Author: Finance Khabar
Kolkata: The change in dividend distribution tax (DDT) in the general budget and the new income tax structure will not have any adverse effect on the mutual fund industry. A senior official of the mutual fund industry said that the industry has shown good growth, showing strength amid slowdown in the economy. Peshotan Dastur, director (sales), Franklin Templeton India, said- “The proposal of DDT and the new income tax structure will not have any adverse effect on the mutual fund industry.” There was some apprehension about the growth of the mutual fund sector. He said that for tax purpose, only…
New Delhi: The government has decided to rename the National Institute of Financial Management (NIFM), Faridabad as Arun Jaitley National Institute of Financial Management (AJNIFM). According to an official statement, it was established in the year 1993 as a registered body under the Department of Expenditure. NIFM trains officers of the Indian Cost Accounts Service along with officers of the Finance and Accounting Services recruited by the Union Public Service Commission (UPSC). “With the vision and contribution of the late Arun Jaitley, the government decided to rename the National Institute of Financial Management (NIFM) to be named Arun Jaitley National…
New Delhi: In just two and a half years, this company’s stock gave a return of 290% and became the eighth largest company in the country. The market capitalization of Avenue Supermart, a company known as supermarket chain DeMart, reached Rs 1.50 lakh crore on Monday. It has beaten giants such as Nestle and Bajaj Finserv. The company was listed on the stock market on March 21, 2017 and had an M cap of Rs 39,988 crore at that time. Since then, its stock has registered a growth of 290%. On February 5, the company had announced the sale of…
New Delhi: The integrated net profit of non-banking finance company Sundaram Finance Limited increased by 3.8 percent to Rs 252.90 crore in the third quarter of the current financial year. The company had a net profit of Rs 243.64 crore in the same period of the previous financial year. In the information given to the stock market, the company said that its consolidated income stood at Rs 1,338.29 crore during the review period, compared to Rs 2,224.57 crore in the same period of the previous financial year. The company said in a statement that its net non-performing assets (NPAs) were…
New Delhi: Italian motorcycle maker Ducati has appointed Vipul Chandra as the head and managing director of its Indian operations. The company made a statement that Chandra will replaceSergi Canovus. Canovas will assume a new role in the company’s international operations. Prior to this, Chandra was the Director of Sales of Ducati India. He has also worked in Ashok Leyland, Tata Motors and Bajaj Auto.
industry’s first health insurance policy with unlimited sum insured Choose Sum Insured of health insurance policy on the basis of per day room rent In-patient Hospitalization Treatment without any Sum Insured limitPolicy can be taken for 1 year, 2 years or 3 years Pune: Bajaj Allianz General Insurance, India’s leading private general insurer today launched ‘Health Infinity’, which is industry’s first individual health insurance policy that provides unlimited Sum Insured (SI). With this policy, the company aims to not only make health insurance an attractive proposition, but also give customers a product without any restrictions on SI to avail quality…
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…