Author: Finance Khabar
New Delhi: The eGrocery market has grown 60 per cent from the calendar year 2020 and is expected to grow 41-49 per cent by the first half of CY21, according to the latest data provided by a homegrown consulting firm As the e-commerce battle intensifies in India, with Reliance Retail’s JioMart being the latest major entrant with a massive potential to disrupt the space, the next big thing is the delivery of groceries online and the market size is estimated to grow eight times in the next five years in the country. As companies from Reliance to BigBasket put their…
New Delhi: The Insurance Regulatory and Development Authority of India (Irdai) had issued MISP guidelines in 2017 with the intention of streamlining the process and bringing the practices of vehicle insurance, being sold by automotive dealers under the provisions of the Insurance Act, 1938. Buyer of a new vehicle may have to pay the cost of vehicle and insurance premium through separate cheques, if the recommendations of a committee to review MISP guidelines are accepted by the insurance regulator Irdai. The Insurance Regulatory and Development Authority of India (Irdai) had issued MISP guidelines in 2017 with the intention of streamlining…
The market capitalization (market cap) of four of the top 10 companies of the Sensex increased by Rs 1,15,758.53 crore last week. During this period, the market capitalization of Reliance Industries increased by Rs 71,033.44 crore. The Sensex lost 156.13 points or 0.31 per cent during the whole week. Apart from Reliance Industries, the market cap of Tata Consultancy Services (TCS), Hindustan Unilever Limited and Bajaj Finance increased in the week under review. However, the valuations of HDFC Bank, Infosys, HDFC, ICICI Bank, Kotak Mahindra Bank and Bharti Airtel declined by Rs 48,941.18 crore in aggregate. Reliance Industries’ mCap rose…
The entire 2020 Covid passed under the shadow of 19. It would not be wrong to call the past year the year of the epidemic. Despite the Corona virus epidemic, investment in mutual funds and new investors continued to be added in 2020. Mutual fund companies added 72 lakh folios last year. Investors’ attraction to mutual funds has increased due to high spendable income and low interest on bank deposits. The Association of Mutual Funds in India has given this information. In comparison, the mutual fund industry added 68 lakh folios in 2019. A folio is the number given to…
Restrictions on other apps in China, including Tittock, will continue. The government has sent a notice about this to all the apps. The Ministry of Electronics and Information Technology has sent a notice after reviewing the responses to the banned app. When contacted, Tittock confirmed to receive notice from the government. A spokesman for TickTock said that they are evaluating the notice and will respond to it in a proper manner. He further said that Tittock was one of the first companies to follow the directives issued by the Government of India on 29 June 2020. They constantly try to…
New Delhi: For the first time, the Union Budget will be delivered in a goodpaperless form. Finance Minister Nirmala Sitharaman will present the Budget in Parliament for the financial year 2021-2022 on February 1. The finance minister on Saturday launched the “Union Budget Mobile App” for hassle-free access of Budget documents by Members of Parliament (MPs) and the general public using the simplest form of digital convenience. The mobile App facilitates complete access to 14 Union Budget documents, including the Annual Financial Statement (commonly known as Budget), Demand for Grants (DG), Finance Bill etc. as prescribed by the Constitution. The…
New Delhi: Automobile manufacturer Maruti Suzuki has sold over 160,700 units of its premium hatchback Swift in CY 2020. According to the company, over 2.3 million units of the premium hatchback have been sold in the past 15 years. “Maruti Suzuki Swift has been the best-selling premium hatchback in the country for the past 15 years with over 2.3 million delighted customers,” said Shashank Srivastava, Executive Director (Marketing & Sales), Maruti Suzuki India Limited. “Despite the adverse impact of Covid-19, brand Swift sold over 160,700 units in CY 2020, emerging as the top brand in the pecking order.” In addition,…
Mumbai: A Mumbai court on Saturday remanded the managing director of Viva group Mehul Thakur and a chartered account in Enforcement Directorate custody till January 27 in connection with the Rs 4300-crore PMC Bank fraud case. Thakur and CA Gopal Chaturvedi were arrested under the Prevention of Money Laundering Act (PMLA) on Friday after the ED searched five residential and business premises linked to the Viva Group. The two were produced before a holiday court which remanded them in ED custody after the agency told court it has to question them on money that came into different accounts of the…
Kolkata: The company’s revenue from operations during the December quarter of the current fiscal was at Rs 1,776 crore with volume rising by 3.2 per cent to 3.55 million tonnes. This was achieved through a mix of cost rationalisation and improved operating efficiency, aided by a modest recovery in cement demand, it said. “Birla Corporation Ltd’s sales by volume for the December quarter rose 3.2 per cent to 3.55 million tonnes, boosting capacity utilisation to 92 per cent from 88 per cent in the same period last year,” the company said in a statement. The Kolkata-headquartered company claimed that its…
The traditional halwa ceremony took place on Saturday at the headquarters of the Union Finance Ministry, located in the North Block of New Delhi. Union Finance Minister Nirmala Sitharaman and Minister of State for Finance Anarag Thakur also attended the ceremony. The process of printing of Central Government budget documents begins with ceremonies, but the Union Budget for 2021-22 will be in paperless form for the first time on 1 February. This tradition is several years old, in which a sweet dish is prepared in a large cauldron and served to the entire staff of the ministry. On this occasion,…
New Delhi: Public sector Indian Bank’s profit more than doubled to Rs 514.28 crore in the third quarter of the current financial year ended December 2020. This earned the bank a net profit of Rs 247.16 crore in the same quarter of the previous financial year. The bank reported on Friday that its total income rose to Rs 11,421.34 crore during the quarter under review, from Rs 6,505.62 crore in the same quarter of the previous fiscal. However, the bank’s gross non-performing assets (NPAs) rose to 9.04 percent of total loans during the quarter, from 7.20 percent in the year-ago…
New Delhi: As per the data available on the BSE, UBS Principal Capital Asia offloaded 39.50 lakh shares of the bank at an average price of Rs 928 apiece, valuing the transaction at Rs 366.56 crore. The shares of IndusInd Bank were purchased by BofA Securities Europe SA at the same price, the data showed. According to the shareholding data of IndusInd Bank for the December 2020 quarter, UBS Principal Capital Asia held 2.35 per cent stake in the bank as a public shareholder. On Friday, shares of the bank fell 3.55 per cent to Rs 893.40 apiece on the…
New Delhi: The council also pushed for input tax credit on food sales; tax holiday for five years for companies investing in infrastructure, including digital infrastructure; special incentives to food processing through interest subvention, and lower taxes; and competitive import tariffs over five years, with lowest or nil slab on inputs or raw materials. TPCI Founder Chairman Mohit Singla said non-tariff barriers in the food sector are impacting the industry and trade. “The new standards such as Alimentrus Codex Standard of EU require a lot of investment to meet. Therefore, TPCI demands a separate fund/ incentives for R&D and testing…
Mumbai: Due to global sale, there has been a sharp decline in the domestic stock market. After breaking over 400 points on Thursday, the Sensex has broken 746 points in the business of Friday, January 22. At the same time, there has been a sharp decline in the Nifty. The Sensex is down 746 points and closed at the level of 48879. At the same time, the Nifty has also closed at a level of 14372, down from 14400, down by 218 points. Bank, financial and metal stocks are selling strongly, which led to the fall in the market. However,…
Mumbai: The BSE Sensex on Thursday slipped by 167.36 pts to settle at 49,624.76 on selling in Realty, Telecom, Metal and Materials stocks. The Nifty too fell by 54.35 pts to 14,590.35. High volatility was witnessed during the day, as the BSE sensex was on top, touching 50K level to 50,096.57 up by 304 pts in opening trade. During the day it was rallied by 390 pts to 50,184, days high. Later, it went in red and tumbled down nearly 394 pts to 49,398.86, days low before closing at 49,624.76, down by 167.36 pts from its previous close. The sensex…
In a period of increasing trend of digital payments, Bajaj Finance has announced the launch of Bajaj Pay to compete with Paytm and Google Pay. Bajaj Finance informed the stock exchange that by the end of the current financial year i.e. by March 2021, it will launch digital payment app Bajaj Pay. Through this app, users will get payment facility through UPI, PPI, EMI card and credit card. The company has said that in addition to the users, it will also develop an app for businessmen on Bajaj. Apart from this, Bajaj Finance is going to bring 5 proprietary marketplace…
New Delhi: “Ola’s factory will be built on Industry 4.0 principles and will be the most advanced manufacturing facility in the country. It will have almost 5,000 robots deployed across various functions,” a statement said. As part of the partnership, Ola will have access to Siemens” integrated ”Digital Twin” design and manufacturing solutions to digitalise and validate product and production ahead of actual operations, it added. A digital twin is a virtual representation of a physical product that can help understand and predict the physical counterpart’s performance characteristics. Digital twins are used to simulating, predict, and optimise the product and…
New Delhi: “BharatPe is committed to empowering the small merchants and Kirana store owners with easy to use and secure fintech products. The fact that we have been able to raise debt from all three renowned venture debt providers – Alteria, Innoven and Trifecta Capital – in the largest single raise is a testimony of the scalability of our business model,” BharatPe co-founder and CEO Ashneer Grover said. The debt raised will help further build the lending business and enable credit for millions of businesses across India”s length and breadth, he added. BharatPe has raised Rs 90 crore in debt…
Chennai: TT Srinivasaraghavan, Managing Director of Sundaram Finance, completes his term of office on 31 March 2021, and is retiring from service after 38 years with the company, the last 18 years as Managing Director. Under Srinivasaraghavan’s tenure as Managing Director, the company has grown its balance sheet from under Rs 800 crores to over Rs 30,000 crore on Wednesday. Over the last two decades, Srinivasaraghavan also led the diversification of the group from its traditional focus on medium and heavy commercial vehicles to a multi-product diversified financial services provider.
Mumbai: Global markets gained momentum in anticipation of new relief measures from the new government in the US. Meanwhile, on Wednesday, the domestic stock market reached a new record high, as shares of information technology, energy and auto companies strengthened. The 30-share BSE Sensex closed up at a new record level of 49,792.12 points, up 393.83 points or 0.80 percent. Similarly, the NSE Nifty jumped 123.55 points or 0.85 percent to reach a high of 14,644.70 points. America’s designated finance minister, Janet Yellen, called for a huge impetus to protect the American economy. After this, shares of the world rose…