Author: Finance Khabar
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…
Priyanka Iyer When it comes to smart money management, we believe that earning a higher income that caters to your daily expenses, is all that’s required. Seldom do we bring assets and liabilities into the picture, or try to examine our net worth. Even when you’re earning well, effective money management is of paramount importance, else you may often find yourself swimming against the currents. There may be risks of credit score downgrades, inadequate funds for emergencies, along with payment delays or defaults. Read on to know why it pays to manage your money effectively. Risks of overspending Without an…
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…
New Delhi: Dabur on Sunday said it is filing a complaint against rival Marico before the Advertising Standards Council of India (ASCI) for claiming its Saffola Honey sample being passed through the NMR test. The Noida-based company claimed Marico’s Saffola honey has failed the NMR (Nuclear Magnetic Resonance) test and is misleading the consumers. “Dabur is filing a complaint in ASCI against Marico as their Saffola Honey sample from the market has failed the NMR test. Test reports clearly indicate the presence of sugar syrup in Saffola honey. Their claim on NMR test is misleading the consumers,” Dabur claimed in…
New Delhi: The Reserve Bank on Friday announced further liberalisation in the extant policies governing certain export transactions by delegating more powers to banks with an aim to improve the ease of doing business for exporters. The measures are related to direct dispatch of shipping documents, write-off of unrealised export bills, set-off of export receivables against import payables, and refund of export proceeds. In his address post the Monetary Policy Committee’s meeting, RBI Governor Shaktikanta Das said the central bank has announced several measures to enhance export competitiveness, ease of doing business for exporters and minimise procedural delays. Continuing with…
Kuala Lumpur: The company told Reuters in an email to Reuters that it always takes into account market conditions, business growth potential and other factors, as part of a continuous review of its investments and business operations. “As part of this review, Sony will consolidate its manufacturing operations by transferring its operations in Penang to Selangor, to further enhance operational efficiency,” said Penang-based Human Resources Division head Ric Ong. Operations at the plant will end by Sept. 30 and it will shut by the end of March 2022, affecting about 3,600 employees in Penang. Some of the Penang employees will…
New Delhi: The recently released provisional data showed that India’s merchandise exports dropped by 9.07 per cent in November to $23.43 billion from $25.77 billion in November 2019. “The slippage in exports growth signifies the near term impact of fresh restrictions in trading partners. The average merchandise trade deficit is likely to reach substantially higher levels in H2FY21 as compared to Q2FY21,” said Aditi Nayar, Principal Economist, ICRA. Among commodities and products, iron ore, rice and pharmaceuticals continued to display healthy uptick in YoY shipments, whereas leather, textiles and engineering goods continued to show contraction. EEPC India Chairman Mahesh Desai…
CEO of the world’s largest vaccine manufacturer Serum Institute of India, Adar Poonawala has been elected ‘Asian of the Year’. Singapore’s leading newspaper The Strait Times has placed Adar Poonawalla among the six people who have been selected this year’s ‘Asian of the Year’ for playing an important role in the fight against the Corona epidemic. All of them have been placed in this list because of their important role in the fight against the corona epidemic. The Pune-based Serum Institute of India (SII) has partnered with Oxford University and the British Swedish forma company AstraZeneca to manufacture the Corona…