Author: Finance Khabar
New Delhi: Although almost every type of tax collection has come down due to the epidemic, but excise duty collection has increased by 48 percent during the current financial year. The reason for this is the record increase in the excise rate on diesel and petrol. According to data received from the Comptroller and Auditor General (CGA), the collection of excise duty during April-November 2020 increased from Rs 1,32,899 crore in the same period of 2019 to Rs 1,96,342 crore. This increase in excise duty collection occurred during the eight-month period of the current financial year, despite a decrease of…
New Delhi: The Noida-based company, which crossed $10 billion milestone in the calendar year 2020, had 1,59,682 employees at the end of December 31, 2020. It saw a gross addition of 12,422 people, while net addition during the December 2020 quarter was of 6,597 people. Attrition for IT services (on last 12 month basis) was at 10.2 per cent. “There was a net hiring of over 6,500 people in Q3 (third quarter). There is a big demand pipeline and so, we are continuing to hire both freshers and lateral talent to fulfil the demand,” HCL Technologies President-CEO C Vijayakumar said.…
Mumbai: The industry body stockbrokers Association of National Exchanges Member of India (ANMI) has written to Central Bank Direct Taxation (CBDT) on doing away with the multiple classification system for calculating tax on capital market income. In a statement, ANMI noted that financial markets worldwide play an important role in garnering growth capital for the economy. In the years following the coronavirus pandemic, catalysing equity market participation will hold the key to reviving India’s GDP growth, it added. ANMI has urged the government to incentivise and encourage equity market investments by streamlining the tax structure applicable for market transactions in…
San Francisco: According to a report in The Wall Street Journal, the lawsuit filed in a federal district court in New York alleged that Amazon struck a deal with five major book publishers that led to higher e-book prices for all consumers. It prevented “rival retailers from selling any of these publishers’ e-books at a lower price than on Amazon,” the report said on Friday. Calling it a “conspiracy to fix the retail price of e-books,” the lawsuit alleged that the deal violates antitrust law. “In a competitive market, the Big Five could sell e-books at a lower price on…
New Delhi: At the standalone level, the net profit for the three-month period grew 18.09 per cent to Rs 8,758.29 crore. Its total income increased to Rs 37,522 crore on a standalone basis compared to Rs 36,039 crore in the year-ago period. The results, the first earnings to be declared by the bank under new chief executive and managing director Sashidhar Jagdishan, displayed an improvement in the asset quality. The gross non-performing assets (NPA) ratio stood at 0.81 per cent of the total assets as against 1.42 per cent in the year-ago period and 1.08 per cent at the end…
New Delhi: In a statement, the airline said that bookings are now open for the route. Sanjay Kumar, Chief Strategy and Revenue Officer, IndiGo said: “We are pleased to begin expansion of our domestic network beyond the pre-covid levels. This will also be our first destination amongst the seven regional stations we announced recently. We are working towards enhancing regional connectivity, which will not only increase access but also promote domestic trade and tourism in the country.” Kumar added that the airline is committed to providing “an affordable, on-time, safe and hassle-free travel experience onboard our lean clean flying machine”.…
The country’s foreign exchange reserves have increased to an all-time high of US $ 586.082 billion with an increase of US $ 758 million. The Reserve Bank of India (RBI) has released this data for the week ending January 8. In the week ending January 1, the reserves had increased by $ 4.483 billion to $ 585.324 billion. The increase in foreign exchange reserves during the week under review was due to increase in foreign currency assets (FCA), which is a major part of total reserves. According to the RBI’s weekly data, FCA increased by $ 150 million to reach…
During the Corona epidemic, people have increased attention towards their health. In view of this, Yes Bank has launched Yes Bank Wellness and Yes Bank Wellness Plus Credit Card. For this, the bank has tied up with Aditya Birla Wellness Private Limited. The bank said in the statement that the goal of this card is better health and care of customers. The bank said in a statement that customers are facing a new reality in which students are studying from home to school, people are away from work from home and physical contact with people. According to the statement, this…
India’s exports reached $ 27.15 billion in December 2020. While imports increased by 7.56 percent to reach $ 42.59 billion. This information has been received from the official data released on Friday. Merchandise exports stood at $ 27.11 billion in December 2019, while imports totaled $ 39.59 billion. According to government data, the trade deficit for December 2020 stood at $ 15.44 billion, up from $ 12.49 billion in December 2019. It has increased by 23.66 percent. This information has been received from government data. According to the data, India’s total exports (merchandise and services) stood at $ 348.49 billion…
The domestic stock market has seen a sharp decline today amid mixed global signals. The market has been volatile all day. Recovery came after a weak opening, but later the sell-off came. In today’s business, the SENSEX had weakened to a level of 48796 by 750 points. The Nifty also came close to 14400. At the end of the trade, the Sensex fell by 549 points and closed at the level of 49,034.67. While the Nifty lost 162 points and closed at the level of 14434. There was a four-day sellout in the market today. However, the largest decline has…
New Delhi: Global Financial Institution International Monetary Fund (IMF) has supported the recently implemented agricultural laws on behalf of Modi government. The IMF says that this is an important step towards agricultural reforms in India. However, the IMF also says that the Government of India should formulate policies to ensure the social security of those who may be adversely affected by these laws. IMF Director of Communications Gerry Rice says that these laws will reduce the role of middlemen and increase capacity. In a conference, he said that he has taken an important step towards agricultural reforms in India. On…
New Delhi: Power Finance Corporation Ltd (PFC), the nation’s biggest lender to the power sector, on Thursday announced the launch of its maiden taxable bond issue of Rs 5,000 crore for individual buyers that will open on January 15. This first tranche is set to close on January 29. PFC is planning to raise Rs 10,000 crore through bonds (NCDs) in two tranches. Addressing the media at the launch of the bond issue, PFC Chairman and Managing Director R S Dhillon said the company is bringing the issue on diversification basis and it would like to do it again going…
New Delhi: Passenger vehicle wholesales in India increased 13.59 per cent to 2,52,998 units last month on a very low sales base of December 2019, auto industry body SIAM said on Thursday. Passenger vehicle sales in December 2019 stood at 2,22,728 units. As per the latest data by Society of Indian Automobile Manufacturers (SIAM), two-wheeler sales also rose 7.42 per cent to 11,27,917 units, compared to 10,50,038 in December 2019. Motorcycle sales increased 6.65 per cent to 7,44,237 units as against 6,97,819 in December 2019. Scooter sales were also up 5.59 at 3,23,696 units from 3,06,550 units a year ago.…
New Delhi: The net profit attributable to shareholders in the year-ago period was at Rs 2,455.9 crore, according to a regulatory filing by Wipro. Its revenue from operations grew nearly 1.3 per cent to Rs 15,670 crore from Rs 15,470.5 crore in the quarter ended December 2019. Wipro, which gets a bulk of its topline from IT services, said it expects revenues from that business to be in the range of USD 2,102 million to USD 2,143 million in the March 2021 quarter. This translates into a sequential growth of 1.5 per cent to 3.5 per cent for the March…
Seoul: IONIQ 5 will be the first vehicle mated with Hyundai Motor Group’s Electric-Global Modular Platform (E-GMP), an innovative system made exclusively for next-generation battery electric vehicles. The IONIQ 5 midsize crossover vehicle comes with a battery that enables driving over 500 kms on a single charge and ultra-fast charging to 80 per cent capacity within 18 minutes. “Beginning with IONIQ 5, our dedicated BEV lineup brand will redefine the relationship between people and their cars, establishing a new standard against which all BEV design experiences will be measured,” said SangYup Lee, Senior Vice President and Head of Hyundai Global…
Mumbai: Recovering from a shaky start, the 30-share BSE index ended 91.84 points or 0.19 per cent higher at its new lifetime closing high of 49,584.16. Similarly, the broader NSE Nifty rose 30.75 points or 0.21 per cent to finish at a record 14,595.60. TCS was the top gainer in the Sensex pack, rising around 3 per cent, followed by IndusInd Bank, L&T, ITC, HUL, Reliance Industries and Sun Pharma. On the other hand, HCL Tech, Axis Bank, Asian Paints, UltraTech Cement and Infosys were among the laggards. Domestic equities witnessed a brisk recovery from the day’s low mainly led…
Instant banking service through WhatsApp messaging appAvailable for customers and non-customers of the bank Bareilly : Pioneer among Public Sector Banks,Bank of Baroda, country’s third largest public sector bank, announced the launch of banking services on messaging app, WhatsApp. The services offered by the bank via WhatsApp will be balance inquiry, mini statement, cheque status enquiry, cheque book request, blocking of debit card, information on Bank’s product and services, register/apply for digital products etc. This initiative strengthens the Bank’s digital presence by providing ease to its customers from the comfort of their homes. The key benefits engaged with the service…
The market capitalization of companies listed on the Bombay Stock Exchange (BSE) reached an all-time record high on Tuesday. On Tuesday, January 12, the market capital of these companies reached 197.46 lakh crore. All these companies have a market cap of Rs 1,97,46,939.57 crore ($ 2.6 trillion) when the market closes. The 30-share BSE Sensex rose by 247.79 points to close at 49,517.11 on Tuesday. According to Binod Modi, Head (Securities), Reliance Securities, the market has created an atmosphere of rapid growth due to the continuous steps taken by the government to promote economic activities. According to Modi, there will…
Retail inflation has come down to 4.59 percent in December. According to the data released by the government on Tuesday, this is mainly due to the fall in food prices. The retail inflation based on the Consumer Price Index (CPI) stood at 6.93 per cent in November. In December 2020, food inflation fell to 3.41 percent. In comparison, it was 9.5 per cent last month. On the other hand, there has been a setback in the industrial production front in the month of November. According to official data released on Tuesday, India’s industrial production fell by 1.9 per cent in…
Mumbai: The benchmark equity indices on the BSE and National Stock Exchange (NSE) ended at an all-time high for the third straight session on Tuesday paced by gains in the PSU, auto and realty sectors. The Sensex ended 248 points higher to end at record high of 49,517, while the Nifty rose 79 points to its record close of 14,563. Though the benchmarks opened lower in early trade and the sensex was in the red till noon, buying in banking stocks helped markets recover from lower levels. The S&P BSE MidCap index closed at 19,208.6, up 0.4 per cent, while…