Author: Finance Khabar
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…
Source:PTI New Delhi: Eight of the top 10 valued companies added Rs 1,57,270.8 crore to their total market valuation last week, led by Reliance Industries which gained Rs 31,981 crore, according to market data. Only two companies, Tata Consultancy Services (TCS) and Infosys, took a hit in their market capitalisation (m-cap) for the week ended on Friday. The m-cap of RIL zoomed Rs 31,981.45 crore to Rs 9,08,888.02 crore, emerging as the biggest gainer among the top-10 firms. HDFC Bank’s valuation jumped Rs 23,503.35 crore to Rs 6,80,391.85 crore and that of HDFC climbed Rs 23,385.05 crore to Rs 4,16,003.19…
Chinese electronics company Xiaomi is all set to launch Mi10 and MI10 Pro versions soon. Both the products will be launched on February 23 in Spain’s Barcelona, a day ahead of the Mobile World Congress (MWC). This was announced by the company on its official Twitter handle. In December last year, Xiaomi had announced that Mi10 will have the latest Snapdragon 865 mobile platform and also support 5G. Among other key features, the smartphone will include 108MP main rear camera sensor. After its launch, Xiaomi Mi10 will succeed Mi 9 that was launched by the company in 2019. The report…
New Delhi: Mahindra & Mahindra on Saturday posted a consolidated net profit of Rs 380.19 crore in the third quarter ended December 31, 2019, down by 72.76 per cent from Rs 1395.96 crore of the corresponding quarter of last year. The financials including numbers of its subsidiary, Mahindra Vehicle Manufacturers Ltd. The results of Q3 F2020 includes a net loss on account of exceptional and one-off items of Rs 554 crores as compared to a net gain on account of exceptional and one-off items of Rs 519 crores in Q3 F2019, the company said in a regulatory filing. The total…
New Delhi: Mahindra & Mahindra on Saturday said Anand Mahindra has acceded the request of the board to continue as executive chairman till November next year.The board of directors of the company have unanimously requested Anand Mahindra to continue as the executive chairman till his original term of appointment as approved by the shareholders of the company that is up to November 11, 2021, the company said in a BSE filing. “In deference to the wishes of the Governance, Nomination and Remuneration Committee (GNRC) and Board, Anand Mahindra has acceded to the request to continue as the Executive Chairman till…
Lucknow: Raksha Mantri Shri Rajnath Singh described DefExpo 2020 as an unprecedented success which not only witnessed participation of a large number of exhibitors but also forged new partnerships and attracted more than 12 lakh visitors. Speaking at the valedictory ceremony on the fourth day of DefExpo 2020 at Lucknow today, Shri Rajnath Singh said UP stands for Unlimited Potential and DefExpo has succeeded in projecting a new identity of the state in defence sector and the Defence corridor received a huge boost for attracting new investments with the signing of 23 MoUs. He said DefExpo would also establish India as…