Author: Finance Khabar
New Delhi: The Cabinet Committee on Economic Affairs has approved continuation and revamping of the scheme for financial support to public-private partnerships (PPPs) in infrastructure VGF scheme till 2024-25, Information and Broadcasting Minister Prakash Javadekar told reporters here. The revamped scheme will provide financial support to PPP projects in the infrastructure sector spread over a period of five years ending 2024-25. Of the total amount of Rs 8,100 crore, Rs 6,000 crore has been earmarked for PPP projects in the economic infrastructure segment and remaining Rs 2,100 crore for social infrastructure projects, said an official release after the Cabinet meeting.…
New Delhi: The consolidated net profit for the year-ago period was Rs 1,457.68 crore, the company said in a BSE filing. Total income in the September quarter declined to Rs 3,086.03 crore from Rs 3,360.35 crore in the same period last year. The company’s primary source of revenue is from generation and sale of hydroelectricity. According to NHPC, “Power supply being an essential service and their must-run status for Run-of-the-River (ROR) projects and scheduling to the extent possible by RLDCs (regional load dispatch centres) in case of ROR with pondage and storage projects.” Citing these factors the company said, “No…
The stock markets closed at record highs on Wednesday. The Sensex gained 316.02 points to end at 43,593.67 and the Nifty closed at 12749.15, showing a gain of 118.05 points. Tata Steel shares were the biggest gainers on the Sensex by 7.39 per cent. Axis Bank shares rose more than 4 percent. Shares of 25 out of 30 Sensex companies closed in the green mark. IndusInd Bank shares fell the most by 5.62 per cent. All other sectoral indices, except PSU bank shares, closed in the green mark on the Nifty. The maximum gain of 3.59 percent was recorded in…
New Delhi: The company had posted a net profit of Rs 19.47 crore in the year-ago period, Hindustan Copper said in a filing to BSE. Revenue from operations during the quarter under review increased to Rs 294.67 crore from Rs 287.65 crore a year ago, the filing said. Hindustan Copper, a public sector undertaking under the Ministry of Mines, is a vertically integrated copper producing company as it manufactures copper right from the stage of mining to beneficiation, smelting, refining and casting of refined copper metal into downstream saleable products.
Mumbai: “Reserve Bank of India (RBI) has, by an order dated November 10, 2020, imposed a monetary penalty of Rs 50 lakh” on the bank for non-compliance with certain provisions contained in the circular on ”Housing Sector- Innovative Housing Loan Products – Upfront disbursal of housing loans” dated September 3, 2013, it said in a statement. Giving details, it said an off-site examination of the records pertaining to some housing loans disbursed by the bank was conducted by RBI. The examination and related documents revealed non-compliance with the directions issued by RBI, it said. A notice was issued to the…
New Delhi: The 200-cc model comes with complimentary roadside assistance (RSA), valid for one year, the two-wheeler major said in a statement. “The new Xtreme 200S showcases our focused approach to the premium segment. Our premium products like the Xtreme 160R and XPulse 200 BS-VI are receiving an overwhelming response from the customers. I am confident that the Xtreme 200S will build on their success,” Hero MotoCorp Head – Sales and Aftersales Naveen Chauhan said. Hero MotoCorp Head of Strategy Malo Le Masson said the company”s horizontal strategy catering to all customer categories has worked really well and has allowed…
Mumbai: Pitching for increased digital payment modes, including adopting Unified Payment Interface (UPI), Sitharaman urged banks to discourage non-digital payments as much as possible. Addressing the 73rd annual general meeting of the Indian Banks” Association (IBA), she also said that banks should ideally make sure that all accounts are linked with Aadhaar number of respective customers by December. If it is not complete, then the linking should be done by March 31, 2021. Against the backdrop of entities pushing for digital and contactless payment options, especially amid the coronavirus pandemic, Sitharaman said that when RuPay is becoming global, she would…
New Delhi: “The executive committee of the central board of directors of State Bank of India approved the divestment of 8,510 equity shares constituting 8.51 per cent of the bank”s stake in UTI Trustee Company Pvt Ltd,” SBI said in a regulatory filing. The divestment, it said, has been approved to comply with Regulation 7B of the Securities and Exchange Board of lndia (Mutual Funds) (Amendment) Regulation, 2018. According to the regulation, no sponsor of a mutual fund, its associate or group company can have 10 per cent or more of the shareholding or voting rights in the asset management…
New Delhi: Revenues of the company, however, increased by 6 per cent to Rs 11,590 crore in the second quarter as against Rs 10,935 crore in the same period last fiscal, M&M said in a regulatory filing. The Mumbai-based firm said it sold 87,332 units in the second quarter, down 21 per cent from 1,10,824 units in the year-ago period. Tractor sales, however, increased by 31 per cent to 89,597 units in the July-September period as compared to 68,359 units a year ago, it added. M&M shares were trading 0.37 per cent up at Rs 618.60 apiece on the BSE
New Delhi: Consolidated net profit of Rs 1,068.16 crore, or Rs 2.47 per share, in July-September is compared with Rs 1,167.58 crore, or Rs 2.59 a share, net profit in the year-ago period, GAIL said in a filing to stock exchanges. Turnover slipped 23.7 per cent to Rs 14,104.80 crore largely due to lower gas prices during the quarter. GAIL reported a pre-tax loss of Rs 334.55 crore on its natural gas marketing business as the pandemic impacted demand. The loss was however lower than Rs 614.06 crore pre-tax loss in April-June. The business had Rs 241.72 crore of pre-tax…
New Delhi: This cricketing season — ongoing IPL 2020 — a new report from Swiggy shows that IPL Customized menus, especially combo’s such as barbeque flavoured ones worked extremely well. Over 31,800 restaurants have customised their menu for consumers and over one lakh orders were placed for such items. According to the platform, top three cities that saw maximum orders during match days were Bengaluru, Mumbai and Chennai. Top 10 dishes ordered during IPL across the country were chicken biryani, butter naan, masala dosa, paneer butter masala chicken fried rice, tandoori roti, veg fried rice, mutton biryani, garlic bread sticks…
Kolkata: Hurun India and EdelGive today released the seventh edition of EdelGive Hurun India Philanthropy List 2020. Azim Premji & family, the Founder-Chairman of Wipro topped the 2020 list, while Shiv Nadar, Founder-Chairman of HCL Technologies, ranked second; followed by richest Indian Mukesh Ambani, Chairman, Reliance Industries at the third spot. The fourth spot was earned by Kumar Mangalam Birla, Chairman, Aditya Birla Group followed by Anil Agarwal, Chairman, Vedanta Group at the 5th spot. The 2020 EdelGive Hurun Philanthropy List showcases 112 people, up 12% against the 2019 edition. Mumbai topped the preferred city of residence for top philanthropists…
The shares of Yes Bank have started an upper circuit today. Yes Bank shares rose 5 per cent in today’s trading to Rs 13.50. The stock had closed at Rs 12.90 on Monday. Rating agency CARE has increased the rating of Yes Bank’s debt instruments. After which, the sentiment of investors has become positive regarding the stock. CARE has revised the Bank’s Infrastructure Bond rating from ‘CARE B’ to ‘CARE BBB’. Yes Bank’s 1-year high is Rs 87.30. CARE has upgraded the ratings of Yes Bank’s infrastructure bonds from CARE B to CARE BBB. Similar upgrades have been received from…
New Delhi: On BSE, the stock closed 6.41 per cent lower at Rs 14.60 after tanking 8.97 per cent to Rs 14.20 during the day. On the NSE, it plunged 6.73 per cent to close at Rs 14.55. In traded volume terms, 4.83 lakh shares were traded at the BSE and over 38 lakh units at the NSE during the day Private sector Lakshmi Vilas Bank on Saturday reported widening of its net loss at Rs 397 crore for the second quarter due to rise in bad loans and provisions. The bank had posted a net loss of Rs 357.18…
New Delhi:The Competition Commission of India (CCI) has ordered a detailed investigation against Internet giant Google for unfair trade practices in the context of Google Pay. Google Pay is a popular digital wallet platform. The watchdog has ordered a detailed probe by its Director General (DG), which is the investigation arm, for alleged anti-competitive practices with respect to Google Pay. Section 4 of the Competition Act pertains to abuse of dominant market position. The Commission is of the prima facie view that the market for apps facilitating payment through the Unified Payments Interface (UPI) appears to be a distinct relevant…
New Delhi: The initial public offer (IPO) is entirely an offer-for-sale through which the government will offload 8.66 crore equity shares, according to draft papers filed with Sebi. The company, which filed its IPO papers in October, obtained the regulator”s observation on November 6, an update with Securities and Exchange Board of India (Sebi) showed on Monday. The regulator”s observation is necessary for any company to launch public issues like initial public offering, follow-on public offer and rights issue. According to merchant banking sources, the IPO is estimated to fetch Rs 700 crore. The miniratna PSU is one of the…
New Delhi: The CV major, which reported a consolidated net loss of Rs 96.23 crore in the second quarter ended September, has kept its capex plans intact for the current fiscal. “In the first quarter, we came across a one of its kind situation, everything was shut. As things have started to open up, we have seen things becoming better. Looking at the situation, all indications point out that things will move up in the third and the fourth quarter,” Ashok Leyland CFO Gopal Mahadevan told PTI. The CV industry saw sales falling 75 per cent in April-September period of…
Hyderabad: In an effort to help digitise the Micro, Small and Medium Enterprises (MSMEs) in Telangana, the state government has launched a free license of next generation cloud-based business automation software called ’ Accloud ’ to 20,000 companies here on Monday. Sapio Analytics, a government consulting firm, brings the software to the companies, while the distribution platform is that of Telangana GlobalLinker, a platform and community for the state’s MSMEs. The total market value of the licenses distributed free of charge by the state to the business community amounts to 72 million. Speaking after launching the free software distribution virtually,…
New Delhi: “He brings three decades of diverse experience in air transport and travel, with leadership roles in Air India, Alliance Air and a Gulf-based national carrier,” according to a statement by Air India Express. Air India Express is a wholly-owned subsidiary of disinvestment-bound Air India. Before taking on the current assignment at Air India Express, Singh was associated with an aviation consulting firm CAPA in Delhi. Air India Express has around 24 B737-800 aircraft in its fleet.
Amidst strong global cues, the domestic stock market has witnessed fierce fireworks before Diwali. Sensex and Nifty reached record highs in today’s business. At the end of the business, both of the indices slipped slightly from their index highs, but they have recorded a close. At the end of trading, the Sensex saw a rise of 704 points and it was at the level of 42597. At the same time, the Nifty gained 197 points and closed at the level of 12461. Earlier the market was never closed at this high. Today the Sensex touched a record level of 42645.…