Author: Finance Khabar
New Delhi: Employee Provident Fund Organization (EPFO) has decided to implement the new rule for PF account holders from 1 June. Now the employer has been given the responsibility of getting verified from the basis of PF account. If the employer fails to do so, it may prevent the employee’s contribution to the subscriber’s account. Because of this, it has become important for the subscribers to link their PF account with Aadhaar. The EPFO has made this decision under section 142 of the Social Security Code. The Employer has been instructed that electronic invoices and returns (ECR) cannot be filed…
New Delhi: To further support the MSMEs hit by Corona, the government on Sunday announced an extension of its Rs 3 lakh crore Emergency Credit Line Guarantee Scheme (ECLGS) by three months. This scheme has been extended from 30 June 2021 to 30 September 2021 or until an amount of Rs 3 lakh crore is released. The Finance Ministry also announced a 100 per cent guarantee on loans up to Rs 2 crore to hospitals, nursing homes, clinics, medical colleges to set up an on-site oxygen plant, with an interest rate limit of 7.5 per cent. The ministry also announced…
New Delhi: Last week, the market capitalization (market cap) of eight of the 10 most valuable companies in the country has increased. The combined market cap of these companies increased by Rs 1,39,566.52 crore last week. Reliance Industries, TCS and Infosys were the biggest beneficiaries in this. On a weekly basis, the BSE Sensex gained 882.40 points, or 1.74 percent, during the past week. During the week ended on Friday, only two companies, Hindustan Unilever and Bajaj Finance, saw a drop in market capitalization. Among the profitable companies, the market valuation of Reliance Industries jumped 59,590.77 points to reach Rs…
New Delhi: Foreign investors pulled out a net capital of Rs 1,730 crore from the Indian markets so far in the month of May, selling more for the second consecutive month amid the second wave of the Covid-19 epidemic. According to data from depository companies, Foreign Portfolio Investors (FPIs) withdrew Rs 3,375.2 crore from the stock market during May 1–28 and made a net investment of Rs 1,645.8 crore in the bond market. However, Himanshu Srivastava, co-director (manager research), Morning Star India, said that after the high selling for eight consecutive weeks in the Indian markets, there has been signs…
New Delhi: The Centre’s flagship housing programme – Pradhan Mantri Awas Yojana – has created over 1.2 crore employment opportunities, said Grant Thornton Bharat’s ‘Affordable Housing in India’ report. The report cited that these employment opportunities so far were created through forward and backward linkages across 21 sectors. Besides, the report said that these sectors include 250 auxiliary industries like steel, brick kilns, cement, paint, hardware and sanitary amongst others. In terms of stakeholder impact, the report pointed out that PMAY has benefited nearly 5.8 lakh senior citizens, 2 lakh construction workers, 1.5 lakh domestic workers and 1.5 lakh artisans.…
New Delhi: Two-wheeler major Honda Motorcycle & Scooter India has recommenced production at its plants in a phased manner.The company has manufacturing plants in Manesar (Haryana), Tapukara (Rajasthan) and Vithalapur (Gujarat). “We are gradually resuming production operations following all Covid-19 compliance and lockdown guidelines by respective state governments,” said Atsushi Ogata – Managing Director, President & CEO, Honda Motorcycle & Scooter India. “While there are visible signs of recovery in the country, we will continue to monitor the situation very closely and are moving forward with safety and well-being of all our stakeholders as a top priority.” Besides, the company…
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…