Author: Finance Khabar

General Motors developed the 2022 GMC Hummer EV in rapid time with help of virtual reality, an increasing trend for the automotive industry before and during the coronavirus pandemic. GM CEO Mary Barra called the Hummer EV’s process a “new benchmark in GM’s ability to quickly bring EV products to market” on Twitter. What historically took GM and other automakers five to seven years to develop and launch a new vehicle is expected to be cut to under three years for the Hummer EV. That’s important because it allows the automaker to bring more new or redesigned vehicles to market…

Nearly half of the BSE-200 companies yielded negative returns last month, according to a recent report by Motilal Oswal Institutional Equities. On a year-to-date basis, 59 per cent of BSE-200 constituents declined, as Future Retail and financial stocks like Canara Bank, Bank of Baroda, and Punjab National Bank were the major laggards, said the report titled ‘India Strategy – NOV’20: The Eagle Eye’. “In all, 47 per cent of BSE-200 companies yielded negative returns in Oct’20,” it said. The average daily cash volumes in October were down 6 per cent on a month-on-month (MoM) basis. “Monthly institutional cash trading volumes…

New Delhi: The condition of Indian Railways has deteriorated during the Corona period. How bad the situation has become, one can guess from the fact that the earnings of the railways have been less than 10% before the Corona period. Rather, say that the earnings of the railways have touched the all-time low. On the one hand, there has been a strong impact on the rail freight, while many passenger trains are still standing, due to which the revenue of the railway has suffered a major setback. Railways have also stopped the work of upgrading coaches worth around Rs 2700…

Bengaluru: Biocon Ltd, an innovation-led global biopharmaceuticals company, on Saturday announced that the Board of its subsidiary Biocon Biologics Ltd (Biocon Biologics) has approved a Rs 1,125 Crore (~USD 150 million) capital injection from Goldman Sachs.As per the terms of the proposed agreement, Goldman Sachs will be issued Optionally Convertible Debentures at a post money equity valuation of USD 3.94 Billion. The transaction is subject to customary approvals and conditions, according to a release here on Saturday. Biocon Executive Chairperson Kiran Mazumdar-Shaw, said, “We are extremely pleased to welcome a capital injection by Goldman Sachs at this inflection point of…

New Delhi: The Confederation of Indian Industry (CII) has written to the Finance Ministry urging the government to explore an Emergency Loan Credit Guarantee Scheme (ECLGS) to support the resource starved stressed sectors. As per the industry body prolonged strain on employment-intensive stressed sectors could impede overall economic recovery. In a statement, CII said that it has recommended this intervention to assist the stressed segments, primarily in the service sectors like hospitality, tourism aviation and retail, as this would not have any impact on the fiscal deficit this year but will provide the much-needed liquidity to these sectors which employ…

New Delhi: The Confederation of All India Traders (CAIT) on Sunday said states that have banned sale of firecrackers should compensate firecracker traders for the losses suffered by them due to the ban. CAIT in a statement demanded that Delhi Chief Minister Arvind Kejriwal and chief ministers of other states should “compensate the firecracker traders for the losses they have accrued due to ban on sale of firecrackers”. The traders’ body also termed the order of Delhi Pollution Control Committee dated November 6, 2020 which states that there will be a “complete ban” on bursting and sale of all kinds…

New Delhi: Foreign portfolio investors (FPI) have put in a net Rs 8,381 crore into Indian markets in first five trading sessions of November, with participants growing more confident in view of resumption of business activities and better than expected quarterly numbers, among others. As per depositories data, FPIs invested a net Rs 6,564 crore into equities and Rs 1,817 in the debt segment, taking the total net inflow to Rs 8,381 crore during November 2-6. In October, overseas investors were net buyers with Rs 22,033 crore investment in Indian markets. Himanshu Srivastava, Associate Director – Manager Research, Morningstar India,…

New Delhi: Union Minister Nitin Gadkari on Sunday said he was working on an idea to set up a refinery for production of aviation fuel from bamboo grown in Maharashtra”s Gadchiroli district. Gadkari was speaking at the inauguration of an “Atmanirbhar Bharat” assistance office here. “I am planning to set up a bio-refinery for production of aviation fuel. The bamboo for this will be sourced from Gadchiroli district. I have begun work on this and in two to three years, I will show you flights running on this bio fuel,” he said at the inauguration event. He said the Atmanirbhar…

New Delhi: In a bid to benefit workers who lost their jobs during COVID-19 pandemic, the Centre has decided that claims through affidavit form are no longer required under the Atal Beemit Vyakti Kalyan Yojana (ABVKY) of the ESIC. “While analysing responses of scheme beneficiaries under relaxed conditions, it was found that the condition of submitting claims in affidavit form was causing them inconvenience. It was decided that claimants who submit online their claims under the Atal Beemit Vyakti Kalyan Yojana and upload scanned copies of required documents, i.e., copies of Aadhaar Cards and bank details need not submit physical…

By Priyanka Iyer In today’s times of digital ubiquity, the futuristic fantasy fiction of robots performing human tasks is coming alive with the Robotic Process Automation technology, where human labour is substituted with rule-based automated processes. From logging into applications, managing and accessing huge data volumes, connecting to system APIs, this technology makes it possible to automate and standardize any high volume, business rules-driven, redundant process. Robotic Process Automation can be integrated within any business, and enable higher efficiencies, cost savings, lower errors and effective regulatory compliance. It can enable investment firms to offload time-consuming, repetitive processes to software bots,…

Every year in the month of November, all pensioners – be a government employee, ex-serviceman or a beneficiary of Employees Provident Fund Organisation (EPFO), a subscriber of pension schemes of Life Insurance Corporation (LIC) or other organisations are required to submit life certificate to ensure that they keep getting pension. Thus, for elderly people who are not keeping well and are finding it difficult to visit the bank / post office / organisation in which they have pension accounts, here is a huge relief. As the government has introduced Digital Life Certificates (DLC) for such people in the midst of…

National Cancer Awareness Day is observed all over the country to spread information about prevention, detection and treatment of the deadly disease Cancer. Cancer is the leading cause of death among the people all over the world. People pass away every day because of the tobacco-induced diseases and every day one woman dies due to cervical cancer. There are many types of cancer such as colorectal, lung, breast, stomach, and prostate cancer that are spread among many people all over India. Thus, it is important that Critical illness insurance policies should be taken by the individuals and their families to…

Prime Minister Narendra Modi said that India’s vision to become Atmanirbhar is not limited to being a mere vision. It is infact a well-prepared economic strategy that will help utililze the skills and businesses of our workers to convert the country into a global manufacturing powerhouse. Modi shared his thoughts on Atmanirbhar goal in a virtual Global Investor Roundtable event. He said confidently that India is changing for the better from fiscal responsibility to fiscal prudence, from high inflation to low inflation, from infrastructure deficit to infrastructure surplus, from mismanaged urban growth to holistic and balanced growth and from physical…

Despite coronavirus pandemic, the Modi government’s new initiative to make MSME registration easier has witnessed over 11 lakh registrations to date. On 1 July 2020, amid coronavirus lockdown, revised MSME definition and the portal was launched. The government had encouraged National Small Industries Corporation, Khadi and Village Industries Commission, MSME-Development Institutes, Technology Centers, and Coir Board to be of a support to entrepreneurs so that they can register their units on the portal to increase the speed of registration process. The portal is also combined with the CBDT and GST networks plus public procurement portal Government e-Marketplace to ensure that…

NEW DELHI: Brookfield Properties (“Brookprop Management Services Private Limited”) has won the ‘Excellence Award’ for two of its Indian Green Building Council (IGBC) platinum certified IT parks: Candor TechSpace G2, Sector 21, Gurugram and Candor TechSpace N2, Sector 135, Noida, at the recently held Performance Challenge for Green Built Environment 2020. The award underlines Brookfield Properties’ goal to minimize its impact on the environment, while improving the efficient use of resources. Alok Aggarwal, MD & CEO, Brookfield Properties said, “Environmental, social and governance excellence is core to how we conduct our business across the globe. In sync with this vision,…

New Delhi: The Indian economy, which has shown resilience to come out from a downturn caused by the pandemic, is expected to bounce back from the next fiscal, State Bank of India chairman Dinesh Kumar Khara said on Saturday. The SBI chief made the statement while addressing the virtual annual general meeting of Bengal Chamber of Commerce and Industry. He said that there will be a “paradigm shift” which will lead to a more matured economy” with economic players learning to contain costs. “The economy is expected to bounce back from the next fiscal starting from April 2021. The next…

The Reserve Bank of India has said that the issue price for the Sovereign Gold Bond is fixed at Rs 5,177 per gram of gold. The eighth tranche of sovereign gold bonds of this fiscal will be opened for subscription from November 9 to 13, 2020. In a statement the central bank on Friday said that the “nominal value of the bond based on the simple average closing price [published by the India Bullion and Jewellers Association Ltd (IBJA)] for gold of 999 purity … works out to Rs 5,177 per gram of gold.” It further said the government, in…

During a Toyota Motors earnings call on Friday, executives answered questions about how they plan to compete in the expanding field of electric vehicles, and took a potshot at Tesla’s sky-high valuation. Toyota President Akio Toyoda acknowledged that Tesla’s valuation of around $400 billion is sky high, exceeding that of all seven Japanese automakers combined. He also said Toyota could learn from Tesla’s success with investors, and its business model, which includes revenue from electric vehicles, regulatory credits, software and renewable energy products. But, the exec went on to compare Tesla’s business to a restaurant still promoting its recipes, while…

Mumbai: Adani Enterprises Ltd placed winning bids for sole coal blocks put on auction by the government on the sixth for commercial mining lease auctions on Saturday. Adani Enterprises placed the winning bid for Gondulpara coal block in Jharkhand. The mine placed on auction on the sixth day has a total coal reserve of over 176.33 million tonne and peak rated annual capacity is estimated at 4 million tonne (mt). The e-auction witnessed strong competition amongst the bidders with the mine attracting good premium over the floor price, a coal ministry statement on the the sixth day of auction said.…

New Delhi: China exports grew at the fastest pace in 19 months in October, while imports also rose, official data showed on Saturday, as the world’s second largest economy continued to recover after being hit hard by the coronavirus crisis earlier this year. Exports in October rose 11.4% from a year earlier, beating analysts’ expectations of a 9.3% increase and quickening from a solid 9.9% increase in September. The surge in exports pushed the trade surplus for October up to $58.44 billion, compared with the poll’s forecast for a $46 billion surplus and a $37 billion surplus in September. China’s…