Author: Finance Khabar
Amazon Founder and CEO Jeff Bezos this week has sold more than $3 billion worth of shares in his company, according to new filings with the US Securities and Exchange Commission (SEC). This marks a significant jump from last year when Bezos sold $2.8 billion worth of shares, CNBC reported on Wednesday. According to Forbes, Bezos now owns a 10.6 per cent stake in the e-commerce and cloud computing colossus Amazon. This is the third time this year that the world’s richest person has sold Amazon shares worth billions of dollars. In August, he had sold Amazon shares worth $3.1…
Hyderabad: Tally Solutions Pvt. Ltd, a pioneer in the business software production industry, is all set to launch TallyPrime- the next generation business management software’ on Nov 9. TallyPrime will equip MSME owners and new-age entrepreneurs with an ultra-simple and powerful software to enhance their business productivity. Focused on making the business owners’ lives simple since its inception, Tally aims to further simplify business management with TallyPrime, facilitating users to comfortably manage and grow their business without needing to know the finer nuances of accounting or technology, the company said in a release. The product meticulously designed keeping the user…
Mumbai: OPPO India announced a CSR initiative – “Wall of Knowledge” to enable access to the virtual world of education for unprivileged children. The “Wall of Knowledge” is a standalone unit with multiple mobile devices secured to a table in front of a large LED screen, providing access to virtual education to children. The initiative will have an exponential effect on unprivileged kids and will help them augment their knowledge, making them digitally inclined. Mr. Tasleem Arif, Vice President and Head R&D of OPPO India, said, “In a year that has been full of challenges, many children are deprived of…
Mumbai: The national capital’s IGI Airport witnessed a significant surge in cargo movement during September, as it handled volume of around 77,000 MT. Accordingly, both ‘Cargo Tonnage’ and Cargo Aircraft movements showed a pick-up in September on the back of gradual opening up of economic activities. “Gradual opening up of economic activities in the country over the past few months after the lockdown period is showing positive signs of recovery,” GMR Group-led Delhi International Airport Limited (DIAL) said in a statement. “The ‘Air Cargo’ performance in the month of September 2020 came with a positive note for Delhi Airport, when…
New Delhi: The Enforcement Directorate (ED) has filed a chargesheet against former ICICI Bank managing director and chief executive officer Chanda Kochhar, her husband Deepak Kochhar and Videocon Group chief Venugopal Dhoot for alleged money laundering charges among others before a special court in Mumbai on Tuesday. The agency has filed a chargesheet along with five trunks of supporting documents before the court. The case has been adjourned to November 11. The court said, “It is informed that the chargesheet is pending for scrutiny of five trunks of original documents. The intimation (of it being filed) is taken on record.”…
Mumbai: The Flipkart Group on Thursday announced a strategic investment in Universal Sportsbiz Pvt Ltd (USPL), a youth-focused fashion brand house. This is a Series F funding for USPL from the Flipkart Group along with participation from existing investor Accel Partners. This investment will significantly step-up the online strategy of USPL as the Flipkart Group will work closely with the USPL team to deepen product offerings on its platforms. Financials involved in the investment were not disclosed. “Post pandemic recovery has been great for us and we are at approximately 80 per cent of pre-COVID sales,” Anjana Reddy, Founder &…
Mumbai: Riding on increased sales in the smaller towns and cities during the festive season, Samsung on Thursday said it achieved an overall 32 per cent growth in its consumer electronics business in the month of October and a huge 50 per cent growth in the premium electronics categories in India. In the months of August and September, the company had achieved an overall 20 per cent growth in the consumer electronics segment in the country. “This has been the best October ever for us, as consumers across the spectrum looked to upgrade their lives especially in the tier 2…
Mumbai: Reliance Industries Limited and Reliance Retail Ventures Limited (RRVL) announced on Thursday that the Public Investment Fund (PIF) will invest Rs 9,555 crore (approximately $1.3 billion) for an equity stake of 2.04 per cent into RRVL, a subsidiary of Reliance Industries. This investment values RRVL at a pre-money equity value of Rs 4.587 lakh crore (approximately $62.4 billion). It will further strengthen PIF’s presence in India’s dynamic economy and promising retail market segment. The investment in RRVL follows PIF’s earlier acquisition of a 2.32 per cent stake in Jio Platforms, the digital services subsidiary of Reliance Industries. The transaction…
New Delhi: Addressing a virtual event here, Subramanian said it is not just ease of doing business, but also ease of living that has to be enhanced using data. “We need to think of data as a public good… data should be thought of as infrastructure that must be invested upon, much like highways, airports etc,” he said. “Large scale data has to be extracted without violating any privacy laws. Data must provide a 360 degree view of an individual,” he added. Subramanian further said data can be used in areas like agriculture, manufacturing, behavioural economics and MSME sector for…
A strong rally has also been witnessed in the domestic stock market amid strong global cues. The Nifty has crossed the 12100 level in business. The Sensex has also crossed the 41300 mark. There is an all-round rally in today’s market. The election rally continues in the US, which is seeing a boom in markets across the world. The Sensex is currently 724 points strong and closed at 41,340 level. At the same time, the Nifty has also closed 212 points strong at 12120 level. In today’s business, metal, bank and financial stocks have been excellent. IT stocks were also…
Bareilly , Bank of Baroda, India’s premier Public Sector Bank, which has been the forerunner in adopting and innovating many new concepts, practices and processes, has now introduced a new employee centric initiative, the ‘Employee Assistance Program’. The aim of Employee Assistance Program is to help employees to deal with their personal problems and professional issues through a psychological counselling and consulting program. Having understood the importance of workplace counselling, the Bank takes the first step in addressing the issues and up-keeping employees’ emotional well-being by introducing this program initially as a pilot project in Mumbai Zoneand its corporate office…
New Delhi: The Union Cabinet on Wednesday gave approval to the signing of a Memorandum of Understanding (MoU) between the Communications Ministry and UK’s Department of Digital, Culture, Media and Sports (DCMS) for cooperation in telecommunications, information and communication technologies (ICTs). The MoU will further strengthen bilateral cooperation and mutual understanding in the field of telecommunications and ICTs. Post-Brexit, the MoU is also aiming for enhanced scope of cooperation and opportunities for India, an official statement said. The parties have identified the areas of common interest for cooperation — telecommunications and ICT policy and regulation, spectrum management, telecommunication connectivity that…
New Delhi: The Union Cabinet on Wednesday gave approval to the signing of a Memorandum of Understanding (MoU) between the Communications Ministry and UK’s Department of Digital, Culture, Media and Sports (DCMS) for cooperation in telecommunications, information and communication technologies (ICTs). The MoU will further strengthen bilateral cooperation and mutual understanding in the field of telecommunications and ICTs. Post-Brexit, the MoU is also aiming for enhanced scope of cooperation and opportunities for India, an official statement said. The parties have identified the areas of common interest for cooperation — telecommunications and ICT policy and regulation, spectrum management, telecommunication connectivity that…
The Income Tax Department has issued more than 1.29 lakh crore refunds to 39 lakh taxpayers so far this financial year. This includes a personal income tax refund (PIT) of Rs 34,820 crore and corporate tax of Rs 94,370 crore which came during this period. The Income Tax Department said in a tweet that between 1 April 2020 and 3 November 2020, CBDT has issued refunds of more than Rs 1,29,190 crore to 39.49 lakh taxpayers. According to the Income Tax Department, a corporate tax refund of Rs 34,820 crore has been issued in 37,55,428 cases and Rs 94,370 crore…
Kolkata: ICICI Home Finance (ICICI HFC) has announced its ‘Maha Loan Festival’ for the ongoing festive season. During ICICI HFC’s ‘Maha Loan Festival’, loan seekers can avail of spot sanction for products such as Home Loan (Apna Ghar and Apna Ghar Dreamz), Gold Loan and Micro LAP (Loan Against Property). To enable quick processing, ICICI HFC has made available local, branch level sanctioning facilities for all loan applications. In this festive season, ICICI HFC is making home loan accessible to customers in the informal segment of the economy, such as carpenters, plumbers, small business owners and traders. All those who…
New Delhi: Finance Secretary Ajay Bhushan Pandey, refusing to be drawn into discussion on former Finance Minister Arun Jaitley’s promise to honour awards in retrospective tax cases, said the Centre is examining all aspects to arrive at a decision on whether to appeal against the Voda award. “We are still examining various aspects and a decision would be taken in due course,” Pandey said. Asked if there is a time limit on the decision to file an appeal, Pandey said, “All arbitration orders if at all have to be appealed, have a time limit of 90 days. So, we have time…
New Delhi: State Bank of India has reported a net profit of Rs 4574 crore in the July-September quarter of the financial year 2020-21. This is 51.88 percent more than the same quarter last year. Compared to the April-June 2020 quarter, the bank had a net profit of Rs 4189 crore in the first quarter. The bank’s operating profit (excluding exceptional items) grew by 11.86 per cent to Rs 16460 crore during the second quarter, from Rs 14714 crore in the same period last year. Operating profit was recorded at Rs 16521 crore in the first quarter. The total interest…
Mumbai: The equity market remained firm for the third straight session on Wednesday, as the BSE Sensex spurted by 355.01 points to close at 40,616.14 on brisk buying in Energy, Consumer Durable, Technology and IT stocks amid positive Asian Markets. The domestic equity market ended nearly a per cent higher on Wednesday ahead of the US Presidential election outcome. The Nifty of the National Stock Exchange (NSE) too rose by 95 points to close at 11,908.50. The Sensex opened negative at 40,171.71, down by 90 points. It erased earlier losses and ended strong at 40,616.14, gaining by 355.91 points from…
New Delhi: Anticipating a move by Amazon, which had got an interim arbitration award in its favour, putting the announced deal on hold, the Future Group firm has moved the Delhi High Court. Let no order of any kind be passed of any kind or any other petition and application, which may be filed by the petitioners/caveatee (Amazon.com NV Investment Holdings LLC) against the respondent/ caveator – Future Retail Ltd, without due notice under section 148A of the code of civil procedure, the Future Group firm stated in its urgent caveat petition. A caveat is filed by a litigant in…
Mumbai: Business activity among the micro, small and medium enterprise sector is fast reaching near normal levels and they are rapidly adopting digital business tools to drive efficiency and growth. According to data gathered by OkCredit basis the behaviour of the users, the micro retail players are increasingly taking up digital bookkeeping solutions, as it makes their book-keeping task simpler, digitized and secure and there is stronger demand coming from small towns and hinterlands. On a pan India basis, data among the digital bookkeeping users points to a sharp recovery with smaller businesses in tier 3 and tier 2 towns…