Author: Finance Khabar
New Delhi: Vodafone on Wednesday said the outlook for its India telecom joint venture Vodafone Idea remained “critical” and it was seeking relief from the government to pay the adjusted gross revenue (AGR) dues over a longer period. “In October, the Supreme Court gave an adverse judgment in the AGR case against the industry. The outlook for Vodafone Idea (VIL) remains critical. VIL is seeking relief from the Indian government to ensure that the rate and level of payments it makes to the government is sustainable and it can meet its other commitments as they fall due,” the London-based telecom…
New Delhi: MG Motors’ Marvel X SUV offers a range of over 400 km on a single charge and the battery pack takes 8.5 hours Morris Garages (MG) Motors on Wednesday unveiled its sports utility vehicle, Marvel X, at the Auto Expo 2020 (#AutoExpoOnZee). Talking about the features of the MG Motors marvel X, company spokesperson present at the unveiling ceremony at the Auto Expo 2020 claimed that Marvel X is the world’s first mass-production vehicle with integrated internet, electric, and autonomous capabilities. At the Auto Expo, MG Motors also showcased over a dozen production cars, including eMG6, RC6, 360M…
Lucknow: Bharat Forge Ltd., the world’s leading technology solutions provider signed a Memorandum of Understanding with DASTAN Corp., Kyrgyzstan, engaged in development of Torpedoes with advanced homing heads for Shipborne & Submarine platforms, used by Indian Navy. Both firms are coming together for joint upgradation of CET-65E Torpedoes and to participate in jointly identified and mutually agreeable opportunities and programs related to the underwater weapon systems/Product in India and other territories. Speaking on the occasion, Mr. Baba Kalyani, Chairman, Kalyani Group said, “We are very excited to enter the marine business segment. This collaboration brings together the manufacturing and technology…
New delhi: india’s services sector surged to a seven-yr high in January driven by sharp demand in new business orders, leading to job creation and business optimism amid beneficial marketplace conditions, a month-to-month survey said on wednesday. The IHS Markit India Services Business Activity Index rose from 53.3 in December to 55.5 in January, signalling the strongest upturn in output in seven years. “The Indian service sector sprung to life at the start of 2020, defying expectations of fragility and building on to the momentum gained at the end of 2019,” said Pollyanna de Lima, Principal Economist at IHS Markit.…
Hyundai motor india isn’t planning to hike prices of electrical version Kona, regardless of expectancies of a upward push inside the price of the vehicle with the government proposing to increase customs duty on imported EVs, a company official said. The automaker, that is trying to force in a mass marketplace electric vehicle (EV) over the subsequent two-three years, said it’s going to appearance to boom localisation to keep the price of the model under check to offset impact of increased customs duty. “Currently we are are importing some parts of the Kona Electric from South Korea. As per the…
New Delhi: Two years ago, startup firm Ather Energy Pvt. Ltd took a leap in the dark, launching two electric scooter models in India—340 and 450—a segment to which most established automakers gave a wide berth because the path to profits was unclear. “Manufacturing is a hard problem to solve. But it is not unsolvable. If a business model runs on innovation and is IP-driven, then less manufacturing excellence will not hold you back,” said Tarun Mehta, co-founder, Ather Energy. Mehta said although Ather’s current production capacity is 30,000 units per year, it is able to utilize only a fraction…
The Nasdaq closed at record highs Tuesday, led by a surge in shares of Tesla (NASDAQ:TSLA) as the electric automaker continued its drive higher following its upbeat results last week showing record deliveries. The S&P 500 rose 1.5% to close at a record high, while the Nasdaq Composite surged 2.10% to a record. The Dow Jones Industrial Average gained 1.44%. Tesla was soaring, but saw sharp selling just before the close. There were unconfirmed rumors of a seondary offering, but shares still ended the day 15% higher. Shares have been on fire this week, with rises showing the hallmarks of…
New Delhi: Ujjivan Small Finance Bank (USFB) on Tuesday said it has used the entire Rs 746 crore equity capital that it raised through an IPO in December. “Entire amount has been utilised to meet the future capital requirement of the Bank. There is no amount unspent,” USFB said in a regulatory filing. The lender had raised Rs 745.95 through an initial public offer (IPO) in December 2019. The company said the funds were raised to “augment to tier-1 capital base to meet future capital requirement of the bank”, it said. USFB stock was trading at Rs 53.50 on the…
New Delhi: The tax department on Tuesday clarified that the Budget proposal of 10 per cent TDS will be applicable only on dividend payment by mutual funds and not on gain arising out of redemption of units. Finance Minister Nirmala Sitharaman had in Budget 2020-21 scrapped dividend distribution tax (DDT) paid by companies and mutual funds on dividend paid to shareholders or unit holders. In place, it was proposed to levy tax deducted at source (TDS) of 10 per cent on dividend/income paid by a company or mutual fund to its share/unit holder if the amount of such dividend/income exceeds…
New Delhi: On account of slide in the global crude oil prices, the Indian indices pares its losses of Saturday and Monday trade sessions. The BSE Sensex skyrocketed 917 points and closed at 40,789 levels while the Nifty-50 index surged 271 points and closed at 11,979 levels. Bank Nifty index shot up 663 points and closed at 30,686 levels. Speaking on the current market scenario Simi Bhaumik, a SEBI registered tax and investment expert said, “Nifty has strong support at 11,800. But, 12,000 is crucial. if Nifty breaks the 12,000 levels and sustains above this level, then we can expect…
Lucknow: Kalyani Group, Indian multi-national conglomerate with technology, engineering & manufacturing leader set for the global unveiling of its indigenously developed products at DefExpo 2020. Kalyani Group’s unmatched metallurgical knowledge, design, engineering and manufacturing capabilities has carved the path to establishing its presence in prominent sectors of national interest like Defence and Aerospace. Kalyani Group’s flagship company Bharat Forge aspires to make the Indian defence sector a self-reliant and lead the ‘Make in India’ narrative. The Defence Expo will witness the following announcements on behalf of Kalyani Group: Bharat Forge Limited to collaborate with General Atomics to develop new technologies…
New Delhi: Baird analyst Colin Sebastian said the earnings report showed “a deceleration” in growth for Google, which may have been due to the impact of fewer holiday shopping days. The results come with the Google facing intense pressure around the globe over its dominance of the online ecosystem. Google parent Alphabet missed revenue expectations in the fourth quarter despite stellar growth at YouTube and in the cloud, earnings figures released Monday showed. Detailing its cloud computing and YouTube revenues for the first time, Alphabet reported that profits rose 19 percent from a year ago in the quarter to nearly…
New Delhi: Punjab National Bank (PNB) Tuesday, reported a standalone loss of Rs 492 crore for the quarter ended December 31 down from a profit of Rs 246 crore in the same period last year. Shares of State-run Punjab National Bank (PNB) Tuesday fell 1.66 per cent as the lender reported a standalone loss of Rs 492 crore for the quarter ended December 31 down from a profit of Rs 246 crore in the same period last year. Meanwhile the consolidated loss of Rs 384 crore reported by the bank. PNB was expected to report a profit after recoveries made…
Kuala Lumpur: AirAsia CEO Tony Fernandes has temporarily stepped down while Malaysias anti-corruption commission investigates alleged bribes paid by European aircraft manufacturer Airbus. Besides Fernandes, the airlines’ Executive Director Kamarudin Meranun also stood down on Monday night, reports Efe news. “Kamarudin Meranun and CEO Anthony Francis Fernandes, have notified the Committee that they will relinquish their executive positions within the Group, effective immediately, for a period of two months or such other period that the Company may deem fit,” an AirAsia statement said. The airline added that “as advisors, they will not have executive authority within the Group”. The announcement…
New Delhi: Bajaj Auto on Tuesday reported 3.1 cent decline in total sales at 3,94,473 units in January. The firm had sold a total of 4,07,150 units in January 2019, Bajaj Auto said in a statement. Total domestic sales were down 16.6 per cent at 1,92,872 units as compared to 2,31,461 units in the year-ago month, it added. The two-wheeler sales in domestic market were at 1,57,796 units last month against 203,358 units in January 2019, down 22.4 per cent.
Mumbai: Reserve Bank of India Governor Shaktikanta Das has been selected as the Central Banker of the Year, Asia-Pacific for 2020 by London based ‘The Banker’ magazine. Das has been honoured for managing Indian banking sector faced with a series of challenges such as non-performing loans to issues around fraud, repeated economic slumps, which saw the central bank cut interest rates five times during 2019, and it was open to cutting them again if necessary. Das also brought in measures to tighten the rules around shadow banking. He has also been credited for being proactive in providing assistance to India’s…
Annual subscription packs starting at Rs.500 per annum gives access to trading, mutual funds, investments and loans Pune, Maharashtra: Bajaj Financial Securities Limited (BFSL), a 100% subsidiary of Bajaj Finance Limited, is offering a range of capital market solutions, with differentiated offerings for Ultra-High Net Worth Individuals (UHNI) and retail customers. BFSL is offering two annual subscription packs which will help traders and investors accrue higher savings with regards to the brokerage that they are paying. With a core focus on simplifying, streamlining and offering convenient solutions, Bajaj Financial Securities Limited aims to acquire UHNI clients, through its existing relationships,…
New Delhi: The further public offering (FPO) of ITI, priced at Rs 1,400-crore, has been subscribed 57 percent on February 3, its eighth day.The public issue has received bids for 10.44 crore equity shares against its FPO size of 18.18 crore shares, data from the exchange showed. The portion set aside for retail investors subscribed 1.02 times, while that of qualified institutional buyers was 59 percent and non-institutional investors at 17 percent. Due to a muted response, the state-owned telecommunications technology company, on January 28, revised the offer price band to Rs 71-77 per share, up from Rs 72-77 earlier…
New Delhi: No Hero, Honda, Bajaj, TVS, Royal Enfield or Yamaha will be seen this year in Delhi Auto Expo, even while Piaggio will showcase its Vespa and Aprilia brands. The only prominent name at the event is Suzuki Motorcycles. Likewise in cars, there are just a handful of manufacturers present this time around. Tata Motors, Mahindra & Mahindra, Maruti Suzuki and Hyundai are among the big ticket names which will display their offerings. Kia Motors, part of the Hyundai group that has caught the fancy of Indian customers with its Seltos SUV, will be a big draw this time.…
New Delhi: Indian Railway Finance Corporation (IRFC), is likely to be listed in mid-March this year, said multiple sources in the know. For the present fiscal (2019-20), Railways’ borrowing target has been increased by almost ₹10,000 crore, an 18 per cent jump from the budgeted ₹55,471 crore. For the next fiscal (2020-21) though, the market borrowing arm has a budgeted target to raise ₹58,000 crore, lower than the ₹65,471 crore in the present fiscal. The public sector enterprise filed its draft offer document for the initial public offer with SEBI in January this year. From the over ₹65,000 crore that…