Author: Finance Khabar
New Delhi: Finance Minister Nirmala Sitharaman on Friday exhorted large central public sector enterprises (CPSEs) to exceed their planned capital expenditure (Capex) target for 2020-21 by March to accelerate economic growth hit by the COVID-19 crisis. She held a virtual meeting with secretaries of power, mines and atomic energy along with the chairman and managing directors (CMDs) of 10 CPSEs, belonging to these ministries, an official statement said. This was the fifth in the ongoing series of meetings that the finance minister is having with various stakeholders to boost the economic growth amid the pandemic. While reviewing the performance of…
New Delhi: Oil minister Dharmendra Pradhan on Friday was reported as saying that LPG customers of Bharat Petroleum Corporation Limited (BPCL) will continue to get cooking gas subsidy post-privatisation of India’s second-biggest fuel retailers. A PTI report on Friday quoted the minister as saying, “Subsidy on LPG is paid to consumers directly and not to any company. So the ownership of the company that sells LPG is not of any material consequence.” The government is selling its entire 53 per cent stake along with management control in BPCL. The new owner will get 15.33 per cent of India’s oil refining…
Bangalore: The festive online sales in India beat industry estimates to clock $8.3 billion (nearly Rs 61,253 crore) in the October 15-November 15 period — an impressive growth of 65 per cent (on-year), a new report said on Friday. The gross merchandise value (GMV) numbers increased from $5 billion last year upto $8.3 billion this year, riding on the massive orders coming from smaller cities and towns, according to homegrown consulting firm Redseer. According to the market research firm, Flipkart Group emerged as the leader during the whole festive month with 66 per cent share of the total sale. “The…
Mumbai: The National Stock Exchange has declared Anugrah Stock and Broking a defaulter and expelled the brokerage house’s membership. The move comes a few days after the National Stock Exchange of India (NSE) scrapped the membership of Karvy Stock Broking and declared it a defaulter. In a circular on Thursday, NSE said the trading member has been “expelled from the membership of the exchange under…. NSEIL Rules and has been declared as a defaulter under provision… of exchange bye-laws with effect from November 26, 2020, after the close of market hours”. On November 13, markets regulator Securities and Exchange Board…
New Delhi: Ola CEO Bhavish Aggarwal on Friday said the company is focused on “aggressively building” a global electric two-wheeler business, and will also play across different vehicle segments over the next few years. The co-founder of the ride-hailing major also noted that India – with its unique skill sets and manpower – can be a bridge for developing paradigms and technologies for both developed and developing nations. Speaking at a CII event, Aggarwal said there are four broad segments of vehicles, including large commercial vehicles (buses and trucks), western-style four-wheelers, Asian and European style four-wheelers (small city cars), and…
Stock markets closed with a fall on Friday. The Sensex lost 110.02 points to close at 44,149.72 and the Nifty fell marginally by 18.05 points to close at 12,968.95. Asian Sense shares gained the most by 2.85 per cent on the Sensex, while Titan’s stock rose more than 2 per cent. On the other hand, ONGC and HCL Technologies lost more than 2 per cent. The Sensex touched a high of 44,407.28 and a low of 43,995.41 in the day’s trade. Barring IT stocks, all other sectoral indices on the Nifty closed in green. Tata Motors, Asian Paint, Hero MotoCorp…
Organises interactive and engaging activities in Delhi, Ludhiana and JaipurHisar : Amway India, one of the country’s leading FMCG direct selling companies, commemorated Children’s Day for the 12th consecutive year. The annual celebrations were hosted virtually across India with its 12 NGO partners as part of Amway India’s CSR program- Project Sunrise. Through this program, Amway supports the overall well-being of underprivileged children by providing them access to education, health and hygiene. Furthermore, Amway through its ‘Power of 5 Campaign’ is relentlessly working towards the cause of malnourishment in the children under the age of 5 years. The campaign focusses…
Priyanka Iyer For those in debt, the concept of debt can be very conflicting. On one hand, while debt can help you attain your financial goals, there is another unpleasant aspect of debt that can trap individuals and entities between severe financial needs and weakened balance sheets. The concept of debt and its effect on people has been exacerbated during the current times, while you’re thinking of debt management with fears of losing your job or going bankrupt. In the past few months, millions of people lost their jobs or got furloughed, and its impact can be seen in the…
Swedish flat-pack furniture giant IKEA announced that it will soon begin works at its Noida outlet, touted to be its biggest store in India. The company had signed an MoU with the Uttar Pradesh government in December 2018 for Rs 5,000-crore investment in Noida and other cities in the state. It has also agreed to complete the project by 2025. Industries Minister of Uttar Pradesh Satish Mahana said 47,833 square metre land had been allotted to the company, but work did not take off due to pending payments. “All issues have been cleared and the company has committed to finishing…
Mumbai: Faqir Chand C Kohli, considered as the father of Indian IT industry, has passed away on Thursday. Kohli, the founding chief executive of sector leader TCS, was 96. In a statement, TCS said it mourns the death of Kohli, who died this afternoon, and added that it was JRD Tata’s insistence that had got the young Kohli to join the Tata Group in 1969. “He pivoted first into management consultancy, and then over the next two decades, into software development, helping the organization navigate multiple technology waves over two and a half decades by continually investing in people and…
New Delhi: Prime Minister Narendra Modi said on Thursday that India will offer production related incentives for solar modules of higher capacity. He said that this would boost the production of energy from renewable sources which has the potential to generate an annual turnover of $ 20 billion. Speaking at the Re-Invest 2020 conference, he invited global investors to join India’s renewable energy journey. He said that India has plans for large-scale development in the renewable energy sector in the next decade. This is expected to generate about $ 20 billion worth of business annually. Modi said that today India’s…
New Delhi: Revenue acceleration and funding has improved the cash availability with startups, showed the findings of the ‘Nasscom Start-up Pulse Survey II.’ The IT industry body revisited its first tech startup pulse survey, conducted back in April-May 2020, to understand what the current perspectives are, what has changed and what the next six months look like for the tech start-up ecosystem in the country. The results showed that 43 per cent of tech start-ups now have a runway for more than six months, compared to eight per cent in the earlier survey. “The Indian start-up ecosystem has set a…
New Delhi: HDFC Ltd on Wednesday entered into agreements for investment in Renaissance Investment Solutions ARC Private Limited, the company said in a regulatory filing. The investment would result in holding of 4,98,750 equity shares of Rs 10 each representing 19.95 per cent of Renaissance Investment Solutions ARC’s share capital for a total consideration of Rs 49,87,500, the filing said. Renaissance Investment will undertake the business of asset reconstruction subject to receipt of approval from the RBI. Renaissance Investment was incorporated as a private limited firm under the Companies Act, 2013 and certificate of incorporation was issued by the Registrar…
New Delhi: The Centre on Thursday said it has issued draft ”Merchant Shipping Bill, 2020” for public consultation. The proposed legislation aims to repeal and replace the Merchant Shipping Act, 1958. The Merchant Shipping Bill, 2020 has been drafted with the primary aim of promoting the growth of Indian shipping industry by incorporating the best practices adopted by other advanced countries like the US, Japan, UK, Singapore and Australia, the Ministry of Ports, Shipping and Waterways said in a statement. “The draft of the Merchant Shipping Bill, 2020 is issued for seeking the feedback and suggestions from the public,” it…
During the Corona period, once again there has been a relief news for the central government pensioners. Pensioners of the Central Government will now have time till 28 February 2021 to submit a life certificate. The deadline for submission of life certificate has been extended once again in consultation with the Office of the Controller General of Accounts. Earlier, in September 2020, the deadline for submitting life certificates for central government pensioners was extended, due to which they could submit their life certificates from 1 November 2020 to 31 December 2020. Now once again the time limit increases, this year…
The domestic stock market has seen fluctuations throughout the day amid mixed global signals. The market started strongly, but later sold. However, at the end of the business again there was a great recovery from the lower levels. The Nifty has again reached close to 13000. The Sensex is currently up by 432 points and has closed at a level of 44,259.74. At the same time, the Nifty also closed 129 points strong at the level of 12987. Metal stocks rose strongly in today’s business. Bank and financial stocks have also been buying heavily. Tata Steel and Bajaj Finance are…
The Aircraft Regulatory Director General of Civil Aviation (DGCA) has banned all types of commercial international flights till further orders due to the Corona epidemic. This order will be effective till 31 December. Under this order, not only commercial flights from India to other countries, but also commercial flights coming from other countries are banned.Commercial international flights have been banned since 23 March due to the Corona epidemic this year. However domestic flights were also banned at that time which was resumed from 25 May. Under the order issued by DGCA, it will not be applicable to international all-cargo operations.…
New Delhi: Reserve Bank of India (RBI) Governor Shaktikanta Das on Thursday said that after seeing a sharp contraction in country’s GDP in the first quarter, Indian economy has recovered stronger than expected from the initial impact of the COVID-19 pandemic. He added that there is still a need to be watchful of demand sustainability after the end of festivities. “We need to be watchful about the sustainability of demand after festivals and a possible reassessment of market expectations surrounding the vaccine,” he said during the annual day event of Foreign Exchange Dealers’ Association of India (FEDAI) He further said…
Markets regulator Sebi has imposed a fine totalling Rs 2 crore on seven entities including promoters and former senior officials of Zylog Systems Ltd for violating several market norms while dealing in the firm’s scrip. Out of the entities facing a penalty, Sthithi Insurance Services, Sudarshan Venkataraman and Ramanujam Sesharathnam were promoters of Zylog. Besides, Vekantaraman is the former chairman and chief executive officer, while Sesharathnam was managing director and chief operating officer of the firm and M V Ganesan was its vice president-corporate accounts. Sebi found that certain entities who were found to be a person acting in concert…
FarmERP has joined hands with The Global G.A.P., becoming the member of this worldwide renowned organization that is a trademark, along with being a set of standards for Good Agricultural Practices (G.A.P.). Back in 2001, at a time when there was little to no connection between agriculture and technology, a Pune-based startup, Shivrai Technologies, founded by technology entrepreneurs Sanjay Borkar and Santosh Shinde, developed the FarmERP platform that began to bridge the gap between these two industries. Today, FarmERP is not only a pioneer in the AgriTech industry, but it is also the leading solutions provider to various industries spanning…