Author: Finance Khabar
New Delhi: Foreign portfolio investors have withdrawn Rs 6,452 crore from the Indian market so far in May, as the second wave of the Covid-19 pandemic affected investor sentiment.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…
New Delhi: Around 8 crore traders in India have lost business worth Rs 6.25 lakh crore during April due to several Covid sanctions imposed by the state government, including lockdown, curfew, etc. In a statement, the Confederation of All India Traders, the main organization for traders, has taken data from more than 40 thousand associations representing 8 crore traders under them. CAIT said that the total loss of business due to Corona epidemic in the country for the month of April is about 6.25 lakh crore rupees. The government has lost a total revenue of 75 thousand crore rupees. According…
Tennessee: FedEx is currently supporting the transportation of more than 25,000 oxygen concentrators and converters through an initiative of the US-India Strategic Partnership Forum and other multinational companies. As India and its healthcare systems battle a steep surge in Covid cases across the country, transportation major FedEx Express, a subsidiary of FedEx Corp., is working with organizations around the world to deliver critical medical supplies and equipment to India. FedEx is currently supporting the transportation of more than 25,000 oxygen concentrators and converters through an initiative of the US-India Strategic Partnership Forum and other multinational companies. An initial shipment of…
Mumbai: Due to better global cues, good buying has been seen in the domestic stock market. Both the Sensex and Nifty indices have closed strongly. The Nifty has closed beyond the 14800 mark. Metal stocks have been growing strongly. The stock market has also received support from the financial sector. Currently, the Sensex has gained 257 points at the end of trading and has closed at the level of 49,206.47. At the same time, the Nifty also strengthened by 98 points and closed at 14823 level. Earlier on Thursday, the market closed sharply. Today shopping has been seen in almost…
A Public Awareness Campaign on Financial Fraud Risks Pune: Bajaj Finserv, one of the largest financial conglomerates in India, has launched its public awareness campaign, ‘Savdhan Rahein. Safe Rahein’, across digital and social media platforms, to educate customers and public at large on financial fraud risks and how to stay protected. Through this awareness initiative, Bajaj Finserv aims to convey a very important messageto its customers and prospects to strictly avoid making any refundable advance payments in the name of loan processing fee, bank charges, GST, verifications etc.,and verifying all loanoffers at the Bajaj Finance’s official website, only.Also, it’s essential…
Mumbai: The BSE Sensex on Thursday added another gains of 272.21 pts to close at 48,949.76 following gains in Metal, IT, Auto, Technology and Materials stocks. The Nifty too rose by 106.95 pts to 14,724.80. The equity market opened in green, as the BSE Sensex went up by 200 pts to 48,877.78. During the day, it rallied 334 pts at 49,011.31, days high before closing at 48,949.76, up by 272.21 pts from its last close. The sensex registered days high and low at 49,011.31 and 48,614.11 pts respectively. The Nifty recorded days high and low at 14,743.90 and 14,611.50 pts…
Bangalore: Wipro Limited has announced a partnership with Transcell Oncologics to transform vaccine safety assessment using augmented intelligence (AI). This partnership combines Transcell’s stem cell technology with the augmented intelligence capabilities of Wipro ‘HOLMES’ to ”improve the safety” of global vaccine immunisation programmes, Wipro, an IT, consulting and business process services company, said. ”By applying AI to the vaccine development process, our solution is capable of predicting adverse neurovirulent impacts resulting from vaccinations,” Bengaluru-headquartered Wipro said in a statement. Currently, vaccine safety assessment often includes testing on animals to measure adverse impacts, it said. ”Using Wipro ‘HOLMES’ instead, researchers and…