Author: Finance Khabar
Mumbai: After opening on a weak note, the 30-share index gained ground to end 304.38 points or 0.77 per cent higher at 39,878.95. Similarly, the broader NSE Nifty jumped 76.45 points or 0.66 per cent to close at 11,738.85. Titan was the top gainer in the Sensex pack, climbing over 4 per cent, followed by Bajaj Auto, Maruti, Reliance Industries, ONGC and UltraTech Cement. On the other hand, Bajaj Finance, PowerGrid, Tata Steel, NTPC and Sun Pharma were among the laggards. “Market recovered quickly in morning trade and traded in the green throughout the day led by autos ahead of…
New Delhi: The Reserve Bank of India on Tuesday said the monetary Policy Committee (MPC) of the rate-setting panel will be held for three days beginning October 7. The announcement by the Central bank comes after the government filled the vacancies of three external members in the committee. “The next meeting of the Monetary Policy Committee (MPC) is scheduled during October 7 to October 9, 2020,” RBI said in a statement on Tuesday. On September 28, the RBI had postponed the meeting of the MPC, which must have a quorum of four, as the appointment of independent members was delayed.…
New Delhi: Airtel Payments Bank has upgraded its app to provide a range of digital benefits to its merchant partners in a bid to simplify the payment process. Airtel Payments Bank app now comes with two new features “Smart ePOS” and “On-Demand Settlement” for merchants. Smart e-POS (point of sale) enables merchants to use their smartphones as a POS machine to accept digital payments, the company said in a statement. The ‘On-demand Settlement’ feature enables merchants to transfer their payments into their bank accounts at any time as per their convenience. The money is instantly credited to the merchant’s registered…
The central government on Tuesday lifted the ban on export of L-95 masks. Information about this has been issued by the Director General of Foreign Trade (DGFT). It works under the Ministry of Commerce and Industry, Government of India. The government has lifted the ban on exports to promote the export of masks made in the country. Earlier, in August, the central government had set a limit of 50 lakh units every month for the export of masks in view of the country’s needs against the corona epidemic. The DGFT has stated in its notification that N-95 / FFP-2 is…
ICICI Bank on Tuesday launched a debit card facility for customers taking loans (loan against security (LAS)) in exchange for security from the bank. The card is available on the Visa platform. It can be used by customers for easy POS and online transactions at all merchant establishments such as making payments on e-commerce portals etc. Your accepted LAS amount can be used for payment. According to the statement issued by the bank, ICICI Bank is the first bank in the country to introduce this facility after allowing RBI banks to issue electronic cards to customers who enjoy the OD…
New Delhi: Amazon India on Tuesday announced its Great Indian Festival (GIF) from October 17, a day after Flipkart will kick off its ‘Big Billion Days’ sale. Amazon Prime members will get early access starting October 16. More than 6.5 lakh sellers will offer crores of products on Amazon.in and customers can shop from over 4 crore products from small and medium businesses (SMBs) and products from over 20,000 local shops across 100 cities, Amazon.in said in a statement. The customers can save more with 10 per cent instant discount with HDFC Bank debit and credit cards, no-Cost EMI on…
New Delhi: The government has exempted power trading transactions from the purview of tax deducted at source (TDS) and tax collected at source (TCS) to prevent practical difficulties in implementing the levy from affecting functioning of the exchanges. The Finance Act, 2020 inserted new section 194-0 in the Income Tax Act 1961 which mandated that from October 1, an e-commerce operator shall deduct income tax at the rate of one per cent of the gross amount of sale of goods or provision of service or both, facilitated through its platform. Also, a sub-section (1H) in section 206C of the Act…
In the era of corona epidemic crisis (COVID-19 Pandemic), most of the people are worried about their savings. Apart from this, they are thinking that where to invest their money, where not only their investment is safe but they get better returns on it. The most worrying senior citizens are about their investment because they are in a state of life where they cannot take much risk, so they choose a relatively safe option. They have many options for safe investment, but if you talk about returns, then the Senior Citizen Saving Scheme (SCSS) of Post Office is a better…
The domestic stock market has also seen good growth amid strong global cues. The Nifty closed in the business beyond 11650. Trump’s recovery in health has led to a spurt in US markets. The Dow Jones has jumped 450 points. The sentiment of investors has also strengthened in the domestic market. At the end of trading, the Sensex has gained about 601 points and closed at the level of 39,574.57. At the same time, the Nifty has gained about 159 points and closed at the level of 11662. In today’s business, banks, financial, auto and realty stocks have been good.…
New Delhi: Rolls-Royce has signed a contract with Dhamra LNG Terminal Pvt. Ltd. (DLTPL) for the complete engineering, procurement and construction (EPC) delivery of a 29 MW gas-based power plant for the LNG terminal. DLTPL is a joint venture between Indian multinational conglomerate Adani Group and French energy major Total S.A, located on the eastern coast of Odisha in India. The LNG terminal will function as a reception facility for import of LNG, where LNG tankers can directly unload cargo and converting the LNG gas from liquid state to gaseous state. The highly efficient power plant will meet the baseload…
Bareilly: Bank of Baroda, India’s premier and third largest public sector bank, has announced retail loan offers ahead of the festive season. The offer will be applicable for Home Loan and Car Loan product, wherein the Bank is offering waiver of @0.25% in the existing applicable rates for Baroda Home Loans (Under take over cases only) and Baroda Car Loans across the board. In addition, the Bank will also waiver processing fee. With this competitive pricing and waiver of processing fee, the prospective customers get an extra incentive to shift their existing home loan to Bank of Baroda and buyers…
New Delhi: Speaking at ‘RAISE 2020’, a virtual summit on AI organised by the Ministry of Electronics and IT and NITI Aayog, the RIL Chief termed intelligent data as ‘digital capital’ and said that in the coming decades nations will increasingly compete on digital capital. “India has the unique advantage to harness its enormous digital capital for AI-driven development, which is bottom-up and inclusive. This is because of our twin strengths of democracy and demography,” he said. He exuded confidence that the government will introduce a sound data regulation framework to protect this national resource and ensure data privacy. “Therefore,…
New Delhi: Citing how trends in online purchases and deliveries have picked up substantially post the lockdown, it also pointed out the pickup in the automotive sector, especially entry-level cars, motorcycles, and the tractors segment which augurs well for specific logistics players like auto carriers. However, other segments like capital goods continued to remain subdued for the logistics sector. In its analysis of ten leading logistics companies, ICRA observed an adverse impact in Q1FY21 as aggregate revenues of players declined by 35 per cent on a YoY basis, in line with the sharp moderation in GDP growth. “While the revenues…
Mumbai: Aditya Birla Sunlife, a mutual fund of Aditya Birla Group, has launched a new investment scheme ‘Special Opportunities Fund’. It is an open-ended equity scheme and will adopt a special theme based investment strategy. The fund has been opened for investment from Monday 5 October and will close on 19 October. The minimum investment amount in this scheme is 500 rupees and investors can also invest through lump sum or SIP. The fund will be managed by Anil Shah, a senior fund manager with over 30 years of experience. Managing Director of Aditya Birla Sunlife Mutual Fund A.K. Balasubramanian…
New Delhi: Lauding Commerce and Industry Minister Piyush Goyal for calling for an aspirational export target of $1 trillion, EEPC India Chairman Mahesh Desai said: “We would only need an enabling environment where domestic taxes are not exported and high costs of transactions in the form of inadequate infrastructure are reduced.” He pointed out that exporters were only partly compensated for the domestic taxes, while they continue to incur high costs of infrastructure.Desai cited a recent study of the Export-Import Bank of India that stated that immediate refunds of the GST can itself add to exports by 7 percentage points and…
New Delhi: The decision taken to meet again in October was suggested by Bihar Deputy Chief Minister and Finance Minister Sushil Modi, after the Council’s Monday meet failed to break the deadlock between the Centre and the state governments on the issue of compensation. Addressing a press conference after the meet, Sitharaman said that only because 20 states accepted Option 1, does not mean that it can be thrust upon others. “We need to talk further.” In a sober tone, she said: “I was gently reminded that I can not take anybody for granted… Although I don’t take anybody for…
First phase of renovations completed with new lobby, Machan and Emperor Lounge The iconic Taj Mahal, New Delhi unveiled the new avatar of the Capital’s original and much-loved dining destination Machan. The hotel also reopened to an elegant new lobby and the Emperor Lounge after a stylish makeover. Taj Mahal, New Delhi has been under extensive renovation since July 2019, reinventing itself to offer the essence of timelessness and heritage of Lutyens’ Delhi, coupled with contemporary flair and impeccable service the hotel has been renowned for. The next phase of the transformation will include the redesigned rooms and The Chambers…
New Delhi: The board of directors of Tata Consultancy Services (TCS), the country’s largest information technology sector, will consider a proposal to buy back the company shares this weekend. In a regulatory notice sent to the stock exchanges on Sunday night, TCS said, “The company’s board of directors will consider the proposal for share buyback in a meeting to be held on October 7, 2020.” No other details were given about the buyback of the shares. It said that during this period the board of directors would also consider the company’s September quarter financial results and declare a second interim…
Mumbai: After the lockdown, the Reserve Bank of India has cut interest rates drastically to bail out the economy. This has brought some relief to the debt burdened businessmen and personal loan holders, but the investors are losing money, who earn income by investing their savings in fixed deposit schemes (FDs) of banks. In such a situation, these investors are looking for other options for safe investment. For these, small savings schemes of the post office i.e. India Post Small Saving Schemes are the safest option. Although India Post’s rates have also come down due to lower interest rates across…
New Delhi: Adani Ports and Special Economic Zone on Monday informed about the acquisition of Krishnapatnam Port Company Limited. According to this, Adani Ports has completed this acquisition for 12 thousand crores rupees. After this acquisition, Adani Ports, the country’s second largest port developer in the private sector, will have a 75 percent stake in KPCL. APSEZ said after the acquisition that the deal would increase their capacity to 200 million tonnes by 2025. APSEZ expects its market share to increase to 25 per cent in FY 2021 after this acquisition. It is now 21 per cent. The company issued…