Author: Finance Khabar
New Delhi: After the Supreme Court rebuke, the Department of Telecommunications has issued orders to telecom companies like Bharti Airtel and Vodafone Idea to pay the statutory dues before midnight on Friday. The Supreme Court pulled up the department for prohibiting collection of dues from telecom companies. After that, the Department of Telecommunications has started sending notices to companies regarding dues on a circle basis. Uttar Pradesh (West) Telecom Circle issued notice to all telecom service providers on Friday asking them to pay the dues by 11.59 on Friday. It states, “… you are directed to pay the outstanding amount…
New Delhi: Public sector Oil and Natural Gas Corporation (ONGC) net profit on a standalone basis declined by 49.8 percent to Rs 4,152 crore for the quarter ended December 2019 due to lower oil and natural gas prices and declining production. ONGC, in a statement on Friday, reported a net profit of Rs 8,263 crore in the same quarter a year ago. The company received $ 59.73 on the oil produced in the quarter under review, which is 10 percent lower than the year-ago quarter of 2018-19. At the same time, the price of natural gas was down 4 per…
New Delhi: Sun TV Network’s integrated net profit related to television and radio broadcasting service increased 7.15 percent to Rs 384.69 crore for the quarter ended December 2019. Sun TV said in a report to the Bombay Stock Exchange that the company had a net profit of Rs 359.01 crore in the same quarter of FY 2018-19. However, the company’s revenue fell 7.89 percent to Rs 914.17 crore in the quarter under review. Whereas it was Rs 992.58 crore in the third quarter of 2018-19 a year ago.
Mumbai: The country’s foreign exchange reserves rose by $ 1.701 billion in the week ended February 7, reaching an all-time record high of $ 473 billion. This information has been given in the latest data of the Reserve Bank. In the previous week, the country’s foreign exchange reserves had increased by $ 4.607 billion to $ 471.3 billion. Foreign currency assets have increased as foreign currency assets have increased in the week under review. During this period foreign exchange assets increased by $ 1.938 billion to $ 439.186 billion. During this period, gold reserves declined by $ 218 million to…
London: Liquor businessman Vijay Mallya has claimed that the Enforcement Directorate (ED) and the Central Bureau of Investigation (CBI) have treated him unfairly in the last four years. Mallya (64), former boss of Kingfisher Airlines, is appealing against the extradition order to India on charges of alleged fraud and money laundering of Rs 9000 crore. Mallya’s lawyers said in the British High Court this week that he had been the victim of a disaster on the aviation industry and that he had no intention of manipulating the airline to seek a loan for the now-shutdown. The Crown Prosecution Service (CPS),…
Mumbai: The Sensex and Nifty fell nearly half a percent on Friday. Earlier on Thursday, the market closed in red. The pressure on banking stocks increased due to the strict stand of the Supreme Court on the non-payment of revenue arrears of Rs 1.47 lakh crore by telecom companies. The 30-share BSE Sensex fell 202.05 points, or 0.49 per cent, to close at 41,257.74. The 22 stocks included in the index closed at a loss. The NSE Nifty fell 61.20 points or 0.50 percent to close at 12,113.50. Banking, auto, FMCG and energy stocks were sold during the day. The…
New Delhi: Car maker Maruti Suzuki launched the CNG variant of its budget range, the popular car WagonR. The ex-showroom price of the WagonR BS6 S-CNG variant has been kept at Rs 5.32 lakh. The CNG model of the WagonR has been launched only in the LXI trim. This is the company’s third model launched with S-CNG technology. Earlier, Maruti Suzuki has also launched the CNG model of Alto 800 (Alto 800) and MPV category car Artiga (Ertiga). The car is part of the company’s ‘Mission Green Million’ that the company announced at the Auto Expo 2020. The CNG model…
New Delhi: The way has been cleared to build the National Gas Exchange. According to sources, PNGRB has got the approval of the Law Ministry to regulate the gas exchange under the existing rules. The Law Ministry has approved the exchange / trading hub. According to sources, PNGRB Act will be amended if required. PNGRB approached the Ministry of Petroleum after the Legal Advisor report. Legal Advisor DSK questioned the authority of PNGRB. According to Legal Advisor, PNGRB does not have the authority to regulate trading hubs. The Legal Advisor also stated that PNGRB does not have the authority to…
New Delhi: Finance Minister Nirmala Sitharaman said on Friday that the government is ready to take more steps apart from budget announcements if needed to speed up the economy. In a discussion with professionals from asset management, property consultancy, tax advisors and other related services on the subject of ‘Budget and beyond’, the Minister also said that the budget for 2020-21 is one that has a positive impact on equity, bonds and money markets. Sitharaman said, “If there is a need to do more than the budget, we are ready to do it.” During the discussion, professionals made several suggestions…
Showcases its latest Spring-Summer Collection Lakme Fashion Week, 2020 Bata, European footwear major and India’s leading footwear brand, announced today its partnership with Lakme Fashion Week, 2020 as their Showcase Partner. After successfully hosting Bata Fashion Weekend (BFW) in Milan and Prague over the last two years, this collaboration is a first of its kind for Bata in India, and is yet another step by the brand towards cementing its image as a fashion-forward brand. LWF X Bata is sure to leave the audiences in awe! The brand is collaborating with stellar designers, including Riddhi Mehra and Pankaj & Nidhi,…
New Delhi: The International Monetary Fund (IMF), while reacting to the recently presented budget, said that India’s current economic climate is weaker than even its earlier estimates. The IMF said that India needs to make ambitious structural and financial reforms soon, so that the treasury will grow in the medium term. For this, India has to work under a strategy. Finance Minister Nirmala Sitharaman presented the budget in the Lok Sabha on 1 February. The Central Government had said that this budget was better for the country and hoped for a big improvement in the near future. IMF spokesman Gerry…
New Delhi: After retail inflation, wholesale inflation is also indicating increasing burden on consumers’ pockets. Wholesale inflation rose to 3.1 percent in January, the highest level in eight months. According to the government data, wholesale inflation has erupted due to increase in the prices of manufactured products. Retail inflation rose to 7.59 per cent, the highest level in the past five and a half years. According to the Ministry of Commerce and Industry, the wholesale price index-based inflation was 2.76 percent in the same month last year. Last December, wholesale inflation stood at 2.59 per cent. According to a statement…
New Delhi: GVK Power and Infrastructure incurred a loss of Rs 120.06 crore in the December quarter of the current financial year on an integrated basis. The company informed BSE on Friday. The company said that it had a loss of Rs 122.61 crore in the same quarter of the previous financial year. The company said that during the quarter under review, its consolidated revenue increased to Rs 1,156.15 crore from Rs 1,109.28 crore a year ago. The company’s stock was up 8.19 percent at BSE at Rs 4.36.
New Delhi: The Supreme Court has reprimanded telecom companies for delay in payment of arrears. During the hearing in the AGR case, the court expressed resentment whether the government officials are above the Supreme Court. MDs of telecom companies have been summoned to the court by issuing notice. MDs have been asked to appear in court and explain why their companies have not deposited the AGR dues so far. Airtel, Voda Idea and Tata Teleservices etc. owe Rs 1.47 lakh. At the same time, the court also questioned the relief of companies from the Department of Telecom. Justice Mishra said,…
New Delhi: Senior IAS officer Rajiv Bansal has been appointed as the new Chief Managing Director of Air India, replacing Ashwani Lohani. Bansal is a 1988 batch Nagaland cadre IAS officer. Presently, he was the Additional Secretary of the Ministry of Petroleum and Natural Gas. Rajiv Bansal has been appointed in his place after the term of Ashwani Lohani ends. Rajiv Bansal has a huge responsibility to properly disinvest Air India. The government had announced to sell 100 per cent stake in Air India. March 17 is the bid submission date. After that further process will be adopted. Let me…
New Delhi: Telecom company Vodafone Idea reported a loss of Rs 6,438.8 crore in the December quarter of the current financial year. The company had a loss of Rs 5,004.6 crore in the year-ago quarter. The company said that during the quarter under review, its total income fell by five percent to Rs 11,380.5 crore from Rs 11,982.8 crore a year ago. The company said that during this period, the repayment of debt increased by about 30 percent to Rs 3,722.2 crore. During this period, the depreciation provision by the company increased by 23 percent to Rs 5,877.4 crore. The…
New Delhi: Indian Oil made 14.2 kg cylinders expensive by Rs 144.50 and 5 kg cylinders by Rs 52. Now the price of 14.2 kg cylinder reached Rs 858.50 in the capital Delhi. A statement has been issued by the government about such a sudden rise in the price. The statement said that the price of gas is determined according to the international market. The government subsidizes every gas cylinder. After the price increase, it was announced that instead of Rs 154, Rs 291 will be subsidized. Consumers will not be affected by the upswing in the price of gas…
London: British Prime Minister Boris Johnson on Thursday named British MP of Indian origin Rishi Sunak as Britain’s new finance minister. Sunak has been elected to his post following the resignation of UK Chancellor of the Exchequer Sajid Javid. 39-year-old Sunak had previously been the Chief Secretary of the Treasury. The special thing is that he is the son-in-law of Narayan Murthy, the founder of Infosys. Rishi Sunak is a member of Johnson’s Conservative Party and an MP from Richmond. He was elected the Chief Secretary of the Treasury in July last year. Sunak’s business has been the background. He…
New Delhi: Domestic stock markets fell on Thursday due to disappointing retail inflation and recent industrial production figures and a sharp rise in the number of people infected with coronavirus in China. BSE’s 30-share sensitive index Sensex fell 106.11 points, or 0.26 percent, to 41,459.79 points. The Sensex fluctuated between a high of 41,709.30 points and a low of 41,338.31 points. Similarly, the NSE Nifty fell 26.55 points, or 0.22 per cent, to 12,174.65 points. IndusInd Bank, Tata Steel, ONGC, ICICI Bank and Kotak Mahindra Bank were the biggest losers among the Sensex companies. State Bank of India, Titan, Infosys,…
New Delhi: Sundaram Mutual Fund is going to launch a new scheme on 14 February. The scheme is called Sundaram Balanced Advantage Fund. The scheme will open on February 14 and will close on February 28. After this the scheme will again be opened for subscription and redemption from March 12. According to a report published in the Economic Times, NFO is the new scheme of an asset management company. Through this scheme, a mutual fund company raises money from investors to invest in instruments such as shares, government bonds. The mission of this fund will be to build a…