Author: Finance Khabar

Seoul: Lee Kun-hee, Samsung Electronics chairman and chief of South Korea’s top conglomerate Samsung Group, died on October 25 at age 78, more than six years after being hospitalized for a heart attack. The late Samsung chairman has been the country’s richest stockholder for the past 10 years, with his stock value reaching 17.7 trillion won ($15.6 billion), according to FnGuide. The younger Lee captured the No 2 spot with 7.3 trillion won, followed by former Hyundai Motor Group Chairman Chung Mong-koo with 4.5 trillion won. FnGuide forecast Jae-yong would become the richest stockholder in Asia’s fourth-largest economy with his…

New Delhi: In a regulatory filing, the company said that FRL’s jurisdictional objections are pending determination with the SIAC Registrar. Further SIAC has appointed an Emergency Arbitrator, however, the Indian law does not recognize an Emergency Arbitrator. “Accordingly, the Interim Order is unlikely to have an impact either on the FRL or the Company,” it said. It said that notice of Arbitration has been issued by Amazon against FRL and other FRL promoter group persons in accordance with the Singapore International Arbitration Centre (SIAC) Rules for alleged violation of the provisions of the shareholders agreements. Further, as per SIAC Rules…

Chennai: In a statement issued here, Ashok Leyland said it sold 9,989 units last month marginally up from 9,862 units sold during the corresponding month in 2019. While the sales of buses have been hit, the sales of trucks has gone up during the period under review. The company had sold 4,021 medium and heavy commercial vehicles last month up from 3,571 units sold in Oct 2019. The light commercial sales too went up last month to 5,401 units as against 4,731 units sold during Oct 2019.

Mumbai: The Reserve Bank will evaluate the impact of multi-media public awareness campaign ”RBI Kehta Hai”, which was launched in 14 languages to educate the public about safe banking and financial practices. ”RBI Kehta Hai” was the first even 360 degree campaign initiated by the central bank using all mass media, including media such as television, radio, newspapers, hoardings, web banners, gifs, social media and SMS. In order to evaluate the impact of the public awareness campaign, the RBI has invited Expression of Interest (EoI) from eligible companies and other entities which have successfully completed at least five similar projects.…

New Delhi: Reliance Capital has commenced its asset monetization process to unlock value of its underlying businesses and targets to make RCAP debt free. SBI Capital Markets Limited and JM Financial Services Limited will run an independent and transparent asset monetization process, as per banking sources. The process was launched on October 31, 2020 by inviting Expression of Interest (EOI) for it’s key assets. The monetization process is being run under the aegis of Committee of Debenture Holders and the Debenture Trustee Vistra ITCL India Ltd – which represents 93 per cent of total outstanding debt of Reliance Capital. The…

New Delhi: It reported a 13.2 per cent growth in its domestic sales compared to 50,010 units sold during October 2019, the company said in a statement. The rise in demand comes on the back of the festive season. Its exports, however, fell by 10.1 per cent to 12,230 units in october. Its sales stood at 68,835 units, 8.2 per cent higher on a year-on-year basis. On the sales performance in October, Tarun Garg, Director (Sales, Marketing and Service), HMIL, said,”With the advent of the festive season, Hyundai shares the spirit of happiness and celebration with our customers through our…

Mumbai: Toyota Kirloskar Motor has reported a 1.87 per cent year-on-year (YoY) fall in its overall sales in October at 12,373 units. During the same period last year, the company had sold 12,610 units. The company had sold a total of 11,866 units in the domestic market in October 2019 and had exported 744 units of the Etios as well, the company said in a statement. However, on a month-on-month basis, its sales clocked a growth of 52 per cent. In September 2020, the company had sold 8,116 units. Naveen Soni, Senior Vice President, Sales & Service, Toyota Kirloskar Motor,…

New Delhi: The Finance Ministry on Sunday said that the the gross GST revenue collected in the month of October, 2020 is Rs 1,05,155 crore. The breakup, as per the Ministry, is CGST Rs 19,193 crore, SGST Rs 25,411 crore, IGST Rs 52,540 crore including Rs 23,375 crore collected on import of goods whereas the Cess Rs 8,011 crore which includes Rs 932 crore collected on import of goods. The total number of GSTR-3B Returns filed for the month of October upto October 31, 2020 is 80 lakh, the Ministry said here. The Government has settled Rs 25,091 crore to…

New Delhi: IndusInd Bank’s consolidated net profit plunged 52.67 per cent to Rs 663 crore in the second quarter of FY21 as compared to Rs 1,401 crore during the corresponding quarter of the previous year. Sequentially, the net profit for the quarter increased by 30 per cent over the quarter ended June 30, 2020. Net interest income for the quarter ended September 30, 2020 increased to Rs 3,278 crore from Rs 2,909 crore reported for the quarter ended September 30, 2019. Net interest margin for Q2FY21 is at 4.16 per cent, the bank said in a statement. “Operating expenses for…

New Delhi: Apple shipped 13.9 million units in Q3 to lead the tablet market once again with 29.2 per cent share while Samsung regained the second position with shipments of 9.4 million units and year-over-year growth of 89.2 per cent. As demand for more mobile, portable computing solutions has increased, Samsung has focused on its Android detachable portfolio, which recorded solid growth in the quarter. Samsung also launched the Galaxy Tab S7+ in the third quarter — the first 5G tablet to be available worldwide — making it one of the first tablet vendors to adopt 5G. “Consumer spending on…

The IPO of Alibaba’s fintech company Ant Group has received a strong response. The listing for both Hong Kong and Shanghai places a bid of 30 lakh crore ($ 3 trillion). How much this amount is, it can be estimated from this that it is more than the GDP of India. Trading of shares of this company, owned by Jack Ma, can begin on November 5 next month on the stock exchanges of Hong Kong and Shanghai. Ant Financial plans to raise 2.54 lakh crore ($ 34.4 billion) According to Bloomberg’s report, people were so excited about the bidding of…

Bareilly: Bank of Baroda, India’s third largest public sector bank, announced reduction in Baroda Repo Linked Lending Rate (BRLLR) from 7% earlier to 6.85% w.e.f from November 1, 2020. All retail loans are linked to BRLLR (External benchmark- Repo linked rate) , hence customers availing  Home Loan, Mortgage Loan, Car Loan, Education Loan, Personal Loan and all other retail loan products can avail of this benefit. Earlier ahead of the festive season, the bank had announced concession in interest rates on Home loan and Car loan. Now with this revision in BRLLR, Home Loan rates start at 6.85% and Car…

New Delhi: Privatisation-bound PSU refiner Bharat Petroleum Corporation Ltd. (BPCL) has delayed expansion plans for its refinery projects, pending its share sell off programme that will see government completely exiting from the company and handing over its management to a strategic investor. BPCL has plans to expand its Bina refinery and take efficiency improvement measures at Mumbai refinery. But investment decisions on both the projects are now left for the new owners in the company that is expected to take control after the current bidding process ends, sources said that a senior BPCL officials told analysts at a recent post…

Mumbai: The Sensex was slumped 1,071.43 points or 2.63 pc to settle at 39,614.07 in a week under review on weak global cues. Even, spurting global coronavirus cases and uncertainty about a fiscal relief bill in Washington dampened the sentiment. The Nifty also dropped 287.95 points or 2.41 pc to settle at 11,642.40. The BSE Mid-Cap fell 71.48 or 0.48 pc to settle at 14,904.62. The BSE Small-Cap declined 246.51 points or 1.63 pc to settle at 14,888.08. On Monday the Sensex slumped 540 points to settle at 40,145.50. The Nifty too fell 162.60 points to settle at 11,767.75. On…

Mumbai: The Securities and Exchange Board of India (SEBI) has imposed a penalty of Rs 2 lakh on an employee of Titan Company, Theekevedu B. Alexander, for violating insider trading norms in 2018. The investigation by the capital markets regulator found that the designated employee of the company and his spouse had traded in the scrip of Titan when the trading window was closed, in violation of SEBI (PIT) Regulations, 2015. Alexander had traded on two trading days during the period from September 23 to November 12, 2018 — a period during which the trading window was closed. The noticee…

San Francisco: Soon after the launch of the ‘Full Self Driving (FSD) set of features to a limited number of expert and careful drivers, the electric car maker Tesla has increased the price of the new option to $10,000 from $8,000. The price of the ‘Full Self-Driving’ option has been steadily increasing over the last couple of years. “It increased from $5,000 to $6,000 in May last year, to $7,000 in November, and then to $8,000,” reports The Verge. Over the last year, Tesla CEO Elon Musk has made Tesla’s pricing strategy clearer when it comes to the “Full Self-Driving”…

New Delhi: The imposition of countervailing duty on ‘stainless steel flat’ products imported from Indonesia should improve domestic sales realisation along with the profitability of sector based companies, expects Ratings and Research (Ind-Ra). The countervailing duty (CVD) of 21-23 per cent on the stainless steel (SS) flat products imported from Indonesia was imposed from August. As per an Ind-Ra note, India’s flat SS producers were adversely affected during FY19-FY20 by margin pressures due to a supply glut caused by the imports from Indonesia. “SS margins have been affected by a continuous increase in SS supply from Indonesia to India over…

New Delhi: Union Consumer Affairs and Food & Public Distribution Minister Piyush Goyal on Friday said that prices of potato and onion have come under control while the government has also starting importing them to meet their shortage. “The process of importing onions has been started and 25,000 tonnes of onions will be imported by Diwali”, Mr Goyal said in a press conference here adding that the price of onion has stabilized at Rs 65/Kg. Mr Goyal said that export of onion seeds has also been banned as well as 36,000 tonnes of onions have been made available to the…

Reliance Industries reported on Friday that the company’s net profit declined by 15 percent in the second quarter. This is due to weak oil business and decline in chemical business. Reliance said in a stock market filing that it had a net profit of Rs 9,567 crore in July-September, compared to Rs 11,262 crore a year earlier. At the same time, the company’s revenue fell to Rs 1.2 lakh crore from Rs 1.56 lakh crore in the second quarter of FY20. After the relaxation of the lockdown, the business of consumer units of the company was good but there is…

Mumbai: During the same period of last year, the company had reported a consolidated net profit of Rs 990 crore. Jio’s revenue from operations during the period under review rose 33 per cent to Rs 17,481 crore. Its total income for the second quarter of FY21 stood at Rs 17,678 crore, against Rs 13,157 crore earned during the corresponding period of the last financial year. The company’s total customer base as on September 30, 2020 was 40.56 crore, with a growth of 1.8 per cent. Its average revenue per user (ARPU) during the quarter was Rs 145 per subscriber per…