Author: Finance Khabar
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…
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…