Author: Finance Khabar
Tesla is recalling up to 48,442 of its Model S and Model X electric vehicles, which were made in the U.S. and sold to customers in China, over potentially faulty and unsafe front and rear suspensions. The China State Administration for Market Regulation announced the recall Thursday night. China’s auto industry news site, Gasgoo, reported that the recall affects 29,193 imported Model Ss and Model Xs, produced between Sept. 17, 2013, and Aug. 16, 2017, and 19,249 imported Model Ss produced between Sept. 17, 2013, and Oct. 15, 2018. The cars were produced at Tesla’s Fremont, California, vehicle assembly plant.…
New Delhi: In the first half of the current fiscal (FY21), CIL’s fuel allocation under the exclusive e-auction scheme for the non-power sector rose close to six times at 13.44 million tonnes as against a mere 2.31 million tonne during the same period of previous year. Lockdown in various parts of the country and continuing sluggish economic conditions dried up demand for the dry fuel pushing CIL to explore new avenues for growth. The government had earlier asked state-run power companies such as NTPC to reduce coal imports needed for blending purpose and look more at the domestic sources. The…
New Delhi: The ongoing transmission of past monetary policy actions would help ease financial conditions, RBI Governor Shaktikanta Das had said during the Monetary Policy Committee meet earlier this month, according to its minutes released on Friday. The statement assumes significance as past rate cut transmission will provide lower interest rates which, in effect, is expected to trigger consumption and economic revival. Besides, the Governor said that there exists space for future rate cuts if the inflation evolves in line with the expectations. “This space needs to be used judiciously to support recovery in growth,” he said. Das said that…
New Delhi: Auto major Tata Motors on Saturday said its passenger vehicle vertical has crossed 40 lakh cumulative production milestone, nearly three decades after it rolled out its first model in the segment — Tata Sierra SUV in 1991. The company, which over the years has produced models like the Indica, Sierra, Sumo, Safari and the Nano, had achieved the 10 lakh production mark for passenger vehicles in 2005-06 and 30 lakh milestone in 2015. Over the years, the company always challenged the conventions and brought in many path breaking products, many times first in the market, like Sierra, Estate,…
New Delhi: ICICI Bank on Saturday said it has shut down operations in Sri Lanka after getting approval from the Sri Lankan monetary authority. The Monetary Board of the Central Bank of Sri Lanka, having considered the request made by ICICI Bank, has granted approval to close down business operation of the bank in Sri Lanka and cancel the licence issued to it, ICICI Bank said in a regulatory filing. “The Director of Bank Supervision being satisfied with the bank complying with the terms and conditions imposed by the Monetary Board, the licence issued to the bank to carry on…
New Delhi: The deadline for filing the annual Goods and Services Tax (GST) return for the financial year 2018-19 has been extended by two months. The government said on Saturday that now the annual GST return for 2018-19 can be filled by December 31. The government had earlier extended the GST return filing time to 31 October 2020 last month. The Central Board of Indirect Taxes and Customs (CBIC) said in a statement that the government was being sought to extend the deadline for filling the annual GST Return (GSTR-9) and Statement of Match (GSTR-9C) for FY 2018-19. . He…
New Delhi: The Income Tax Department has again extended the last date for filing returns, giving relief to tax payers. The Income Tax Department has said that now common citizens can file their returns for the year 2019-20 by 31 December 2020. The last date for this was fixed on 30 November 2020. According to the Finance Ministry, the deadline for filing the Income Tax Return (ITR) for the financial year 2019-20 for individual taxpayers has been extended by one month to December 31. The ministry said that for taxpayers whose accounts need to be audited, the deadline for filing…
Mumbai: Sensex spurted by 702.52 points or 1.76 pc to settle at 40,685.50 in the week under review on positive cues from global peers. Global stocks advanced amid hopes of the fresh stimulus package in the US before the presidential election and expectation of coronavirus vaccine by the end of the year. Nifty rose 167.90 points or 1.43 pc to settle at 11,930.35. BSE Mid-Cap advanced 354.79 or 2.43 pc to settle at 14,976.10. BSE Small-Cap rallied 348.03 points or 2.35 pc to settle at 15,134.59. On Monday the Sensex jumped 448.62 points to settle at 40,431.60. Nifty added 110.60…
New Delhi: The card was jointly launched by DMRC’s Managing Director Mangu Singh and Ashwini Kumar Tewari, MD and CEO of SBI Card in the presence of other senior officials from both the organisations. This multipurpose card will enable its users to use it as a Smart Card with auto-top up facility whenever the balance of the card goes below Rs 100. The credit card facility will automatically recharge a top up value of Rs 200 to the card from the user’s linked card or bank account. In addition, this combo card can also be used for all regular credit…
New Delhi: ICICI Lombard General Insurance on Friday reported The insurer had posted a net profit of Rs 307.91 crore for the year-ago period. Total income in the quarter under review rose to Rs 2,883.40 crore from Rs 2,739.67 crore in the same period of 2019-20, ICICI Lombard said in a regulatory filing. Net premium earned during the quarter grew to Rs 2,462.52 crore from Rs 2,356.92 crore. Gross direct premium income rose 8 per cent to Rs 3,189 crore. ICICI Lombard stock settled nearly flat at Rs 1,257.50 on BSE.
New Delhi: As per data maintained by the Consumer Affairs Ministry, retail onion prices in Mumbai were ruling at Rs 86/kg, Chennai at Rs 83/kg, Kolkata at Rs 70/kg and Delhi at Rs 55/kg on October 22. “We have stepped up efforts to check the price rise. We have requested state governments and union territories to take onion from our buffer stock for retail intervention,” Consumer Affairs Secretary Leena Nandan told media. Assam, Andhra Pradesh, Bihar, Chandigarh, Haryana, Telangana and Tamil Nadu have shown interest and taking a total of 8,000 tonnes of onion from the buffer, she said, adding…
Chennai: Tech Mahindra on Friday posted around 5 per cent fall in consolidated profit at Rs 1,064.6 crore for September quarter of the current fiscal year. The company had a profit of Rs 1,123.9 crore in the same quarter a year ago, it said in a statement Income increased by 2.1 per cent to Rs 9,489.3 crore during the period under review from Rs 9,286.2 crore in the same period of 2019-20. “Our repair, rally and rise strategy has helped the company to emerge stronger, as we journey towards a post COVID-19 world. We are witnessing demand revival across multiple…
Mumbai: “I recognise that there exists space for future rate cuts if the inflation evolves in line with our expectations. This space needs to be used judiciously to support recovery in growth,” opined the governor as per the minutes of the Monetary Policy Committee (MPC) released by the Reserve Bank of India (RBI). The reconstituted MPC, which met from October 7 to 9, had decided to keep the benchmark lending rates unchanged in view of the hardening of retail inflation. Das said after the sharpest contraction in economic activity in the first quarter of 2020-21, a number of high frequency…
New Delhi: Compared sequentially, the bank registered a 125 per cent jump against the first quarter net profit of Rs 144 crore, IDBI Bank said in release. Total income of the bank fell by 7.5 per cent to Rs 5,761.06 crore during July-September 2020-21 compared to Rs 6,231.02 crore in the same period of 2019-20, the private sector lender said. The bank’s net interest income grew by 4 per cent to Rs 1,695 crore during the reported quarter, while the net interest margin improved by 37 basis points to 2.70 per cent from 2.33 per cent. The lender promoted by…
New Delhi: Gross new enrolments with the Employees’ State Insurance Corporation (ESIC) were registered at 8.21 lakh in June, 4.84 lakh in May and 2.61 lakh in April, showing an increase in enrolments after easing of lockdown. The government had imposed a nationwide lockdown on March 25 to contain the spread of coronavirus infections. Restrictions were eased from June. In March, as many as 8.21 lakh new members had joined the scheme run by ESIC, against 11.83 lakh subscribers in February, according to the payroll data released in May. The NSO report showed gross enrolments of new subscribers with ESIC…
Amazon, the e-commerce giant, has refused to appear before the Joint Committee of Parliament on the Data Protection Bill on October 28. The panel’s chairperson and BJP MP said on Friday that it was a breach of privilege. Lekhi said that the panel is unanimous in its decision that the government can be suggested to take revenge action against the e-commerce company. She said that Amazon has refused to appear before the panel on October 28 and if no person appears before the panel on behalf of the e-commerce company, it would be considered a breach of privilege. Meanwhile, Facebook…
Mumbai: Tata Motors, India’s largest commercial vehicle manufacturer, on Friday announced that it has bagged the prestigious order of 6413 vehicles from Andhra Pradesh State Civil Supplies Corporation. Tata Motors emerged as the top bidder, as per the terms and conditions of the government body, and will be delivering the fully-built Tata Ace Gold vehicles. The vehicles are to be used as mobile dispensing units for the doorstep delivery of supplies in the state of Andhra Pradesh, and will be customised by Tata Motors to perfectly suit the application. The Tata Ace Gold was chosen for its value-for-money, low cost…
Mumbai: BSE Sensex on Friday rose 140 pts to open at 40,700 on profit-booking by local operators at a higher level. Nifty50 index was testing the psychological mark of 12,000. All the Nifty sectoral indices were trading higher, led by Nifty Bank index, up 1 per cent. The Sensex registered intra days high and low at 40,631.87 and 40,811.12 pts respectively. The Nifty registered intra days high and low at 11,974.55 and 11,920.40 respectively. The broader market tracked the gains in the headline indices, with the S&P BSE MidCap and SmallCap indices trading half a per cent higher, each. The…
New Delhi: His statement comes just days after Union Finance Minister Nirmala Sitharaman said that another round of stimulus is not off the table for the government. Calling for special emphasis on short gestation projects, the NITI Aayog Vice Chairman also said that productivity enhancing measures are required to boost the economy. Speaking at the seventh National Forum of Public Affairs Forum of India (PAFI), he also observed that the contraction in India’s GDP in the current financial year may not be as bad as projected by many. He attributed his observation to several signs of recovery in the months…
New Delhi: In the fortnight ended October 11, 2019, bank credit had stood at Rs 97.89 lakh crore and deposits at Rs 129.38 lakh crore. In the previous fortnight ended September 25, 2020, bank credit had grown by 5.15 per cent to Rs 102.72 lakh crore and deposits rose by 10.51 per cent to Rs 142.64 lakh crore. On a year-on-year basis, non-food bank credit growth decelerated to 6 per cent in August as against 9.8 per cent in the same month last year, central bank data showed. Growth in loans to agriculture and allied activities rose 4.9 per cent…