Author: Finance Khabar
Mumbai: The uncertainty regarding the US election outcome impacted the Indian rupee which plunged to its 2-month low mark during Wednesday’s trade session. Accordingly, the rupee hit an intraday low of 74.88 as the US presidential results might be contested in courts. At around 3.15 p.m., the rupee traded at 74.80 to a greenback. “Markets would not like a delayed result, which can lead to prevalence of more risk-off sentiment,” Sajal Gupta, Head, Forex and Rates, Edelweiss Securities. “No matter who wins. Stimulus shall be coming. So expect US dollar to weaken in two weeks time after a clear win.”…
SBI Card collaborates with Paytm to start Paytm SBI Card SBI Card, India’s largest pure-play credit card issuer, and Paytm which is India’s commanding digital financial services platform have joined hands to launch India’s next-generation credit cards. Accessible in two variants, Paytm SBI Card and Paytm SBI Card SELECT, the product has been originated on the Visa platform. Paytm SBI Card variants completely reimagine the credit card experience by empowering smart app features and providing superior rewards & benefits for its users. This launch is in line with SBI Card’s effort to offer customers tailored products that bring maximum value…
Earmarks INR 150 crore to bolster digital transformation in India Hisar: Amway India, one of the country’s leading FMCG direct selling companies has embarked on a digital transformation journey. Aligned with some of the biggest global trends, Amway’s multi-year growth strategy includes unleashing entrepreneurship through social commerce – a next- generation trend that will reshape the future of commerce. Digital is the most heavily invested function at Amway and as part of its digital transformation journey, the company has announced an investment of INR 150 crore in India to boost manufacturing automation, home delivery and to strengthen its digital capabilities.…
Kowloon: Net income was up 53 per cent (year-on-year) to reach $310 million. Lenovo’s Intelligent Devices Group (IDG) continues to lead the growth with all-time record revenue for the PC and Smart Devices Group (PCSD) of $11.5 billion, up 8 per cent year-on-year. Lenovo’s operational capability, timely response to the work and learn from home trend and focus on high-growth and premium segments drove the record quarterly performance. Lenovo leads the global PC market with #1 market share of 23.6 per cent, the company said in a statement. “Our record results this quarter reflect our ongoing commitment to meeting the…
New Delhi: During July-September, India’s real estate market attracted $235 million in capital, growing by 52 per cent quarter-on-quarter (QoQ), showed JLL’s ‘Capital Markets Update: Q3 2020’ report. “The India real estate sector is expected to draw $4.8 bn of capital in 2020, representing a 8 per cent decline on 2019’s total transactional volume of $5.3 billion,” it said. According to JLL, investors are most attracted to the country’s office sector, with interest remaining strong throughout the pandemic and the partial relaxation of the lockdown with $200 million invested during Q3 2020. Concurrently, global investors actively sought asset portfolio opportunities,…
New Delhi: Economic Affairs Secretary Tarun Bajaj said on Tuesday that Finance Minister Nirmala Sitharaman will soon announce another stimulus package to speed up the economy affected by the Corona virus crisis. In a conversation with reporters through video conference, he said that the Finance Ministry is looking into the suggestions and requests received from various sectors of the economy. Bajaj said, “Actually we are discussing that. It is difficult for me to tell the date but we have received many requests and comments from various fields. It will be announced soon. The finance minister will talk to you about…
New Delhi: Government-owned National Bank for Agriculture and Rural Development (NABARD), the second largest lender to Reliance Commercial Finance Limited (RCF) with over Rs 1,100 crore of secured loan exposure, has given a clean chit to RCF and has removed its red flag. NABARD is a part of the consortium of lenders and is signatory to an inter creditor agreement (ICA) executed between the lenders of RCF under the June 7, 2019 circular of RBI on resolution of stressed assets. NABARD had classified the account of RCF as red flag on February 25, 2020. Thereafter lenders conducted a detailed forensic…
New Delhi: Bumper trading volumes have helped many major European banks to produce stronger-than-expected third-quarter earnings and some also now have a more optimistic outlook on loan losses caused by the financial fallout from COVID-19. The banks’ third-quarter performance will become an important gauge of financial strength ahead of December when the European Central Bank is expected to revisit its recommendation for euro zone banks not to pay dividends. BNP Paribas said that its capital cushion, its common equity tier one ratio, was up by 20 basis points at 12.6% at end-September, which took into account a 50% dividend pay-out…
New Delhi: FSNL is a 100 per cent subsidiary of MSTC Ltd, under the administrative control of the Union Ministry Steel. The deadline for submission of bids by interested parties for transaction advisor is November 23, 2020, while that for legal adviser is December 3, 2020. The bids for transaction adviser and legal adviser will be opened on November 24 and December 4 respectively, said two separate notifications from the Department of Investment and Public Asset Management (DIPAM). The earnest money deposits for both transaction adviser and legal adviser are Rs 1 lakh and Rs 50,000, respectively. Government plans to…
New Delhi: Bank of Baroda had made certain changes with effect from November 1, 2020, with regard to the number of free cash deposits and withdrawals per month, a Finance Ministry statement said. The number of free cash deposits and withdrawals, have been reduced from five each per month to three each per month, with no change in the charges for transactions in excess of these free transactions, it said. “Bank of Baroda has since informed that in the light of the current COVID related situation, they have decided to withdraw the changes. Further, no other PSB has increased such…
New Delhi: The company had posted a consolidated net profit of Rs 403.64 crore in the same quarter last financial year, Dabur India said in a regulatory filing. Dabur India said the company “reported a strong growth in its performance for the second quarter of 2020-21, backed by sustained efforts in driving demand for its ayurvedic healthcare, hygiene and nutrition products, coupled with strong innovation to meet the emerging consumer needs in the wake of the COVID pandemic”. Revenue from operations stood at Rs 2,516.04 crore in the second quarter of the current fiscal as against Rs 2,211.97 crore in…
On Tuesday, the domestic stock market has seen a great boom amid better global signals. In today’s trade, the Nifty crossed 11800. Trading took place throughout the day with an increase in the market. Banks and financial stocks have especially strengthened the market. In today’s trade, the Sensex gained 504 points and closed at a level of 40,261.13. At the same time, the Nifty saw a spurt of 144 points and it crossed the 11800 level and closed at 11814 level. Apart from banks and financials, there has also been a strong rally in pharma and metal stocks. However, RIL…
India’s richest businessman Mukesh Ambani has been given a big blow by his company Reliance Industries in Monday’s business. The huge fall in RIL shares has also affected Mukesh Ambani’s wealth. Ambani’s wealth has reduced by about Rs 48650 crore in one day. With this, he has returned to number 10 in the list of the rich around the world. On Monday, RIL shares saw a steep decline of around 9 per cent. The stock has declined after the second quarter results. According to Bloomberg Billionaires Index, Mukesh Ambani’s total wealth now stands at about 5.3 lakh crores. In one…
Bangalore: The company also reported over 100 million monthly active users (MAU) and 2.3 billion app sessions in October. “Our next target is to cross 500 million registered users by December 2022,” said Sameer Nigam, CEO and Founder of PhonePe. PhonePe said it processed a record 925 million transactions in the month on October, with an annual TPV (total payment value) run rate of $277 billion. The company also processed 835 Million UPI transactions in October, for a market leading share of over 40 per cent. “We are on a mission to make digital payments a way of life for…
New Delhi: To compensate for the Goods and Services Tax (GST) shortfall, the Central government has borrowed and will be transferring Rs 6,000 crore as the second tranche to 16 states and three Union Territories under special borrowing window, the Finance Ministry said on Monday. This amount was raised at a weighted average yield of 4.42 per cent. The amount will be passed on to the states/UTs later in the day at the same interest rate, which is lower than the cost of borrowings for the states and UTs, thus benefitting them, it added. With the release of second tranche,…
Mumbai: Snapping a losing streak of last three sessions, the BSE Sensex on Monday recovered by 143.51 pts at 39,757.58 following gains in Bankex, Telecom, Realty and Finance stocks. The Nifty of national stock exchange too improved by 26.75 pts at 11,669.15. Despite high oscillation, the equity market improved on Monday. Slumping by 906 pts in last three sessions, the day opened on a positive note at 39,880.38, jumping by 226 pts. It spurted by 354 pts to 39,968.03, days high before closing at 39,757.58, up by 143.51 pts from its previous close. Meanwhile, the sensex was dropped nearly 280…
New Delhi: Yes Bank is looking to sell its entire NPA portfolio of Rs 32,344 crore to ARCs or other potential investors. Sources informed that Yes Bank’s offer to ARCs will be to recover at least 15 per cent amount i.e. Rs 5,000 crore upfront. The balance 10 per cent amount i.e. Rs 3,000 crore may be potential recovery by way of deferred payments. Yes Bank has Gross NPA (GNPA) of Rs 32,344 crore. Yes Bank has already made provisions for Rs 24,476 crore which represents 76 per cent of GNPA. GNPA on books post such provision, is now only…
Chennai: Renault Nissan Automotive India Pvt Ltd (RNAIPL) has started production of a new compact sport utility vehicle (SUV) Nissan Magnite at its plant near here. “RNAIPL is thrilled to commemorate the start of production of the all-new Nissan Magnite. We are also exploring opportunities to export this big, bold, beautiful and charismatic SUV. This is a colossal milestone for us, and we are proud of producing a SUV equipped with intuitive packaging and human-centric engineering inspired by India and designed in Japan,” said Biju Balendran, MD & CEO. Japanese automobile maker Nissan Motor Corporation recently unveiled its compact SUV…
New Delhi: Setting foot into the festive season of 2020, Garmin India, a unit of Garmin Ltd. (NASDAQ: GRMN) today announced their mega offer in collaboration with Tata CLiQ, Tata Group’s multi-brand physical e-commerce platform with 1200+ brands on board and presence in 100+ Indian cities and towns, and Cure.Fit. Adding power to a person’s workout regime, customers can now buy any Garmin Smart Watch on TataCLiQ and thereby gain unlimited access to all Live workout sessions on the Cure.Fit app for one whole year. The limited time offer valid till November End will bring more cheer for the fitness…
Mumbai: MicroWorld Technologies Private Limited has signed a Memorandum of Understanding (MoU) with the Indian Computer Emergency Response Team (CERT-In), Ministry of Electronics and Information Technology, Government of India for collaboration in the area of cyber security. Through this MoU CERT-In and MicroWorld Tech Private Limited propose to work together to enhance the overall security of the computing environment in India and to address the increasingly complex problems associated with cyber security threats. The MoU would facilitate cooperation for detection of latest cyber security threats such as malware/botnets that can adversely affect the information assets and privacy of the general…