Author: Finance Khabar
New Delhi: IDBI Bank on Saturday said it has deposited Rs 25 lakh towards Recovery Expense Fund (REF) with its designated exchange NSE. In October last year, markets regulator Sebi had asked listed companies, proposing to list debt securities, to set up REF so that action could be taken by debenture trustees in case of defaults by the issuer. “IDBI Bank has deposited Rs 25 lakh in cash, towards REF with its designated stock exchange —National Stock Exchange of India Ltd (NSE) on March 20, 2021,” IDBI Bank said in a regulatory filing. Privately placed debt securities/bonds worth Rs 14,695.60…
New Delhi: Net new enrolments with retirement fund body EPFO grew by 27.79 per cent to 13.36 lakh in January compared to the same month in 2020, according to the payroll data released on Saturday, providing a perspective on formal sector employment amid the coronavirus pandemic. “The provisional payroll data of EPFO published on 20th March, 2021, highlights a growing trend of subscriber base with the addition of 13.36 lakh net subscribers during the month of January 2021,” a labour ministry statement said. It stated that the data reflects growth of 24 per cent for the month of January 2021…
New Delhi: Private sector HDFC Bank’s loans to the Micro, Small and Medium Enterprises (MSME) sector crossed 30 lakh rupees on an annual basis by the end of December. The bank received help from the Government’s Emergency Credit Facility Guarantee (ECLG) scheme. The bank disbursed loans of over Rs 23,000 crore under the scheme brought to help the MSME sector during the epidemic. The bank said in a statement on Friday that the growth of loan to the MSME sector was helped by a special focus on semi-urban and rural customers. In December 2019, the bank’s loan to the MSME…
Mumbai: NTPC was the top gainer in the Sensex pack, rallying over 4 per cent, followed by HUL, PowerGrid, Reliance Industries, ITC, UltraTech Cement and Bajaj Finance. Snapping its five-session losing streak, equity benchmark Sensex rebounded 642 points on Friday, led by gains in index majors RIL, HUL and ICICI Bank despite negative cues from global markets. After opening with significant losses, the 30-share BSE index made a U-turn to end 641.72 points or 1.30 per cent higher at 49,858.24. The broader NSE Nifty surged 186.15 points or 1.28 per cent to finish at 14,744. NTPC was the top gainer…
New Delhi: The BSE benchmark has lost 2,062.99 points or 4 per cent in five trading sessions. On Thursday, the 30-share BSE benchmark tanked 585.10 points or 1.17 per cent to close at 49,216.52. Following the bearish trend, the market capitalisation of BSE-listed companies declined by Rs 8,04,216.71 crore to Rs 2,01,22,436.75 crore in five days. “Indian market has been in a corrective phase for the past 10 days due factors like high bond yields in the US and increased number of COVID cases being reported across the country,” said Hemang Jani, Head Equity Strategy, Broking & Distribution, Motilal Oswal…
New Delhi: Finance Minister Nirmala Sitharaman on Thursday said India received FDI worth Rs 26,000 crore in the insurance sector after 2015 when the foreign investment limit was raised to 49 per cent from 24 per cent. Replying to a debate on the Insurance (Amendment) Bill, 2021, Sitharaman said insurance companies are facing liquidity pressure and that is why the government was proposing to increase the FDI limit further. She said the foreign direct investment (FDI) is aimed at supplementing the domestic long term capital. Sitharaman said hike in foreign investment limit to 74 per cent will help meet the…
New Delhi: The Delhi High Court Thursday upheld the Singapore Emergency Arbitrator’s (EA) order restraining Future Retail Ltd (FRL) from going ahead with its Rs 24,713 crore deal with Reliance Retail to sell its business, which was objected to by US-based e-commerce giant Amazon. Justice J R Midha directed Kishore Biyani-led FRL not to take further action in relation to the deal with Reliance and held that the Future Group willfully violated the EA’s order. The high court imposed a cost of Rs 20 lakh on the Future Group and others associated with it and directed them to deposit the…
New Delhi: India ranked 56th globally in terms of price rise in the fourth quarter of 2020. According to the latest report by International Property Consultancy Knight Frank, India has fallen 13 places in the Global Home Price Index during the quarter ending in December 2020. The house prices in India have fallen by 3.6 per cent year-on-year compared to the 43rd rank in the fourth quarter of 2019, which caused its rank to decline in the world. The Global House Price Index tracks housing prices in 56 countries and territories. In the period from the fourth quarter of 2019…
Mumbai: Extending its losing streak to the fifth consecutive session, equity benchmark Sensex tanked 585 points on Thursday, tracking losses in index majors Infosys, RIL and TCS. After rallying nearly 500 points earlier in the day, the 30-share BSE index gave up all gains to end 585.10 points or 1.17 per cent lower at 49,216.52. The broader NSE Nifty slumped 163.45 points or 1.11 per cent at 14,557.85. HCL Tech was the top loser in the Sensex pack, shedding around 4 per cent, followed by Infosys, Dr Reddy’s, TCS, Reliance Industries, Tech Mahindra and NTPC. On the other hand, ITC,…
Mumbai: Weakness has been seen in the domestic stock market today also amid weak global cues. The market started cautiously but with ups and downs. At the end of the business, it closed on a big decline. Nifty slipped below 14750. The Sensex also closed below 50000. At the end of trading, the Sensex has fallen by about 562 points and closed at the level of 49,801.62. At the same time, the Nifty has a weakness of 189 points and has closed at the level of 14721. Even before this, there was pressure on the market on both days of…
New Delhi: BSNL’s 4G services will start in 18-24 months. The Central Government gave this information in Parliament on Wednesday, 17 March. In response to a question in the Lok Sabha, Union Minister of State Sanjay Dhotre gave this information in a written reply. BSNL on 1 January 2021 had asked for Expression of Interest (EoI) for Prior Registration / Proof of Concept (PoC) from Indian companies to participate in the upcoming 4G tender. Revival plan of BSNL was approved by the central government in 2019, two years ago. Under this, the plan includes the administrative allocation of spectrum for…
New Delhi: Railways Minister Piyush Goyal on Tuesday asserted that Indian Railways will never be privatized but said private investment should be encouraged for more efficient functioning. Replying to a discussion on Demands for Grants for Railways in the Lok Sabha, Goyal said there has been no death of any passenger in rail accidents in past two years and the railways has been putting enormous focus on passenger safety. The Lok Sabha later passed the Demands for Grants for Railways for 2021-22. Goyal said the country can progress towards high growth and create more employment opportunities only when the public…
New Delhi: India’s fuel demand, except ATF, has returned to pre-COVID levels and a reflating economy will help consumption grow in near future, head of the nation’s top oil firm said on Tuesday. Fuel sales had fallen by a record 45.8 per cent in April last year when a nationwide lockdown was imposed to check the spread of coronavirus infections. Demand started to recover with the easing of lockdown restrictions, with petrol returning to normal growth first and now diesel too is back at pre-COVID levels. ”Expect for ATF, we have touched normal demand,” Indian Oil Corporation (IOC) Chairman Shrikant…
New Delhi: The Reserve Bank of India has imposed a penalty of Rs 2 crore on the country’s largest bank SBI. According to an official statement released on 16 March, SBI had not completed certain regulatory compliance due to which it incurred penalty. The RBI imposed this penalty by issuing an order on 15 March 2021. “This penalty is imposed due to non-acceptance of regulatory regulations,” the RBI said in a press release. RBI said that the financial position of the bank was examined on 31 March 2017 and 31 March 2018. Apart from this, the Risk Assessment Reports (RARs)…
Mumbai: On March 16, the domestic stock market saw ups and downs amid better global cues. The market started strongly, but at the end of trading both the Sensex and Nifty indices closed in the red mark. The Sensex lost 494 points from the upper levels. The Sensex had strengthened to 50858 in intraday trade. However, at the end of trading, it was down 31 points from yesterday’s closing price and closed at 50364 level. At the same time, the Nifty also fell by 19 points to close at the 14910 level. In today’s business, selling was seen in the…
New Delhi: Asia’s richest man Mukesh Ambani has been out of the top 10 list of world’s richest people As the world’s richest man, Tesla’s ‘techno king’ Elon Musk and Amazon CEO Jeff Bezos are constantly competing. According to the Bloomberg Billionaires Index, the owner and CEO of Tesla, the world’s largest electric carmaker, grew by $ 323 million (Rs 23.4 thousand crore) in assets and the world’s richest with $ 18.2 thousand crore (Rs 13.2 lakh crore) became rich man. In contrast, Jeff Bezos, CEO of the giant e-commerce company Amazon, declined by $ 41.6 million ($ 300 million)…
New Delhi: Growing for the third consecutive month, the country’s exports grew by 0.67 percent year-on-year to reach $ 27.93 billion in February. According to official data released on Monday, the trade deficit widened to $ 12.62 billion. The data revealed that imports have increased by 6.96 percent to reach $ 40.54 billion in the month. The trade deficit stood at $ 10.16 billion in February 2020. During the period April-February 2020-21, exports fell by 12.23 percent to reach $ 256.18 billion. It was $ 291.87 billion in the year-ago period. Imports declined 23.11 percent to $ 340.8 billion in…
New Delhi: Amidst the rumors going on in the country about the 2000 rupee currency note, the government has given an important information in this regard in the Parliament. In a written reply to a question in the Lok Sabha, Minister of State for Finance Anurag Thakur said on Monday that since April 2019 currency notes of 2000 rupees have not been printed. This initiative is being seen to curb attempts to hoard high value currency notes. Minister of State for Finance Anurag Thakur said that as of 20 March 2018, 336.2 crore currency notes of 2000 denomination were in…
New Delhi: State-owned Bank of Baroda has announced a reduction of 10 basis points in the lending rate linked to its repo rate. The bank has reduced the rates from 6.85 per cent to 6.75 per cent, which will be effective from Monday. With the revision in the Baroda Repo Linked Lending Rate (BRLLR), the lending bank is offering home loans starting at 6.75 per cent and car loans at a starting rate of 7 per cent. The bank said in a statement that mortgage loan rates will start at 7.95 per cent and education loans are starting at 6.75…
Mumbai: The domestic stock market today witnessed a strong recovery in the last hours from lower levels. The Nifty improved nearly 200 points from the day’s low to close at 14,930. The Sensex closed down at the level of 50,395 with a correction of 595 points. Also, Nifty Bank improved 751 from the bottom to close at 35,183. In today’s session, there was pressure on pharma, auto, oil-gas stocks. While metal, IT, power, consumer durables stocks were bought. At the end of trading, Sensex has fallen by 397 points, or 0.78 per cent, to close at 50,395.08. At the same…