Author: Finance Khabar

New Delhi: Tata Power on Thursday posted over 22 per cent rise in consolidated net profit at Rs 318.41 crore for December quarter 2020-21, mainly on the back of higher revenues. The net profit in the year-ago period was Rs 260.10 crore, Tata Power said in a BSE filing. Total income rose to Rs 7,702.84 crore in the quarter from Rs 7,136.04 crore in the same period a year ago. “We are pleased to inform that all our businesses and subsidiaries have reported a robust performance this quarter despite facing pandemic related challenges,” Praveer Sinha, CEO & Managing Director, Tata…

New Delhi: As much as Rs 62,500 crore has accumulated as provident fund of some 1.23 lakh high net-worth individuals (HNIs) in the retirement fund corpus for 2018-19, with a staggering Rs 103 crore accumulating in the account of the highest contributor, sources said on Thursday. The Budget 2021-22 has removed the tax exemption status to interest accrued on investments in employees provident fund (EPF) exceeding Rs 2.50 lakh per annum. The sources in the revenue department said there are a total 4.5 crore contributors in the Employees” Provident Fund Organisation (EPFO) account. Out of these, more than 1.23 lakh…

Mumbai: Despite high volatility, the BSE Sensex on Thursday finished at a new peak at 50,614.29 surging by 358.54 pts following gains in SBI, ONGC, M & M and Bajaj finance stocks. The Nifty too gained by 105.70 pts to 14,895..65. The equity market remained on top on consistent FII buying, and anticipating status-quo in the Reserve Bank of India’s February monetary policy, due on Friday, kept optimism intact in the markets. Investor wealth reached new pinnacle today as market capitalisation of all the firms listed on the BSE hit Rs 200-trillion milestone. The day ended with an aggregate m-cap…

Analysis according to one’s own idea but definitely more is to be done for economic health of the nation Ubaidullah Nasir Union Finance Minister Ms. Nirmala Sitaraman has presented what is said and praised to be a paperless budget but opposition and critics of this government are terming it as a directionless and worthless budget. Though the finance minister has tried to put lives on livelihood. She according to her budget speech allocated greater amount to health care which was necessary. It gives greater fiscal push to undergird to struggling demand in the pandemic hit economy . But analysed deeply…

Mumbai: Sebi on Wednesday said that it has banned Kishore Biyani and some other promoters of Future Retail Ltd from the security market for a year. He has told that he has done this to join Insider Trading in the shares of the company. Kishore Biyani, who is the CMD and promoter of Future Retail Limited (FRL), the others facing a ban are Future Corporate Resources Pvt Ltd, Anil Biyani and FCRL Employee Welfare Trust. Apart from this, the regulator has imposed a fine of Rs 1 crore each on Kishore Biyani, Anil Biyani and Future Corporate Resources. With this,…

Mumbai: The equity market kept its supremacy for the third straight session on Wednesday, as the BSE Sensex ended an all-time high at 50,255.75, advancing 458.03 pts on the back of growth-driven Budget and positive global cues. The Nifty too gained by 142.10 pts to 14,789.95. The Sensex opened higher at 50,231.06, up 434 pts. During the day, it jumped to 50,526.39, up by 729 pts, days high before closing at 50,255.75, spurting by 458.03 pts from its previous close. The Sensex registered days high and low at 50,526.39 and 49,515.88 pts respectively. The Nifty recorded days high and low…

Calicut, Wednesday, February 3, 2021: Neuberg Diagnostics, one of the fastest growing lab chains, paid tribute to frontline workers who had put their lives on the line to help others during the COVID-19 pandemic. At an event arranged in the city, the company, in the presence of the chief guest, Honorable Minister for Transport, A K Saseendran, acknowledged their fight against COVID-19 by presenting mementos and COVID-protection kits to frontline workers from various healthcare, police, education and other government departments. Mr. Saseendran said, “My sincere thanks to all frontline workers who are protecting us and putting their lives in danger…

Mumbai: The Reserve Bank of India (RBI) has appointed an external professional IT firm to carry out a special audit of the entire IT infrastructure of HDFC Bank. The development follows recent outage in the bank’s internet banking and payment system on November 21, 2020 due to a power failure in the primary data centre. “RBI has appointed an external professional IT firm for carrying out a special audit of the entire IT infrastructure of the Bank under Section 30 (1-B) of the Banking Regulation Act, 1949 (the Act), at the cost of the Bank under Section 30 (1-C) of…

New Delhi:The Finance Ministry has accepted the 15th Finance Commission’s recommendation to share 41 per cent of the net proceeds of Union taxes with the states against the current 42 per cent, among other recommendations. The commission was of the view that financial resources equivalent to 1 per cent of the net proceeds of Union taxes should be retained with the Centre for financing the requirements of the newly-formed Union Territories of Jammu & Kashmir and Ladakh. Similar, sharing of revenues were earlier also proposed by year 2020-21 for which the commission presented a report to the President in December…

New Delhi: Mortgage lender HDFC Ltd on Tuesday reported a consolidated profit after tax of Rs 5,177 crore in the third quarter this fiscal compared to Rs 3,835 crore in the year-ago period. On a standalone basis, net profit for the December quarter stood at Rs 2,926 crore as against Rs 8,372 crore a year ago. For the nine-month period ended December 31, 2020, profit after tax was Rs 8,847 crore compared to Rs 15,537.12 crore in the year-ago period. The lender said the profit numbers for the quarter as well as nine months ended December 31, 2020, are not…

Mumbai: Even after Budget Day, the stock market has seen a great boom. Investors are shopping fiercely in the market since 2 days. In today’s trade, the Sensex has gained 1197 points to close at 49,797.72. At the same time, the Nifty also strengthened by 367 points and closed at the level of 14648. On its first Budget Day, the Sensex was strengthened by about 2314 points and closed at the level of 48,601. At the same time, the Nifty also closed with a gain of 647 points at 14281. Today, Bank Nifty has crossed over 34,000 due to strong…

Worldwide the patient survival rate averages at 90% while Rela Hospital achieved a 99.2% patient survival rate New Delhi: Rela Hospital, a Multi-Speciality Quaternary Care Hospital at Chromepet, Chennai,has accomplished a truly remarkable global milestone of achieving 99.2% patient survival rate from the liver transplant surgeries performed since beginning of COVID pandemic.Recognized as having one of the world’s largest dedicated liver intensive care unit. Rela Hospital spearheads clinical innovations in paediatric and adult liver transplantation. The surgical outcomes at 99.2% is a testament to its preeminent position. According to National centre for Biotechnology information (NCBI Report), India records close to…

New Delhi: Industry has praised Union Finance Minister Nirmala Sitharaman for the General Budget 2021-22 presented in Parliament on Monday, saying it is an extraordinary, clear and holistic document. FICCI said exceptionalPresident of the Indian Federation of Commerce and Industry (FICCI), Uday Shankar said that the Union Budget for FY 2021-22 is exceptional and clear-sighted with provisions for accelerating economic growth and employment. This budget will strengthen the foundation of self-sufficient India. budget is going to give a boost to the economy:ASSOCHAMChairman of the Board of Commerce and Industry of India (ASSOCHAM) Vineet Aggarwal said that this budget is going…

Chennai: Sitharaman also announced that senior citizens above 75 years of age having only pension and interest income would not be required to file income tax returns. Finance Minister Nirmala Sitharaman on Monday reduced the time limit for reopening of income tax assessment cases to three years from six years, while for serious tax fraud cases where concealment of income is Rs 50 lakh or more it would be 10 years. In her Budget speech for 2021-22, Sitharaman also announced that senior citizens above 75 years of age having only pension and interest income would not be required to file…

New Delhi: The first general budget of this decade was presented in the House by Finance Minister Nirmala Sitharaman on 1 February. The Finance Minister made several big announcements while presenting the Budget 2020-21. On one hand, the government announced Rs 64,180 crore to promote health infrastructure. At the same time, now the government is going to sell its stake in many government sectors. The Modi government has also proposed to privatize two banks. At the same time, the government is also going to sell the stake of the insurance company. Political debate has intensified regarding this. Other opposition parties…

Mumbai: The BSE Sensex on Monday posted massive gains of 2314.84 pts to end strong at 48,600.61 pts as investors gave thumbs up to the Union Budget presented in Parliament by the Union Finance Minister Nirmala Sitharaman. The Nifty too rallied by 646.60 pts to 14,281.20. The day opened on a positive note at 46,617.95, up by 332 pts. After budget, it was soar nearly 2479 pts to 48,764.40, days high before closing at 48,600.61, advancing by 2314.84 pts from its previous close. The Sensex registered days high and low at 48,764.40 and 46,433.65 pts respectively. The Nifty recorded days…

New Delhi: Finance Minister Nirmala Sitharaman has targetted the fiscal deficit at 6.8 per cent of the gross domestic product (GDP) in the next financial year beginning April 1, 2021. Interestingly, the fiscal deficit in 2020-21 is estimated to reach as much as 9.5 per cent, thanks to a bloated expenditure bill arising on account of the outbreak of COVID-19 and moderation in revenue during this fiscal year. The lockdown of the few months beginning in the month of March 2021 to check the spread of the corona virus adversely impacted economic activity in the country, which led to revenue…

New Delhi: The hiking of the FDI limit in the life insurance business from 49 per cent to 74 per cent is a bold move. Mr. Niraj Kumar, Chief Investment Officer, Future Generali India Life Insurance Company says: “The imperativeness of the Life Insurance sector in the economy has gained paramount importance in the aftermath of Covid and has reinforced the need for wider penetration of insurance in terms of protection and building a safety net. Budget 2022 has indeed taken cognizance of this and has taken the bold step of increasing the FDI limit to 74% from the incumbent…

New Delhi: On imports of semi-, flat and long materials of non-alloy, alloy and stainless steel, the government has decided to cut customs duty to 7.5 percent, Finance Minister Nirmala Sitharaman stated in her Budget 2021 statement on February 1. Until March 2022, the government removed duty on steel scrap. On copper scrap, FM Sitharaman also cut the taxes, lowering it to 2.5 percent. Smaller firms and those that recycle will support this. A new significant rise in iron and steel prices has affected MSMEs and other consumer sectors badly. Consequently, on quarter-finals, straight, and long items of non-alloy, alloy,…

New Delhi: Finance Minister Nirmala Sitharaman has made a provision of Rs 15,700 crore for the Ministry of Micro, Small and Medium Enterprises (MSME) sector in the Union Budget 2021-22. “We have taken a number of steps to support the MSME sector in this budget. I have provided Rs 15,700 crore more than double the previous year,” said the Finance Minister said while presenting the Union Budget in the Parliament. The investment in MSMEs and the moratorium on loans of up to 2 crores will also play a crucial role in for the Indian corporates. Privatization of several government-related sectors…