Author: Finance Khabar
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…
Auto component manufacturer Hero Motors Company (HMC) on Monday announced that it has acquired a strategic stake in UK’s transmission design technology leader Hewland Engineering Ltd. Hero Motors, however, has not disclosed the transaction amount involved in the acquisition. “The acquisition will enable Hero Motors to create a competitive single source entity to design and manufacture high quality transmission products, particularly in the emerging EV segment, to OEMs across North America, Europe and India,” it said. It will also enable Hewland to further strengthen its product and service portfolio, particularly in the area of transmissions for electrified passenger cars, and…
G7CR Technologies India Pvt Ltd, India’s leading Cloud Service provider, today announced that it has become a GitHub Advanced Channel Partner, giving its clients access to GitHub Enterprise platform. Recent research shows 52% of organizations think people and skills issues are the biggest obstacle to adopting modern software engineering practices in-house. With access to GitHub Enterprise platform, G7 CR Technologies Pvt Ltd. will be helping its clients reduce time to market for business-critical development projects. This is especially critical in today’s challenging environment when organizations are looking to launch new services and business models to help their customers. Enterprise developers…
New Delhi: The RERA Act has helped to restore the lost trust between real estate traders and buyers. Soon we will get to see that only the better performing builders will survive in the market. Rajeev Kumar, Chairman of UP RERA said this in a virtual program of PHD Chamber on Tuesday. Rajiv Kumar said that the real estate sector has the potential to double the country’s growth rate (GDP). Due to RERA law, buyers are now returning back to the market. Which will ultimately benefit the real estate sector. The UP RERA chairman says that low performers will have…
During the Corona epidemic, people have started paying more attention to their health. People are emphasizing on the importance of health. Meanwhile, Axis Bank has announced a new credit card, in which customers will get many health and wellness benefits at an affordable price. The card name is AURA. The bank said in a statement that it has tied up with health check up company IndusHealth Plus and online medical consultation program Practo for this card. Cardholders will get a discount on the annual health checkup through IndusHealth Plus. With Practo, four free online consultations will be available on the…
MUMBAI: The domestic stock market managed to recover from a two-day fall today due to all-round buying amid positive signals from overseas. The 30-share sensitive index Sensex of the BSE reached 49,398.29 points with a jump of 834.02 points, or 1.72 per cent. The National Stock Exchange’s Nifty also gained 239.85 points, or 1.68 percent, to close at 14,521.15. Investors also bought heavily in medium and small companies. The BSE midcap gained 2.31 percent to 18,952.06 points and the smallcap gained 1.66 percent to 18,634.97 points. The emphasis of all-round buying was such that shares of 27 out of 30…