Author: Finance Khabar

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…

New Delhi: The N K Singh-led 15th Finance Commission will submit its report on devolution of resources for the years 2021-2022 to 2025-2026 between the Centre and the States to the President on November 9. The Commission finalised its report at a meeting on Friday, said an official statement. The Commission will also present a copy of the report to the Prime Minister later next month. Finance Minister Nirmala Sitharaman will table the report in the next session of Parliament along with an Action Taken Report of the government. Traditionally, the Commissions have recommended the formula for tax devolution and…

New Delhi: In an additional list of frequently asked questions (FAQ), the Department of Financial Services (DFS) said: “Crop loans and tractor loans, etc are agriculture and allied activities loans and are not part of the eight segment/classes eligible under the scheme.” Under the scheme, the ex-gratia payment — the difference between compound interest and simple interest for six months — will be made to borrowers whose aggregate loan sanctions and outstanding is not more than Rs 2 crore as on February 29, 2020. The finance ministry wants all payments to be credited in the accounts of borrowers well before…

Chennai: “The fresh capex planned is Rs 72 crore. Some of that will start towards the end of this fiscal. About Rs 41 crore of that will be towards the windmill segment,” Managing Director Srivats Ram told media here. He said the company makes various components for the windmills, like parts for nacelle, tower and other parts. “We supply components for big four non-Chinese windmill makers in the world like Siemens Gamesa, Vestas, Nordic and GE. We export the windmill components to North America, European Union, Brazil and China,” Ram said. Ram said one of the customers has a plant…

Hyderabad: These firms including Mytrah Energy, Olectra Greentech and ETO Motors on Friday signed memoranda of understanding with the state government. The biggest investment is proposed to be made by Mytrah Energy. It plans to set up an electric bus manufacturing unit with an investment of Rs 2,000 crore. This is expected to generate direct and indirect employment opportunities to about 7,000 people. Olectra Greentech Limited, a listed electric mobility company, will set up an electric bus manufacturing unit with an investment of Rs 300 crore. The firm, which supplies electric buses to various state road transport corporations, will create…

New Delhi: Though on domestic front, primary aluminium is estimated to have plunged 45-50 pet cent on-year in the first quarter following the nationwide and local lockdowns to contain the Covid-19 pandemic, its exports rose 50 per cent on-year in the first quarter and constituted over 75 per cent of total primary aluminium production as against 48 per cent in the same quarter of last fiscal. Sales in the domestic market and the resultant economic contraction, labour shortage, and logistic disruptions affected key demand segments — power, construction and automobiles — which account for over three-fourths of the demand pie.…

New Delhi: The government proposes to start afresh the process to firm up the list of companies for strategic sale and disinvestment as changed market dynamics post the Covid-19 outbreak and the need for distinguishing between strategic and non-strategic sectors have completely changed the gameplan for sell-offs. Sources in the government said that NITI Aayog is spearheading the programme for identifying new set of companies for government’s share sale plan and a preliminary meeting has already taken place in this regard during the week. As per the initial plan, sectors such as power, coal, oil, steel, fertilisers, insurance and banking…

Mumbai: The equity market remained under pressure for the third straight session on Friday as the BSE Sensex dropped by 135.78 pts to settle at 39,614.07 on heavy selling in Telecom, Auto, Bankex, Finance and FMCG stocks amid weak Asian Market. The Nifty of National Stock Exchange too declined by 28.40 pts at 11,642.40. High volatility was witnessed during the day, as the Sensex opened in green rising by 30 pts at 39,779.82. It was surged by 239 pts to 39,988.25 days high. Later, it was nosedived nearly 508 pts to 39,241.87, days low before closing at 39,614.07, sliding by…

Patna: Popular edible oil brand Scooter-Ritika Oil has registered a whopping growth of 30% as compared to their last year’s figures. The lockdown made businesses suffer all around the country. On the contrary, Scooter-Ritika Oil Pvt Ltd. made their team capable and built their potential for achieving exponential growth. The positive growth rate is visible in the numbers, now that the market has started to pick up. Festive season is expected to bring more cheer in the market. Scooter-Ritika Oil has their distribution chain in multiple districts of Bihar, and is a leading name in the cooking oil domain. The…

With interest rates up to 7.35 percent on Bajaj Finance Fixed Deposit, one can save a small portion of their monthly salary to get assured returns. In the current volatile economic situation, features like preservation of principal amount and surety of returns have ensured that fixed deposit (FDs) is a favourite investment option for the masses. Saving monthly a small portion of one’s salary is recommended to better equip oneself with unplanned expenses or financial setbacks like a loss of job or medical emergency. There is no hard and fast rule on how much of salary one should save. Everyone…

Policybazaar is India’s Destination of choice for Online Term Insurance Buyers Policybazaar’s continued investment in driving awareness on the need for term insurance and the on-going COVID-19 pandemic has helped narrowed the world’s largest protection gap, which is in India. Nearly 44 % of customers pan-India are currently covered by a term life insurance plan, revealed an online survey conducted on Policybazaar’s app visitors. The findings are part of a survey conducted by Policybazaar.com India’s largest online insurance marketplace, to understand consumer perception and gauge their ownership level for the term insurance category. Policybazaar.com surveyed more than 22,726 insurance buyers…