Author: Finance Khabar
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…
Mumbai: The BSE 30-share sensitive index Sensex slipped 80.74 points to 48,093.32 points on Thursday and the National Stock Exchange’s Nifty slipped 8.90 points to 14,137.35 points amid strong selling pressure from FMCG and IT sector companies amid strong cues from most Asian markets. The Sensex opened at 48,524.36 points today on the basis of strong signals from foreign markets. During the trading, it reached the day’s high of 48,558.34 points due to buying by metal and telecom companies. It slipped to a day’s low of 48,037.87 points due to continued selling in FMCG and IT companies. In the end,…
The Toyota Fortuner facelift has been launched in India. Now this SUV will be available in two trims Standard and Legend. The Fortuner Legender variants will only be called the Legender. The 2021 Toyota Fortuner costs about Rs 1 lakh more than its old version. The price of the new Toyota Fortuner will start from Rs. 29.98 lakhs. The 2021 Toyota Fortuner is offered in both manual and automatic transmissions. However, only the automatic transmission will be available in the Legender trim. The Fortuner facelift has a 2.7 liter petrol and 2.8 liter diesel engine. The petrol engine produces 164…
Mumbai: It can be noted that the high inflation driven by the food prices has forced the RBI to go for a status quo in rates for the three consecutive reviews of the bi-monthly policy meetings, even as growth continues to be in the negative territory. The RBI expects the GDP to contract by 7.5 per cent for FY21. The bank report said over a six month period, food inflation is likely to ease, but non-food may be sticky on account of rigidity in domestic fuel taxation, marginal hikes in manufacturing costs after months of the shutdown, commodity price rises,…
New Delhi: Now you can get a personal loan on Paytm in just two minutes. The company has introduced the facility of instant personal loan for people on its platform. The service will be available 24X7 throughout the year, including holidays and weekends. It will take less than two minutes to get a loan. It takes 18 to 36 months to pay the loan and EMI is assessed accordingly. Eligible customers can avail this service through the ‘Personal Loans’ tab under the Financial Services option and can manage their loan account directly through the Paytm app. The company has tied…
New Delhi: Domestic equity benchmarks, Sensex and Nifty broke their 10-day winning streak as the two ended half per cent down on Wednesday, dragged by losses in Reliance Industries, ITC and Infosys. After hitting its record intra-day high of 48,616.66 in early trade, the S&P BSE Sensex pared all gains to end 263.72 points or 0.54 per cent lower at 48,174.06. Similarly, the broader NSE Nifty fell 53.25 points or 0.38 per cent to 14,146.25. It touched a record peak of 14,244.15 during the day. The losers on the Sensex pack were led by ITC, drowning around 3 per cent,…
New Delhi: Housing Development Finance Corporation (HDFC) on Monday reported a healthy rise of 26 per cent in the individual loan category during the third quarter of FY21. “The individual loan business continued to see improvements during the quarter ended December 31, 2020. Disbursement growth over the corresponding quarter of the previous year was 26 per cent. Individual loans sold in the preceding 12 months amounted to Rs 16,956 crore, HDFC Ltd said in a regulatory filing. For the nine months ended December 31, 2020, individual loan disbursements stood at 86 per cent of the levels in the corresponding period…
New Delhi: In the third quarter (October-December) of the current financial year 2020-21, mutual funds asset base has increased by 7.6 percent. After this increase due to the boom in the equity market, the mutual fund asset base increased to 29.71 lakh crore. According to the Association of Mutual Funds in India (AMFI), the average asset under management (AAUM) of the mutual fund industry in the second quarter July-September was Rs 27.6 lakh crore. According to Gopal Kavalireddy, research head of FYERS, the stock market has performed well in the last three months. The Nifty 50 was up 3.15 percent…
New Delhi: Fiat Chrysler Automobiles NV (FCA) said on Tuesday it will invest $250 million to grow its presence in India with the launch of four new sport-utility vehicles (SUVs) under its Jeep brand over the next two years. The investment will be made to locally manufacture a mid-size, three-row SUV, assemble the Jeep Wrangler and Jeep Cherokee vehicles in the country and launch a new version of its Jeep Compass SUV, FCA said in a statement. FCA currently has less than a 1% share of India’s passenger vehicle market. Adding new vehicles to its portfolio is expected to help…
New Delhi: The ratings agency said the outlook on the construction sector in FY22 is stable and credit profile of players are likely to recover after weakening in FY21. Besides, ICRA pointed out that investments planned under the National Infrastructure Pipeline will be key growth drivers for the sector. “While the pandemic-related uncertainties continue to remain, execution has recovered sharply in the last few months. “ICRA expects the pace of execution to improve over the medium term, supported by adequate orders in hand as well as the recent measures taken by the government,” it said. As per the ratings agency,…
Mumbai: The rally in the domestic stock markets continued for the 10th consecutive day today and the BSE 30-share Sensex Sensex gained 260.98 points, or 0.54 percent, to 48,437.78 points and the National Stock Exchange’s Nifty gained 66.60 points, or 0.47 percent. 14,199.50 points closed at a new record level. There was pressure of profit booking in the early trade in the big companies, but later the market rebounded and came into the lead. Banking and financial sector companies as well as companies like TCS, Hindustan Unilever and Infosys contributed the most to market strength. Investors showed more confidence in…