Author: Finance Khabar
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…
Over a lakh retailers, most of which are small kiranas, across over 3,000 pin codes, shopped at Best Price and Flipkart Wholesale during The Big Billion DaysFlipkart Wholesale app, which currently serves 16 cities, saw 5X growth in total orders during The Big Billion Days saleBest Price’s share of e-commerce transactions more than doubled during the saleBharat dominated The Big Billion Days with 40% sale for Flipkart Wholesale and 95% sale for Best Price coming from tier 2 and tier 3 citiesTop brands such as Hindustan Unilever, P&G, Nestle, Britannia, Amul, Haldiram, Cadbury, Red Bull, Lays, Dabur, Garnier, Bombay Dyeing,…
London: Adidas plans to complete the sale by March 2021, the magazine said, without citing where it obtained the information. The report said that Adidas had written down the book value of Reebok by nearly half to 842 million euros ($995 million) since 2018 but did not specify a possible sale price. The magazine said VF Corp and China’s Anta Sports are considered to be among the interested parties. Shares in Adidas jumped on the news and traded 3.3% higher at 1105 GMT, reflecting repeated calls by investors to dispose of Reebok, impatient with the lack of progress to turn around…
New Delhi: Industry insiders told that the airline is evaluating a proposal to add freighter aircraft, which will help the company expand cargo services to China, Singapore and Malaysia in the near future. The move to haul more cargo via freighters assumes significance as the segment has seen a massive demand surge due to the pandemic. When contacted the company did not elicit a response. According to industry insiders, with air passenger numbers expected to remain low, the industry is look at other avenues to augment revenues such as the dedicated Cargo services. In the initial days of the lockdown,…
Huawei Consumer Business Group (BG) today bolstered its product line-up with the advanced HUAWEI Mate 40 Series, the latest revolutionary flagship smartphones that empower users to leap further ahead. Showcasing the pinnacle of Huawei technology, the new Series reinforces Huawei’s dedication to innovation and its unrelenting determination to create the best Mate ever. The HUAWEI Mate 40 Series has the Mate Series DNA at its core. Over the last eight years, there have been 10 outstanding generations of Mate Series devices and now the latest flagship smartphones take Mate to new heights with the best technology in the industry. From…
Mumbai: Snapping a winning streak of last four sessions, the BSE Sensex on Thursday dropped by 148.82 pts at 40,558.49 as selling was seen in IT, Bankex, Health Care and Auto stocks. The Nifty of national stock exchange too fell by 41.20 pts at 11,896.45. Rallied by 976 pts in last four sessions, the Sensex opened weak at 40,531.35, fell by 176 pts. During the day it was dropped by 498 pts to 40,309.05, days low before closing at 40,558.49, down by 148.82 pts from its previous close. The sensex registered days high and low at 40,721.57 and 40,309.05 pts…
New Delhi: The two-wheeler major had posted a net profit of Rs 1,523.31 crore in the July-september period of previous fiscal. The company’s revenue from operations declined to Rs 7,155.86 crore during the period under review as compared with Rs 7,707.32 crore in the year-ago period, Bajaj Auto said in a regulatory filing. The Pune-headquartered firm reported total volumes of 10,53,337 units in second quarter, down 10 per cent from 11,73,591 units in July-September quarter of 2019-20. Domestic two-wheeler volumes, however, saw an increase of 6 per cent at 5,50,194 units during the second quarter as against 5,21,350 units in…
BOSS will increase the offensive in Intermediate Commercial Vehicles segment Agra: Ashok Leyland, the flagship Company of the Hinduja Group and India’s leading commercial vehicle manufacturer, today launched the BOSS LE and LX Trucks, with i-Gen6 BS-VI technology in BS6. BOSS Brand has been one of the leading brands, from Ashok Leyland, in the Intermediate Commercial Vehicle (ICV) segment. These two vehicles will address the 11.1 tonne to 14.05 tonne GVW market. Customers can choose from multiple combinations – Loading span from 14ft to 24 ft and body type options of high side deck, fixed side deck, drop side deck,…
ICICI Bank has cut interest rates on its FDs for select maturity periods. Here we are talking about FD with premature withdrawal facility of less than Rs 2 crore. The new revised interest rates for such FDs came into effect from October 21. The maturity period for which ICICI Bank FDs have reduced interest rates are ‘1 year to 389 days’, ‘390 days to less than 18 months’ and ’18 months to 2 years’. The interest rate for these periods has been reduced by 0.10 percent. Interest rates have not been changed for the rest of the maturity period. ICICI…
Mumbai: The equity market remained firm for the fourth consecutive session on Wednesday, as the BSE Sensex rallied by 162.94 pts at 40,707.31 at close following gains in Realty, Telecom, Power, Finance and Materials stocks. The Nifty of national stock exchange too rose by 40.85 pts at 11,937.65. Inspite of high volatility, the sensex maintained its rally intact, as the Sensex opened higher at 40,767.14, up by 223 pts. It spurted by 432 pts to 40,976.02, days high. In late trade it was dropped nearly 394 pts to 40,150.48, days low, before closing at 40,707.31, up by 162.94 pts from…
Oil marketing companies (OMC) kept petrol and diesel prices unchanged across the four metros on Tuesday as global oil prices remained subdued and product prices remained steady. Petrol prices have been unchanged for 28 days at a stretch while diesel prices were the same for the 18 consecutive days. Price of petrol in the national capital was at Rs 81.06 per litre. In Mumbai, Chennai and Kolkata, the fuel was sold for Rs 87.74, Rs 84.14 and Rs 82.59 per litre, respectively. Diesel prices in Delhi, Mumbai, Chennai and Kolkata were at Rs 70.46, Rs 76.86, Rs 75.95 and Rs…