Author: Finance Khabar
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…
Kolkata: KONE Elevator India, a fully owned subsidiary of KONE Corporation, is proud to announce that it has emerged as the 100 Best Companies for Women in India (BCWI) 2020 by AVTAR Group and Working Mother Media, for the fifth successive time making it to the “Hall of Fame”. This award is a recognition of KONE Elevator India’s commitment to building sustainable careers for women. At KONE Elevator India, diversity and inclusion are inherent parts of the way the organisation works, and continues advancing diversity and inclusion through progressive policies, practices and benefits, professional development and well-being programs, across every…
New Delhi: The Income Tax Department has issued refunds worth more than Rs 1.36 lakh crore to 41.25 lakh taxpayers so far in the current financial year. The Income Tax Department said that it included Rs 36,028 crore as the amount of personal income tax (PIT) refund, while corporate tax refunds of over Rs 1 lakh crore were issued. The Income Tax Department tweeted, “CBDT issued refunds of over Rs. 1,36,962 crore to over 41.25 lakh taxpayers between April 1, 2020 and November 24, 2020. Income tax refunds worth Rs 36,028 crore were issued in a total of 39,28,067 cases,…
The new 2020 Mahindra Thar, which was very popular before the launch, is now once again in the headlines for safety. All New Mahindra Thar has achieved a rating of 4 stars in the Global NCAP crash test. It has got a rating of 4-4 stars in both adult safety and child safety. With this rating, the 2020 Mahindra Thar has become the safest off-roader in India. The version of the new Mahindra Thar tested in the crash test had ABS with dual airbags and EBD which are the Basif Safety features. Testing took place in Germany. The adult dummy…
Mumbai: The rupee appreciated by 10 paise to close at 73.91 against the US dollar on Wednesday as positive development on the coronavirus vaccine front enthused investor sentiment. At the interbank forex market, the domestic unit opened at 73.98 against the greenback, and witnessed an intra-day high of 73.88 and a low of 74.02. The local unit finally closed at 73.91 against the American currency, registering a rise of 10 paise over its previous close. On Tuesday, the rupee had climbed 10 paise to close at 74.01 against the US dollar. Traders said risk appetite increased on news that US…
There has been heavy selling in the stock market. The market started strongly. The Sensex crossed 44800 for the first time in business. The Nifty also crossed the 13000 level. After trading strongly in the day, there was a huge profit in the last hour of trading. Sensex weakened by about 997 points from upper levels. At the same time, the Nifty also fell below 12900 with a big fall. All-round selling has been seen in the market. Currently, the Sensex has fallen by 695 points and has closed at the level of 43,828.10. At the same time, the Nifty…
New Delhi: India’s leading lender State Bank of India (SBI) has announced that it has raised Rs 2,500 crore by issuing Basel-III compliant bonds. The committee of directors for capital raising at its meeting held on Tuesday accorded “approval to allot 25,000 Basel-lll compliant non-convertible, taxable, perpetual, subordinated, unsecured, fully paid-up debt instruments in the nature of debentures qualifying as AT 1 capital of the bank, of face value of Rs 10 lakh each, at par, bearing a coupon of 7.73 per cent per annum payable annually with call option after five years and on anniversary dates thereafter, aggregates to…
The market valuation (m-cap) of HDFC Bank surged Rs 8 lakh crore in early trade on Wednesday, making it the first domestic lender to achieve the feat. With this achievement, the bank has become the third most valued domestic firm in terms of market capitalisation. The company’s market valuation rose to Rs 8,05,742 crore on the BSE. The company share price jumped 1.76 per cent to its one-year high of Rs 1,464 on the BSE. Not a long ago, Reliance Industries Limited reached the market capitalisation of Rs 13,30,633.76 crore, becoming country’s most valued firm. The second position is held…
New Delhi: The Union Cabinet on Wednesday approved the amalgamation of the Karur based 94-year old Lakshmi Vilas Bank (LVB) with DBS Bank India, a subsidiary of DBS Bank, Singapore. Briefing the media about the cabinet decision on the matter Union Minister Prakash Javadekar said the cabinet has approved the amalgamation of LVB with DBS Bank. Javadekar said liability will be fixed for wrongdoings in LVB on the board members that has been removed. “This is one of the efforts of cleaning up the banking sector,” Javadekar said. He said the interests of LVB’s 20 lakh depositors, Rs.20,000 crore deposits…
Mumbai: The December contract of gold on the Multi Commodity Exchange (MCX) is currently trading at Rs 48,975 per 10 gram, lower by Rs 505 or 1.02 per cent from its previous close. Similarly, domestic futures of silver also continued its downward trend on Tuesday and its December contract on the MCX is currently at Rs 59,825 per kg, lower by Rs 700 or 1.16 per cent from its previous close. Anuj Gupta, DVP for Commodities and Currencies Research at Angel Broking Ltd said that noted that the decline has been on the back of recovery in global equity market…
Mumbai: In a circular, NSE says, “…the member has been expelled from the membership of the Exchange under Rules 1 and 2 of the NSEIL Rules and has been declared as defaulter under provision 1(a) of chapter XII of Exchange bye laws from 23 November 2020 after close of marker hours. A major scam had erupted in November last year after it surfaced that Karvy had transferred securities worth Rs 2,300 crore of more than 95,000 clients, into its account by misusing the power of attorney (PoA) of the clients. Subsequently, there was change in regulations to fix this loophole…