Author: Finance Khabar
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…
Mumbai: The BSE Sensex zoomed by 929.83 points or 2.11 pc to settle at 45,079.55 in week under review on positive global cues and on optimism over progress in COVID-19 vaccine development. Sustained foreign fund inflows and weakness of the American currency in the overseas market also supported the domestic shares Sentiment boosted as India’s economy recovered faster than expected in the September quarter. The Nifty 50 index rallied 289.60 points or 2.23 pc to settle at 13,258.55. Both the indices hit record high levels. The BSE Mid-Cap gained 474.37 or 2.80 pc to settle at 17,389.02. The BSE Small-Cap…
New Delhi: DBIL is well-capitalised, and its capital adequacy ratios (CAR) remains above regulatory requirements after the amalgamation, the bank said in a statement. The amalgamation provides stability and better prospects to LVB’s depositors, customers and employees following a period of uncertainty, it said, adding that once the integration is complete, customers will be able to access a wider range of products and services, including the full suite of DBS digital banking services. The scheme of amalgamation came into effect on November 27. DBS Bank has been present in India for 26 years, having opened its first office in Mumbai…
New Delhi: In the ongoing kharif marketing season (KMS) 2020-21, the government continues to procure kharif 2020-21 crops at its MSP (minimum support price) from farmers, an official statement said on Friday. The marketing season starts from October. Paddy procurement for kharif 2020-21 is continuing smoothly in Punjab, Haryana, Uttar Pradesh, Telangana, Uttarakhand, Tamil Nadu, Chandigarh, Jammu & Kashmir, Kerala, Gujarat, Andhra Pradesh, Odisha, Madhya Pradesh, Maharashtra and Bihar. The Food Corporation of India and state agencies have purchased 329.86 lakh tonnes of paddy up to December 3 as against purchase of 275.98 lakh tonnes in the corresponding period last…
Mumbai: Reserve Bank of India (RBI) Governor Shaktikanta Das on Friday said that the Real Time Gross Settlement (RTGS) system, used for large value transactions, will be made available round-the-clock in the next few days. ‘With this enablement, it is proposed to reduce settlement and default risk in the system by facilitating settlement of AePS, IMPS, NETC, NFS, RuPay, UPI transactions on all days of the week instead of five days earlier. This will make the payment ecosystem more efficient” he added. Currently, RTGS is available for customers from 7.00 am to 6.00 pm on all working days of a…
Mumbai: The Reserve Bank of India on Friday decided to keep key rates unchanged for the third time in a row, but maintained an accommodative stance, implying more rate cuts in the future if the need arises to support the economy hit by the COVID-19 crisis. The MPC voted unanimously to hold rates steady in the sixth bi-monthly policy on Friday. The Repo rate was at 4 pc while Reverse Repo at 3.35 per cent. Marginal standing facility and bank rate remains unchanged at 4.25 per cent. In its preceding policy meet in October, the RBI had kept the key…
Mumbai: For the first time in the history, the BSE Sensex on Friday, breaching 45K level to finish at 45,079.55, spurting 446.90 pts after the RBI maintained status quo. The Nifty of national stock exchange moved up by 124.65 pts at 13,258.55 The equity market remained in green throughout the session, as the Sensex opened higher by 73 pts to 44,665.91, all time high. After the announcement of RBI to keep the key rates unaltered, the sensex zoomed up by 516 pts to 45,148.91 days high, before closing at 45,079.55, advancing by 446.90 pts from its previous close. The sectoral…
Add-on cover available with Care Health’s comprehensive hospitalization products such as Care, Care Advantage, Care Freedom and moreComes with a troika of innovative benefits: Inflation Shield, Claim Shield and No Claim Bonus Shield Care Health Insurance (formerly Religare Health Insurance) today announced the launch of its latest, innovative product, Care Shield. The triple-innovation product takes into account rising inflation, coverage of certain medical expenses hitherto uncovered and safeguarding the No Claim Bonus benefit from lapsing in case of moderate claims of up to 25% of Sum Insured. Highlighting the benefits of the new product, Anuj Gulati, Founding Managing Director & CEO said, “Medical costs…
Mumbai: A total of 31 women in the list of 100 having a networth of at least Rs 100 crore, prepared by Hurun India and Kotak Wealth, are “self-made”, it said. This includes six professional managers and 25 entrepreneurs. Shaw leads in the self-made category, followed by Radha Vembu of Zoho (Rs 11,590 crore networth) and Jayshree Ullal of Arista Networks (Rs 10,220 crore), it said. Interestingly, all the three — Shaw, Ullal and Vembu — also feature in a global rich list prepared by Hurun. The average age of women on the list, whose cumulative wealth is pegged at…
New Delhi: The Reserve Bank of India (RBI) has asked to temporarily stop HDFC Bank’s upcoming digital business activities and new credit card issuance by issuing an order. The order has been given by the central bank due to the affected functioning of the data center of HDFC Bank last month. Explain that after complaining about the problems faced by the net banking of HDFC Bank in the past, the bank had talked about such problems. This order of RBI has come on 2 December. Customers had complained about problems in HDFC Bank net banking and payment system. After which…
New Delhi: The Reserve Bank of India’s (RBI) key focus in the ongoing policy review meeting is likely to be on “ensuring adequate liquidity” in the system while maintaining an “accommodative” stance, industry body Assocham on Thursday said. It also said that the accommodative stance would reflect the RBI’s commitment to keep the lending rates benign to support growth, hit by the COVID-19 pandemic. “Focus of the bi-monthly review of the credit policy by the RBI monetary policy committee is expected to be ensuring adequate liquidity into the system, retaining the policy stance as accommodative,” Assocham said. The RBI has…
New Delhi: In a statement, the company said it has leased about 62,500 sq ft at its commercial project ‘Max Towers’ in Noida to Yes Bank, which plans to relocate its offices from the Central Business District (CBD) to the new location to rationalize cost. During the last six months, Max Estates has also leased around 25,000 sq ft to Indian Energy Exchange (IEX) Ltd. “The demand for Grade A office spaces has been growing in Noida mainly due to relatively high rentals in Delhi and Gurugram’s established office space locations and emerging supply of better quality assets,” MaxVIL Managing…
Mumbai: After scaling an all-time intra-day peak of 44,953.01, the 30-share BSE Sensex pared some gains to end 14.61 points or 0.03 per cent higher at 44,632.65. Similarly, the broader NSE Nifty touched a fresh intra-day high of 13,216.60, before settling 20.15 points or 0.15 per cent up at 13,133.90 — its lifetime closing high. Maruti was the top gainer in the Sensex pack, rallying around 7 per cent, followed by ONGC, Asian Paints, NTPC, SBI, Bajaj Finserv and Tata Steel. On the other hand, HDFC Bank, TCS, Bajaj Auto, Infosys and M&M were among the laggards. “Indian market opened…
Bangalore: Bengaluru-headquartered Wipro said it would develop new features, capabilities and interfaces for Verifones Cloud Services offerings, enabling seamless and flexible transaction processing for the company. “Leveraging its global engineering support team, Wipro will accelerate time-to-market for Verifone assisting it to transform its customer partnerships”, a Wipro statement said. “Buying patterns have been disrupted by the pandemic and the payment industry is undergoing an overhaul, accelerated by the cashless economy and contactless payments. We look forward to supporting Verifone navigate this upward trend and bring enhanced value through our deep expertise in Cloud Engineering offerings, said Harmeet Chauhan, Senior Vice-President,…
Mumbai: BSE Sensex on Wednesday marginally fell by 37.40 pts to settle at 44,618.04 on profit-booking by local operators at a higher level. While the Nifty of national stock exchange slightly rose by 4.70 pts at 13,113.75. The Sensex which was all-time high on Tuesday, opened positive at 44,729.52, up by 74 pts, which remained days high only. Later, it nosedived 486 pts to 44,169.97, days low. In late trade it was improved, but ended negative only at 44,618.04, easing by 37.40 pts from its previous close. The Sensex registered days high and low at 44,729.74 and 44,169.97 pts respectively.…
New Delhi: The seasonally adjusted IHS Markit India Manufacturing Purchasing Managers’ Index (PMI) fell from 58.9 in October to a three-month low of 56.3 in November, indicating that the manufacturing sector growth remained strong, despite losing traction. In PMI parlance, a print above 50 means expansion, while a score below that denotes contraction. “The Indian manufacturing sector remained on the right path to recovery, with strong growth of new orders and output sustained during November,” Pollyanna De Lima, Economics Associate Director at IHS Markit, said. Lima further noted that “the softening of rates of expansion seen in the latest month…