Author: Finance Khabar

New Delhi:ICRA expects the Government to maintain its focus on the rural economy and infrastructure investments in the upcoming Budget. This apart some roadmap for the recently announced production-linked incentive (PLI), can be expected. “Another long pending auto-specific policy, relating to the scrappage of Commercial Vehicles (CV) may also find a mention in the Budget. The automotive industry faced strong demand headwinds during FY2020 with the slowdown in economy during H2 FY2020, exacerbated by the NBFC crisis. The industry also had to grapple with challenges of investments and cost increases, following the tightening of emission & safety norms, especially the…

New Delhi:Economic Survey 2021 tabled by the Finance Minister earlier today in the Parliament said that sovereign credit rating of India does not truly highlights its fundamentals. The Survey asked for a change in the sovereign rating methodology as the globally fifth leading economy cannot be BBB-rated. “Never in the history of sovereign credit ratings has the 5th largest economy been rated as the lowest rung of investment-grade (BBB -). India’s fiscal policy must not remain beholden to a noisy, biased measure of India’s fundamentals. India’s forex reserves can cover an additional 2.8 standard deviation negative event. It is imperative…

New Delhi: Prime Minister Narendra Modi on Friday said the Budget Session 2021 is a golden opportunity to fulfill the dreams of our freedom fighters. Modi was addressing the media before the Presidential address of the joint session of Parliament to kick start Budget Session, 2021, The session is being held in two parts this year due to Covid-19 pandemic. “This is the first session of this decade. It is a very important session. This is a golden opportunity to fulfill the dreams of our freedom fighters,” Modi said. The Prime Minister said the government will take every step to…

New Delhi: Budget session is being held at a challenging time of COVID-19, says President Ram Nath Kovind addressing joint sitting of Parliament.Last year as well, President Kovind had addressed the joint sitting of Parliament from the Central Hall. The two Houses will meet later separately for the tabling of the President’s Address. The Economic Survey will also be tabled in both Houses in this 30-minute sitting after paying obituary references. The first part of the Budget Session is scheduled to conclude on February 15 while the second part will commence on March 8 and is expected to end on…

Mumbai: Economic survey was presented on 29 January 2021 before the budget, after which the market has been sold. The economic survey disappointed the market and both the index and the Nifty major index closed down. The market started strongly. The Sensex was up 500 points in business. Currently, the Sensex fell by 589 points at the end of trading and closed at a level of 46,285.77. At the same time, the Nifty had a weakness of 183 points and closed at the level of 13635. The Economic Survey estimates a 7.7 percent decline in GDP growth in FY 2021.…

San Francisco: But the company predicted uncertainty for 2021 and said its revenue in the latter half of the year could face significant pressure. Because revenue grew so quickly in the second half, the social network could have trouble keeping up that pace. It’s also facing challenges in how it targets advertisements, including Apple’s coming launch of privacy protections that could limit Facebook’s ability to target ads. Facebook earned USD 11.22 billion, or USD 3.88 per share, in the October-December period, well above the USD 3.19 that analysts expected and up 53 per cent from a year earlier. Revenue grew…

San Francisco: The iPhone business performed extraordinarily well, registering over $65 billion in revenue. The previous all-time record for iPhone revenue in a quarter was $61.58 billion, which Apple recorded in the first quarter of fiscal 2018. International sales accounted for 64 per cent of the December quarter’s revenue for Apple, the company said in a statement on Thursday. “This quarter for Apple wouldn’t have been possible without the tireless and innovative work of every Apple team member worldwide,” said Apple CEO Tim Cook. During an earnings call with investors, Cook said that Apple crossed 1.65 billion active devices worldwide…

Mumbai: Britain’s official development finance institution CDC Group on Thursday announced a USD 30 million credit facility to Tata Cleantech Capital – an arm of Tata Capital – under its green lending facility. This is the first such green loan facility extended by the British impact investor. The facility will enable Tata Cleantech to offer loans to businesses across the country that focus on e-mobility solutions as well as water and energy efficiency, thus help mitigate the effects of climate change, a Tata Capital statement said, adding this is CDC’s first directed green lending facility. Tata Cleantech is a joint…

Mumbai: The domestic stock market nosedived for the fifth straight day on Thursday, registering more than one per cent decline in the BSE Sensex and NSE Nifty. The Sensex plunged 535.57 points or 1.13 per cent, to finish at 46,874.36, while Nifty too declined 149.95 points or 1.07 per cent, to trade at 13,817.55, the lowest point since December 28, 2020. Investors are taking cautious approach before the general budget. Also, there was pressure on the market for monthly settlement. The perception in the domestic markets was negative due to all-round selling abroad. The Sensex has lost over 2,900 points…

Mumbai: There is a strong selling in the stock market before the budget. In the business of 27 January, profit recovery in the market has been dominating. The Sensex broke more than 1000 points due to heavy selling by investors. At the same time, the Nifty also fell more than 300 points and went below 14000. The SENSEX set its record high on January 21 and touched a level of 50184. Since then, the index has broken about 2900 points so far. The Nifty also weakened to near 800 mark from its record high. After high valuation, Niveyaks are cautious…

New Delhi: Tiktok’s global interim head Vanessa Pappas and vice president for global business solutions Blake Chandlee in a joint email to employees have communicated the decision of the company to reduce its team size and the decision will impact all employees in India. According to sources at ByteDance, the company is retrenching its workforce in India and will continue to operate with skeletal staff in select department such as legal, administrative, human resource, accounts etc, to facilitate the settlements and engagement with the government. Pappas and Tiktok’s global general counsel Erich Andersen briefed employees in a town hall on…

New Delhi: “I always believe that our Indian business persons should dedicate a portion of their wealth, a portion of their value to support Indian startups, particularly for the early-stage funding,” the minister said at a webinar of TiEcon. He suggested that business persons can come together and pool their resources, “may be an initial Rs 10,000 crore fund,” which is domestically driven and professionally managed, with no role of government in it. “I have often been complaining that particularly at the early stage of startups, we are not able to get adequate domestic capital,” he added. Goyal said that…

New Delhi: HUL”s consolidated net profit was Rs 1,631 crore in the October-December quarter previous fiscal. Its sales during the quarter increased 20.26 per cent to Rs 11,969 crore, as against Rs 9,953 crore a year ago, Hindustan Unilever Ltd (HUL) said in a regulatory filing. However, on like to like basis, excluding the impact of the merger of GSK CH and acquisition of VWash, its sales growth was 7 per cent, HUL CFO Srinivas Phatak said while addressing a post earning call. “Our comparable revenue growth is 7 per cent,” said Phatak, adding “it has two components. One is…

Mumbai: Kapoor (63) is in jail under judicial custody since March last year after being arrested by the Enforcement Directorate (ED)in a case pertaining to sanctioning loans to certain firms allegedly against kickbacks. The ED sought his custody after formally placing him under arrest in Mumbai on Wednesday in the new case registered under the Prevention of Money Laundering Act (PMLA). The fresh case has been registered against Rana is in relation to Mauritius-based joint venture company Macstar, a sister concern of HDIL (Housing Development and Infrastructure Ltd). The central probe agency told the special PMLA court that HDIL promoters,…

New Delhi: The government may tweak customs duties in the Budget next week on several goods, including furniture raw materials, copper scrap, certain chemicals, telecom equipment and rubber products, to promote domestic manufacturing and exports, sources said. They said that while import duties could be hiked on over 20 products such as cut and polished diamonds, rubber goods, leather garments, telecom equipment and carpet, the customs duties could be removed on select raw materials (like wood in rough, swan wood and hard board) used for furniture manufacturing and copper concentrate. “Expensive raw materials impact India”s price competitiveness in the international…

Kolkata: Canara HSBC Oriental Bank of Commerce Life Insurance has strengthened its Guaranteed Savings portfolio with a new “Guaranteed Income4Life” plan acknowledging the needs of the customers in the given hour. It is a Non-Linked, Non-Par Individual Life Insurance Savings cum Protection Plan which not only offers an individual the opportunity to secure his/her life but also allows one to have regular income to take care of both long-term and short-term financial goals. Understanding customer needs and the falling interest rates, the Company has made a flexible plan with end-to-end guaranteed benefits. The Plan can be customized as per the…

New Delhi: The Union Minister for Road Transport and Highways Nitin Gadkari on Monday said his department has approved a proposal to levy “Green Tax” on old vehicles that are polluting the environment. He said that the proposal will now go to the states for consultation before it is formally notified. According to the proposal, transport vehicles older than eight years could be charged Green Tax at the time of renewal of fitness certificate, at the rate of 10 to 25 per cent of road tax, while personal vehicles will be charged Green Tax at the time of renewal of…

New Delhi: The Indian government is preparing to impose a permanent ban on 59 Chinese mobile apps banned in the country. These are 59 apps, which were banned by the government in June 2020 and these apps also include apps like TikTok, UC Browser. Following the clash between Indian and Chinese soldiers in Galvan, the government banned these apps as harmful to India’s sovereignty and integrity, India’s defense, state security and public order. After this, the government gave the developers of these apps a chance to present their case. According to media reports, the government is not satisfied with the…

Mumbai: Extending losses for the third straight session on Monday, the BSE Sensex dropped 530.95 pts to settle at 48,347.59 on heavy selling in Energy, Utilities, Power and Oil and Gas stocks despite positive Asian Market. The Nifty too fell by 133 pts to 14,238.90. High volatility was witnessed during the day, as the Sensex rallied by 375 pts to 49,253.68 in early trade. It added another 10 pts to 49,263.15, days high. Later, it was nosedived nearly 602 pts to 48,274.92 days low before closing at 48,347.59, sliding by 530.95 pts from its previous close. The indices like Energy,…

New Delhi: The delivery of the Tejas Light Combat Aircraft (LCA) to the Indian Air Force under a Rs 48,000-crore deal will begin from March 2024 and around 16 aircraft will be rolled out annually till the completion of the total supply of 83 jets, Chairman and Managing Director of Hindustan Aeronautics Limited R Madhavan said on Sunday. Madhavan said that Tejas Mark 1A jet has superior performance levels compared to China’s JF-17 combat aircraft as it has better engine, radar system and electronic warfare suit, besides an edge in the overall technology. “The biggest difference, of course, is the…