Author: Finance Khabar
New Delhi: Microsoft Corporation has named Chief Executive Officer Satya Nadella as its new chairman, in place of John Thompson. On Wednesday, it announced that the independent directors of the board unanimously elected the Indian-origin Nadella. According to The Verge, it is the first time in two decades that Microsoft’s chairman will also be its CEO, after the software giant’s co-founder Bill Gates originally stepped down as CEO in 2000. Also, Thompson, who took over as chairman from Bill Gates in 2014, will serve as lead independent director. Nadella was appointed Microsoft CEO in 2014 after taking over the position…
Kolkata: Leading telecom operator Vodafone Idea on Thursday announced the availability of eSIM for its postpaid customers for compatible devices in Kolkata. An eSIM is a digital SIM that allows one to activate a cellular plan from a carrier without having to use a physical nano-SIM. It is a small chip inside the phone. The technology will enable postpaid customers “to enjoy the benefits of convenience and flexibility of having more than one sim even on a single sim device,” Vodafone Idea Cluster Business Head- (East), Shivan Bhargava said in a statement. The company’s eSIM service is now available in…
New Delhi: India has allowed Chinese companies to participate in the country’s government projects. According to the decision of the government, now domestic companies will be able to bid for government projects together with Chinese companies through technology transfer agreement. This is in contrast to the government’s stand that last year, amid the ongoing dispute with China, steps were taken to prevent Chinese companies from doing business in India in every possible way. According to industry sources, the relief given by the government has made it possible for Chinese companies to operate in the Indian market. Since the beginning of…
New Delhi: India’s fuel demand rebounded in the first half of June as easing of coronavirus lockdowns helped sales but the consumption was still lower compared to last year. While petrol sales rose by 13 per cent during June 1-15 over the same period of last month, diesel consumption was up 12 per cent, according to data compiled by state fuel retailers. This is the first monthly increase since March. Fuel demand had recovered to near-normal levels in March before the onset of the second wave of Covid-19 infections led to the reimposition of lockdowns in different states, stalling mobility…
New Delhi: Former Finance Minister P. Chidambaram has alleged that contrary to the claims of Finance Minister Nirmala Sitharaman, GST dues of Congress-ruled states Rajasthan and Chhattisgarh are yet to be cleared. “More numbers on GST dues. For Rajasthan, the GST dues upto 31-3-2021 were Rs 4,635 crore. This number was mentioned in CM’s letter to FM. In 2021-22, add another Rs 2,507 crore upto May. Total dues, so far, are Rs 7,142 crore “For Chhattisgarh, GST dues upto 1-6-2021 are Rs 3,069 crore. Yet, the FM claimed that she had cleared GST dues to all states!” the former union…
New Delhi: Social media platform Twitter has lost its status of intermediary platform in India over non-compliance to the new intermediary guidelines. As a result of the development, the company has lost its legal shield in the country from prosecution over posts. “Twitter has lost its status as intermediary platform in India as it has not complied with new guidelines,” an official source said. Further, in a series of Tweets, Union Electronics and IT Minister Ravi Shankar Prasad said that there are numerous queries arising as to whether Twitter is entitled to safe harbour provision. “However, the simple fact of…
New Delhi: Benchmark indices Sensex and Nifty retreated from record high levels on Wednesday following intense selling in Reliance and HDFC twins as investors turned cautious ahead of the outcome of the US Federal Reserve’s policy meeting. The 30-share BSE index ended 271.07 points or 0.51 per cent lower at 52,501.98. It had closed at an all-time high of 52,773.05 on Tuesday. The broader NSE Nifty retreated from a record and declined 101.70 points or 0.64 per cent to 15,767.55. PowerGrid was the top laggard in the Sensex pack, shedding around 2 per cent, followed by IndusInd Bank, Reliance, L&T,…
New York:Bitcoin climbed to shy of $40,000 on Monday, after yet another weekend of price swings following tweets from Tesla boss Elon Musk, who fended off criticism over his market influence and said Tesla sold bitcoin but may resume transactions using it. Bitcoin has gyrated to Musk’s views for months since Tesla announced a $1.5 billion bitcoin purchase in February and said it would take the cryptocurrency in payment. He later said the electric car maker would not accept bitcoin due to concerns over how mining the currency requires high energy use and contributes to climate change. “When there’s confirmation…
New Delhi: Max Life Insurance on Tuesday reported a 33 per cent jump in death claim settlements to over Rs 885 crore for the financial year 2020-21. The private sector insurer said its claim settlement ratio also touched an all-time high at 99.35 per cent during the year. It represents the ratio of the number of claims paid against the number of claims filed during a particular time frame. Max Life Insurance has paid 19,922 death claims worth Rs 885.57 crore during the financial year 2020-21. With this, the company has achieved an all-time high individual death claims paid ratio…
Mumbai: The Reserve Bank has revoked the deposit-taking status of Dewan Housing Finance (DHFL), the first financial services firm to go for bankruptcy proceedings, and has reclassified it as a non-deposit taking housing finance company, before approving the Piramal group”s bid to take over it towards the end of the resolution process. The revelation comes in the June 7 NCLT Mumbai order that has approved the Rs 35,250-crore bid for the once second largest mortgage lender by Piramal Capital & Housing Finance, forcing over 65 per cent haircut on the creditors and just Re 1 to its NCD holders to…
New Delhi: According to a survey conducted by the Association of India (RAI), retail sales in May 2021 fell by 79 per cent as compared to May 2019 in the pre-corona period. The biggest decline in sales was in western and northern India, where retail sales fell by 83 percent in May 2021 compared to the same period two years ago. . According to the RAI survey, there was a greater decline in sales in May than in April 2021. In April 2021, there was a decline of 49 per cent in comparison to April 2019 two years ago. Restrictions…
Mumbai: The domestic stock markets closed at a new record level today on the back of the continuing decline in the cases of Kovid-19. The BSE 30-share sensitive index Sensex jumped 221.52 points, or 0.42 per cent, to 52,773.05. It has closed above 52,700 mark for the first time. It had crossed the 52,800 mark for the first time in mid-trade. The Nifty of the National Stock Exchange also closed at a record level of 15,860.25, up 48.40 points, or 0.31 percent. During trading, it rose to a historical level of 15,901.60 points. Both the indices closed in the green…
New Delhi: In the midst of the Corona crisis, the people of the country are facing the double whammy of inflation. Retail inflation has reached a six-month high in the month of May (Consumer Price Index). The Consumer Price Index (CPI) rose to 6.30 per cent in May. It has reached beyond the purview of the Reserve Bank of India. The Reserve Bank of India has set a retail inflation target of 4 per cent. A margin of +/- 2 per cent has been given in this. The RBI wants to keep it between a maximum of 6 percent and…
New Delhi: The market capitalization (market cap) of five of the top 10 Sensex companies increased by Rs 1,01,389.44 crore last week. IT sector companies Tata Consultancy Services (TCS) and Infosys were the biggest gainers. While the market capitalization of Reliance Industries, TCS, Infosys, Hindustan Unilever Limited and Bajaj Finance increased in the week under review, the market valuation of HDFC Bank, HDFC, ICICI Bank, State Bank of India and Kotak Mahindra Bank declined. Last week, the market capitalization of TCS increased by Rs 47,551.31 crore to Rs 12,10,218.64 crore. TCS remained the biggest gainer. The market valuation of Infosys…
With the prices of petrol and diesel rising sharply, Petroleum Minister Dharmendra Pradhan on Sunday said that since the government’s expenditure has increased due to the relief measures from Covid, the Center is saving money to spend on welfare schemes. . According to the Indian Express report, Pradhan, while talking to the media, said that he believes that the oil prices are causing problems to the customers, there is no doubt about it. But this year more than 35 thousand crore rupees have been spent on the corona vaccine. He further said that Rs 1 lakh crore has been spent…
Foreign portfolio investors (FPIs) have infused a net Rs 13,424 crore into the Indian markets so far in June. Foreign investors’ confidence in the Indian markets has increased due to the hope of an early opening of the economy amid a reduction in cases of Kovid-19 infection. According to depository data, FPIs invested Rs 15,520 crore in equities from June 1 to 11. Himanshu Srivastava, Associate Director-Manager Research, Morningstar India, said that the economy is expected to open soon amid decreasing cases of corona virus due to the net inflow of foreign investors into stocks during the last two weeks.…
New Delhi: Diesel price on Saturday breached the Rs 100 per litre mark in Rajasthan after yet another increase in fuel rates, which also led to Karnataka becoming the 7th state to record Rs 100 a litre petrol. Petrol price was hiked by 27 paise per litre and diesel by 23 paise, according to a price notification of state-owned fuel retailers. The hike — 23rd since May 4 — pushed fuel prices across the country to new historic highs. In Delhi, petrol hit an all-time high of Rs 96.12 a litre, while diesel is now priced at Rs 86.98 per…
New Delhi:The GST Council on Saturday decided to slash rates of several Covid-relief items to 5 per cent from existing 12 to 18 per cent levels but kept the much anticipated tax rate on vaccines unchanged at 5 per cent. Addressing the media, post the GST Council meet, Finance Minister Nirmala Sitharaman said that the council agreed to go with the recommendations of the Group of Ministers (GoM) that was single point agenda on the council on Saturday. She said that while rate of tax on various Covid relief medical items has been reduced, no change had been made in…
New Delhi: State Bank of India has started the scheme of giving loans to those account holders who need money for the treatment of Covid-19. Under the SBI Kavach Personal Loan Scheme, loans are being given to the account holders or their family members for the treatment of corona. If the account holder or any member of his family is found to be corono positive on or after April 1, 2021, then he can take a loan under this scheme for treatment. The earlier expenses for treatment are also covered under the loan. This loan can be available to all…
Over the last few years, there has been a greater focus on the need for savings. Therefore, it is important to understand why savings hold such a prominent place in any financial dialogue. The future can throw up several surprises which might require financing. It is a known fact that finances cannot be generated overnight, it requires years of meticulous planning and choosing the right investment tools. Financial experts suggest that every individual should ideally have savings, the amount of which should be able to fund them for the next 6-12 months. Apart from emergencies, saving for future goals is…