Author: Finance Khabar
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…
Mumbai: More than 11 lakh enterprises have got themselves registered under the new process for registration of Micro, Small and Medium Enterprises (MSMEs) that has come into effect in the name of ‘Udyam Registration’ from July 1. The new process launched in July offers online system of registration for MSMEs. This follows revised definition of MSMEs announced by Finance Minister Nirmala Sitharaman in May as part of the relief package for the industry amid the Covid-19 outbreak. Under the changes, the MSME Ministry has also launched a new portal for MSME/Udyam registration. The portal has also been seamlessly integrated with…
New Delhi: The Economic Offences Wing of Delhi Police has registered a case and started probe against two firms, including the Nayati Healthcare, whose chairperson and promoter is Niira Radia of the infamous Radia tapes controversy. Along with the Gurugram health firm, the other one named in the EOW FIR is the Narayani investment private limited — both have been accused of misappropriating funds amounting to more than Rs 300 crore that were obtained through a loan. The firms — Nayati and Narayani — have been accused of siphoning, embezzlement and forgery of bank loan amounting to Rs 312.50 crore…
Mumbai: Automobile major Tata Motors has launched the ‘XM+’ variant of its premium hatchback — the Tata Altroz. According to the company, the new variant has been launched at a price of Rs 6.6 lakh (Ex. Showroom Delhi), in the petrol version. The Altroz was launched earlier this year. “We are confident that the introduction of the XM+ variant will further strengthen the appeal of the Altroz by giving customers an option to experience a variety of premium features at an extremely attractive price,” said Vivek Srivatsa, Head Marketing, Passenger Vehicle Business Unit (PVBU), Tata Motors. The XM+’ variant offers…
Mumbai: The Sensex surged 2,278.99 points or 5.75 per cent to settle at 41,893.06 in the week under review on positive cues from global peers. The Nifty 50 index soared 621.15 points or 5.34 per cent to settle at 12,263.55. The BSE Mid-Cap spurted 500.14 or 3.36 per cent to settle at 15,404.76. The BSE Small-Cap jumped 329.93 points or 2.22 per cent to settle at 15,218.01. Market logged gains in all five trading sessions of the week. On Monday, the Sensex, gained 143.51 points to settle at 39,757.58. Nifty added 26.75 points to settle at 11,669.15. On Tuesday the…
Hyderabad: Amazon Web Services (AWS) will invest Rs 20,761 crore to set up multiple data centres in Hyderabad, the Telangana government announced on Friday. Telangana’s Minister for Information Technology and Industry K.T. Rama Rao said this would be the largest foreign direct investment in the history of Telangana. AWS will set up Asia Pacific (Hyderabad) Region with three Availability Zones (AZs). It is expected to start operations by mid of 2022. The AZs consist of multiple data centres in separate distinct locations within a single region that are engineered to be operationally independent of one another with independent power, cooling,…
Kolkata: Tata Motors, India’s leading automotive brand, today announced the launch of the CAMO, a special edition of Harrier- its flagship SUV, this festive season. The Harrier CAMO edition is the ultimate personification of the SUV, unifying all product aspects into a single, high-presence design.The all new CAMO Green is created to stand out while blending in while the Steel Grey reflects the inner strength of the OMEGARC on which this indestructible product is based. The CAMO edition will be available in manual transmission from XT variant onwards, and in the automatic transmission from XZ variant onwards. Further, to accentuate…
New Delhi:Bank of India on reported over two-fold jump in September quarter consolidated net profit at Rs 543.47 crore, backed by the low bad assets. The bank posted a net profit of Rs 257.31 crore for the same quater a year ago. Its total income rose to Rs 12,477.79 crore in July-September 2020-21 from Rs 12,062.55 crore in the year-ago period, the state-owned lender said in a regulatory filing. On standalone basis, the net profit in the quarter rose to Rs 525.78 crore as against Rs 266.37 crore a year ago. Income grew to Rs 12,408.66 crore from Rs 11,985.50…
New Delhi: The information technology (IT) industry may not get back to the old style of working from the office and around 75 per cent of the workforce may continue to work from outside office going ahead, Ministry of Electronics and Information Technology (Meity) Secretary Ajay Prakash Sawhney said on Friday. He said the IT industry showed resilience during the lockdown, with up to 97 per cent of its workforce working from home or anywhere they found suitable to serve not just domestic but global clients also. “We are very excited at what happened at that point of time (during…
Nowadays, taking a loan has become easier. Financial facilities of our country are becoming better day by day. Thanks to the development of the banks and their understanding of customers’ growing needs and requirements. Personal loans rates as far as lowest can help more customers borrow money for their personal or education or work or health use. Personal loan interest rates differ from bank to bank as per the size and existence of the bank organizations. Banks fix an interest rate on personal loans depending on borrower’s credit score, loan amount requirement, age, gender, type of occupation, monthly income, etc.…
New Delhi: “In terms of the CLM, banks are permitted to co-lend with all registered NBFCs (including HFCs) based on a prior agreement. The co-lending banks will take their share of the individual loans on a back-to-back basis in their books,” the RBI said in its communication to all banks and NBFCs. However, NBFCs shall be required to retain a minimum of 20 per cent share of the individual loans on their books, it addded. The central bank said that based on the feedback received from the stakeholders and to better leverage the respective comparative advantages of the banks and…
An emergency fund or reserve is the need of the hour these days. We live in coronavirus times where anything can happen to anyone. Hence, a good financial plan must include an emergency corpus to move towards a stable and secured life. It also gives peace of mind to the family and savings fund is used for the right purpose at the right time. An emergency fund should include living expenses of atleast a year. Hence, slowly saving an amount can lead to a higher fund. Health insurance can help you cover only health-related urgencies. So, ensure to create a…
Mumbai: Smartphone shipments in India reached 54.3 million units in the third quarter of this year, a growth of 17 per cent year-over-year, showed data from industry tracker International Data Corporation (IDC) on Friday. India was the only smartphone market in the top 3 to witness growth, as both the China and the US markets declined year-over-year in the July-September quarter, said IDC’s Quarterly Mobile Phone Tracker. The reopening of the economy in India with fewer restrictions was further fueled by pent-up demand in July and August and channel stocking in September to meet the upcoming Diwali quarter demand. In…
In order to prevent frauds and also give rations at affordable rates to the poor population of the country, the government has cancelled 4.39 crore ration cards in the last seven years. The Ministry of Consumer Affairs, Food & Public Distribution said that the decision has been taken so that misuse of ration cards by fraudsters gets a fullstop. With crores of old ration cards cancelled, the government also said that the new cards are regularly being given to the concerned person so that only eligible people and households get the ration. The ration cards are also being released on…
Union Home Secretary Ajay Kumar Bhalla has said on Friday that the government is indecisive on whether Chinese telecom companies will be a part of the 5G trials in India. However, he also recognized that the penetration of the Chinese country in the existing network is too huge. Bhalla however clarified that the government is taking special measures to make sure that the communication network of India is secured. The home secretary also said that till India gets another option in the place of China, the existing facilities cannot be shut drastically. The US has removed Huawei, smartphone company due…
Finance Minister Nirmala Sitharaman has promoted the use of digital transactions. This will help to understand the GDP of India in a better way opines the minsiter. Nirmala also added that the assessment of GDP will improve with the medium of digital transaction’s purview. Cash usage should be reduced considerably in order to made only when in emergency. The minister said these points in a national tax conference 2020 which gave importance to the role of tax practitioners in educating the masses. The minister also appreciated that since 2014 when Modi government came into power, the taxation process has been…