Author: Finance Khabar

New Delhi: The Income-Tax Department has launched an e-calculator for individuals to estimate their tax liability if they opt for the new tax slabs, without claiming deductions and exemptions, for ITR filing as announced in the recent Budget, officials said on Thursday. The calculator, with a comparative table to compare taxes in the old and the new tax regime, for resident individuals (financial year 2020-21) has been hosted on the official e-filing website of the department–https://www.incometaxindiaefiling.gov.in. The web portal is used for filing of electronic income tax returns (ITRs) by individuals and various other categories of taxpayers. Taxpayers in three…

New Delhi: Indian Oil Corporation Ltd (IOCL) today (February 6, 2019) signed a contract for importing Russian crude oil to India with Rosneft. The contract was signed in the presence of Minister of Petroleum and Natural Gas Dharmendra Pradhan, Rosneft CEO Igor Sechin. The Minister of Petroleum & Natural Gas and Steel, Shri Dharmendra Pradhan and Mr Igor Sechin, CEOand Chairman of Rosneft, held the bilateral meeting here today. Both leaders also witnessed the signing of the first-ever Term Contract between IOCL and Rosneft for importing 2 Million Metric Tonnes of Urals grade crude oil during the year 2020 to…

New Delhi: State-owned Andhra Bank on Wednesday reported a consolidated net profit of Rs 174.76 crore in the third quarter ended December 31, 2019. The bank had posted a net loss of Rs 573.52 crore in the corresponding quarter of the previous financial year. Its total income during the October-December 2019 quarter rose to Rs 5,913.14 crore as compared with Rs 5,609.43 crore a year ago, Andhra Bank said in a regulatory filing. Gross non-performing assets (NPAs) worsened to 17.26 per cent of the gross advances at the end of December 2019, compared with 16.68 per cent a year ago.…

New Delhi: The Reserve Bank of India monetary policy committee meeting has announced big relief for the real estate sector as it has announced that the delay in delivery with proper reason won’t lead to the downgrading of the real estate loans. Apart from that, Governor Shaktikanta Das said that the Repo Rate will remain unchanged at 5.15 per cent. The RBI MPC Meeting came out with a consensus that the Repo Rate should be left unchanged maintaining the accommodative stance of India’s apex bank. In a written press statement issued by the RBI it was informed that on the…

New Delhi: World Bank chief economist Pinelopi Koujianou Goldberg on Wednesday announced she will be leaving the institution. Calling it a “difficult decision,” Goldberg wrote that she will step down from her post on March 1 to return to teaching at Yale University. “This has been a rewarding experience, to work with you on the issues that we care deeply about and ensure that development economics serves to create opportunities for the poor,” she told her colleagues in the letter. In a separate letter, World Bank President David Malpass said research director Aart Kraay would take over for Goldberg until…

New Delhi: The Reserve Bank of India has kept the repo rate change in its first Monetary Policy Committee meeting following the Union Budget. After the announcement, the repo rate remains at 5.15 per cent. All six members of Monetary Policy Committee vote in favour of maintaining status quo on interest rate. The committe pegged the GDP growth rate for 2020-21 at 6 per cent. The Reserve Bank has also maintained its stance as accommodative. It said that the stance will remain as as long as it takes. “Economy continues to be weak, output gap remains negative,” the Shanktikandas Das-led…

New Delhi: The government aims to complete merger of PSU general insurance companies — National Insurance Co Ltd, United India Insurance Co Ltd, and Oriental Insurance Co Ltd — by the end of March, Finance Secretary Rajiv Kumar said. “Merger of PSU general insurers is at an advanced stage. We can see that happening quite soon. It is already before the Cabinet,” Kumar told in an interview. Though the merger process was in the works, the government would take a call on listing the merged entity after the merger, he said. To facilitate the merger, the Budget has announced a…

Lucknow: Lack of proper policy initiative in last several decades made India the biggest importer of defence platforms, he said. India is eyeing defence export of $ 5 billion in the next five years, Prime Minister Narendra Modi said on Wednesday, highlighting the measures taken by his government to boost manufacturing and woo investors to set up a base in the country. Inaugurating the 11th edition of DefExpo here, Modi said a country of the size of India cannot entirely depend on imports and added the number of defence licenses issued in the last five years has risen to 460…

New York: Companies in the United State of America ramped up hiring at the start of the year, taking on the most workers since May 2015 and indicating the labor market remains robust, a report on private payrolls showed Wednesday. Employment at businesses increased by 291,000 in January after a revised 199,000 gain in the previous month, according to data from the ADP (NASDAQ:ADP) Research Institute. The surge in hiring, which partly reflected the benefits of warmer weather, exceeded all economists’ forecasts in a Bloomberg survey that called for a 157,000 gain. The dollar strengthened and Treasury yields rose after…

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…