Author: Finance Khabar
New Delhi: India and Nepal have decided to resume flight services under a bilateral air bubble arrangement, authoritative sources said on Thursday, in reflection of efforts to restore normalcy in ties that came under severe strain following a bitter border row. Initially, the service will start with one flight daily from each side between Delhi and Kathmandu, they said. The decision to resume the flight service comes two weeks after Foreign Secretary Harsh Vardhan Shringla visited Kathmandu during which he held extensive talks with the political brass. Nepalese Foreign Minister Pradeep Gyawali is likely to visit India in the next…
Mumbai: Snapping five days rally, the BSE Sensex on Thursday ended negative at 45,959.88, fell by 143.62 pts as selling was witnessed in Power, Auto, Energy and utility stocks amid weak global cues. The Nifty of national stock exchange eased by 50.80 pts at 13,478.30. Registering an all-time high at 46,103.50 on Wednesday, the Sensex opened at 45,999.42, fell by 104 pts. During the day it was nosedived 418 pts to 45,685.87 days low before closing at 45,959.88, sliding by 143.62 pts from its previous close. The Sensex registered days high and low at 46,043.97 and 45,685.87 pts respectively. The…
Mumbai: Mom-and-pop Indian investors increasingly buying U.S. stocks have been drawn to a company that has no presence in India so far: electric car maker Tesla Inc. Indians are placing bigger-than-ever bets on U.S. stocks this year as the American stock market has recovered faster than markets in India and other emerging nations following a crash sparked by the coronavirus pandemic. While firms such as Apple, Amazon and Facebook – which have a significant presence in India – are popular among Indian investors venturing into U.S. stocks, data from brokerages shows Tesla has emerged as a new favourite. Indian brokerage…
New Delhi: The storm continues in the stock market. Since November, the stock market is continuously making new highs. In the same sequence, on December 9, the Sensex has crossed the 46000 mark. After touching the level of 40 thousand back in November, the Sensex has achieved a new status of 45000 and then 46000 in December. The market has gained 6500 points in the last 30 trading days. In this stormy boom, the wealth of investors has increased by close to 25 lakh crores. In the market boom, while there was a great rally in Diggas shares, Midcap and…
Sydney: India’s biggest airline, IndiGo, expects to reach 80% of usual domestic capacity by the end of the month but international capacity is running at just a fifth of normal levels because of the pandemic, its chief executive said on Wednesday. The airline hopes to reach 100% of normal domestic capacity by early next year and 100% of its usual international capacity by the end of 2021, Chief Executive Ronojoy Dutta said at a CAPA Centre for Aviation event. The low-cost airline, owned by Interglobe Aviation Ltd, reported last month a loss of 11.95 billion rupees ($162.45 million) in the…
London: Car maker Honda has temporarily halted production at its plant in England after shipping delays linked to the COVID-19 pandemic and preparations for Brexit left it with a shortage of parts. The company said it was forced to make the decision because “transport-related” delays left it short of parts. The factory relies on a “just in time” delivery system, in which parts arrive as they are needed for assembly and not stored locally, increasing efficiency. “The situation is currently being monitored with a view to restart production as soon as possible,” Honda said in a statement. The disruption of…
Mumbai: Record breaking streak continued for the fifth day on Wednesday, as the BSE Sensex breached 46K level the first time in the history to close at 46,103.50, advancing 494.99 pts as buying was witnessed across the board amid positive global cues. The Nifty of national stock exchange rose by 136.15 pts at 13,529.10. The day opened on a strong note at 45,891.04, up 283 pts. It spurted by 556 pts to 46,164 days high before closing at 46,103.50, rallied by 494.99 pts from its previous close. The sensex registered days high and low at 46,164.10 and 45,792.01 pts respectively.…
International personal finance app ‘Branch’ has achieved the feat of securing 2 million downloads in India with the majority of its consumers being of less than 30 years of age. The one-of-its-kind app that provides instant loans has customers in all the 29 states of India and has disbursed more than Rs 1.21 billion as loans in the Indian market. The app has been rated 4.3 stars (out of 5) on the Google Play Store with some amazing reviews. The app’s surging popularity is such that a large number of graduates and young salaried employees in India are choosing Branch…
New Delhi: The Centre informed the Supreme Court on Tuesday that if it were to consider waiving interest on all the loans and advances to all categories of borrowers for the six-month moratorium period announced by RBI in view of COVID-19 pandemic, then the amount foregone would be more than Rs 6 lakh crore. If the banks were to bear this burden, then it would necessarily wipe out a substantial and a major part of their net worth, rendering most of the lenders unviable and raising a very serious question mark over their very survival, it said. A bench of…
Mumbai: The equity market remained on top for the fourth straight session on Tuesday, as the BSE Sensex ended at a new peak at 45,608.51 up 181.54 pts in a volatile trade following gains in IT, Energy, Technology and Realty stocks. The Nifty of the National Stock Exchange rose by 37.20 pts at 13,392.95. In opening session, the Sensex rose by 142 pts to 45,568.80. During the day, it surged 316 pts to 45,742.23, days high before closing at 45,608.51. Meanwhile, it was dropped by 91 pts to 45,335.17, days low. The Nifty recorded days high and low at 13,435.45…
New Delhi: Prime Minister Narendra Modi on Tuesday asked the telecom industry to ensure a timely roll-out of 5G networks and services to leapfrog into the future and empower millions of people in the country. Saying that the digital potential of India is unparalleled, Mr Modi said that his government aimed to bring in high-speed fibre-optic connectivity in every village over the next three years. Towards this end, focus is made exclusively on places which can make the best out of such connectivity – Aspirational Districts, Left wing extremism affected districts, North Eastern states, Lakshadweep Islands etc. “It is because…
New Delhi: Despite the growing fiscal deficit, the central government will continue spending. Union Finance Minister Nirmala Sitharaman said that the government can increase spending to support the economy, even if it increases the budget deficit further. In an interview, She said that the government will not take a decision to reduce the incentive spending (relief package) in a hurry. Apart from this, it will be ensured that all government companies continue capital expenditure. The Union Finance Minister said that the situation needs to be increased in this situation at this time and there is no need to worry about…
New Delhi: With this, net withdrawal by mutual funds (MFs) has reached to over Rs 28,000 crore in the first 11 months of the ongoing year (January-November), data available with the Securities and Exchange Board of India (SEBI) showed. The markets, despite the withdrawals from mutual funds in the last few months, have continued to rise as flows from FPIs have been robust. Foreign Portfolio Investors (FPIs) have put in over Rs 1.08 lakh crore in the Indian equity markets during January-November period of 2020. “With markets touching new highs and Nifty PE (private equity) valuations crossing 36 times, there…
New Delhi: Internet entrepreneur Sanjeev Bikhchandani says an estimated Rs 17 trillion of market cap has been transferred abroad after young Indian start-ups were forced to shift their company domicile overseas by foreign investors promising the funds they need for growth. “Shades of the East India Company type of situation here – Indian market, Indian customers, Indian developers, Indian workforce. However 100% foreign ownership, foreign investors. IP and data transferred overseas. Transfer pricing issues foggy,” he tweeted. “Basically institutionalised transfer of wealth away from India while living off the Indian market and Indian labour somewhat like the days of the…
New Delhi: Observing that banks are the most targeted sector, the report said that nearly 22 per cent of cybersecurity attacks which took place in India in 2018-19 were on the banking industry. “…these (cyber) attacks are becoming complex day by day. To address these challenges, banks need to appoint experienced Chief Risk Officers who can take the responsibility of skilling the employees and lead investment in military-grade cybersecurity solutions to detect the most advanced attacks,” said the Deloitte report on “Digitizing the post COVID world: The ‘3I’ approach”. The banking sector, the report added, has been fast to adapt…
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Mumbai: The Chennai-based company, which is a subsidiary of the Stuggart-headquarted Daimler, is also focusing on higher digitalisation, including in its sales process, and has plans to add more value-added offerings to customers going forward. Daimler India has its manufacturing facility in Orgadama, near Chennai, where it produces 9 to 55 tonne trucks as well as BharatBenz buses, Mercedes-Benz coaches and bus chassis. “We are the only commercial vehicles maker in the country which is expanding the dealership network. Last year we ended at 230 touchpoints and this year our target is to have more 250 touchpoints by the end…
New Delhi: In a letter to Sushil Kumar, Special Director, Enforcement Directorate, CAIT alleged that Amazon’s investments in India are in violation of the provisions of Foreign Exchange Management Act, 1999 (‘FEMA Act’) and the Rules and Regulations. “Amazon.com Inc. (‘Amazon’) is one of the world’s biggest global corporations, having unbridled access to financial and information resources. Amazon has been operating in India since 2012. Amazon, in every one of its investments and businesses in India, has been brazenly and flagrantly violating the laws, rules and regulations of this Country causing untold misery to crores of small traders (by resorting…
New Delhi: Bolo Indya has raised USD 400,000 (about Rs 3 crore) in funding from Inflection Point Ventures and others that will be used to enhance tools for creators and strengthen the team, a top company official said. The latest infusion, which takes the total funding raised by the short video platform to about USD 1 million (about Rs 7.3 crore), also saw participation from existing investor Eagle10 Ventures. “We are on the mission to leverage the amalgamation of passion, content and technology to empower every content creator of Bharat to go viral in the shortest span of time and…
Mumbai: The Reserve Bank of India (RBI) has also revised its forecast of economic growth for the current fiscal year (2020-21) to (-)7.5 per cent as against its earlier forecast of (-)9.5 per cent. “We should reach pre-COVID-19 levels at the end of fiscal year 2021-22 for sure,” Kumar told PTI when asked about growth projection for the next financial year. He added that the GDP contraction this fiscal is expected at less than 8 per cent. India’s economy recovered faster than expected in the September quarter as a pick-up in manufacturing helped GDP clock a lower contraction of 7.5…