Author: Finance Khabar
New Delhi: In the tender notice, DIPAM has said that the LIC needs to develop an Indian Embedded Value (IEV) reporting framework for necessary disclosures for the proposed IPO. Embedded value (EV) refers to a common valuation measure used mainly by life insurance companies to estimate the consolidated value of shareholders’ interest in them. It is calculated by adding the present value of future profits of a firm to the net asset value (NAV) of the firm’s capital and surplus. The Finance Ministry has issued the Request for Proposal to seek proposals from reputed and eligible actuarial firms to work…
New Delhi: Disinvestment department DIPAM is mandated with facilitating monetisation of non-core assets of government CPSEs under strategic disinvestment or closure and enemy property of value of Rs 100 crore and above. The World Bank advisory project, approved by the Finance Minister, is aimed at analysing public asset monetisation in India and benchmarking its institutional and business models against international best practices as well as supporting development of operational guidelines and capacity building for their implementation. It is expected that this project would facilitate and accelerate the non-core asset monetisation process and help unlock the value of these unused/marginally used…
New Delhi: The move is aimed at identifying unscrupulous persons who try to avail or pass on input tax credit fraudulently by generating fake invoices. In such cases, the revenue department had found that checking income tax profiles of suspected entities gave the right results on the extent of tax evasion, both on direct and indirect taxes. Sources said that there is no reconciliation of whether a suspected entity’s income tax payment is commensurate with the expected profit margin on turnover reported by him in the GST returns or additional compliance burden on taxpayers. Only suspected fake invoice generators are…
So you have an idea to startup but the current pandemic situation is making you rethink your options? Honestly, from a small to the most successful entrepreneur doesn’t know what is going to happen next in the wake of coronavirus pandemic. But it doesn’t mean you give up on your dream idea to start your business. Suppose you had thought that you will invest Rs 10 lakhs to set up your office and a new team to begin your operations, well here you can wait! But we tell you again that don’t give up on your idea but instead work…
We are currently in mid-November 2020 and we are just a month away from welcoming 2021, the next year of our lives. Coronavirus pandemic has led to losses of many – people lost their lives, people lost their jobs, people lost their opportunity to shift to a new house or buy a new car or take that international trip. But that’s what reality is. So let me come straight to the point now. Suppose you are an earning member of your family and your salary was one lakh rupees per month but due to the drastic downfall of businesses, you…
New Delhi: Navneet Munot, the chief investment officer of SBI Funds Management, will succeed the present managing director Milind Barve, HDFC Mutual Fund, the latter said in an exchange filing. Milind Barve has been MD and CEO at HDFC AMC from its inception in 2000. SBI Mutual Fund became the largest asset manager in India after it surpassed HDFC Asset Management Company in February earlier this year. In a separate statement, SBI Funds Management said Munot has decided to leave the organization to pursue other opportunities. The fund management structure at SBI Funds Management will continue to remain the same…
New Delhi: The National Company Law Tribunal (NCLT) has approved a Rs 103-crore bid to acquire debt-ridden NIIL Infrastructures, which is developing a housing project in Agra, Uttar Pradesh. A two-member Principal bench of NCLT, headed by Acting President BSV Prakash Kumar, has approved the Rs 103.18 crore resolution plan by a consortium of Rishabh Verma and Shilendra Khirwar along with N-Homes. In March 2018, NCLT Delhi had admitted the application seeking resolution for NIIL Infrastructures under the Insolvency and Bankruptcy Code and appointed Nisha Malpani as the Resolution Professional (RP). In its order, NCLT has observed that the resolution…
New Delhi: The government, which is selling its entire 52.98 per cent stake in India’s second largest oil refining and marketing company, had on four occasions extended the date of putting in the preliminary expression of interest (EoI). The current deadline is November 16. Department of Investment and Public Asset Management (DIPAM) Secretary Tuhin Kanta Pandey had last month said there would be no further extension. Industry sources said BP as well as Total are unlikely to bid for the stake and there are reports of even Russian energy giant Rosneft or its affiliates and Saudi Arabian Oil Company (Saudi…
New Delhi: The Wholesale Price-based Inflation (WPI) has risen to 1.48 per cent, the office of the Economic Adviser said on Monday in its monthly update. Notably, the WPI was 1.32 per cent in September while it was zero per cent during October, 2019. The prime reason of rise of inflation was mainly due to the costlier manufactured products. According to government data, there was an inflation of 2.12 per cent on manufactured products in October against 1.61 per cent in September. October saw a drop in food index inflation. The rate of inflation based on WPI Food Index decreased…
Priyanka Iyer The year 2020 has been a topsy turvy ride for all investors, as they went on to ride the crests and troughs of Sensex and NIFTY indices. Even as values of stocks and deposits have plummeted several times in the past few months, value of the yellow metal has steadily risen. Even this week, there has been a 0.02% rise in gold value, as it reached a value of Rs. 50,660. The festive times have also been an auspicious time for buying gold. But the benefits of investing in gold, go beyond its good luck charm. Read along…
New Delhi: A campaign has been launched across the country regarding GST fake invoice. Under this campaign, 25 people have been arrested so far in the last four days. A case of money laundering will be registered against them and their property will also be filed. One MLA’s son and two chartered accountants have also been arrested under this campaign. Action has been taken against these people under COFEPOSA. Explain that the procedure has been tightened for new GST registration. In many cases, physical and financial verification has now been made necessary. The Directorate General of GST Intelligence i.e. DGGI…
New Delhi: The Indian stock market is currently trading at an all-time high. The stock market had dropped to 25600 levels during the lockdown in March. In the last eight months, it has jumped 70 percent from its minimum level. Still, foreign portfolio investors (FPIs) remain positive on Indian markets. So far in November, FPI has invested Rs 35,109 crore in Indian markets. Investors’ perception has been strengthened by better quarterly results of companies and government measures to encourage investment activity. According to depository data, FPI has invested Rs 29,436 crore in equities and Rs 5,673 crore in debt or…
New Delhi: The Confederation of All India Traders (CAIT), which claims to represent tens of millions of firms across the country, said that sales of its members during the one-month festive season that ended on Saturday increased to more than 720 billion rupees ($9.7 billion). “People didn’t purchase anything in the last eight months except essentials. Hence people had enough surplus money, and a portion was spent on Diwali festivities,” Praveen Khandelwal, CAIT’s secretary general told Reuters. CAIT members include retailers who sell everything from electrical items to furniture and footwear. The trade body said it gathered sales data from…
New Delhi: China and 14 other Asian countries have agreed to form the world’s largest free trade bloc with nearly a third of all economic activity. The Regional Comprehensive Economic Partnership, or RCEP, was signed virtually on Sunday on the sidelines of the annual summit of the 10-nation Association of Southeast Asian Nations (ASEAN). “RCEP will soon be ratified by signatory countries and take effect, contributing to the post-COVID pandemic economic recovery,” said Nguyen Xuan Phuc, Prime Minister of Vietnam, which hosted the ceremony as ASEAN chair, Al Jazeera reported. The report said RECP will take tariffs lower between member…
Mumbai: Terming the latest measures as “Atmanirbhar Bharat 3.0”, Finance Minister Nirmala Sitharaman on Thursday had announced a number of steps ranging from EPFO support, fertiliser support to collateral free credit to stressed sectors. “While the estimated benefit of today’s package is Rs 2.7 trillion (1.3 per cent of GDP), our calculations suggest the actual fiscal outgo could be a maximum of Rs 1.1 trillion (0.5 per cent of GDP),” said that report titled “ECOSCOPE – The Economy Observer”. This, along with the Pradhan Mantri Garib Kalyan Package (PMGKP), the first two packages under the ‘Atmanirbhar Bharat Abhiyaan’, and extension…
New Delhi: In its response to the Telecom Regulatory Authority of India’s (TRAI) consultation paper on ‘Roadmap to Promote Broadband Connectivity and Enhanced Broadband Speed’ said that connectivity speed of more than 2Mbps standard is a mainstream requirement in the market for internet access. It noted that the National Telecom Policy of 2012 called for the redefinition of broadband “to 2 mbps by 2015 and higher speeds of at least 100 mbps thereafter”. The International Telecommunication Union (ITU) also defines broadband as “transmission capacity that is faster than primary rate Integrated Services Digital Network (ISDN) at 1.5 or 2.0 Megabits…
MUMBAI: The domestic stock market, which recorded an increase last week, will also have an impact on the cases of corona virus covid-19 infection and the ongoing efforts in the world to deal with it. Apart from these, economic data to be released next week, trends of foreign institutional investors, rupee movement, fluctuations of crude oil prices in the international market and global scenario will also keep an eye on the investors. The stock market had a stormy rally last week and the BSE Sensex rose by a weekly gain of 1745 points to 43,637.98 points and the National Stock…
New Delhi: The Indian conglomerate is expanding its so-called new commerce venture, which ties neighbourhood stores to Reliance for online deliveries of groceries, apparel and electronics in a space currently dominated by Walmart Inc’s Flipkart and Amazon.com Inc’s Indian arm. The purchase “will further enable the group’s digital and new commerce initiatives and widen the bouquet of consumer products provided by the group,” Reliance said in a filing to exchanges on Sunday. Reliance Retail Ventures Limited, a unit of Reliance Industries, has an option of buying the remaining stake, the company said, adding that it intends to invest a further…
Mumbai: The domestic stock markets touched record highs during the special Muhurat trading session held on Saturday on the first day of Hindu Samvat 2077. The 30-share BSE Sensex rose 194.98 points or 0.45 percent to close at a record 43,637.98 in Muhurat trading. It reached an all-time high of 43,830.93 during the Muhurta business. Similarly, the NSE Nifty gained 60.30 points or 0.47 percent to close at 12,780.25, the highest level ever. The Nifty touched a record level of 12,828.70 during Muhurat trading. During this period, the Sensex saw Bharti Airtel, Tata Steel, Sun Pharma, Bajaj Finserv, ITC, Infosys,…
Due to the coronavirus pandemic, sales incentives which had cash bonuses, international trips, rich parties at casinos every year has been replaced with e-rewards for life insurance agents. However, e-rewards don’t seem to lure the attention of star performer life insurance agents. Moreover, 2020 has been a dull year for the life insurance sector not just because of less sales but also the real incentives have been missing from the agents’ lives. Moving to online events of all annual party of agents all over India due to coronavirus and the lockdown along with the sales incentive that is being offered…