Author: Finance Khabar

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…

New Delhi:  Evolve Digitas, a leading Digital & Design Company announced the acquisitionof Thinking Folks, a creative hot-shop in Gurugram. The all share swap deal will see Evolve Digitas strengthen its creative and design team looking to consult Ratan Kumar to join as COO, India Country Manager service global clients. In order to realise Hon’ble Prime Minister Shri Narendra Modi’s Vision of Aatmanirbhar Bharat, the company is planning a global Center of Excellence in India to service global e-commerce clients with an in-house product. Speaking on the occasion, Aparna Gupta, Managing Director, Evolve Digitas said, “Evolve Digitas has been rapidly…

New Delhi: The lender had posted a net loss of Rs 112 crore net profit during Q2. Besides, the bank’s net interest income (NII) zoomed up 20 per cent to Rs 7,326 crore during the quarter under review from Rs 6,102 crore earned during the corresponding quarter of the previous year. The net interest margin for Q2FY21 stood at 3.58 per cent as against 3.51 per cent for Q2FY20. MD and CEO Amitabh Chaudhry said: “The last quarter was an extremely fulfilling one. Keeping the customer journey at the centre of all our innovations and solutions, we came up with…

New Delhi: It took Samsung two years to end Xiaomi’s winning streak in the India smartphone market, as the South Korean major recaptured the top slot in the third quarter (July-September period) with 24 per cent share, as the Chinese major logged 23 per cent market share, a Counterpoint Research report said on Wednesday. Riding on multiple strategies — including effective supply chain and touching various price points through new launches — Samsung became the leading brand in the India smartphone market with 32 per cent (year-on-year) growth. Samsung was also the fastest to recover, surpassing the pre-COVID levels in…

Kolkata: As a part of the Vigilance Awareness Week (VAW), the nation’s leading public sector bank, Punjab National Bank (PNB), today launched the PNB Tracking & Monitoring Staff Accountability Cases (TMSAC) portal and PNB’s 2020 Vigilance Manual. The ceremony was graced by the presence of Suresh N Patel-Vigilance Commissioner, Central Vigilance Commission and P. Daniel -Secretary-in-charge of Central Vigilance Commission along with CH S.S. Malikarjuna Rao – Managing Director and Chief ExecutiveOfficer of PNB. Addressing the occasion, Suresh N Patel, Vigilance Commissioner, said, “We must remember that newcomers learn from the existing ecosystem, and if we have good practices across…

New Delhi: Out of total amount, $600 million will be financed by the JBIC and $400 million by other participating banks. JBIC will provide a guarantee for the portion co-financed by the participating banks. The loan is intended to promote smooth flow of funds for the whole range of business operations of Japanese automobile manufacturers in India. JBIC is a policy-based financial institution, wholly owned by the Japanese government, with the objective of contributing to the sound development of Japan, the international economy and society. On the occasion of signing the agreement, SBI’s Deputy Managing Director, International Banking Group, C.…

New Delhi: On Wednesday, the commission’s Chairman N.K. Singh and members held a virtual meeting with the Chairmen of previous Finance Commissions, C. Rangarajan, and Vijay Kelkar. The chairmen of the previous Finance Commissions appreciated the tough challenge faced by the 15th Finance Commission, given the background of the Covid-19 pandemic, the resultant loss of economic activity and its impact on fiscal parameters of the general government. The Chairman and Members of the 15th Finance Commission expressed their gratitude for the insights that they received from the thinking and framework of the previous Finance Commissions and from their deliberations with…

Chennai: The official, who did not want to be identified, told IANS that the proposed unit will be making electronics components for consumer durables. The unit will be set up in Krishnagiri district near Hosur and the ‘bhoomi puja’ was done on Tuesday. The unit will be located on about 500 acres. According to the official, the Tatas plant will be set up in GMR Krishnagiri SIR (Special Investment Region), a joint venture between with Tamil Nadu Industrial Development Corporation (TIDCO) and the GMR Group. According to the Coimbatore-based GKD Institute for Technological Resources (GKDITR), the Tata Group is coming…

New Delhi: The global professional networking platform LinkedIn, which has more than 722 million users, ensures that three people are hired every minute and new features make it easier for nearly 40 million job seekers to indicate theyre looking for their next opportunity, according to Microsoft CEO Satya Nadella. More professionals are turning to LinkedIn Learning to increase their knowledge capital, watching more than 1 million hours of content each week — more than double the amount a year ago. “In marketing solutions, advertiser demand on LinkedIn returned to near pre-Covid levels, up 40 per cent year-over-year, as marketers use…

Mumbai: In a recent order the capital markets regulator said that it has found violation of securities law in the scrip of Birla Pacific Medspa Ltd (BPML) during July 7-15, 2011 and consequently, Yash Birla along with nine other individuals have been barred from accessing or transacting in the securities market for a period of two years. It is alleged that BPML had transferred Rs 7 crore each to entities named Sanjukta Vanijya Pvt Ltd and Darshan Tradelink Pvt Ltd on July 07, 2011 as pass-through entities from IPO proceeds, which were then advanced to net buyers on listing day…

Hyderabad: “On 22nd October 2020, we experienced an information security incident and consequently isolated the impacted IT services. This incident involved a ransom-ware attack. We promptly engaged leading outside cybersecurity experts, launched a comprehensive containment and remediation effort and investigation to address the incident,” said the Hyderabad-headquartered firm. “As of date, our investigation has not ascertained if any data breaches in the incident pertain to personally identifiable information stored in the company’s systems. Recovery and restoration of all applications and data is underway. All critical operations are being enabled in a controlled manner,” it added. Dr Reddy’s had said immediately…