Author: Finance Khabar

New Delhi: According to the weekly statistical supplement of the Reserve Bank of India (RBI), India’s foreign exchange reserves saw an increase of $ 2.865 billion during the week ended May 21. According to the weekly statistical supplement of the Reserve Bank of India (RBI), reserves increased to $ 592.894 billion from $ 590.028 billion reported for the week ended May 14. India’s foreign exchange reserves include foreign currency assets, gold reserves, special drawing rights and reserve status of the country with the International Monetary Fund (IMF). On a weekly basis, the FCA, the largest component of foreign exchange reserves,…

The fleet of Vistara, a joint venture between the Tata group and Singapore Airlines, today included its first self-bought Airbus A320 Neo aircraft. The airline said in a press release today that the aircraft, registered as “VT-TQE”, reached Delhi on Saturday morning from Airbus’ plant in Toulouse, France. In the year 2018, Vistara entered into an agreement with the aircraft maker Airbus for the purchase of thirteen A320 Neo aircraft. Under it, the first aircraft has joined its fleet. In addition, an A320 Neo aircraft is leased to its fleet. With the arrival of the new A320 Neo aircraft, Vistara…

Bank reported improvement in performance in terms of asset quality, CASA deposits, profitability and capital. Bank’s Gross NPA ratio is now at 8.87% as of Mar’21 from 9.40% as of Mar’20. Slippage ratio declined to 2.71% in FY21 from 2.97% in FY20 led by domestic slippage ratio which declined to 2.08% in FY21 compared to 3.16% in FY20. Domestic CASA deposits increased by 16.48% YoY and Domestic CASA ratio is now at 42.87%, an increase of 3.8% YoY. Domestic advances increased by 4.91% YoY led by organic retail and agriculture loans which grew by 14.35% and 13.22% respectively. Highlights• Domestic…

New Delhi: DGCA has again extended the ban on scheduled international commercial passenger flights in India till 11.59 pm on 30 June 2021. Earlier in April, it was extended to 11:59 on the night of 31 May. The DGCA issued a circular in this regard on Friday. However, the circular issued by the aircraft regulator states that this restriction will not apply to flights specifically approved by International Cargo Operations and DGCA. The DGCA has stated in this circular that international scheduled flights can be allowed on select routes by the appropriate authority. This permission can be given after considering…

New Delhi: The Department of Telecommunications has allocated spectrum to telecom operators for 5G trials in the country. This information has been received by quoting sources. According to industry sources, these trials will be held at other places including Delhi, Mumbai, Kolkata, Bangalore, Gujarat and Hyderabad. Officials of a telecom company informed that telecom operators have been allocated spectrum in 700 MHz band, 3.3-3.6 GHz band and 24.25-28.5 GHz band in many places. According to the Department of Telecommunications, 5G technology is expected to be about 10 times better in terms of download speed. Apart from this, spectrum efficiency is…

New Delhi: Good shopping was seen in the domestic stock market today amid better global cues. Both the Sensex and Nifty indices remained strong in the business and closed with an increase at the end of trading. The Sensex opened at 51,381.27 points today in the beginning of trading. After this it reached 51,529.32 points. At the end of trading, it closed with a gain of 307 points at 51,422.88 compared to the previous trading day. Of the 30 stocks listed on the Sensex, 13 closed in green signal while the remaining 17 closed in red. Reliance and M&M were…

New Delhi: Mahindra & Mahindra, one of the country’s leading automobile companies, posted consolidated profit of Rs 1,635 crore for the quarter ended March 2021. In comparison, the company suffered a consolidated loss of Rs 588 crore during the quarter ended March 2020. The company has also announced a dividend for its shareholders at the rate of Rs 8.75 per share. Shares of the company closed at Rs 847, up 2.22 per cent after the results were announced. Mahindra & Mahindra has informed in a regulatory filing on Friday that its consolidated net profit during the last full business year…

Mumbai: The National Stock Exchange’s Nifty climbed for the fifth consecutive day today, closing at a new peak amid strong investment sentiment in the domestic stock markets. The Nifty led by banking, IT and auto sectors closed at 15,337.85, a 36.40 point or 0.24 percent increase, its highest level ever. Earlier, on February 15, the record had closed at 15,314.17. BSE’s 30-share sensitive index Sensex also strengthened for the second consecutive day and gained 97.70 points, or 0.19 percent, to 51,115.22 points, the highest level since March 10. Among the Nifty companies, Shree Cement shares rose the most by 4.12…

Thiruvananthapuram: IBS Software, a leading SaaS technology provider for the travel industry, has announced that it has reached an agreement with LATAM Airlines Group to implement its iFly Loyalty platform, enabling the airline to manage its loyalty programs from a single modern platform. “iFly Loyalty will also allow LATAM to move away from a traditional, outdated and costly data center infrastructure. Upon completion of the transformation, IBS Software’s cloud-native iFly Loyalty platform will power the entire technology stack that drives LATAM’s loyalty business,” Marcus Puffer, VP and Head of Loyalty Management solutions, IBS Software, said in a press release here…

Chennai: Royal Enfield – an famous brand in India, the world’s biggest motorbike market, will shut its three manufacturing plants from May 27 to May 29, the internal note to workers said. Eicher Motors Ltd-owned Royal Enfield will shut its three south Indian manufacturing plants for three days to ensure safety amid rising COVID-19 cases, according to an internal note seen by Reuters and two sources. Royal Enfield – an famous brand in India, the world’s biggest motorbike market, will shut its three manufacturing plants from May 27 to May 29, the internal note to workers said. “We will resume…

Mumbai: The domestic stock market has seen good growth amid mixed global signals. Both the Sensex and the Nifty have closed strongly in the business. The Nifty has closed beyond the 15300 mark. At the same time, the Sensex has also closed with a gain of 380 points. Sensex has crossed 51 thousand for the first time after 12 March. The market has got support from buying in IT shares. While metal and government bank stocks are selling. Currently, the Sensex has gained 380 points at the end of trading and has closed at the level of 51,017.52. At the…

New Delhi: The impact of the second wave of Corona has started showing on the economy as well. British brokerage firm Barclays has cut its GDP growth estimate for the financial year 2021-22 by 0.80 per cent. According to Barclays’ estimate, Indian GDP will grow at 9.2 per cent in the current financial year. The British brokerage firm has cut this in the estimate of Indian GDP growth due to the second wave of Corona epidemic. Barclays says the second wave turned out to be more dangerous than anticipated. Barclays lowered GDP growth estimates for the second time in this…

New Delhi: Foreign direct investments (FDI) into the country grew 19 per cent to USD 59.64 billion during 2020-21 on account of measures taken by the government on the fronts of policy reforms, investment facilitation and ease of doing business, the commerce and industry ministry said on Monday. Total FDI, including equity, re-invested earnings and capital, rose 10 per cent to the “highest ever” of USD 81.72 billion during 2020-21 as against USD 74.39 billion in 2019-20. “FDI equity inflow grew by 19 per cent in 2020-21 (USD 59.64 billion), compared to 2019-20 (USD 49.98 billion),” the ministry said in…

Mumbai: The domestic stock market has seen a boom amid mixed global signals. The Nifty has reached close to 15200 at the end of business. At the same time, the Sensex has also closed stronger by more than 100 points. The market has gained support in banks and financial stocks. At the same time, weakness in metal stocks has put a break on the boom. Currently, the Sensex has gained 111 points at the end of trading and has closed at the level of 50,652. At the same time, the Nifty has gained 22 points and has closed at the…

New Delhi: The much-awaited 5G services roll-out is expected to spur telecom contractual staffing over the next two years and will emerge as a key driver for hiring activities in the sector, according to a senior official at TeamLease. The Department of Telecom (DoT) already set the ball in motion for 5G trials earlier this month, when it approved applications of telecom companies including Reliance Jio, Bharti Airtel, Vodafone Idea for conducting the trials. According to Deval Singh, Business Head- Telecom, IT and ITES, Media and Government, TeamLease Services, the outlook for contractual hiring in the sector remains positive, notwithstanding…

New Delhi: Overseas investors withdrew Rs 4,444 crore from Indian markets in May so far amid concerns over the second wave of the coronavirus pandemic and its possible impact on the Indian economy. As per depositories data, foreign portfolio investors (FPIs) took out Rs 6,370 crore from equities but pumped in Rs 1,926 crore in the debt segment between May 1-21. This took the total net outflow to Rs 4,444 crore. “The concern over the second wave of coronavirus pandemic and its possible impact on the Indian economy continue to keep foreign investors on the sidelines and restrain them from…

Lucknow: Industry body Assocham has demanded from the government a ‘concentrated and right kind’ of relief package for MSME sector, which was most affected by covid-19 pandemic. “Yes, there is a need for a relief package which has to be directed very carefully. We at Assocham believe that both the Centre and the states need to come together with certain plans, so that we can give a concentrated, focused and the right kind of relief to whoever needs it the most,” Assocham president Vineet Agarwal told PTI on Sunday. Suggesting some measures, he said banks should increase working capital limit…

New Delhi: The GST Council is its upcoming meeting, scheduled to be held on May 28, is likely to take a call on levy of 12 per cent tax on import of oxygen concentrators for personal use. The Delhi High Court last week said that imposition of 12 per cent Integrated GST (IGST) on oxygen concentrators for personal use or those received as gifts is “unconstitutional”. The Court’s observation came on a plea filed by an 85-year old COVID patient whose relative had sent oxygen concentrator from the US. It also quashed a May 1 notification of the Finance Ministry…

New Delhi: The Indian Banks’ Association (IBA) on behalf of lenders has approached the finance ministry to refund the burden fallen on their shoulders due to a recent Supreme Court judgment on the waiver of compound interest on all loan accounts which opted for moratorium during March-August 2020. The March judgment of the apex court directed the banks to waive off compound interest on loans above Rs 2 crore availing moratorium as loans below this got blanket interest on interest waiver in November last year. Compound interest support scheme for loan moratorium cost the government Rs 5,500 crore during 2020-21,…

The yellow metal (Gold) is known as the safe– haven asset since ages due to its steady returns it provided even in pandemic like situations. If you wish to buy gold or invest but feel left out or scared of going out in the pandemic then here’s the good news for you- Now buy genuine gold from the comfort of your home through RBI’s Sovereign Gold Bond (SGB) Scheme 2021 subscription, second tranche opening from May 24 – May 28 at subscription price of Rs 4,842 per gram. Gold prices in India are currently hovering around Rs. 48,000- 50,000 per 10 gram…