Author: Finance Khabar

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…

Mumbai: The BSE Sensex on Wednesday dropped by 599.64 pts to settle at 39,922.46 on selling in Finance, Bankex, Realty and Metal stocks amid negative global peers. The Nifty of national stock exchange too fell by 159.80 pts at 11,729.60. Surging by 376 pts on Tuesday, the day opened on a positive note at 40,664.35 up by 142 pts and remained days high. Later, the Sensex nosedived nearly 784 pts to 39,774.60 days low before closing at 39,922.46, sliding by 599.64 pts from its previous close. The sensex registered days high and low at 40,664.35 and 39,774.60 pts respectively. The…

New Delhi: SBI Life Insurance Co Ltd (SBI Life) on Monday reported over two-fold jump in net profit at Rs 299.73 crore for the second quarter ended September of the current fiscal year. SBI Life had posted a net profit of Rs 129.84 crore in the same quarter a year ago. Total income rose 45 per cent to Rs 18,458.25 crore during July-September period of 2020-21 from Rs 12,745.38 crore in the corresponding quarter of 2019-20, SBI Life said in a regulatory filing. Net premium income increased 22 per cent to Rs 12,857.95 crore during the quarter under review from…

New Delhi: Kotak Mahindra Bank’s second quarter jumped as the asset quality improved. The bank on Monday posted a 26.7 per cent rise in its standalone net profit to Rs 2,184.48 crore for the September quarter. The private sector lender had posted a net profit of Rs 1,724.48 crore during the same quarter a year ago. The bank, in a regulatory filing, said that the total income (standalone) rose to Rs 8,288.08 crore in the July-September period as against Rs 7,986.01 crore in the year-ago period. The non-performing assets (NPAs) of the bank plunged to 0.64 per cent of the…

London: Cloud major Oracle on Monday announced a new dual-region UK government Cloud, operating from data centres in London and Wales to help organizations such as National Health Service (NHS) store and process official information and transactions securely. The dual-region Cloud includes services such Autonomous Database, Kubernetes, OCI services and Fusion Cloud apps as well as storage, reports Computing.co.UK. “Today’s announcement really unlocks a completely new potential for all of our customers across the UK to take advantage of Oracle’s second-generation cloud,” said Richard Petley, senior vice president, Oracle UK and Israel. “This is a completely unique offering to the…

New Delhi: In a sign that economic revival is getting more pronounced in the unlock phases, country’s goods and service tax (GST) collections set to cross the Rs 1 lakh crore mark for the first time during this financial in October. Sources in the government indicated that collections during October looked healthy as the number of monthly returns (GSTR3B) filed during the month till now has already crossed 75 lakh mark. This is around 15 lakh more than the number of returns filed in September. With few more days left for the month to get over, the expectation is that…