Author: Finance Khabar

NewDelhi: Social e-commerce venture of farm-to-fork agritech startup, Otipy, on Monday announced it is planning to raise $10 million this year to expand its presence in the country. According to a statement from the startup, it aims to empower more resellers and further build its business across India. The company is in active discussions to raise $10 million in 2021. Otipy has already raised $ 2 million in 2020 from Inflection Point (IP) Ventures and the Smile Group. Otipy Founder Varun Khurana said, “We have a history and deep understanding of fresh produce that we have leveraged to build a…

NewDelhi: Fitch Solutions on Monday said it has revised its forecast for the Indian rupee to average stronger at Rs 75.50 to a US dollar in 2021, from Rs 77/USD. For 2022, it revised the forecast to Rs 77 to a US dollar, from Rs 79 previously, to account for a stronger 2021 forecast. “We expect the rupee to trade only slightly weaker over the near term from current levels,” it said in a note. It saw depreciatory pressure on the rupee due to worsening terms of trade from rising oil prices, further monetary easing, and bouts of risk-off sentiment…

NewDelhi: State-run Bank of Baroda on Monday announced the launch of banking services on 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, a release said. This initiative strengthens the Bank’s digital presence by providing ease to its customers from the comfort of their homes. “With the growing prominence of social media, we believe that WhatsApp banking will offer immense convenience to our customers to meet their banking requirements,” the bank’s executive director…

Mumbai: Hyundai Motor India Ltd (HMIL) on Monday said it has started exports of its all-new i20 premium hatchback as it seeks to strengthen its commitment to ‘Aatmanirbhar Bharat’. The first batch of 180 cars of the new i20 will be shipped to South Africa, Chile, and Peru, the company said in a statement. Last year in November the company had launched the fourth generation of the i20 model in India priced between Rs 6.79 lakh and Rs 11.17 lakh (ex-showroom). First launched in 2007, the i20 has been popular in the global markets and HMIL exported a total of…

MUMBAI: The domestic stock markets remained firm for the ninth consecutive day on Monday amid positive signals from overseas and the 30-share BSE Sensitive Index Sensex crossed the 48,000 mark for the first time. The Sensex closed up 307.82 points, or 0.64 per cent, at 48,176.80 points amid all-round buying. The National Stock Exchange’s Nifty also closed at a new record level of 14,132.90 points with a gain of 114.40 points, or 0.82 percent. The stock market has been witnessing a steady rise since December 21. During the nine trading days during this period, the Sensex has gained 2,622.84 points…

New Delhi: CAG is doing performance audit on recapitalisation of PSBs after 2016-17 and it has written a letter to the Department of Financial Services, Ministry of Finance, seeking various information, including rationale for distribution of capital among different PSBs, sources said. The Government of India made capital infusion to the tune of Rs 90,000 crore in 2017-18. This rose to Rs 1.06 lakh crore in the following year. During the last financial year, the capital infusion through bonds was Rs 70,000 crore. For the current fiscal, the government has earmarked Rs 20,000 crore for the capital infusion into the…

New Delhi: The company is hoping that there is no change in the tax structure in the upcoming Budget to let the segment come back to normal growth trajectory and it believes that any increase would ”hit the segment very negatively”. ”What we are seeing in our business is that in the last few months we are gradually coming back to pre-COVID-19 times in terms of new order intake and throughputs in the workshop…We anticipate the super luxury car segment will start bouncing back,” Lamborghini India head Sharad Agarwal told media. He further said, ”My anticipation is that in 2021…

New Delhi: Interested merchant bankers and legal advisors will have to be submit their bids by January 28 and January 29, respectively, the Department of Investment and Public Asset Management (DIPAM) said in a notice. The government holds 75 per cent stake in RCFL and intends to disinvest 10 per cent of the paid up equity capital through an offer for sale (OFS). The merchant banker would be required to advise the government on the timing and the modalities of the OFS, esure best return from the government and assist in securing approval and exemptions, wherever necessary, from regulatory agencies.…

New Delhi: The capital expenditure target for the financial year 2020-21 was initially set at Rs 10,000 crore, the CIL official said. The government has instructed the public sector companies to increase their capital expenses to boost the economy which was hit by the COVID-19 pandemic, he said. “With the achievements of our internal goals, the government has raised our capital expenditure target to Rs 13,000 crore. “We have already crossed Rs 8,000 crore till December and will definitely surpass the Rs 10,000-crore mark. We will chase the new goal as this will help revive the economy,” a CIL official…

MUMBAI: The progress in vaccination of the covid-19 pandemic continued in the stock markets in the past week and the Sensex and Nifty have consistently managed to reach new record levels. The continuation of the market is expected to continue in the coming week. The government has started a dry run of covid-19 vaccination. This has given hope to the investors that the economy will be back on track soon. The 30-share BSE Sensitive Index Sensex gained 895.44 points or 1.91 percent to close at 47868.98 points on the weekend amid strong investment sentiment. The National Stock Exchange’s Nifty was…

New Delhi: In December last year, freight load totalled 118.13 million tonnes compared to 108.84 million tonnes in 2019, the Railways said in a statement. In this period, the Railways earned Rs 11,788.11 crore from freight load, an increase of Rs 757.74 crore or 6.87 per cent compared with earnings of Rs 11,030.37 crore during the corresponding period in 2019. In December last year, the total loading was 118.13 million tonnes, including 50.67 million tonnes of coal, 15.31 million tonnes of iron ore, 6.13 million tonnes of food grains, 5.23 million tonnes of fertilisers, 4.3 million tonnes of mineral oil…

New Delhi: BSNL had floated a 4G tender worth Rs 9,300 crore for procurement of telecom equipment in March but was cancelled later due to multiple reasons, including an allegation from Indian companies that the state-run firm project does not comply with preferential market access norms and is inclined towards foreign companies. The company now plans to float a tender for procuring equipment for 57,000 sites for 4G services but exact details will be shared in the tender document ”To ascertain the eligibility of bidders in the upcoming 4G tender of BSNL keeping in consideration the spirit of the ‘Aatmanirbhar…

New York: CEO Elon Musk set a goal of delivering 500,000 vehicles in 2020 before the coronavirus pandemic hit, and Tesla stuck to that goal even though the virus forced its only U.S. assembly plant to close for several weeks in the spring. In the first nine months of the year, Tesla reported that it delivered just over 318,000 vehicles worldwide, including a record 139,300 in the third quarter. To reach a half million, Tesla would have had to shatter the record and deliver 181,650 vehicles from October through December. Musk sent an email to employees in December urging them…

Mumbai: The SEBI order observed that RIL had entered into a well-planned operation with its agents to corner the open interest in the RPL (Reliance Petroleum) futures and to earn undue profits from the sale of RPL shares in both cash and futures segments and to dump large number of RPL shares in the cash segment during the last ten minutes of trading on the settlement day resulting in a fall in the settlement price. The case pertains to 2007. It also observed that Mukesh Ambani being the Chairman & Managing Director of RIL, was responsible for its day-to-day affairs…

Exports from the country declined for the third consecutive month in December 2020. Last year, in December 2020, exports fell 0.8 per cent to Rs 1.97 lakh crore (US $ 2689 crore). According to government data, the decline in exports was due to a decline in the sectors of petroleum, leather and marine products. Trade deficit also increased by 25.78 per cent to Rs 1.15 lakh crore ($ 1571 million) due to increased imports in December. According to the data released by the Commerce Ministry, in December 2020, imports increased by 7.6 percent to 3.12 lakh crore rupees ($ 4260…

New Delhi: In the year-ago period, FDI equity inflows stood at $29.31 billion, as per the data of the Department for Promotion of Industry and Internal Trade (DPIIT). During the first seven months of the current fiscal, total FDI (including re-invested earnings) increased 11 per cent to $46.82 billion from $42.06 billion in April-October 2019, it said. “FDI equity inflow increased by 21 per cent to $35.33 billion (April 2020 to October 2020) from $29.31 billion reported in the same period of previous financial year,” the department said in a statement while listing out its highlights during 2020. Sectors which…

New Delhi: The last month of the year 2020 gave news of relief for car companies. Car sales figures in December 2020 suggest that companies are slowly gaining momentum. During December, the country’s largest carmaker Maruti Suzuki India (MSI) reported a 20.2 percent increase in sales in December. At the same time, MG Motor sales grew by 33 percent and Toyota’s sales by 14 percent. According to the auto sales data released by the companies on Friday, Maruti Suzuki India sales rose 20.2 percent to 1,60,226 in December. The company said in a statement that the company had sold 1,33,296…

New Delhi: Flights between India and Britain will resume from 8 January 2021. The Union Minister of Civil Aviation said that this decision has been taken. He said that till January 23, operations would be limited to 15 flights per week. This limit is for the airlines of both countries and flights will operate only from Delhi, Mumbai, Bangalore and Hyderabad. India has banned passenger flights between the two countries to prevent it from spreading to India after a new type of covid 19 was revealed in Britain. This ban was imposed from 23 December to 31 December. Earlier on…

New Delhi: The record GST collection so far in December. The GST collection crossed a record high of 1.15 lakh crore in this month. It shows the festive season demand and the improving economy. The Finance Ministry said in a statement that the total accumulated GST revenue in the month of December 2020 is Rs 1,15,174 and is the highest since the Goods and Services Tax came into force on 1 July 2017. The Finance Ministry said in a statement that this is the highest growth in monthly revenue for the last 21 months. This is due to the rapid…

2021 is welcomed in the stock market in a good mood. During the trading on Friday, the Bombay Stock Exchange (BSE) Sensitive Index Sensex set a new record of 47978. The National Stock Exchange (NSE) Nifty also touched the 14050 level. At the end of the trade, the Sensex gained 118 points to close at 47,868.98. At the same time, the Nifty closed at 14,018.50 with a gain of 37 points over 14 thousand for the first time. ITC and TCS were the biggest gainers in the Sensex by over 2 per cent. The market also started on a positive…