Author: Finance Khabar

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…

Mobile services rates in India are not logical right now. It is difficult to stay in the market at the current rates, so it is important to increase the rates. This is said by Sunil Mittal, chairman of telecom company Bharti Airtel (Sunil Bharti Mittal). He said that the market conditions will be seen before taking any decision in this regard. Mittal said these things in an interview. Asked whether China’s telecom equipment manufacturers will get approval for participation in the next generation 5G network, Mittal said that the big question is the decision of the country. Everyone will accept…

The number of followers on RBI’s Twitter has crossed 10 lakh. The Reserve Bank is the first central bank in the world to achieve this feat. With 1 million followers on the microblogging site, the Reserve Bank has overtaken the Federal Reserve and the European Central Bank (UCB) of the US. According to the information available on the Reserve Bank’s Twitter handle, its number of followers was 9.66 lakh on September 27, 2020, which has now increased to 10 lakh. Reserve Bank Governor Shaktikanta Das tweeted on Sunday, “The number of followers on the Twitter account of the Reserve Bank…

Microsoft has given a big gift to the users of its Teams platform. Users will now be able to make 24-hour voice and video calls on Microsoft Teams. To enable users to use the software more for personal use, the company has added some more features in the Teams application for both Android and iOS versions. On Microsoft Teams, users will now be able to create a group chat of up to 250 people and can see up to 49 members simultaneously during a virtual conversion. Let us know that users can join virtual calls on Microsoft Teams without Microsoft…

Mumbai: Economic recovery along with hopes of a Covid-19 vaccine will keep domestic stock markets high during the upcoming trade week. Analysts opined that markets are likely to oscillate between renewed fears of rising covid cases globally and optimism over vaccine development. Besides, profit booking as well as expensive propositions might dampen sentiments. Nevertheless, upcoming Q2FY21 GDP figures combined with sales push during the festive season is expected to arrest any major downslide movement. “Going ahead, the market is likely to be volatile as sentiments oscillate between fear of rising covid cases globally and optimism over vaccine progress,” said Siddhartha…

Mumbai: In a bid to expand its presence, Air India subsidiary Alliance Air will commence daily direct flight operations from Mumbai to Goa from December 4. “To cater to the upcoming festivities, the airline has introduced this new flight on the route to add to the convenience of the flyers who will be travelling to meet their family and friends in the festive season,” a company statement said. According to the airline, the all-inclusive one-way inaugural fare for Mumbai to Goa starts at Rs 2,957 and for Goa to Mumbai at Rs 3,171.Besides, the airline said that it is adhering…

New Delhi: Automation and Digitisation are two pillars of the economy in post-COVID time, said SoftBank Group International’s India Head Manoj Kohli, who took the post in April this year. Mr Kohli, who has recently launched Ritesh Wig’s ‘Leadership in Unrepresented Times’, said in an interview, “The world is moving towards constant disruptions, and technology changes bring ‘end to end’ digitization as innovation across the industry. Further, the wave shall continue for more than ten years. Automation and Digitisation are two pillars of the economy in post-COVID time. ‘The innovation of products is ‘Name of the Game’ due to consumer…

Mumbai: An expected slowdown in the rate of foreign fund inflows along with the upcoming Q2FY21 GDP figures is expected to weaken the Indian rupee during the coming week. Besides, expectations on a further stimulus has fanned fears of higher government borrowings. Nonetheless, rising virus infection in the US amid hopes of more stimulus is expected to keep the US dollar subdued. Consequently, the rupee is projected to range between 73.70 to 74.50 per greenback. “Flows into equity markets have been robust and supported the rupee,” said Sajal Gupta, Head, Forex and Rates, Edelweiss Securities. As per estimates, more than…

New Delhi: India, which has not signed any trade agreement since 2012, will soon revive talks on the possible free trade agreement (FTA) with the European Union and the US. Even as the Narendra Modi government opted out of the Regional Comprehensive Economic Partnership (RCEP), it is keen on inking trade deals with other economic blocs, a highly placed source said, adding that India could gain significantly amid a growing anti-China sentiment in many parts of the world. The EU is India’s largest trading partner accounting for 11.1 per cent of total Indian trade, on par with the US and…

London: British finance minister Rishi Sunak will announce the heaviest public borrowing since World War Two when he spells out his spending plans next week after the biggest economic crash in over 300 years. With Britain in the midst of a second wave of Covid-19 cases and economic recovery on hold, Sunak has postponed longer-term plans for the public finances. Spending on the pandemic is on track to exceed 200 billion pounds ($265 billion) this year after the extension of job protection programs, and other costs are likely to spill into the 2021/22 fiscal year. Only the armed forces will…

New Delhi: A number of state-run and private banks have acquired 6.67 per cent stake each in financial technology firm IBBIC. These lenders include Canara Bank, Axis Bank, Indian Bank and South Indian Bank. All four banks have acquired 6.67 per cent stake each (representing 50,000 equity shares) in firm for a cash consideration of Rs 5 lakh. The indicative time period for completion of the acquisition is December-end, 2020. Further, the lenders said the company registration application of IBBIC will be submitted to the Registrar of Companies, Mumbai by the end of this month. IBBIC Private Limited is proposed…

New Delhi: Last month, Harley-Davidson and Hero MotoCorp announced their partnership for the Indian market. They have inked a distribution agreement, under which Hero MotoCorp will sell and service Harley-Davidson motorcycles. It will also sell parts and accessories and general merchandise riding gear and apparel through a network of brand-exclusive Harley-Davidson dealers and Hero’s existing dealership network in India. Harley-Davidson Managing Director (Asia Emerging Markets and India) Sajeev Rajasekharan said in a statement, “As we change our business model in India, we are pleased to be continuing our journey in the country together with Hero MotoCorp. We are working closely…

Mumbai: Mukesh Ambani, Chairman, Reliance Industries Limited (RIL) said on Saturday that the passionate and dynamic leadership of Prime Minister Narendra Modi has made the world sit up and take notice of the emergence of a New India. Addressing the convocation ceremony of Pandit Deendayal Petroleum University (PDPU) virtually, Ambani who is also President, PDPU said, “His confidence and conviction have inspired and galvanised the entire nation. I am sure that the bold reforms introduced under his leadership will pave the way for India’s swift recovery and rapid economic progress in the years to come.” “His passionate and dynamic leadership…

Priyanka Iyer The year 2020 has been full of twists and turns, which has resulted in several modifications in policies and revisions in deadlines. The matter of tax filing has been no different. The date for ITR filing has been extended again, for the fourth time this year. The deadline now has been extended to December 31, 2020. While it may seem like there’s a lot of time to file your returns, it would be good to file them before time. Any kind of delay closer to the deadline, may result in incurring late filing fees. Before understanding how to…

The RBI committee has proposed a new look at the domestic banking industry. Under this proposal, non-banking finance companies and major payment banks will be approved to act as lenders. This means that they will be able to work as banks. An investment banker kept his identity a secret and said that Bajaj Group, Piramal Group and Reliance Industries are in a better position to enter the banking sector. The RBI committee has proposed that banking regulations should be reformed so that large industrial houses can act as bank promoters. This means that they can have a large stake in…

Eduvanz has acquired the student mentoring app called Klarity. For the unaware, Eduvanz is a Sequoia-backed online education loan provider. It provides loans to students to be paid at a later date at zero interest rates in monthly installments instead of full yearly fees. Eduvanz has its presence in 250 cities and have provided more than than Rs 200 crore in loans, says a report. The four years old startup has so far gained investments of around $6 million from Unitus Ventures and Sequoia. Now the acquisition has helped Eduvanz get Klarity’s userbase of more than 200 industry mentors across…