Author: Finance Khabar

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…

VIRASAFE crafted with technology approved by USFDA, EUBPR, USEPA, and NSF First to introduce an exhaustive range of anti-viral fabrics with over 600+ optionsProven to have anti-viral agents, Virasafe effectively deactivates viruses and bacteriaVirasafe range offers the finest range of Suiting and Shirting fabrics that is an ideal choice for Service professionalsA 360 degree high decibel media campaign along with a TVC and a thrust on digital piqued consumer interestVirasafe is available in The Raymond Shops and Multi brand outlets across the country Agra: Raymond, India’s leading textile and apparel manufacturer and retailer received an encouraging response for its latest…

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…

Mumbai: HDFC Bank NSE 2.57 % on Saturday reported an 18.4 per cent year-on-year rise in standalone net profit at Rs 7,513.10 crore for the September quarter. The private lender had reported a profit of Rs 6,344.99 crore in the year ago quarter. Analysts at an ET NOW poll had projected profit figure at Rs 6,445 crore. Net interest income (NII), which is the difference between the interest income a bank earns from its lending activities and the interest it pays to depositors, rose 16.7 per cent to Rs 15,776.40 crore from Rs 13,515 crore in the year-ago quarter. Core…

Tata Communications on Friday reported an around seven-fold rise in consolidated net profit of Rs 384.81 crore for the quarter ended September 2020 on a year-on-year (YoY) basis. The company had reported a profit of Rs 54.31 crore during the same period a year-ago. As per a BSE filing, the consolidated revenue grew 4.5 per cent to Rs 4,477.18 crore during the reported quarter from Rs 4,282.3 crore in the year-ago period. Besides, the company concluded the sale of a land parcel along with building for a total consideration of Rs 67.41 crore. A.S. Lakshminarayanan, MD and CEO, Tata Communications,…

New Delhi: The country’s largest carmaker Maruti Suzuki India on Sunday announced special offers for government employees with benefits up to Rs 11,000 over and above the ongoing festival consumer offers across its models. The company is seeking to further boost demand with its offer after the recent leave travel concession (LTC) cash voucher scheme announced by Finance Minister Nirmala Sitharaman. “Employees and their spouses of public sector enterprises, central and state government departments including police and paramilitary personnel can avail these special offers on purchase of new vehicles from Maruti Suzuki. The discounts will vary from one model to…

The Reserve Bank of India’s framework for loan recast or stress resolution for the Covid-19 related stress which allows banks to restructure loans of real estate companies at the project level comes as a major relief for developers who have been hit amid the pandemic and their specific projects have come to a halt due to liquidity crunch. According to Anuj Puri, Chairman of Anarock Property Consultants, the RBI’s move to permit banks for restructuring of loans of real estate companies at the project level rather than the entity level is “indeed a good move”. “It will help restart projects…

The market cap of 6 of the top 10 companies of the Sensex decreased by Rs 1,02,779.4 crore in total last week. Reliance Industries (RIL) suffered the most. Apart from this, MCAP of Tata Consultancy Services (TCS), HDFC Bank, ICICI Bank, HCL Technologies and Bharti Airtel also declined. On the other hand, the market cap of Hindustan Unilever Limited, Infosys, HDFC and Kotak Mahindra Bank increased last week. RIL’s market capitalization declined by Rs 39,355.06 crore last week to Rs 14,71,081.28 crore. Similarly, TCS’s MCAP fell by Rs 19,681.25 crore to Rs 10,36,596.28 crore, HDFC Bank fell by Rs 19,097.85…

New Delhi: During the first half (April-September) of the current financial year, gold imports fell by 57 per cent to $ 6.8 billion or Rs 50,658 crore. This information has been obtained from the data of the Ministry of Commerce. covid-19 Gold imports have declined due to declining demand amid the epidemic. It is noteworthy that gold imports affect the current account deficit (CAD) of the country. In the same period last fiscal, gold imports stood at $ 15.8 billion, or Rs 1,10,259 crore. During April-September, silver imports also fell by 63.4 per cent to USD 73.35 million or Rs…

Hyderabad: The ongoing protests by the farmers across Punjab against the newly implemented Farm Bills, has been immensely affecting the businesses across the State of Punjab, said Mr Sharad Kumar Saraf, President, FIEO ( Federation of Indian Export Organisations) here on Saturday. The Federation, on behalf of overall trade and industry and especially the exporting community, urged the government both at the Centre and in the State of Punjab to immediately intervene and take some urgent steps to at least clear the blocked railway tracks by the agitating groups, convincing them to take peaceful means of protests, rather than disrupting…

San Francisco: “While we believe it will take carriers years to build a compelling 5G infrastructure, Apple is ready today with a lineup of phones that should enjoy a three-year upgrade cycle, compared to a typical one-year duration,” wrote Gene Munster and David Stokman. “Additionally, the company continues to advance augmented reality. We see the combination of AR and a 5G iPhone as the basis for why Apple is the best way to invest in 5G”. According to a report in DigiTimes, Apple iPhone 12 series shipments are expected to reach as many as 80 million units by the end…

New Delhi: Accordingly, the fee has come into effect from Saturday. “We encourage all passengers to web check-in as per the government directive, using our website or mobile app. The check-in fee at the airport counters is applicable on all bookings made, starting from October 17,” the airline said in a statement. The airline added that it is committed to take all precautionary measures for a contactless and hassle-free travel experience for its passengers.

Mumbai: Private sector lender HDFC Bank on Saturday reported 18.4 pc increase in its net profit to Rs 7,513 crore for the quarter ended in September 2020. The profit was at Rs 6,345 crore last year. Net interest income for the quarter under review increased by 16.7 pc to Rs 15,776.4 crore Bank net revenue grew to Rs 21,868 crore in the September quarter. The bank made provisions and contingencies amounting to Rs 3,703.50 crore for the September quarter. “Total provisions includes contingent provisions of approximately Rs 2,300 crore for proforma NPA as well as additional contingent provisions to make…

Disbursed over Rs 23,000 crore Apr-Sep under agriculture segmentNet growth on Agriculture Outstanding is 6% plus YTD Bareilly: In an attempt to encourage farmers to get connected with the services offered by the Government and Banks, Bank of Baroda recently conducted the 3rd edition of ‘Baroda Kisan Pakhwada’, a pan-India initiative for the farming community from 1st October to 16th October, 2020. The objective of ‘Baroda Kisan Pakhwada’/Farmers’ Fortnight was to connect as many farmers as possible with the bank, and to make them more aware of the new schemes and to increase their knowledge on latest technologies introduced in…

New Delhi: Air India soon going to operate flights between India-Germany from October 26, the national carrier said on Friday. The airline, in a tweet, said: “#FlyAI: Air India will operate flights between India-Germany from 26th Oct’ 20 to 28th March ’21.” “Bookings open through AI website, Booking offices, call centre and Authorised Travel Agents,” it added. The announcement indicated that a breakthrough in ‘Air Bubble’ negotiations has been achieved between India and Germany. Air bubbles are a pact, signed by two countries under which the participants allow both the countries to fly. Recently, issues had occurred regarding the number…

The Reserve Bank of India (RBI) on Friday announced the purchase of state development loans worth Rs 10,000 crore under open market operations. The auction will be conducted on October 22. The RBI, in a statement, said that it has been decided to conduct a purchase auction of SDLs under OMOs for an aggregate amount of Rs 10,000 crore on October 22, keeping in view that this is the first ever OMO purchase of SDLs. “Depending on market response, the size of the auctions may be enhanced in the subsequent auctions. “Accordingly, RBI will purchase the SDLs… through a multi-security…

New Delhi: The Ministry of Micro, Small and Medium Enterprises (MSME) issued a clarification in this regard alerting the public after taking strong note “of mischievous activities of this organisation projecting itself as part of the MSME ministry”. The ministry said it is noticed that certain messages are being circulated in media and social media regarding issuance of appointment letter to the post of ‘director’ by the MSME Export Promotion Council. It is also seen that this organisation is using the name of the Ministry of MSME. “It is hereby clarified that Ministry of MSME, Government of India, is not…

New Delhi: Tata Motors on Saturday said it has collaborated with HDFC Bank for financing of its passenger vehicles. Through the partnership, the company said it has introduced two new schemes — ‘Gradual Step Up Scheme’ and ‘TML Flexi Drive Scheme’ with an eye on making its products more accessible and driving up sales in the festive season. The schemes will be available till the end of November 2020 and can be redeemed on the entire new BS-VI range of cars and SUVs along with the company’s EV range, Tata Motors said in a statement. Under the Gradual Step Up…