Author: Finance Khabar
New Delhi: In a crucial meeting of the Digital Communications Commission (DCC) on Friday, no decision could be taken to give relief to telecom companies going through the crisis. More information is still needed to reconcile the data on Adjustable Gross Revenue (AGR) dues. Sources gave this information. Sources said the commission’s meeting lasted for two hours. The next meeting of the commission is expected to be held soon. Officials of the Department of Telecommunications have consistently said that AGR is not a matter of discussion in the Commission meeting, but this meeting is about the implementation of the public-private…
New Delhi: Shriram Transport Finance Company said on Friday that it plans to raise capital by issuing debt securities. The company told BSE, “The company plans to raise capital from various debt options, including issuing debt securities through public issue or private-sector allocation in domestic and foreign markets.” However, the company did not say how much capital it plans to raise. The company said the public NCD committee would meet in March and consider various terms and conditions, including the issue rate of debt securities. The company’s stock was down two per cent at Rs 1,234.15 on the BSE.
Mumbai: Those investing large sums of money in corporate fixed deposits are disappointed. Many companies have reduced their FD rates by 20-45 basis points. He has taken this step after the FD rate was cut by the country’s largest bank SBI. Bajaj Finance is going to reduce its FD rate by 25-40 basis points in the first week of March. Mahindra Finance and PNB Housing Finance have reduced their FD rates by 15-45 bps this month. 100 basis points is equal to one percentage point. After reducing the FD rate, Bajaj Finance’s maximum FD rate has come down to 7.80%…
New Delhi: Private sector lender IndusInd Bank said on Thursday that the Reserve Bank of India has approved the appointment of Sumant Kathpalia as Chief Executive for 3 years. The bank said in a statement that the nomination and remuneration committee of the bank and the board had considered RBI as a possible candidate for the post of MD & CEO and sought approval for the appointment. Kathpalia is currently the head of the consumer banking business and will take over after the retirement of current chief executive Romesh Sobti. In October last year, the bank said that after the…
New Delhi: Recently, a report claimed that this year there will be a single digit increase in the salary of the employees. Now, there may be a setback for the interest received on the amount deposited in the PF account. According to a Times of India report, the EPFO is considering reducing the interest rate on PF account deposits to 8.5% for the financial year 2020. Currently, 8.65% interest is being paid by EPFO on the PF account. According to sources, a proposal to this effect can be presented in the Central Board of Trustees meeting on 5 March. In…
New Delhi: Indian users are using much more internet than before. The biggest reason behind this is the cheapness of data plans. At the same time, cheap and entry-level 4G smartphones have increasingly attracted users to online content. Users are spending more than 11GB of data every month on many apps and video streaming platforms. This data has been released by Nokia, the maker of telecom products. The company said in its Annual Mobile Broadband India Traffic Index (MBiT) report that overall data traffic and 4G usage increased by 47 percent in 2019. The data spent by the users across…
Vadodara: Hindustan Petroleum Corporation Ltd. (HPCL) has set up its first charging center for charging electric vehicles in Karelibagh area of Vadodara in Gujarat. HPCL Director (Marketing) Rakesh Misri said after inaugurating the charging station on Thursday that it is HPCL’s first charging center in Gujarat. Hindustan Petroleum plans to set up charging centers for electric vehicles at suitable sites across the country. The charging center will have the facility to charge two wheel, three wheel and four wheel electric vehicles.
MUMBAI: The stock markets continued to decline for the fifth consecutive trading session on Thursday amid fears that the corona virus may take the form of an epidemic. Investors’ concern about the Corona virus has increased. They are looking for safer options like gold and bonds. The gross domestic product (GDP) growth rate is estimated to be stable at 4.5 percent in the third quarter of October-December, 2019 of the current financial year. This also affected the perception. The government will release the GDP data for the December quarter on Friday. Traders said the strong selling by foreign portfolio investors…
New Delhi: Telecom company Vodafone Idea has demanded a minimum rate of Rs 35 per GB to be increased for mobile data. This is about seven-eight times the current rate. The company has also demanded a rate of six paise per minute for call services with a fixed monthly fee. Currently mobile data rates are four-five rupees per GB. The company has said that these new rates should be introduced from April 1 to enable it to pay Adjusted Gross Income (AGR) arrears and make its business operational. According to official sources, the company has demanded an 18-year deadline for…
New Delhi: In less than two years after India Post Payments Bank (IPPB) started operations, its number of customers has crossed 20 million. The bank said in a statement that in the first year of its operations, it had touched a figure of 10 million customers in August last year. The bank has added 10 million new customers in just five months. The IPPB is opening and managing an average of 3.3 million accounts every quarter. The statement quoted Communications Minister Ravi Shankar Prasad as saying that the success of the IPPB’s business model reflects the government’s intention to create…
New Delhi: Indian vehicle manufacturers’ organization SIAM proposes to create ‘South Asia Vehicle Forum’. SIAM wants auto industry organizations and government representatives from the five countries of the region to participate in it. The Society of Indian Automobile Manufacturers Association (SIAM) said in a statement that the objective of creating this platform is to strengthen the vehicle industry and trade in the South Asia region, besides Bangladesh, India, Myanmar, Nepal, the five countries of South Asia. And to deepen and broaden the relationship between the vehicle industries of Sri Lanka. SIAM said it made the proposal in the first meeting…
To sell and service its products in the Central American country of Honduras New Delhi: Two-wheeler maker TVS Motor Company has partnered with Motomundo to sell and service its products in the Central American country of Honduras. The company gave this information on Thursday. The company said in a statement that under this partnership, Motomundo will offer TVS products sales and service facilities at its stores across the country. She will do this work in a phased manner. A special area will be created for TVS Motor Company in Motomundo’s store. The company will expand these to three Motomundo stores…
MUMBAI: Stock markets continued to fall for the fifth consecutive day on Thursday amid fears that the corona virus may take the form of an epidemic. The Bombay Stock Exchange Sensex was down by 143 points. Traders said the market remained volatile due to settlement of domestic derivative contracts. The 30-share Sensex of the Bombay Stock Exchange ended at a loss of 143.30 points, or 0.36 per cent, to end at 39,745.66 points after breaking 465.69 points at one time during the day’s trading. Similarly, the National Stock Exchange’s Nifty lost 45.20 points or 0.39 percent to 11,633.30 points. Among…
New Delhi: The Cellular Operators Association of India (COAI), an organization of the telecom industry, has asked the government to ease the terms of payment of statutory dues on telecom companies. The COAI said that in order to salvage the crisis-ridden sector, it is imperative that the government provide loans at a lower rate to telecom companies to meet their adjusted gross revenue (AGR) liabilities. Apart from this, the implementation of minimum prices should also be done fast. The telecom industry is currently in deep trouble. The association has expressed concern that banks are not willing to take risks on…
New Delhi: Private sector Axis Bank has appointed Puneet Sharma as its Chief Finance Officer (CFO). His appointment has been approved by the board of directors of the bank. In a communication sent to the stock exchanges, the bank said that Sharma’s appointment would be effective from March 6. Jairam Sreedharan, group executive and CFO of Axis Bank, has resigned. He will remain in office till March 5. Sharma will then replace him. The information states that Sharma has been at senior management level at Tata Capital for 12 years before joining Axis Bank.
Mumbai: Vodafone Idea has requested the government to allow the repayment of the outstanding dues revenue (AGR) in 15 years. Along with this, the company has also demanded reduction in tax refund, license fees and spectrum usage charge (SUC) and fixing the minimum tariff limit. This can help the company maintain its business. In a letter to the Telecom Department (DoT), Ministry of Finance and NITI Aayog, the company has said that it needs help from the government to stay in business. The letter was sent a day before the meeting of the Digital Communications Commission (DCC), the decision-making body…
New Delhi: Life insurance companies may soon be allowed to sell mediclaim. Insurance regulator IRDA has constituted a committee that will study the difference between selling indemnity based health insurance policies of these companies. Currently, IRDA (Health Insurance) Regulations 2016 allow life insurance companies to sell only defined benefit based health insurance products. Indemnity based health plan is basically an insurance policy in which the insured person is paid the actual expenses incurred at the time of hospitalization. It is subject to the total sum insured under the policy. This means that the money spent at the time of treatment…
Anand: Shashank Rakesh & Amrit Visa from Institute of Rural Management Anand (IRMA), Anand emerged victorious at the Anand edition of Tata Crucible Campus Quiz 2020. A total of 72 teams battled it out in the city level finale for the top honors, held at IRMA College, Anand. Shashank Rakesh & Amrit Visa took home a cash prize of Rs. 75,000* and will compete in the zonal round to qualify for the national finale. Tanmay Jignesh Mehta & Jaynil Paresh Pandya from G H Patel College of Engineering and Technology (GCET), Anand were declared runners-up, winning a cash prize of Rs. 35,000*. Pratik Modi, Professor of Marketing…
New Delhi: Jaguar Land Rover (JLR) has started booking its new Land Rover Defender in India. This model has a 300 PS petrol powertrain. Its ex-showroom price will start from Rs. 69.99 lakhs. The vehicle will be available in two categories, three-door version (90) and five-door trim (110). Jaguar Land Rover India Chairman and Managing Director Rohit Suri said in a statement that the new Defender is a modern 21st century package. The new Defender will be available in both 90 and 110 trims in five versions .. Base, S, SE, HSE and First Edition.
New Delhi: Microsoft’s Chief Executive Officer (CEO) Satya Nadella has said that the quality and ambition of the ideas of entrepreneurs and innovators in India is ‘exciting’. This is encouraging innovation and society and economy is moving forward. He said that some school children are also among these innovators. Addressing the Youth Innovation Conference, India-born Nadella said how the spirit for the other is playing an important role in the development of some of these solutions. Especially for physically challenged people. Nadella also mentioned her meeting with children from three schools in the country at the event. These children are…