty lost 69.00 points (0.62%) to close at 11,132.75. The global stock markets are already in decline due to the outbreak of the Corona virus. In day trading, the Sensex touched an upper level of 39,083.17 and a low of 37,785.99, while the…
Bengaluru: Muthoot Finance Ltd, India`s #1 gold loan company, has plans to expand its gold loan portfolio in the state of Karnataka. Currently the company has 549 branches in Karnataka with 262 number of branches in Bengaluru. Mr. George. M. Alexander, Executive Director, Muthoot Finance said, “We are delighted to announce that in Karnataka our gold loan assets under management (AUM) has increased by 17.5% to Rs.4837 cr in Q3FY20 from Rs.4120 cr in FY19. The gold loan business increased by Rs.717 crs as on Q3FY20 from FY19. He further added, “Through our 549 branches, we serve on an average…
New Delhi: Oppo Reno 3 Pro has been launched in India by Chinese smartphone company Oppo. The most special feature of this latest smartphone of Reno series is the 44 megapixel front camera available for selfie and video calling. It is the world’s first smartphone with a 44 megapixel selfie camera. Apart from 44 MP sensor for selfie, 2 MP depth sensor is also given in the phone. The company has launched this device in premium category and has brought this model with special innovations. The price of Oppo Reno 3 ProOppo has priced at Rs 29,990 for the 8…
New Delhi: Fitch Solutions on Monday reduced its earlier estimate of India’s current financial year growth to 4.9 percent. It had previously estimated it to be 5.1 percent. The agency has said that it has reduced growth forecasts due to Corona virus impacting supply chain mess and weakening domestic demand. The agency has also reduced India’s fiscal year 2020-21 growth forecast from 5.9 percent to 5.4 percent. Fitch Solutions, in its latest report on India’s scenario, said, “Fitch Solutions is reducing India’s gross domestic product (GDP) growth forecast for the financial year 2019-20 to 4.9 percent from the previously announced…
New Delhi: LIC Chairman MR Kumar on Saturday launched two new unit-linked plans LIC Investment Plus Plan (UIN 512L317V01) and LIC SIIP (UIN 512L334V01). LIC Investment Plus is a single premium, non-participating, unit-linked and individual life insurance, which also offers the option of investing with insurance over the term of the policy. The plan taker can choose the single premium amount. The policy taker can choose the amount to be deposited. He also has the facility to choose the basic sum assured while taking the policy. The sum assured options are 1.25 times the single premium or 10 times the…
New Delhi: The unemployment rate in India was the highest in the last four months in the month of February. The latest data from CMIE has revealed this information. Showing the impact of the slowdown in the economy, the Center for Monitoring Indian Economy (CMIE) released the data on Monday (2 March). According to the data, India’s unemployment rate rose to 7.78% in February, the highest since October 2019. The rate was 7.16% in January. In the last three months of 2019, India’s economy grew at the lowest pace in the last six years. Analysts speculated that one of the…
New Delhi: Apple has increased the prices of some of its iPhones. Now iPhone 11 Pro, iPhone 11 Pro Max, iPhone 8 and iPhone 8 Plus have become expensive. The iPhone 11 Pro Max with 64GB storage will now cost Rs 1,11,200. While the model with 256GB storage will cost Rs 1,25,200. The 512 GB variant of the iPhone 11 Pro Max will now cost Rs 1,43,200. The initial price of the iPhone 11 Pro Max was previously Rs 1,09,900. This price was of 64GB variant. At the same time, the model of 64GB variant of iPhone 11 Pro will…
New Delhi: The domestic price of aviation turbine fuel (ATF) dropped by around 10 per cent on Sunday but there was no word on domestic airlines cutting fares. The latest decline is said to be the biggest fall in ATF prices in the last four or five months, airline officials said. Domestic airlines declined to comment on the ATF price dip, claiming that they had not received any official notification. Till about 6 pm, the IOC website was showing prices in rupees per kilolitre for domestic and international airlines, which was applicable from February 1 this year.
New Delhi: The GST collection crossed Rs 1 lakh crore in the month of February as well. The government recovered Rs 1.05 lakh crore under GST in February, an increase of eight per cent over the same month last year. However, the Goods and Services Tax (GST) collection for February this year is lower than the Rs 1.10 lakh crore in January 2020 the previous month. The Finance Ministry said in a statement on Sunday, ‘The gross GST collection in February 2020 is Rs 1,05,366 crore, including CGST (Central GST) Rs 20,569 crore, SGST (State GST) Rs 27,348 crore, IGST…
New Delhi: Honda Cars India Limited’s domestic sales in February were down 46.26 percent to 7,269 vehicles. In February last year, the company sold 13,527 vehicles in the domestic market. The company said in a statement that its exports during the period were 64 vehicles. The company’s sales and marketing director and senior vice-president Rajesh Goyal said that the delivery of their vehicles is limited and it is according to the total supply (parts etc.) they have available for the month.
American giant e-commerce company Amazon is preparing to enter the food delivery market in the Indian market soon. According to a report by TechCrunch, Amazon may enter the business early next month. The company has also started testing it with select restaurants in Bangalore. The company has been working on the food delivery market for the past several quarters. It was earlier planned to launch during Diwali. This report states that the company will directly compete with Swiggy-Jomato in the food delivery market. At the same time, UberEats bid farewell to the Indian online food delivery market. Uber has sold…
Chandigarh: Union Minister Anurag Thakur on Sunday stressed that the world has confidence in India and its economy and said that the government aims to put India among the top three global economies by 2025. The Minister of State for Finance and Corporate Affairs said, “We have become the fifth largest economy in the world and aim to include India among the top three economies in the world in the next five years.” He was speaking to reporters here after an event organized by the Income Tax Department and CII. He also referred to the recently announced scheme ‘vivaad se…
New Delhi: Tata Motors’ domestic sales fell 34 percent to 38,002 vehicles in February. In February last year, the company sold 57,221 vehicles. On the occasion, Chairman of the company’s passenger vehicle business unit Mayank Pareek said that the production has been affected by the rising outbreak of Corona virus in China and the fire incident in the factory of one of its important suppliers. He said that the company is taking several steps to reduce the impact on the production of corona virus. At the same time, there is a close relationship with customers regarding the delivery of vehicles.…
Mumbai: Airline company Air Asia India reported a loss of Rs 123.35 crore in the October-December quarter. The company’s loss in the same period of 2018 was Rs 166.15 crore. The company considers January-December as its fiscal year. Air Asia India is a joint venture of Tata Group and Air Asia Investment Ltd, the investment unit of Malaysia-based airline Asia. According to the company’s statement, the company’s total income increased 65 percent to Rs 1,057.55 crore in the third quarter. It was Rs 641.17 crore in the same period of 2018. The company incurred a loss of Rs 597 crore…
Lucknow: Airtel Payments Bank has launched Aadhaar Enabled Payment System (AePS) at over 250,000 of its Banking Points across India. With AePS, along with customers of Airtel Payments Bank, customers of any bank with Aadhaar linked bank accounts can undertake financial transactions at the designated banking points of Airtel Payments Bank. Customers of Airtel Payments Bank can also do financial transactions at any AePS enabled bank. AePS allows customers to carry out financial transactions on a Micro-ATM by using their Aadhaar number or virtual ID to access their Aadhaar linked bank account. Transactions will be authenticated only if the customer’s…
New Delhi: The study institute Center for Economic Policy Research (CEPR) said in a report that the accounting committees of the board of directors of companies need to take a more active role to investigate all financial and governance related irregularities. The CEPR report states that the role and accountability of auditors and accounting committees need to be clearly defined. The report stated, “Management expects auditors to spot deficiencies with impartiality. But the limited scope and undefined area of work and powers makes it almost impossible to detect many of them. ” According to the report, in such a situation…
Mumbai: Companies are increasing their reliance on professional recruitment organizations to engage the best talent. Although social media and employment related websites still remain the most preferred medium. This has been revealed in a study. CIEL HR Services said in a study that companies are now increasing their reliance on professional recruitment companies for hiring junior, middle to senior positions. In ‘CIEL Works 2020: Latest Trends in Indian Talent Market 2020’, it said that social media and employment related websites are still a priority to connect new people together, but now more companies prefer professional recruitment agencies. Aditya Narayan Mishra…