Author: Finance Khabar
Profit booking has also been seen in the domestic stock market amid weak global cues. Both the Sensex and the Nifty have closed weakly in the business. The Nifty has closed below the 15050 level. The Sensex has fallen by almost 300 points. Bank, financial and auto stocks are being sold today, although there is some support from the pharma and realty sectors. Currently, the Sensex has fallen by 291 points at the end of trading and has closed at the level of 49,902.64. At the same time, the Nifty has closed at the level of 15030 after weakening by…
New Delhi: The Reserve Bank of India (RBI) said on Monday that the second wave of Corona has caused a huge reduction in demand. The RBI said in its monthly bulletin that the economic activity in the first quarter of the current financial year “did not decrease much but caused a loss” as Corona’s cases rebounded. RBI said that the second wave of Corona has created problems for India and the world. Attempts are being made on a war footing to prevent Corona cases. According to the bulletin, “Economic indicators have weakened in April and May. The second wave of…
Mumbai: Bharti Airtel on Monday reported a net profit of Rs 759 crore for the January-March quarter. During the same period of FY20, the company had reported a loss of 5,237 crore. Its revenues for the period under review rose 17.6 per cent to Rs 25,747 crore. India revenue was at Rs 18,338 crore increased by 17.5 per cent YoY on a comparable basis and 9.6 per cent YoY on a reported basis. Mobile revenues grew by 19.1 per cent YoY on comparable basis on account of the improved realizations as well as strong customer addition, said a company statement.…
New Delhi: In the month of April, wholesale inflation has seen a record breaking pace in the country. The wholesale inflation rate has increased to 10.49 per cent in April 2021. It is all time high. Whereas in March it stood at 7.29 percent, which was the highest in 8 years. Let us know that there is a continuous rise in wholesale inflation. Wholesale inflation stood at 4.17 percent in February. At present, inflation has broken all records in April. The Commerce Ministry stated that WPI inflation based on wholesale prices stood at 10.49 per cent in April 2021. This…
Mumbai: Equity benchmark Sensex zoomed over 848 points on Monday, driven by strong buying in banking shares amid a reduction in daily domestic COVID-19 caseload. The 30-share BSE index ended 848.18 points or 1.74 per cent higher at 49,580.73, and the broader NSE Nifty soared 245.35 points or 1.67 per cent to 14,923.15. IndusInd Bank was the top gainer in the Sensex pack, rallying over 7 per cent, followed by SBI, ICICI Bank, HDFC twins, Axis Bank, Bajaj Finserv and UltraTech Cement. On the other hand, L&T, Bharti Airtel, Nestle India, Sun Pharma and PowerGrid were among the laggards. According…
New Delhi: Market capitalization of eight of the country’s top 10 valued companies decreased by Rs 1,13,074.57 crore last week. Tata Consultancy Services (TCS), Infosys and HDFC Bank were the biggest losers. Of the top 10 valued companies, only two – Reliance Industries and State Bank of India – made profits on a weekly basis. The BSE Sensex fell by 473.92 points, or 0.96 per cent, in the week on a short trading day due to the holiday. TCS ‘market capitalization (MCAP) fell by Rs 30,054.79 crore to Rs 11,28,488.10 crore. Infosys’ market capitalization declined by Rs 15,168.41 crore to…
New Delhi: Foreign portfolio investors have withdrawn Rs 6,452 crore from the Indian market so far in May, as the second wave of the Covid-19 pandemic affected investor sentiment. According to depository data, foreign investors pulled out Rs 6,427 crore from the stock markets and Rs 25 crore from the bond market between May 1 and 14. During this period, Rs 6,452 crore was netted from the market. VK Vijayakumar, chief investment officer of Geojit Financial Services, said the second wave of the Covid-epidemic was the reason for the FPI withdrawal, the lockdown imposed in various states for its containment…
New Delhi: UK’s Cairn Energy Plc has brought a lawsuit in a US court that potentially can lead to seizing of Air India’s overseas assets such as airplanes to recover USD 1.72 billion from the Indian government which an international arbitration tribunal had awarded after overturning levy of retrospective taxes. Cairn on May 14 filed a lawsuit in the US District Court for the Southern District of New York seeking declaration of Air India as the ”alter ego of Indian government” by virtue of control and as a state-owned company it “legally indistinct from the state itself”, three sources with…
New Delhi: State-owned Punjab National Bank on Saturday said it has raised Rs 1,800 crore by selling 53 crore shares on a private placement basis to investors like LIC and Societe Generale. Eligible Qualified Institutional Buyers (QIBs) were given the share at an issue price of Rs 33.75 per unit aggregating to Rs 1,799.99 crore, PNB said in a regulatory filing. The qualified institutional placement (QIP) closed on Friday with the bank fixing issue price at a 5 per cent discount to the floor price of Rs 35.51 per unit. ”Pursuant to the allotment of equity shares in the QIP,…
Private sector Yes Bank is auctioning off immovable properties of e-commerce company Magnum Solutions Ltd to recover its debt of Rs 345 crore. The auction will be done online on May 15. In its E-Auction notice, Yes Bank said that it had taken possession of the physical properties of Magnum Solutions Limited on August 29, 2020. Yes Bank said that the auction of immovable assets of Magnum Solutions Limited will be done under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act.
Bata India, the leading footwear company, has appointed Gunjan Shah, the former chief commercial officer of Britannia Industries, as the chief executive officer. Shah will replace Sandeep Kataria at the company who was promoted as the global CEO of Bata Brands in November last year. Bata India said in a statement on Friday that Shah will take up the position in June 2021. He will work from Gurugram. Sandeep Kataria said, “India has always been an important market for us from a global perspective. A brilliant leader like Gunjan will take over the company’s operations in India and given his…
Mumbai: The GST Council will meet for the first time this year on May 28, through video conferencing. The meeting coming in the backdrop of the fresh and more deadly Covid wave sweeping the country, is expected to announce a few Covid relief measures particularly on compliance matters. It may also announce a few measures to correct the inverted duty while discuss the compensation cess dues arising in 2021-22 due to a possible shortfall in cess collections. Two other important items including lowering of GST rates for two wheelers and bringing natural gas into the indirect tax fold may also…
New Delhi: There has been some decline in the retail inflation rate i.e. Consumer Price Index (CPI) in April. Today, on 12 May, the central government released the data on retail inflation. According to data released by the Ministry of Statistics and Program Implementation, the retail inflation (CPI) was 4.29 percent in April due to a decrease in food prices as compared to 5.52 percent in March. This can be gauged by how important the inflation-related figures are that the Reserve Bank of India (RBI) attaches importance to retail inflation based on the Consumer Price Index (CPI) in determining monetary…
New Delhi: The government has approved a production-based incentive scheme of Rs 18 thousand 100 crore to promote the manufacture of chemical batteries in the country. In the Union Cabinet chaired by Prime Minister Narendra Modi here on Wednesday, the Production Promotion Scheme ‘National Advanced Chemistry Battery Program’ was approved in the Union Cabinet. The scheme was proposed by the Union Ministry of Heavy Industries. The goal is to achieve the capacity to manufacture ‘suitable’ ACC batteries of 50 GW and 5 GW of OVs under the scheme. Giga hours means producing one billion watts of energy per hour in…
New Delhi: Union Commerce and Industry Minister Piyush Goyal said on Wednesday that India is in favor of starting negotiations for a balanced, ambitious, comprehensive and mutually beneficial agreement on trade and investment protection. Mr. Goyal while addressing the World Economic Forum’s Global Business Session online said that the Regional Comprehensive Economic Partnership (RCEP) was not a balanced agreement as it would harm India’s farmers, small industries – MSMEs, dairy industry and hence for India. It was an understanding not to join the RCEP. He said India looked forward to trade and investment negotiations and potential for economic growth and…
Mumbai: Extending its losses to the second session, equity benchmark Sensex slumped 471 points on Wednesday, dragged by selling in index majors ICICI Bank, HUL, and Reliance Industries amid mixed cues from global markets. The 30-share BSE index ended 471.01 points or 0.96 percent lower at 48,690.80. Similarly, the broader NSE Nifty tumbled 154.25 points or 1.04 percent to 14,696.50. IndusInd Bank was the top loser in the Sensex pack, shedding over 3 percent, followed by HUL, ONGC, ICICI Bank, Axis Bank, Kotak Bank, M&M, and Tech Mahindra. On the other hand, Titan, Maruti, PowerGrid, SBI, and NTPC were among…
Mumbai: Snapping a gaining streak of last four sessions, the BSE Sensex on Tuesday slipped by 340.60 pts to settle at 49,161.71 on profit booking by local operators at higher level. The Nifty too eased by 91.60 pts to 14,850.75. The day opened on a weak note at 49,066.45 fell by 436 pts. It was plummeted 514 pts to 48,988.18, days low before closing at 49,161.81, down 340.60 pts from its previous close. The sensex registered days high and low at 49,304.47 and 48,988.18 pts respectively. The Nifty recorded days high and low at 14,900 and 14,771.40 pts respectively. The…
New Delhi: Credit rating agency Moody’s Investors Services lowered the country’s economic growth forecast for the current financial year 2021-22 by about four per cent to 9.3 per cent on Tuesday, compared to 13.7 per cent previously. Moody’s puts India’s sovereign rating at BAA 3 with a negative outlook. He says that bottlenecks, high debt and weak financial system have an impact on sovereign rating in the path of economic growth. In February, the US rating agency had predicted India’s economic growth rate to be 13.7 percent for 2021-22. According to official estimates, the Indian economy has shrunk 8 per…
Mumbai: Financial Services major Geojit has entered into an agreement with Punjab National Bank (PNB) to provide new services to the latter’s customers. “The new service gives all the customers who have a savings account with PNB, a PNB demat account and Geojit trading account,” a joint statement said. “Saving and Demat account can be opened online in PNB with a hassle-free approach.” According to the statement, the 3-in-1 account makes it easier for PNB customers to transfer funds real time via the payment gateway facility from their savings accounts to meet their investment needs. “The trading account, which can…
Mumbai: The domestic stock market has seen a good boom amid better global cues. Business has been shopping in both the Sensex and the Nifty. The Nifty has closed around 14950. Has crossed the Sensex level. At the end of trading, the Sensex is currently up by 319 points and has closed at the level of 49525. At the same time, the Nifty has gained 119 points and has closed at the level of 14942. In today’s business, the market has got good support from the metal, auto and pharma sectors. Metal index is up 3 percent, Pharma index is…