Author: Finance Khabar

Mumbai: The domestic stock market today has broken all its previous records amid better global signals. Both the Sensex and the Nifty reached their new highs at the start of business. The Sensex crossed the 49300 level for the first time in intraday. So at the same time, the Nifty continued to touch 14500. Strong support in IT and auto stocks helped the market. However, there has been pressure on banks and metal stocks. At the end of trading, the Sensex closed with a gain of 487 points at 49,269.32. At the same time, the Nifty has also closed with…

New Delhi: Bitcoin has already gained 25 per cent in January, following its more than 300 per cent gain in 2020. The second largest cryptocurrency ‘Ethereum’ has soared over the past 12 months reaching a total gain of 860 per cent last week, after trading above $1,200 for the first time since early 2018. According to Sumit Gupta, CEO and co-founder of cryptocurrency exchange ‘CoinDCX’, the market capitalisation of Crypto to $1 trillion is a strong testament that it is here to stay. According to CoinDesk, some of those large investments have come from firms like technology firm MicroStrategy, which…

New Delhi: The Confederation of All India Traders (CAIT) has strongly objected the new WhatsApp privacy policy through which all kinds of personal data, payment transactions, contacts, location and other vital information of a person who is using WhatsApp will be acquired by it and can be used for any purpose by WhatsApp. In a communication sent to Minister for Information Technology Ravi Shankar Prasad, CAIT has demanded that the government should immediately restrict WhatsApp from implementing the new policy or put a ban on WhatsApp and its parent company Facebook. Facebook has more than 200 million users in India…

San Francisco: According to the Mac Otakara report, the upcoming iPad will sport the same svelte body as the latest-generation iPad Air 3 with no design changes. The display size on the new iPad is going to remain the same at 10.2-inches but it might be significantly thinner than the iPad Air at 6.3 mm. The new iPad is also expected to be lighter at 460 gms, 30 gms less than the 490 gms of the current one. The device will continue to feature a Touch ID Home button and a Lightning port, with Apple declining to transition to USB-C.…

New Delhi: Big companies of steel and cement industry are involved in factionalism to increase prices. Union Minister of Road Transport and Highways Nitin Gadkari has said this. He has stressed the need for a regulator for these areas. Gadkari said that if the prices of steel and cement continue to rise, it will be difficult to fulfill Prime Minister Narendra Modi’s dream of making India a $ 5 trillion economy. He also mentioned the target of investing 111 lakh crore rupees on infrastructure projects in the next 5 years to give a boost to the economy. Let me tell…

The market cap of 7 of the top 10 most valuable companies in the Sensex increased by Rs 1,37,396.66 crore last week. Tata Consultancy Services (TCS) benefited the most. Apart from TCS, mcaps of HDFC Bank, Hindustan Unilever Limited (HUL), Infosys, HDFC, ICICI and Bharti Airtel also increased. On the other hand, the market capitalization of Reliance Industries Limited (RIL), Kotak Mahindra Bank and Bajaj Finance declined. During the last week, TCS’s MCAP increased by Rs 72,102.07 crore to Rs 11,70,875.36 crore, Infosys increased by Rs 21,894.28 crore to Rs 5,58,772.73 crore, HDFC increased by Rs 15,076.62 crore to Rs…

New Delhi: The country’s fuel demand has increased for the fourth consecutive month in December. Fuel consumption reached an 11-month high in December after economic activities resumed. However, it is still two per cent below the pre-Covid-19 level. According to provisional data from the Petroleum Planning and Analysis Cell of the Ministry of Petroleum, in December 2020, the total demand for petroleum products declined to 18.5 million tonnes on an annual basis. It was 18.8 million tonnes in the same month a year ago. Fuel consumption in December increased for the fourth consecutive month on a month-on-month basis, with transport…

Washington: “The decline in payroll employment reflects the recent increase in coronavirus (COVID-19) cases and efforts to contain the pandemic,” the Labour Department’s Bureau of Labour Statistics (BLS) said in its monthly employment report. The BLS report noted that employment in leisure and hospitality declined by 498,000, with three-quarters of the decrease in food services and drinking places, by 372,000, Xinhua news agency reported. Since February 2020, employment in leisure and hospitality has been down by 3.9 million, or 23.2 per cent. Employment in private education, meanwhile, decreased by 63,000 in December, the report showed, noting that employment in the…

New Delhi: As per a statement from the Finance Ministry, for investors using the digit mode for subscription, the issue price of gold bond will be Rs 5,054 per gram of gold. Otherwise, issue price of the bond during the subscription period will be Rs 5,104 per gram. In terms of an October 9, 2020, notification, Sovereign Gold Bonds 2020-21 (Series X) will open for the period January 11-15, 2021 with Settlement date January 19, 2021.

New Delhi: Its revenue from operations was up 10.77 per cent at Rs 7,542 crore during the quarter under review as against Rs 6,808.93 crore in the corresponding quarter last fiscal. Avenue Supermarts’ total expenses were at Rs 6,977.88 crore as against Rs 6,325.03 crore, up 10.32 per cent. While on the standalone basis, Avenue Supermarts’ net profit was up 19.27 per cent at Rs 470.25 crore as against Rs 394.26 crore of the Q3/FY 2019-20. Its standalone revenue during the quarter was at Rs 7,432.69 crore. Commenting on the results, Avenue Supermarts CEO & Managing Director Neville Noronha said…

New Delhi: Reliance Infrastructure Limited Parbati Koldam Transmission Company Limited. (PKTCL) has completed the sale of its entire 74 percent stake. Giving this information on Saturday, the company said that it has sold its stake in PKTCL to India Grid Trust. The deal has been done for Rs 900 crore. The company said that it will use this amount to reduce its debt burden. This will reduce the outstanding tax on the company by six percent from Rs 14,000 crore to Rs 13,100 crore. The company said that it has successfully completed the sale of its entire stake in PKTCL…

The country’s largest bank, State Bank of India (SBI), has given the New Year gift to those taking home loans to buy a house. SBI has reduced home loans by 30 basis points i.e. 0.3 percent. Apart from this, there is a big relief to the home buyers in processing fees as SBI has given a 100 percent discount in processing fees. According to the release released by the bank, the interest rates of SBI are linked to CIBIL Score and a minimum interest of 6.80 per cent will be paid on loans up to Rs 30 lakh. The bank…

Mumbai: In February last year, RBI had announced a revised Liquidity Management Framework (LMF) that was simplified and “clearly communicated” the objectives and toolkit for liquidity management. However, in view of the COVID-19 outbreak, the rapidly evolving financial conditions and taking into account the impact of disruptions due to the lockdown, RBI had decided to temporarily suspend the revised LMF and the window for Fixed Rate Reverse Repo and Marginal Standing Facility (MSF) operations were made available throughout the day. This was intended to provide eligible market participants with greater flexibility in their liquidity management. “On a review of evolving…

Consolidated net profit of Tata Consultancy Services (TCS), the country’s largest software services company, rose 7.2 per cent to Rs 8,701 crore in the October-December 2020 quarter. The company said in a regulatory filing that it is on an annual basis. Net profit of the company was 8,118 crore in the year-ago period. The company’s revenue increased 5.4 percent to Rs 42,015 crore in the quarter under review. This was Rs 39,854 crore in the same period last year. TCS said that this was its highest growth in the December quarter in nine years. Rajesh Gopinathan, chief executive officer and…

New Delhi: The country’s foreign exchange reserves have increased to an all-time high of $ 585.324 billion with an increase of US $ 4.483 billion. The Reserve Bank of India (RBI) has released this data for the week ending January 1. In the week ending December 25, the reserves had fallen by $ 290 million to $ 580.841 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 $ 4.168 billion to…

MUMBAI: Domestic stock market today witnessed strong boom amid strong global cues. Today the Sensex and Nifty broke all their previous records in intraday business. The Sensex rose to a level of 48,854.34 in intraday. At the same time, the Nifty also reached the level of 14367. After the weakness of the last 2 days, today investors have shopped fiercely in the market. IT, auto and pharma stocks have seen a sharp rise, due to which the market reached a new high. At the end of trading, the Sensex has gained 689 points and closed at 48,782.51. At the same…

New Delhi: The insurance behemoth has launched a Special Revival Campaign starting from January 7 till March 6 for its customers to revive their lapsed individual policies subject to certain conditions. It has also authorised its 1,526 satellite offices to revive policies where special medical tests are not required. “Under this Special Revival Campaign, policies of specific eligible plans can be revived within five years from the date of the first unpaid premium subject to terms and conditions,” LIC said in a statement. Certain concession in health requirements is also being offered subject to eligibility, it said, adding that most…

Bhubaneswar: Addressing the 41st Foundation Day of Nalco here, the Minister said that the PSU will invest over Rs 7,000 crore for the 5th stream of its Damanjodi refinery, development of Potangi bauxite mines, and exploration and transportation of coal from South, Utkal D and Utkal E blocks. He said that around Rs 23,000 crore will be invested in the expansion of Angul smelter plant with a 1,400-MW captive power plant. “It will help the company to sustain and be competitive. Moreover, aluminium industry is one of the fastest growing sectors among all metals and holds the potential to attract…

New Delhi: The country’s gross domestic product (GDP) is projected to decline by 7.7 percent in FY 2020-21 due to the Covid 19 pandemic affecting the economy. The first advance estimate of national income was released by the National Statistics Office (NSO) on Thursday. It states that GDP will be Rs 134.40 lakh crore in the current financial year. In the financial year 2019-20, this figure was Rs 145.66 lakh crore. In this way, the GDP will fall by 7.7 percent this year. GDP grew by 4.2 percent in FY 2019-20. In eight major economic sectors, only agriculture and electricity,…

New Delhi: The State Bank of India (SBI) has raised $ 600 million (Rs 4,391 crore) from the Regulation S bond through its London branch at a 1.8% coupon rate. The bond has been benchmarked against the 5-year Treasury bond and its price has been set at a spread of 1.40 per cent. The bond will be listed on SGX-ST (Singapore Exchange – Security Trading) and India INX (India International Exchange). SBI has made a comeback in the international public bond markets after almost two years through it. This is the first public USD bond issue by an Indian scheduled…