Author: Finance Khabar
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…
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,…