Author: Finance Khabar
New Delhi: With the one-week festive sales in the Covid-hit year set for grand finale on October 21, the online retailers and e-commerce marketplaces have seen a massive shopping surge coming from small-town India and into newer categories. According to industry experts, the momentum is at an all-time high and the seven-day sales are likely to witness over $4.8 billion (nearly Rs 35,273 crore) in sales — an amount that took online retailers a month to reach last year. “There is huge demand from across the spectrum, especially the smaller cities and towns. The online retailers are set to witness…
New Delhi: India’s economic recovery has “broadened and strengthened” in September from the pandemic-induced lows seen in April 2020, ratings agency ICRA said on Tuesday. ICRA said that as many as nine of the tracked 15 non-financial high frequency indicators recorded growth in September 2020, while five posted a narrower year-on-year (YoY) contraction in that month. However, the agency cautioned that the sustainability of the upturn is unlikely to be universal, and that while fatigue may drive festive season sales, the momentum may subsequently subside. Aditi Nayar, Principal Economist, ICRA, said: “The recovery in GST e-way bills, electricity, petrol and…
New Delhi: As the revenues earned by the Central government have dried up, it wants cash-rich public sector undertakings (PSUs) to declare higher dividends this year to reward its shareholders during the ongoing Covid-19 pandemic. Official sources said PSUs with stock prices higher than the book value and having sufficient cash funds will be asked to shell out higher dividends in Financial Year, (FY-2021). With the Central government being the largest shareholder in PSUs, higher dividends would help it to fill its coffers at a time when revenue is constrained due to a fall in economic activity during the Covid-19…
Mukesh Ambani, chairman of Reliance Industries (RIL), Asia’s richest man, says that to boost the growth of the Indian economy, it is necessary to re-create policies regarding the manufacturing sector of the country. He said this in response to a question on the occasion of online launch of a book. In response to another question asked about his legacy, Ambani said that his focus is on three major sectors, in which he wants to contribute. When asked what he wanted to leave behind in the legacy, he pointed to three major areas. Ambani said that he wants to make India…
San Francisco: Electric-car maker Tesla has reportedly slashed the warranty on its four-year used cars to just one year. The company has not given any explanation for the change. According to Electrek, the automaker previously offered a two- to a four-year warranty on used Model S and X vehicles, but now only offers a warranty of one year or 10,000 miles over the original policy. Tesla China website is also now adjusting the additional warranty period for used cars to one year or 20,000 km. The new warranty terms are significantly less beneficial to consumers buying used EVs directly from…
New York: Reporting sales declines for three straight quarters, IBM has posted $17.6 billion in revenue in the third quarter of this year, compared to $18 billion for the same period last year. The company’s shares fell 2.7 per cent in extended trading on Monday after third quarter results were announced. However, its Cloud and cognitive software revenue rose seven per cent in the quarter. For the third quarter, total cloud revenue reached $6 billion, an increase of 19 per cent. “The strong performance of our cloud business, led by Red Hat, underscores the growing client adoption of our open…
Opens easy finance schemes for customers & dealers in smaller cities & towns across India Bareilly: Bank of Baroda, India’s third largest public sector bank, today announced a Memorandum of Understanding with Toyota Kirloskar Motor (TKM) to enable finance options for both – its customers and dealers – across a vast number of cities and towns in India. Following the tie-up, Bank of Baroda will be one of the preferred financiers for the entire range of vehicles sold by TKM. The new service facilitates customers to avail customised solutions such as high on-road funding of 90 per cent, long repayment…
Mumbai: Extending gains for the third consecutive session on Tuesday, the BSE Sensex rallied by 112.77 pts at 40,544.37 at close on the strength of Realty, IT, Telecom and Technology stocks. The Nifty of the National Stock Exchange too rose 23.75 pts to close at 11,896.80. Though oscillation was seen during the day, the equity market ended in green only. The Sensex opened weak at 40,420.29, fell by 11 points. It dropped 126 pts to reach 40,305.59, the days low. Later, it was jumped nearly 301 pts to reach 40,732.01, the days high, before closing at 40,544.37, advancing by 112.77…
New Delhi: Tata Communications on Tuesday announced the appointment of Kabir Ahmed Shakir as its Chief Financial Officer. The appointment comes with effect from October 21, 2020. He will be responsible for the strategic financial management of the company, including investor relations, the company said in a statement. Shakir until recently was the CFO of Microsoft India. A.S Lakshminarayanan, MD and CEO, Tata Communications, said: “As the company looks to implement the new vision to be a global leader in enabling digital ecosystems, Kabir’s experience will be valuable in driving transformation programmes as well as profitable and sustainable growth for…
Mumbai: The committee would identify segment-wise data perimeters, data needs and gaps, recommend data privacy and data access regulations applicable to market data among others. The panel chaired by Madhabi Puri Buch, Whole Time Member, SEBI has CEOs of stock exchanges and depositories, representatives of various stakeholders and senior officials of SEBI as members, a SEBI statement said. Financial markets are traditionally data rich and data driven. The securities market regulator noted that with ever growing financial markets, the volume and variety of data have also increased many fold over the years and will continue to do so. With increasing…
Mumbai: Nayyar has requested the Board to relieve him of his duties as Executive Vice Chairman of IL&FS with effect from October 31, 2020, said an IL&FS statement. The Board, in its meeting held here on Monday, accepted the resignation with effect from October 31, and granted him leave till then, on medical grounds. It has asked C.S Rajan, MD, IL&FS, to discharge Nayyar’s responsibilities in the interim and in consultation with senior management, put in place a revised organizational structure. Nayyar was appointed the Executive Vice Chairman and Managing Director of IL&FS on October 4, 2018, in the first…
Varanasi – Arbitrage category of funds continue to witness renewed interest from investors on account of market volatility. Investors use Arbitrage fund to park their short-term surplus aiming for capital appreciation with minimal risk, periodic income and tax advantage. The fully hedged equity portfolio looks out for better arbitrage opportunities and keep risks of any directional equity call away. UTI Arbitrage Fund is one among the early generation of arbitrage funds which was launched in 2006 and now has a 14-year track record spanning across different market cycles. The fund has exhibited decent performance besides paying monthly dividend under its…
Hyderabad: SYKES India, a digital marketing and customer service global outsourcer, on Monday announced the opening of its third Centre of Excellence (CoE) in Hyderabad. With this new centre opening at NSL SEZ, Uppal in the city as part of expanding its operations, a total of five centres in the country and the new site adds a massive workspace of nearly 33,000 sq. ft. accommodating the growth of 450 new positions by the end of 2020, SYKES, which is providing customer-engagement services to Global 2000 companies, said in a release here. With a combined total space of 100,000 sq. ft.,…
New Delhi: The move is aimed at transforming the credit market by enabling “new to credit” users to join the digital economy, the company said. “In our country, credit cards are still considered a product for the affluent sections of the society and not everyone can avail of its benefits. At Paytm, our aim is to provide credit cards that benefit India’s aspiring youth and evolved professionals,” Bhavesh Gupta, CEO – Paytm Lending, said in a statement. “These cards are designed to help them lead a healthier financial life through managing and analysing spends to make well-informed decisions. This can…
New Delhi: “Today 57 per cent of all buyers of the All-New Thar are first time car buyers and a significantly large share of all bookings are for the automatic variants,” the company said in a statement on Monday. The all-new Thar will be available in two trims, namely “AX & LX”, with prices starting at Rs 9.80 lakh for AX series and Rs 12.49 lakh for LX series. It is powered by two all-new engines “the 2.0L mStallion TGDi” petrol engine, and “the 2.2L mHawk” Diesel engine. “These engines are offered with a choice of 6-speed manual transmission or…
New Delhi: The Minister also said that better performance of CPSEs can help the Indian economy in a big way to recover from the impact of COVID-19. During a videoconference meeting with Secretaries of the Ministries of Petroleum and Natural Gas and Coal, along with the CMDs of 14 CPSEs belonging to these ministries, to review the capex in this financial year, Sitharaman told the Secretaries concerned to closely monitor the performance of CPSEs in order to ensure the capital expenditure to the tune of 75 per cent of the capital outlay by the end of Q3 of FY 2020-21…
Domestic stock market has also seen a boom amid better global signals. In today’s business, both the Sensex and Nifty have jumped fiercely due to strong buying in bank and financial stocks. The market is now eyeing the economic data of big economies with the election of president in the US. Currently, the Sensex gained 449 points at the end of trading and closed at 40,432. At the same time, the Nifty also rose 111 points to cross the 11850 level and closed at 11873 level. Bank and financial stocks have seen a boom. While IT and pharma have become…
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21 million customers of Vijaya Bank now have access to Bank of Baroda’s banking services Bareilly: Accenture (NYSE: ACN) and Bank of Baroda have successfully completed the technology integration of the former Vijaya Bank’s branches with Bank of Baroda – part of the post-merger integration of the first three-way merger of public sector banks in India. Accenture is now helping align former Dena Bank’s IT systems with Bank of Baroda. The merger of Vijaya Bank and Dena Bank with Bank of Baroda in 2019 created the country’s third largest public sector bank. Upon completion, the combined technology architecture will help…
New Delhi: Non-performing assets (NPA) of a bank weakens the monetary policy transmission and loan growth rate, said a recent working paper prepared by the staff members of the Reserve Bank of India (RBI). The paper titled, ‘Bank Capital and Monetary Policy Transmission in India’ shows the requirement of bank capital regulation in India. The study finds evidence on the existence of the bank capital channel of monetary policy transmission for India. It said that that there is a positive association between bank equity and credit growth. “This finding calls for the need for countercyclical capital buffer for the Indian…