Author: Finance Khabar

New Delhi: Hit hard by the pandemic, millions of small and medium businesses (SMBs) in India understand the importance of going digital to revive their businesses, and PC and printer major HP is going beyond just products to help SMBs in their rebound in 2021, a top country executive said on Wednesday. More than 73 per cent of the SMBs in India are confident that they will bounce back after the pandemic. More importantly, 75 per cent of the surveyed businesses believe that digital adoption is essential to their success, according to the recently-released ‘HP SMB Outlook Report 2020’. According…

Yamaha has launched an updated version of its FZ model in the Indian market. The changes made by the company will apply to the entry level 150 cc version. The company has introduced the FZ-S in the Matte Red paint scheme. Apart from this, the FZ-S range is now coming with Bluetooth connectivity. Both the FZ and FDase-S have a side stand engine cut-off feature. If the side stand is engaged and the biker applies the gear, the engine will be cut off. This offers a very safe option for times when the side stand does not remember to disengage.…

New Delhi: India’s gross domestic product (GDP) growth will bounce back to 10.4 per cent year-on-year (YoY) in FY22, primarily driven by the base effect, said India Ratings and Research (Ind-Ra). Accordingly, the ratings agency’s estimates showed that after recording negative growth during 9MFY21, GDP growth will finally turn positive at 0.3 per cent YoY in 4QFY21. “Although the recovery in FY22 on a YoY basis will be V-shaped, the size of the GDP will barely surpass the level attained in FY20 and will be 10.6 per cent lower than the trend value.” “The impact of Covid-19 pandemic and lockdown…

Michael Novogratz, founder of cryptocurrency investment firm Galaxy Digital, believes that bitcoin’s value could be as high as $ 100,000 by the end of this year, he said in an interview that the increase would be due to the fact that most companies use bitcoin to purchase are approving. In an interview to Tesla’s decision to allow customers to buy their electric cars through bitcoin in the future, crypto investor Novagratz said these decisions would have a major impact on the bitcoin market. The report quoted him as saying that you will see every American company do the same in…

New Delhi: NHAI has decided that it will no longer have to maintain minimum balance in Fastag. This facility is only for cars, jeeps or vans, not for commercial vehicles. According to information received from the National Highways Authority of India, now the banks issuing FASTAG cannot make it mandatory to keep any minimum balance other than security deposit. Earlier various banks were also asking to keep minimum balance in addition to security deposit in Fastag. Some banks were asking to keep a minimum balance of Rs 150 and some banks of Rs 200. Being a minimum balance, many FASTag…

New Delhi: The government has issued orders to liberalize the eligibility requirements for the award of a family pension for the child/sibling of a deceased government servant or a pensioner. Relaxation of the family pension is provided to injured survivors when they need further medical treatment and financial support. “The Government is of the view that the income criteria for eligibility for family pension, applicable in the case of other family members, may not be applied in the case of a child/sibling suffering from a disability,” said Ministry of Personnel, Public Grievances & Pensions in a statement. The Commission has…

Chennai: Ramco Systems, a global enterprise software company focusing on Next Generation Cloud Enterprise Applications ended the third quarter of 2020-21 with a consolidated income of $ 23.73m (Rs 174.22 cr). The net profit after tax for the quarter, amounted to $2.44m (Rs 17.89 cr), as against net profit of $0.82m (Rs 5.78cr) in the same period, previous year. Its quarterly order bookings stood at $38.40m, 45% growth over Q2.It had six ‘Million-Dollar-Plus’ deals signed, with average deal size moving beyond $1 mn. Quarterly revenue stood at $23.34m, 8% growth over Q2 while its EBITDA showed a growth of 32%…

Mumbai: Industry leader LIC saw its individual APE growth plummet to 45 per cent, due to a massively high base of 99 per cent growth in January 2020. A massive 45 per cent plunge in Life Insurance Corporation’s (LIC) individual annual premium equivalent (APE) in January capped the industry growth at 8 per cent for the month, according to a report. Industry leader LIC saw its individual APE growth plummet to 45 per cent, due to a massively high base of 99 per cent growth in January 2020. Yet, at 8 per cent, individual APE for the life insurance industry…

Mumbai: Snapping a winning streak of last six sessions the BSE Sensex on Tuesday declined by 19.69 pts to settle at 51,329.08 pts on profit-booking by local operators. The Nifty too eased by 6.50 pts to 15,109.30. The market remained volatile today, as the Sensex opened higher by 136 pts to 51,484.23. It surged nearly 487 pts to 51,835.86 days high. In late trade it was slipped by 155 pts to 51,193.99 days low, before closing at 51,329.08, easing by 19.69 pts from its previous close. The Sensex registered days high and low at 51,835.86 and 51,193.93 pts respectively. The…

Mumbai: HDFC Bank is inviting applications from start-ups and solo entrepreneurs for its SmartUp grants. SmartUp grants by HDFC Bank under #Parivartan – the bank’s umbrella CSR brand – is aimed at finding and deploying long-term, sustainable solutions at scale, to address social issues and contribute to the economic and social development of the country. This year, the bank will focus on start-ups creating social impact at scale in sectors such as Education – technology (ed-tech) and skill development, among others. To screen, mentor, and monitor start-ups, HDFC Bank has partnered with nine start-up incubators registered with Govt of India’s…

Mumbai: Under the co-lending model, the bank will have an exposure of up to 80 per cent while the rest will be borne by the LoanTap, the bank said in a release. “Co-lending is the system introduced by RBI in the wake of the liquidity crisis at non-banking finance companies to enhance the credit flow to the unserved and underserved sector and make available funds to the ultimate beneficiary at an affordable cost,” the bank’s managing director and CEO A S Rajeev said. In September 2018, RBI had come out with a co-origination model between banks and NBFCs for providing…

New Delhi: The Standing Committee on Information Technology pulled up the Department of Telecommunications (DoT) for delay in the launch of 5G services when several countries have commercially rolled out the next-generation technology. The telecom ministry has already announced the auction of spectrum worth Rs 3.92 lakh crore from March 1, but it does not include the desired frequency band for 5G services. The committee has been informed that by the end of the calendar year 2021 or beginning of 2022, there will be some roll-out in India in some specific uses, because 4G should continue in India for at…

Mumbai: Maintaing gaining streak for the sixth straight session on Monday, the BSE sensex edged up by 617 pts to 51,348.77, a historic high on the strength of Auto, Bankex, Technology and Industrials stocks amid strong global cues. The Nifty too gained by 191.56 pts to 15,115.80. In early trade, the Sensex went up by 415 pts. During the day it zoomed up nearly 792 pts to 51,523.38 days high before closing at 51,348.77, advancing by 617.14 pts from its previous close. The sensex registered days high and low at 51,523.38 and 51,146.67 pts respectively. The Nifty recorded days high…

New Delhi: Besides, undisclosed income of more than Rs 8,460 crore has been brought to tax and penalty of over Rs 1,290 crore levied so far for deposits made in unreported foreign bank accounts in HSBC cases, he said in a written reply to the Lok Sabha. In the Panama Paper leaks probe, undisclosed foreign investments amounting to over Rs 1,700 crore have been detected so far, while sustained investigations conducted in the cases revealed by International Consortium of Investigative Journalists (ICIJ) have led to detection of more than Rs 11,010 crore of credits in the undisclosed foreign accounts. “As…

New Delhi: The new business premium of life insurance companies grew 3.72 per cent at Rs 21,389.70 crore in January 2021, data from Irdai showed on Monday. All the 24 life insurance companies had collected s total first-year or new business premium of Rs 20,623.01 crore in year-ago same period, January 2020. Of these, the country’ largest life insurer LIC registered a fall of 2.43 per cent in new business premium during the month to Rs 13,143.64 crore as against Rs 13,470.91 crore in the year-ago month, according to the Insurance Regulatory and Development Authority of India (Irdai) data. The…

New Delhi: Finance Minister Nirmala Sitharaman in the Budget unveiled the Disinvestment/Strategic Disinvestment Policy, which had four strategic sectors in which bare minimum number of CPSEs will be retained and the rest would be privatised or merged or made subsidiary of another CPSE or closed down. Certain classes of public sector entities, like major port trusts, Airport Authority of India, those undertaking security printing and minting, will not fall within the purview of the new PSE policy for strategic disinvestment. The new Public Sector Enterprise (PSE) policy for Aatmanirbhar Bharat, which classifies public sector commercial enterprises as strategic and non-strategic…

Mumbai: Adani Group’s flagship holding company Adani Airport Holdings Ltd (AAHL) has acquired 23.5 per cent stake in the Mumbai International Airport Ltd (MIAL) from ACSA Global Ltd (ACSA) and Bid Services Division (Mauritius) Ltd (Bidvest) for Rs 1,685.25 crore. In a regulatory filing, Adani Enterprises said that AAHL has acquired 28.20 crore equity shares of MIAL. AAHL is also a wholly owned subsidiary of Adani Enterprises. “Adani Airport Holdings Ltd has acquired 23.5 per cent equity stake i.e. 28,20,00,000 equity shares of Rs 10 of Mumbai International Airport Ltd from ACSA Global Ltd and Bid Services Division (Mauritius) Ltd,”…

In January 2021, Telegram overtook Tiktok as the most downloaded non-gaming app. This information has been found in the report of the sensor tower. The messaging platform has been installed over 63 million, which is 3.8 times more downloads as of January 2020. The app has clearly benefited from the new privacy policy of WhatsApp, which created controversy and many users have started exploring options instead of adopting terms and conditions. While Telegram was the most downloaded non-gaming app on the Play Store, it has been ranked fourth on Apple’s App Store. On iOS devices, TicketLock is still the most…

The market capitalization (market cap) of the top 10 companies of the Sensex increased collectively by Rs 5,13,532.5 crore last week amid widespread positive market sentiment. During this period, the market capitalization of banks was seen to be the biggest increase. Last week, the 30-share BSE Sensex gained 4,445.86 points or 9.60 per cent. On Friday, the Sensex has also crossed the 51,000 mark for some time. Among the Sensex companies, HDFC Bank’s market capitalization rose the most by Rs 1,13,516.92 crore to Rs 8,79,735.51 crore. The market valuation of State Bank of India increased by Rs 99,063.86 crore to…

New Delhi: By far the biggest reform in the power sector is going to happen through electricity distribution reform. The consumer will now be king. Apart from this, with the merger of some companies in the power sector in the next financial year, the government can also sell stake. Energy Minister RK Singh says that there is going to be a reform in the electricity distribution sector. Existing companies will continue to do their work. The path will be opened for new companies to enter the sector. Companies no longer need to get licenses. Any company can sell electricity by…