Author: Finance Khabar

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…

New Delhi: In a bid to provide onions at an affordable price, the Centre has prohibited the export of onion seeds, with immediate effect. “The export of onion seeds is prohibited, with immediate effect. The provisions under ‘Transitional Arrangement’ shall not be applicable under this notification,” an official statement said. In a tweet, Commerce & Industry and Consumer Affairs and Food & Public Distribution Piyush Goyal said: “Ensuring the availability of onion at affordable prices for consumers, Government under PM @NarendraModiji bans export of onion seeds.”

Before investing in a fixed deposit, it is important to think carefully before deciding its tenure.It would be better to invest in small finance bank for higher interest Fixed deposit i.e. FD is a popular means of investment in our country. People consider it safe and in this they get fixed returns. But investing randomly in FD is also not good. You may incur losses if you ignore certain important things while getting FD. Therefore it is important for you to keep some things in mind before investing money in FD. For more interest FD can be done in private sector or small finance…

Decline in production of eight basic industries continued in September. Production declined 0.8 per cent year-on-year. But this is the lowest decline since March. According to data released on Thursday by the Ministry of Commerce and Industry, production of basic industries declined in September mainly due to poor performance of crude oil, natural gas, refinery products and cement sectors. According to the data, economic activity has been affected in this era affected by corona virus and lockdown. Production of coal, power and steel industry increased in September. In contrast, production of crude oil, natural gas, refinery products, fertilizer and cement…

Demand for gold globally dropped 19 per cent during the July-September quarter to 892.3 tonne, largely due to weak consumer demand amid the pandemic, said a World Gold Council report. So far in 2020, the demand stood at 2,972.1 tonne, around 10 per cent below the same period of 2019. “Demand for gold dropped to 892.3t in Q3 – its lowest quarterly total since Q3 2009 -as consumers and investors continued to battle the effects of the global pandemic,” it said. The report noted that jewellery demand improved from the Q2 record low, the combination of continued social restrictions, economic…

Mumbai: Extending losses for another day on Thursday the Sensex dropped by 172.61 pts to settle at 39,749.85 on heavy selling in Capital Goods, Consumer Durable, Utilities, Industrials and FMCG stocks amid weak Asian Market. The Nifty of National Stock Exchange too fell by 58.80 pts at 11,670.80. The Sensex slipped by 385 pts to open at 39,537.17 in opening trade. It further lost by 398 pts to 39,524.25, days low before closing at 39,749.85, down by 172.61 pts from its previous close. With this, the Sensex has dropped by 771 pts in couple of sessions. The Sensex registered days…

New Delhi: In one of the biggest tech deals last month, graphics giant NVIDIA acquired SoftBank-owned UK chip maker Arm for $40 billion with an aim to create a premier computing company for the age of artificial intelligence (AI). During the virtual SoftBank World 2020 conference in Tokyo on Wednesday, Son said Huang is the driving force in the age of AI. “We were talking about our memories of Steve Jobs. His one art, which is the iPhone, has changed the lifestyle of humanity.” “That is the last 10 years. I think the next 10 years, you are the one,…

New Delhi: IT major Tech Mahindra on Thursday said it has inked a Rs 400-crore contract with Hindustan Aeronautics Limited (HAL) to support the defence PSU’s “Project Parivartan” to streamline and standardise its business processes across the organisation. As per the contract, Tech Mahindra will be responsible for the transformation and modernisation of HAL’s Enterprise Resource Planning (ERP) system. Project Parivartan is a comprehensive business integration exercise driven to achieve a centralized ERP for HAL. This exercise will enable HAL to adopt some best practices being followed in the similar industries globally. Selected as a system integrator, Tech Mahindra will…

Washington: Although there is no official confirmation of even the start of any formal or informal talks for such a potential deal from any party, some media investment bankers feel that the sale of CNN to the world’s richest person would make sense for both the parties, FOX Business reported on Tuesday. Rich Greenfield, a partner and media and technology analyst at independent research firm LightShed Partners, earlier tweeted why purchase of CNN by Bezos makes sense. He recently said that ViacomCBS and Comcast, the parent of NBCUniversal, could be possible buyers of CNN, besides Bezos. The FOX Business report…

Bangalore: Amid Covid-19, funding for women-founded and co-founded startups in India fell 24 per cent to $280 million in the first half of this year, compared to $369 million in the same period last year, said a new report on Thursday. In H1 2020, funding declined across all three stages — early, growth, and late — compared to H1 2019, said the report by MAKERS India, a strategic partnership between Verizon Media and YourStory Media. Many women-led startups scaled down their operations or pivoted their business models to stay afloat amid the pandemic, said the report titled “State of Women…

Organic Retail and Agriculture loans grew at 16.8% and 16.5% respectively. Retail sanctions and disbursements in Q2 are at 119% of last year’s level compared with 37% in Q1 indicating normalization of activity. Fee income is also higher YoY and QoQ. Domestic CASA momentum continues with CASA ratio up by 190 bps YoY to 39.78%. Bank continues to prudently increase provisions with PCR now at 85.35% from 77.88% as of Sep’19. Highlights Operating Profit for Q2FY’21 is INR 5,552 crore registering an increase of 4% YoY and 28% QoQ. NII stood at Rs 7,508 crore, an increase of 6.8% YoY…