Author: Finance Khabar

Bengaluru: Infosys has announced a definitive agreement to acquire Simplus, one of the fastest growing Salesforce platinum partners in the United States and Australia. The acquisition coupled with acquisition of Fluido announced in September 2018 elevates Infosys’s position as an end-to-end Salesforce enterprise cloud solutions and services provider, offering clients capabilities for cloud-first digital transformation. Simplus is a recognised leader and advisor in cloud consulting, implementation, data integration, change management and training services for Salesforce quote-to-cash applications. It brings to Infosys globally-recognised Salesforce expertise, industry knowledge, solution assets, deep ecosystem relationships and a broad clientele, across a variety of industries…

New Delhi: The Reserve Bank of India on Monday published draft framework for authorisation of a new pan-India umbrella organisation for retail payment systems. The central bank has invited comments on the draft framework from all stakeholders by February 25. At present, National Payments Corporation of India (NPCI) is an umbrella organisation for retail payments systems.

New Delhi: Honda Motorcycle & Scooter India Pvt. Ltd. today celebrated 18 years of India’s 1st moto-scooter with the launch of all new BS-VI Dio priced starting at – Rs. 59,990 (ex-showroom Delhi). Speaking on the launch, Mr. Minoru Kato, President, CEO & Managing Director, Honda Motorcycle & Scooter India Pvt. Ltd. said, “Leading the BS-VI revolution, Honda was the first manufacturer to take a leap ahead in the industry as early as 6 months before the implementation. We are overwhelmed with the appreciation received from customers as well as media experts for our BS-VI products. Taking forward this journey…

New Delhi: ONGC, IOC and NTPC were the top three profitable public-sector undertakings (PSUs) in 2018-19, whereas BSNL, Air India and MTNL incurred highest losses for a third consecutive year, according to a survey tabled in Parliament on Monday. The Public Enterprises Survey 2018-19, which maps the annual financial performance of all central PSUs, revealed that the top 10 companies in the red claimed a whopping 94.04 per cent of the total losses made by all the 70 loss making CPSEs during the year. The top three profit making PSUs including Oil and Natural Gas Corporation (ONGC), Indian Oil Corporation…

Amazon.com Inc has begun legal action to quash an antitrust investigation against the company, saying it could cause “irreparable” loss and damage to its reputation. Last month the Competition Commission of India (CCI) ordered an investigation of Amazon and rival Flipkart, owned by Walmart, over alleged violations of competition law and certain discounting practices. Amazon and Flipkart have faced mounting criticism from brick-and-mortar retailers, which accuse the US giants of violating law by racking up billions of dollars of losses to fund deep discounts and discriminating against small sellers. The companies deny the allegations. The CCI ordered its probe after…

New Delhi: Aviation regulator DGCA has suspended a pilot of budget carrier IndiGo for threatening a passenger who had asked for a wheelchair for her mother. The incident took place in January on a Chennai-Bengaluru flight. The incident came to light when the passenger later shared her ordeal on Twitter. “The PIC (pilot in command) misused his authority in intimidating and threatening the wheelchair passenger… by saying that they will be handed over to CISF and a police case will be registered,” the DGCA said in its communication on February 10. Noting that the pilot was aggressive towards the female…

New Delhi: The interest rates on deposits of public sector banks have declined. Most public sector banks (PSBs) interest rates of less than 7 per cent across tenures. In this light, RBI’s bonds seem attractive, given the rate on offer – 7.75 % – that too for a tenure of seven years. These bonds are popularly known as RBI or GOI bonds and are available on tap all through the year through nationalised banks. A few private sector banks too allow these investments – Axis, ICICI and HDFC banks. The interest, 7.75 per cent, is payable half-yearly. There is a…

New Delhi: The assets under management of mutual fund companies that has come through systematic investment plans (SIPs) touched Rs 3.24 lakh crore in January, according to data from Association of Mutual Funds in India (AMFI). In the current financial year (2019-2020), the total inflows through SIPs stood at Rs 82,929 crore, AMFI CEO NS Venkatesh said. Currently, mutual funds have about 3.03 crore SIP folios through which investors regularly invest in schemes. In January, the mutual fund industry saw 12.07 lakh new SIP folios added, while 5.95 lakh SIP accounts were closed or matured. AMFI data shows that the…

New Delhi: The S&P BSE Sensex and NSE Nifty 50 indexes fell for second straight session on Monday in line with global shares as the death toll from a coronavirus outbreak exceeded the SARS epidemic. More than 900 people have died mainly in China’s central Hubei province as of Sunday with most of the new deaths in the provincial capital of Wuhan, the epicentre of the outbreak. The S&P BSE Sensex fell as much as 343 points at the day’s lowest level and the 50-shares Nifty briefly dropped below its psychologically important level of 12,000. The Sensex ended 162 points…

New Delhi: Total passenger vehicle sales in the domestic market fell 6.2 per cent in December, data from industry body SIAM or Society of Indian Automobile Manufacturers showed on Friday. Sales of passenger vehicles – including passenger cars, utility vehicles and vans – was 262,714 units in December, the data showed, compared to 280,091 units in January 2019. This is the third straight month of decline. The sale of commercial vehicles was down 14 per cent to 75,289 units in January 2020 compared to 87,591 units in January 2019 and two-wheeler sales were down 16 per cent to 1,341,005 units…

New Delhi: Retail inflation likely rose to a near six-year peak in January as food prices stayed high, according to a small majority of economists in a Reuters poll, which may persuade the Reserve Bank of India to keep interest rates on hold in the coming months. The February 5-7 poll consensus of more than 40 economists showed India’s annual consumer price inflation is expected to have risen to 7.40 per cent in January, a touch above December’s 7.35 per cent and the highest since May 2014. While nearly half of the economists polled predicted price pressures eased in January,…

New Delhi: The Govt is set to privatise Central Electronics Limited (CEL), a Central Public Sector Enterprises (CPSE) under the Department of Science and Technology, by selling its 100 per cent stake with management control and has invited the Expression of Interest for the same by March 16. The selected bidder will be required to lock in its shares for a period of three years during which it cannot undertake the sale of its stake in CEL, the PIM (Preliminary Information Memorandum) said. “The government of India has ‘in-principle’ decided to disinvest 100 per cent of its equity shareholding in…

New Delhi: India’s coal imports in November rose 8.6 per cent from a year earlier to 21.83 million tonnes, government data showed, following three straight months of decline. Imports of thermal coal – used mainly for electricity generation – rose 12.3 per cent from a year ago to 17.65 million tonnes, whereas coking coal shipments to India fell 5 per cent from a year earlier to 4.18 million tonnes, data from the Ministry of Coal showed. India’s thermal coal imports fell from August to October, their longest sustained fall in over two years, due to a broader economic slowdown that…

Mumbai: It is set to be a long haul for the auto sector that has already been riding through its worst slump in two decades, with demand, that has so far plunged 16 per cent, unlikely to pick up even next year, according to a report. The 3 million-plus-units domestic auto industry has seen volume plunging over 16 per cent as of December-end 2019, with some of the segments performing even worse. Despite the nearly two-year crisis, the past two Union Budgets have given little respite to the sector that is very critical to generate employment. Instead, lakhs of jobs…

New Delhi: The Department of Telecom (DoT) has amended the unified access services license to defer payments of the spectrum auction instalments due for 2020-21 and 2021-22, operationalising the committee of secretaries’ decision to allow a two-year moratorium. “The licensee may opt to defer the spectrum auction instalment due for 2020-21 and 2021-22, either for one or both years. The deferred amount will be equally spread over the remaining instalments to be paid, without any increase in the time specified for making the instalment payments. Interest shall be charged to protect the NPV of the payable amount,” DoT said in…

kolkata: Finance Minister Nirmala Sitharaman on Sunday said the Union Budget has laid the foundation of increasing consumption while ensuring that the government’s investment is deployed to build infrastructure leading to a $5 trillion economy by 2024-25. She also pitched for rationalisation of GST rates once a year and not every three months as was the trend so far. “I think we have laid the foundation for increasing consumption, ensuring that capex (capital expenditure) and government’s investments will go towards spending on building of assets in infrastructure which should have cascading effects both in the short term and in the…

Delhi: the Govt. is open to in addition consolidation of banks, relying on needs, minister of state for finance Anurag Thakur has said. Last year, the govt. had introduced mega amalgamation of 10 PSU banks into 4 to cater to the desires of an aspirational and New India. “We have successfully done the mergers and recapitalisation of banks. Insolvency and Bankruptcy Code (IBC) has been successful, which has brought back more than Rs 4 lakh crore to the banks. Further consolidation or merger will depend on the need,” Mr Thakur told PTI in an interview. Creation of global sized banks…

New Delhi: Union Finance minister Nirmala Sitharaman on Sunday said that the government wishes continuous engagement with industries and agencies and could act as a facilitator for hassle-free payments of taxes. She was interacting with the members of trade and industries here, a week after presenting the Union Budget for 2020-21 in Parliament on February 1. “The broad message which is apparent is that the government wants continuous engagement with industry and business. And my presence here is not in response to what is happening inside (country) and outside,” Sitharaman said. She said the Centre has introduced some features in…

New Delhi: Kia Motors india has issued an statement concerning the current reports about the company transferring its manufacturing facility out of Anantpur region in Andhra Pradesh. The reports stated that the company was unhappy with the policy modifications closing yr and became in talks with the Tamil Nadu government. But, the company has refuted all the reports as being untrue, stating that the Kia Motor is getting complete help from Chief Minister Jagan Mohan Reddy-led government and has long term plans to manufacture vehicles inside the Anantpur plant. The statement issued by Kia Motors India says, “The recent reports…

New Delhi: Finance Minister Nirmala Sitharaman on Saturday said the Central government is plugging the loopholes in the GST with the utilization of innovation and is progressing in the direction of eight percent growth rate. She also said MSMEs can make a complaint if banks deny them loans without reason. Sitharaman was here to explain the Budget proposals to traders, industrialists, economists and the media. According to her, during the last three months the GST collections have exceeded Rs 1 lakh crore. She said at the GST Council, state Finance Ministers had said that owing to loopholes tax revenue is…