Author: Finance Khabar

New Delhi: The Reserve Bank’s 6-member committee today announced the repo rate. For the second time in a row, there has been no change in interest rates. The Monetary Policy Committee has maintained the repo rate at 4 percent. With this announcement, the EMI of your loan will not be reduced, but apart from this, many things have been announced, which will have a direct effect on you. While the RBI has increased the facility of receiving money for 24 hours, at the same time, a big announcement has also been made to provide adequate liquidity in the system. It…

New Delhi: The Reserve Bank’s Monetary Policy Committee has not changed the interest rates. The 6-member Monetary Policy Committee headed by Reserve Bank of India Governor Shaktikanta Das has decided not to change the interest rates. Repo rate remains at 4%. The MPC has unanimously decided this. The reverse repo rate remains at 3.35 per cent. Let us know that the meeting of the MPC started on October 7. Earlier this meeting was to be held from 29 September to 1 October. Earlier in August, the RBI MPC met, in which interest rates did not change. Earlier in May, interest…

Mumbai: Ride-hailing major Uber on Thursday announced a partnership with electric vehicle fleet operator Lithium Urban Technologies to deploy over 1,000 EVs in Delhi-NCR, Mumbai, Bengaluru, Hyderabad and Pune. Uber said it has already deployed more than 100 such electric vehicles (all sedan), such as Mahindra eVerito and Tata Tigor EV, on its platform. Over the next 12 months, the company said it remains committed to scaling up to 2,000 electric vehicles on its platform, including the Lithium EVs. “After our partnerships with Yulu, Mahindra and SUN Mobility, this is our fourth partnership in this space and Uber will always…

The outlook for the global steel industry has been revised to stable from negative, Moody’s Investors Service has said in a new report. Demand is picking up as pandemic-related lockdowns are eased and supporting industries resume production, though a virus resurgence is still a key risk for steelmakers. “Demand for steel is improving on a resumption of production in important end markets and on stronger global economic data, particularly in China,” said Carol Cowan, a Moody’s Senior Vice President. “We expect operating conditions for steelmakers to continue to improve over the next 12 to 18 months, barring a resurgence of…

In a major turn of events in the buyout of the businesses of the debt laden Future Group by Reliance Retail, e-commerce giant Amazon.com, Inc has stepped in and said that Future Group violated a contract with it by entering into the sale agreement with the Mukesh Ambani-led retail major. Last year, Amazon acquired a 49 per cent stake in Future Coupons, a Future group entity. In August, Reliance Retail Ventures Limited (RRVL), a subsidiary of RIL announced that it is acquiring the retail, wholesale, logistics and warehousing business from the Future Group as going concerns on a slump sale…

IT services and consulting major Infosys on Thursday announced that it has signed an agreement to acquire Blue Acorn iCi for up to USD 125 million (about Rs 915 crore). Blue Acorn iCi is a digital customer experience, commerce and analytics services provider. “The move further strengthens Infosys’ end-to-end customer experience offerings and demonstrates its continued commitment to help clients navigate their digital transformation journey,” the company said in a release. “Together with Infosys’ earlier acquisition of WONGDOODY that offers creative and marketing services, BlueAcorn iCi brings complimentary capabilities to help global CMOs and businesses thrive in a digital commerce…

Mumbai: Mukesh Ambani remains at No. 1 for the 13th year in the Forbes List of Indias 100 Richest, as the tycoon added $37.3 billion, bringing his fortune to $88.7 billion, a rise of 73 per cent. Amid the Covid-19 pandemic which hit India hard and led to a sharp economic contraction, half of the nation’s 100 richest on the 2020 Forbes India Rich List saw gains. Their collective net worth rose 14 per cent to $517.5 billion from a year earlier, even as the benchmark BSE Sensex stock index remained flat from a year ago. Shares of his Reliance…

The domestic stock market has seen a strong boom amid strong global cues. In today’s business, the Nifty has crossed 11850. However, it later closed at the level of 11835. Expectations of another relief package have increased in the US, after which there was good buying in the markets there on Wednesday. Even today, markets around the world have increased due to better sentiment. In today’s business, the Sensex is up by 308 points and closed at 40187 level. At the same time, the Nifty is up by 96 points and closed at 11835 level. Business has seen fierce buying…

Mumbai: Faced with an unprecedented downturn, India needs to continue with critical reforms to reverse the sudden and steep impacts of Covid-19 pandemic on its economy, said the World Bank in its twice-a-year-regional update. The latest South Asia Economic Focus relaxed on Thursday forecasts a sharper than expected economic slump across the region, with regional growth expected to contract by 7.7 per cent in 2020, after topping 6 per cent annually in the past five years. India’s economy, the region’s largest, is expected to contract by 9.6 per cent in the fiscal year that started in March 2020. The country’s…

Mumbai: Tata Group-led Titan Company on Thursday announced to exit its joint venture with German luxury brand Montblanc. The development is in line with Titan’s strategy to focus on its primary business and proprietary brands, the company said in a regulatory filing. As per the joint venture agreement, the partnership will end in December 2020. “In line with the company’s strategy to focus on its primary business and proprietary brands, and as mutually agreed with Montblanc, the company would be divesting its stake in the JV company and accordingly the requisite formalities will be completed in December 2020,” Titan said…

Mumbai: Shares of Tata Consultancy Services (TCS) on Thursday closed with over 3 per cent gains after the company announced a mega-Rs 16,000 crore buyback plan at Rs 3,000 per equity share. The stock closed at Rs 2,824.80, up 3.19 per cent on the BSE. During the day, it rose by 5.39 per cent to Rs 2,885 — its record high. On the NSE, it jumped 3.02 per cent to close at Rs 2,818.45. The company’s market valuation also rose by Rs 32,796.63 crore to Rs 10,59,973.63 crore on the BSE. In traded volume terms, 6.93 lakh shares were traded…

Over 93,500 data science jobs were vacant in India at the end of August 2020, a study conducted by EdTech company Great Learning said. Despite COVID 19, the enthusiasm and optimism around the analytics function continues to remain high with India contributing 9.8 per cent of the total global analytics job openings in August 2020 compared to 7.2 per cent in January this year, it said. While the sector did witness a decrease in vacancies (from 109,000 vacancies in February to 82,500 vacancies in May 2020), the demand has continued to be fairly consistent across key industry sectors. The factors…

The Central Committee on Economic Affairs has approved Natural Gas Marketing Reforms today. The decision taken under the chairmanship of Prime Minister Narendra Modi is an important step towards a gas-based economy. The goal of this policy of the government is to follow a transparent and competitive process to determine the prices of gas sales. Under this policy, prices will be fixed in a transparent manner through e-bidding and business convenience will increase with the introduction of this policy. The new guidelines will apply to gas producing companies and will apply to the prices and marketing of gas coming out…

Consolidated net profit of Tata Consultancy Services (TCS) rose 4.9 per cent to Rs 8,433 crore in the July-September quarter. This increase is on an annual basis. This profit does not include the provision of Rs 1218 crore made for a legal claim. If you add this amount, the company’s net profit in the September quarter is Rs 7475 crore, which is a 6.7 percent growth on a quarterly basis. TCS reported a net profit of Rs 8042 crore in the September 2019 quarter. The company’s revenue also registered an increase in the September 2020 quarter and it grew 3…

Axis Mutual Fund’s investor awareness campaign aims to educate investors about the benefits and importance of a Systematic Investment Plan (SIP) to fulfill all their financial goals – big & small – https://www.youtube.com/watch?v=zXvqgm-ui_YFurthermore, the fund house has revamped its mobile application to enable a seamless experience for the consumers who are investing through the appFrom April 2020 onwards, Investments from the app have grown at a rate of 30% month-on-monthThe app contributes around 23% (as on September 2020) of the new Direct Investment in-flow at Axis Mutual Fund Udaipur: Axis Mutual Fund, one of the country’s fast evolving mutual fund…

Mumbai: The Central Board of Direct Taxes (CBDT) has so far issued refunds of over Rs 1.21 lakh crore to nearly 36 lakh taxpayers in the current financial year (2020-21). It has issued income tax refunds of over Rs 33,000 crore in more than 34 lakh cases and corporate tax refund of more than Rs 88,000 crore in over 1.83 lakh cases. “The CBDT issues refunds of over Rs 1,21,607 crore to more than 35.93 lakh taxpayers between April 1 and October 6. Income tax refunds of Rs 33,238 crore have been issued in 34,09,246 cases and corporate tax refunds…

The Trump administration on Tuesday announced a plan to limit visas issued to personnel with skills coming from abroad. Officials said the move was a priority amid the loss of jobs due to the Corona virus epidemic. H1B visa is very popular among Indians. This visa is very important especially among IT professionals. In such a situation, it is definitely a shock to Indians. Officials of the Department of Homeland Security and the Department of Labor said that new rules will be issued soon on who can get visas and how much they should be paid, which will limit the…

Now train tickets can also be booked through Amazon India. For this, Amazon and IRCTC have partnered. Let us know that about a year and a half ago, Amazon started the facility of booking flight tickets through its platform. After that, added the feature of booking bus tickets in November 2019. Now the company has also given the facility to customers to book reserved train tickets. Amazon is offering 10 percent cashback on the first train ticket booking from its platform, which is up to 100 rupees. At the same time, Prime Members are getting a little more than 12…

Bangalore: E-commerce platform Flipkart said on Wednesday that it has added over 3.4 million square feet space across its supply chain assets including fulfilment centres, mother hubs and delivery centres throughout the country in preparation of the upcoming festive season and the Big Billion Days sale event. With this addition, the total warehousing space for Flipkart now totals to over 18 million square feet in addition to lakhs of square feet of assets from partner brands. Flipkart said that it has increased its last-mile reach with more than 3,000 facilities across the country to provide a fast and efficient e-commerce…

Ahmedabad: Adani Wilmar, which sells a range of edible oils and food products under the Fortune brand, has launched ready-to-cook Soya Chunkies. This is their second product in the ready-to-cook category after Khichdi. 5 Minute Soya Chunkies has been launched in three exciting flavours, viz. Mexican Salsa, Chinese Manchurian, and African Peri Peri. Soya Chunkies contains 10 times more protein than milk. The ready-to-cook Soya Chunkies, comes with a convenient masala mix sachet and can be cooked in just five minutes. “Mothers have a tough task to include nutrition into their kids snacking moments. What is tasty is not healthy,…