Author: Finance Khabar
The government is planning to install at least one electric vehicle (EV) charging kiosk at around 69,000 petrol pumps in the country. The government’s motive behind this is to encourage the demand for electric vehicles in the country. Road Transport and Highways Minister Nitin Gadkari has said this. Gadkari said in a virtual conference that the government has taken several steps to encourage electric vehicles, including reducing the GST on these vehicles to 5 per cent, allowing the battery cost of electric toweler and three wheeler to be kept separate from the vehicle cost. Go included. According to the minister,…
New Delhi: The pick up in auto sales during the festive season has revved up the business of insurers with motor premiums increasing 3 per cent yoy in October 2020. Motor premiums were down for most part of the current fiscal and it fell 4 pet cent yoy in 2QFY21. There has been a flurry of activity in automobile sales in October with four wheeler sales rising by 20 per cent and two wheeler by 15 per cent yoy. Robust festive demand and a gradual rise in freight volumes and utilization rates supported premiums, Kotak Institutional Equities said in a…
New Delhi: Economic reforms will continue at this pace to make India a major center or hotspot of global investment. Finance Minister Nirmala Sitharaman has given this confidence to the industry. She said this while addressing a virtual event organized by the Confederation of Indian Industry (CII) on Monday. The Finance Minister said that the government is taking steps towards making India a center of investment. The reforms will be continued. She also indicated some more major reforms in the future. She said that steps are being taken for some more reforms on a large scale. Sitharaman said that India…
Mumbai: The stock market was in the lead on Monday. The Sensex climbed 195 points and the Nifty closed 67 points higher. The main reason for this was the rise in the shares of Reliance, Infosys and TCS amid positive trend in international markets and inflow of foreign capital. The BSE Sensex rose to a high of 44,271.15 points on the day with the index of 30 companies. It finally ended at 44,077.15 points with a gain of 194.90 points or 0.44 percent. Similarly, the Nifty of the National Stock Exchange closed at 12,926.45 points with an increase of 67.40…
Mumbai: The exports of smartphones from India is expected to cross $1.5 billion (by value) this year — constituting 98 per cent of the total mobile phones exported from the country, a new report said on Monday. A total of 12.8 million mobile phones were exported from India from January to September this year and of these, 10.9 million units were smartphones, according to market research firm techARC. Samsung led the overall mobile exports with 11.6 million units, followed by Xiaomi at 0.6 million shipments, in the January-September period. The South Korean giant exported 9.8 million units of smartphones, followed…
Mumbai: Digital payments major Visa on Monday announced a collaboration with ICICI Bank on its ‘Visa in a Box’ programme for fintech acceleration. Through this collaboration, fintechs can access APIs and the developer sandbox of Visa and ICICI Bank, to rapidly build, test and deploy consumer payment applications, Visa said in a statement. ICICI Bank is the first bank to partner with Visa for its ‘Visa in a Box’ programme in India. “As part of the alliance, ICICI Bank and Visa have come together to help fintechs launch their prepaid card issuing programme in India. The bank offers its financial…
New Delhi: India may witness a current account surplus due to the recent economic reforms announced by the government, said the Chief Economic Adviser, Krishnamurthy Subramanian. Speaking at CII’s MNCs Conference 2020 on Monday, the CEA also said that the implementation of the labour law reforms has eased compliance burden by way of increased thresholds, change of MSME definition and easier retrenchment norms. “Owing to the economic reforms measures by the government, the Indian economy may witness a Current Account Surplus despite battling the COVID19 crisis,” he said The government has taken up several market liberalising measures including enhancing FDI…
E-commerce companies including Amazon, Flipkart have been facing serious allegations of collusion with banks. Traders have complained about this matter to the banking regulator Reserve Bank. The Confederation of All India Traders (CAIT) says that merchants across the country are suffering big losses due to cash back discounts given by banks on purchasing goods from the e-commerce portal. Banks, along with Amazon and Flipkart, are violating the fundamental rights of merchants and consumers. Also, it is also an open violation of the government’s FDI policy, which is being carried out by creating a cartel between banks and companies like Amazon-Flipkart.…
Delaying your retirement plans can help you be more financially independent as you won’t have to rely on your savings and can take care of your expenses based on your monthly salary. Healthcare is vital in today’s times and hence, if you are working in a well-established organization that pays you for your healthcare expenses then nothing like it. People who are between 50 to 60 years of age usually have increased medical expenses, which can be covered under the employer’s insurance policy. If you think of working for more years and not quit in your late 40s or early…
Credit cards are a famous way of paying for goods and services. They also help to enhance your credit score if you make proper payments before the last date. Discounts, cash-back and good deals on offers can be availed using credit cards. Credit card is a double-edged sword. You need to be smart and wise enough to apply for the right type of credit card and hence, you need to have done proper research of the financial institution or bank and the type of card you are applying for. Various types of credit cards are available for different kinds of…
Personal loans are usually given with less documentation process and quick approvals as compared to home loan or gold loan. Once you figure out how much loan you need for personal use and the duration of repaying the loan, you need to understand what is your eligibility to get maximum amount of loan. Maximum amount of loan is calculated based on your employment history, repayment capacity, income level, profession and credit history. You can use an online EMI calculator to understand how much deduction will happen from your monthly salary for how many years and at what interest rates. You…
People who are interested to buy homes have a news to rejoice after the recent repo rate cut by the RBI that has reduced the home loan interest to 7%. Lower EMI that provides a way for making savings is a dream come true for many home buyers. But note that those with credit scores over 750-800 are qualified to get home loans at such lower rates of interest. Hence, home buyers should check their credit score first before making the decision. Thus, many banks have come forward to offer less interest on home-loans. Customers can also get concession on…
Financial stability is based on our income sources and bandwidth. Having a systematic approach in handling finances should be followed for secured living. Every month, one needs to record expenses and reconcile their bank accounts. This type of budgeting can be helpful for the long run. If you want to buy anything online or in physical stores just to satisfy your wants or desires, think about whether the money spent on the product or service going to really add value to your life. If not, then you can delay the purchase and instead focus on what are your current needs…
New Delhi: State-owned Indian Overseas Bank (IOB) expects resolution of about Rs 18,000 crore of non-performing assets (NPAs) under the insolvency and bankruptcy process during the second half of the current fiscal, a move that will boost its bottomline. Besides, the Chennai-based bank is hoping to come out of the prompt corrective action (PCA) framework of the Reserve Bank of India (RBI) next fiscal. “We are hoping resolution of NPA cases worth about Rs 18,000 crore pending before NCLT (National Company Law Tribunal) in the second half…In the last quarter, resolution of some big account at NCLT will further strengthen…
New Delhi: The company got listed on stock exchanges in April 2018 and the government had raised Rs 438 crore by selling 26 per cent stake through IPO. The official said that with the opening of space sector to foreign investment and bringing defence sector under automatic route for 74 per cent foreign direct investment (FDI), MIDHANI shares are expected to attract investors. MIDHANI manufactures special steel and super alloys for use in defence, nuclear and space sectors. “We are looking at up to 10 per cent stake dilution via offer for sale,” the official said. Shares of MIDHANI closed…
Mumbai: The Board of Directors of Union Bank of India will meet on Wednesday, November 25 to consider seeking shareholders’ approval for raising capital by several modes. The bank intends to raise funds through various modes including further public offering, rights issues, private placements including qualified institutions placement, preferential allotment to the Government of India and through any other mode or combination subject to the regulatory approvals, it said in a regulatory filing on Sunday. Several banks, both in the private and public sectors have raised planned to raise capital or have already raise in a bid to strengthen their…
Mumbai: The Law Committee of the GST Council has suggested a two-pronged strategy to tackle the issue of fake invoices, sources said. According to people in the know, the panel has recommended that new or fresh registrations in GST may adopt an Aadhaar-like registration process under which new registration can be done online with live photo and use of biometrics with due verification of documents. Such facilities can be provided at banks, post offices, and GST Seva Kendras (GSK), just like the Passport Seva Kendras or the Aadhaar Seva Kendras. The GSKs can work on the pattern of the Passport…
Mumbai: Emphasising on the need for informed decision by investors, Securities and Exchange Board of India (SEBI) Chairman Ajay Tyagi has said that investor awareness and education play an important role in the investor’s decision making. In his message, ahead of the World Investor Week scheduled for November 23-29, Tyagi said that complexities of the securities market have grown manifold during last three decades with so many developments relating to market structure, and newer products among others. He said that apart from the supply side growth, on the demand side too, newer participants have entered the market. Also, the trends…
Mumbai: The outlook for hiring in the manufacturing sector has marginally improved but the sentiments still remain weak, according to a survey by FICCI. The latest quarterly survey of the sector for July-September showed that 80 per cent of the respondents said that they are not likely to hire additional workforce in the next three months. “This presents a slightly improved situation in the hiring scenario as compared to the previous quarter Q1 of 2020-21, where 85 per cent of the respondents were not in favor of hiring additional workforce,” it said. The manufacturing sector witnessed some recovery during the…
The market cap of five of the top 10 Sensex companies collectively declined by Rs 1,07,160 crore last week. Reliance Industries was the biggest loser. Market capitalization of Tata Consultancy Services (TCS), Hindustan Unilever, Infosys and ICICI Bank also declined. On the other hand, the market capitalization of HDFC Bank, HDFC Ltd., Bajaj Finance and Bharti Airtel increased. The 30-share BSE Sensex gained 439.25 points or 1.01 per cent in the previous week. In the week under review, the market capitalization of Reliance Industries declined by Rs 69,378.51 crore to Rs 12,84,246.18 crore. Similarly, TCS ‘market capitalization declined by Rs…