Author: Finance Khabar
The Chinese government is considering nationalizing Jack Ma’s Alibaba and Ant Group. This claim has been claimed in a report. Significantly, Jack Ma gave a speech on October 24 last year criticizing China’s bureaucratic system. Jack Ma had criticized China’s financial regulators and state-run banks. He made this criticism in a speech in Shanghai. Jack Ma had appealed to the government to make changes in the system which suppresses the efforts of innovations in business. After this speech by Jack Ma, China’s ruling communist party became angry with Jack Ma and since then extraordinary restrictions were started on many businesses…
New Delhi: In comparison, a net inflow of just Rs 16 crore was seen in the entire 2019. The inflow came after witnessing a net pull out from safe-haven assets for six consecutive years, mainly on fears of a global slowdown and volatility in equity and debt markets. Assets under management of gold funds surged over two-fold to Rs 14,174 crore at the end of December 2020 from Rs 5,768 crore a year ago, data from the Association of Mutual Funds in India showed. Gold with its safe-haven appeal emerged as one of the best performing asset classes and a…
New Delhi: The exports during the first week of January last year were at $5.34 billion. Imports during January 1-7 this year too increased by 1.07 per cent to $8.7 billion as against $8.6 billion in the same period of 2020, the official said. Imports, excluding petroleum, increased by 6.56 per cent during the week, the official added. Exports of pharmaceuticals, petroleum and engineering grew 14.4 per cent ($61.62 million), 17.28 per cent ($114.72 million), and 51.82 per cent ($636.77 million), respectively. The rate of contraction in the outbound shipments was 8.74 per cent in November 2020. The country’s exports…
New Delhi: Due to the covid 19 epidemic, the value of assets in books of accounts in banks may decrease and there may be a shortage of capital. This was said by Reserve Bank of India (RBI) Governor Shaktikanta Das. The central bank said that this risk could happen especially with the withdrawal of regulatory reliefs. Das wrote in the role of the Half Yearly Financial Stability Report (FSR) that the financial parameters of banks have improved due to easing of cash position and better financial position. However, it also said that the data available at the level of accounting…
WhatsApp’s new privacy policy is overshadowing it and is proving beneficial for rival apps. Such as a signal. After Tesla Inc CEO Elon Musk, now the founder and CEO of Paytm, Vijay Shekhar Sharma of India has advocated the adoption of the Signal app. Sharma has said in the tweet that WhatsApp / Facebook is misusing their monopoly in India and taking the privacy of millions of users lightly. Paytm founder further said that we should shift to Signal app now. In fact, the new privacy policy of Facebook-owned WhatsApp is coming into effect from February 8, according to which…
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…