Author: Finance Khabar
New Delhi: The Modi government has approved a Product Linked Incentive (PLI) of Rs 12,195 crore for telecom equipment manufacturing. The decision was taken in a cabinet meeting chaired by Prime Minister Narendra Modi on Wednesday. The government believes that this initiative will give a boost to the self-reliant India campaign and will encourage manufacturing in the telecom sector. This scheme will be effective from 1 April 2021. This will produce about Rs 2.4 lakh crore worth of telecom equipment in the next five years. Union Communications Minister Ravi Shankar Prasad informed the media about the cabinet decision that the…
New Delhi: India, the world’s third largest oil consumer, on Wednesday appealed to Saudi Arabia and other global oil producers to reduce the level of crude oil production cuts. India has said that the economic recovery and demand is being damaged due to the expensive oil in the international market. Petroleum Minister Dharmendra Pradhan said that recovery in demand should be given priority over oil prices for the next few months. Since the announcement of Saudi Arabia’s voluntary reduction of 1 million barrels per day in February and March, the price of oil in the international market has been rising.…
MUMBAI: Domestic stock markets closed down today due to weak signals from global markets as well as profit booking in groups such as health care banking and finance at the domestic level. During this period, the BSE Sensex slipped 400 points and the NSE Nifty slipped 105 points. The BSE Sensex fell 400.3 4 points to 5170 3.83 points. The National Stock Exchange (NSE) Nifty fell 104.55 points to 1520 at 8.90 points. While the selling was seen in the big companies, the Diwali trend continued in the medium and small companies. Due to this, the mid-cap of BSE rose…
Bangalore: Despite the impact of COVID-19, the Indian technology sector rallied round to grow at 2.3 pc year on year in the financial year 2020-21 on the back of rapid acceleration in digital transformation and tech adoption, said a Nasscom report. The industry is expected to add over 138,000 net new hires in FY2020-21, taking total employee base to 4.47 million, according to the IT industry body’s Strategic Review 2021 titled, ‘New World: The Future is Virtual.’ Indian tech contributed near 8 pc relative share to the national gross domestic product, with 52 pc relative share in services exports, and…
New Delhi: After a virtual conversation with Amit Agarwal, Global Senior Vice President of Amazon and Country Head for India and Chetan Krishnaswamy, Vice President, Public Policy of Amazon India on Wednesday, the Union Minister for Electronics and IT, Ravi Shankar Prasad took to Twitter and the homegrown social media platform Koo, to make the announcement. “Held a very good conversation with @AmitAgarwal and @Chetankrishna of @amazonIN today. Delighted to share that soon Amazon will commence manufacturing of electronics products like FireTV stick in India,” Prasad said. Further, Amazon also has announced its plans to begin manufacturing Amazon Devices in…
Mumbai: The domestic stock market has closed today with a slight decline amid better global cues. The stock market started with record highs but later saw a profit recovery. Today the Sensex crossed 52500 and the Nifty crossed 15400 in the morning. Sensex today touched a new level of 52516. At the end of trading, the Sensex fell by 50 points and closed at the level of 52104. At the same time, the Nifty had a weakness of 1 point and it closed at the level of 15313. Metal and PSU bank stocks rose in today’s business. At the same…
True – the globe was taken aback by the proliferation of a virus! We are still reeling from the effects of the pandemic and subsequent lockdowns. But, it is only in the darkest nights that stars shine. And shine, we did! Not for a second did Wave faltered in making your dream of affordable housing a reality, even in the face of a pandemic. Yes, the Realty sector, just like all the other sectors faced a severe blow, and several projects faced an uncertain future. However, Wave city made use of the time to develop a robust yet flexible project…
Honda Motorcycle & Scooter India on Tuesday launched its new racer bike Honda CB350 RS Scrambler in the Indian two-wheeler market. Equipped with a very attractive look and powerful engine, the price of this bike has been fixed at Rs 1.96 lakh (ex-showroom, Gurugram). Booking for CB350 RS can be done at all Honda Big Wing showrooms. At the same time, its delivery will start in early March. A 348.6cc, single-cylinder air-cooled engine has been used to power the new Honda CB350 RS which also powers the Hness CB350. This engine is capable of generating 20.78bhp power at 5,500rpm and…
MUMBAI: In an effort to provide preventive and effective healthcare solutions to every patient, Dr Batra’s has revolutionized the future of homeopathy through scientific, precise, safe and uniquely planned treatment solutions. Through its latest offering, Dr Batra’s brings Derma Heal, a first-of-its-kind, easy and pain-free skin care solution to its patients. Derma Heal – a revolutionary skin care treatment, combines the goodness of UVB light rays and homeopathy to treat skin diseases safely and naturally. Each Derma Heal session takes only 30 mins and is administered by trained therapists under the guidance of qualified homeopathic dermatologists. With a proven efficacy…
New Delhi: Indian exports increased by 6.16 percent to $ 27 billion 45 million in January of the current year as against 25 billion 85 crore dollars in the same period last year. The Union Ministry of Commerce and Industry said in the data released here on Monday that the demand for Indian products in the international market is increasing. According to the data, total imports in January 2021 have been $ 41 billion 99 million dollars. Total imports in January 2020 stood at $ 41 billion 150 million. It has increased by 2.03 percent. According to the data, in…
Mumbai: The domestic stock market has witnessed a great boom amid better global signals. Both the Sensex and Nifty indices reached their record highs on February 15. At the same time, the closing of the market also took place at a record level. The Sensex broke the level of 52 thousand for the first time today. At the same time, the Nifty also crossed the 15300 mark. Currently, the Sensex has gained 610 points at the end of trading and has closed at the level of 52154. The Nifty closed at the level of 15315 with a strength of 151…
The market capitalization (market cap) of seven of the top 10 companies of the Sensex increased by Rs 1,40,430.45 crore last week. The biggest beneficiary in this has emerged as Reliance Industries. BSE gained 812.67 points or 1.60 per cent during the week. The companies that benefited from his valuation included Reliance Industries, Tata Consultancy Services, Infosys, HDFC, ICICI Bank, State Bank of India and Bajaj Finance. While the market capitalization of HDFC Bank, Hindustan Unilever and Kotak Mahindra Bank has decreased. The market valuation of Reliance Industries rose by Rs 74,329.95 crore to Rs 12,94,038.34 crore, which is the…
Mumbai: Net FPI inflow into equities in the month of February has been Rs 20,593 crore, as per NSDL data. Since January, FPIs have invested over Rs 39,000 crore. S.Ranganathan, Head of Research at LKP Securities said that sectors like private banks, consumer, FMCG and IT have seen foreign flows as Indian companies have exhibited resilience and demonstrated growth post lifting of the lockdown restrictions in Q3. “We expect foreign flows to be positive in Q4 as well in line with the trend so far as the Budget has been pro-growth with privatisation gaining ground,” he said. Further, hopes on…
New Delhi: For the first time post the Covid-19 pandemic, the cumulative freight revenue of Indian Railways has surged past last year’s levels to Rs 98,068.45 crore, as compared to Rs 97,342.14 crore recorded in the corresponding period of the previous year. The Railway Ministry said that on a month-on-month basis as well, the Railways has overtaken last year’s freight revenue figures in the first 12 days of February by 5 per cent. The ministry said that on a monthly basis, the freight revenue has surged Rs 206 crore in February 2021 compared to the corresponding period of February last…
New Delhi: Dewan Housing Finance Corporation (DHFL) on Saturday posted a consolidated net loss of Rs 13,095.38 crore in the third quarter ended December 2020 against a net profit of Rs 934.31 crore in the year ago quarter. Sequentially, the company witnessed widening of net loss from Rs 2,122.65 crore in the second quarter ended September 2020. Crisis-ridden DHFL, which is under the process of Corporate Insolvency Resolution Process (CRIP), under the provisions of Insolvency and Bankruptcy Code, 2016 said during this quarter, additional transaction amounting to Rs 1,039.84 crore is identified and reported by the company to stock exchanges…
Mumbai: Shapoorji Pallonji group company Sterling and Wilson Solar Ltd said on Saturday it has signed an order worth 127.5 million dollars (about Rs 930 crore) in the Kom Ombo region of Egypt. The order has been received from Saudi Arabia’s leading renewable energy company and is scheduled to be commissioned by Q1 2022. Sterling and Wilson Solar, one of the leading solar engineering, procurement and construction (EPC) and operations and maintenance (O&M) players in the world, has already executed five projects of over 322 MWp in Benban Solar Park in Egypt. Bikesh Ogra, Director and Global CEO, said the…
New Delhi: Industry organization PHDCCI said on Saturday that the country’s GDP is expected to record a record increase in the third and fourth quarters of FY 2020-21 and due to various reforms undertaken by the government during the last 10 months of the economy is getting strengthened. The organization said in a statement that it has nine positives out of 10 indicators of QET (accelerated economic trends). QETs are indicators of economic and business activity monitoring, supervised by PhDCCI. The Indian economy had a record 23.9 per cent decline in the June quarter, while the second quarter witnessed a…
Mumbai: According to the company, the standalone Q3FY21 net profit fell to Rs 1,378 crore against Rs 4,226 crore reported during the corresponding period of previous fiscal. Similarly, gross revenues declined 28.2 per cent to Rs 17,024 crore against Rs 23,710 crore in FY20. “Despite countrywide lockdown due to Covid-19 pandemic, ONGC has almost reached last year’s production levels in case of crude oil from its operated blocks,” the company said in a statement. “The shortfall in gas production is primarily due to less offtake by customers due to Covid-19 pandemic.” On a consolidated basis, the company reported a rise…
New Delhi: Consolidated loss of debt-ridden telecom company Vodafone Idea in the third quarter of the current financial year 2020-21 was Rs 4532.1 crore. The net loss of the telecom company has decreased compared to the previous financial year. Vodafone Idea had a net loss of 6438.8 crore in the third quarter of October-December 2019 of the last financial year. Revenue through operations declined 1.7 percent in the December quarter. Vodafone Idea Ltd (Vi), the country’s third largest company by market share, reported a net loss of Rs 7218 crore in the second quarter of the current financial year. Net…
Mumbai: German airline Lufthansa has removed 103 flight attendants placed in India from service on demand for a ‘job guarantee’. The company gave him the option of going on leave without pay for two years. Sources connected with the case gave information about this. Sources said that these workers were working on a fixed contract with the airline and some of them had been with the company for more than 15 years. A Lufthansa spokesperson said in a statement to PTI-language that due to the severe financial impact of the Corona virus epidemic there is no other option but for…