Author: Finance Khabar
New Delhi: Any kind of bacteria and virus can spread through currency note and hence people should use digital payment more and more instead of using currency. In response to a query sent by the Confederation of All India Traders (CAIT), the Reserve Bank of India (RBI) has given this reply indirectly in one of its mails. On 9 March 2020, CAT sent a letter to Union Finance Minister Nirmala Sitharaman urging to clarify whether the currency notes were carriers of bacteria and viruses. The Finance Ministry sent it to the Reserve Bank, in response to which the RBI indicated…
New Delhi: It can be noted that the country’s GDP contracted by nearly a fourth in the June quarter and everybody is watching for signs of revival. Some analysts feel the encouraging data for the last month can be a sign of pent-up demand. “My assessment is that the macro situation has improved quite a bit, especially in the last month or so. I’m seeing a clear return of optimism and this is evident when I converse with CEOs of various organisations and when I see our own new loan enquiries, credit card spends and account openings,” Chaudhry told in…
New Delhi: Vedanta Resources Ltd (VRL) has given a public announcement to kick start the Reverse Book Building (RBB) process in order to delist Vedanta Ltd (Vedanta) from stock exchanges. The bidding commences on October 5 and closes on October 9. SES has said, “Investors must ignore floor price, book value and 52-week low price as the same does not reflect true value of Vedanta shares”. “While, SES has given guidance as to what is a fair bidding price. However, it is up to the shareholders to do proper analysis and not succumb to negative news floating around. Promoters of…
New Delhi: Ravi Santhanam, the Chief Marketing Officer (CMO) of HDFC Bank, has made it to the Forbes’ list of ‘World’s Most Influential CMOs’. Santhanam ranks 39 in the list of 50 most influential CMOs. “Santhanam is a marketing leader who prioritises personalised and relevant customer experience and believes that machine learning and data science are critical tools for marketers; he expressed so in a recent Netcore Solutions blog,” Forbes said. It also noted that he led the Indian bank’s response to the coronavirus outbreak, launching the “#HDFCBankSafetyGrid” campaign to help people keep safe distance in public. He is the…
New Delhi: According to Tata Sky managing director and CEO Harit Nagpal, DTH and OTT are going to co-exist with both of them offering unique content. “Both have their own place as they serve mutually exclusive and unique content and one does not substitute the other,” Nagpal told PTI. On being asked as to whether the average revenue per user from the DTH business would be impacted as consumption of OTT on large screen trough smart TV is on the rise, he said: “We have not seen one platform suffering at the cost of the other”. “TV is a platform…
Bangalore: More than 20,000 offline retailers, kirana and local shops from “Local Shops on Amazon” programme will participate in the “Great Indian Festival” sales for the first time. “The programme is seeing remarkable response from retailers from across India and has scaled rapidly in just 5 months, with more than 40 per cent of the sellers coming from outside the top 10 cities,” the company said in a statement. Manish Tiwary, VP, Amazon India, said: “This festive season we are focused on helping our sellers and other MSME partners grow their business and bounce back from the recent challenges.” He…
New Delhi: He said that ‘Aatmanirbhar Bharat’ effectively is all about building Indian capabilities, quality, scale, implementing good manufacturing practices, bringing best of technologies along with improving the standards that Indians expect in India. Goyal said in a video posted on his Twitter handle that India will have to identify areas in which it can excel and become a major global supplier. “We will have to identify areas where sensible policies can help us get there. As the Prime Minister said on August 15, look at areas where we need to create value…where we can go beyond exporting raw materials,”…
New Delhi: The report noted that the number of broadband subscribers increased to 59 per cent of the overall wireless subscriber base in June 2020 from 58 per cent in May 2020 and 47 per cent in March 2019. Moreover, in June 2020, the number of broadband subscribers grew by 14 million, the highest increase seen since November 2019. “This increase in broadband penetration along with rise in data tariffs reflects that the Indian Telecom Industry is moving towards a higher ARPU regime,” it said. Data tariffs rose to Rs 11.2 per GB in 4QFY20 from Rs 8.5 per GB…
Mumbai: The IACC leadership bestowed the IACC Lifetime and Global Excellence Awards to Tata on Friday at a closed-door meeting, owing to the ongoing COVID-19 crisis, according to a statement. Tata, who grew the revenues for India’s largest conglomerate ‘The Tata Group’ to nearly USD 100 billion by 2011-12, remains an influential industrialist, philanthropist and humanitarian to the day, IACC said. Tata, who has accepted fewer awards over the last few years, received the honour as he believed that these awards inspire future global leaders and strengthen bilateral economic ties between India and the US. “We believe Tata was the…
New Delhi: The Audi Q2, which will be the company’s fifth product launch this year in India, can be booked with an amount of Rs 2 lakh online through the company’s website or at the nearest Audi India dealership, Audi India said in a statement. The company said it is offering an introductory ‘Peace of Mind’ benefit that comes bundled with a 5-year service package with 2+3 years extended warranty and 2+3 years roadside assistance. “…The Audi Q2 is an extremely important product for India as it opens up a new segment of buyers for the brand. It is a…
New Delhi: It said during the last six months of COVID-19 crisis while pushing the fiscal stimulus and packages to boost recovery process of the economy it has taken every possible measure to address the concerns of all the stakeholders and the citizens and has progressively extended help on both the demand and supply side to bring the economy back on track. “Earnest efforts made by the government in last few months during coronavirus period have now started showing the green shoots and the month of September has exhibited credible signs of economic growth towards normalcy,” the ministry said in…
New Delhi: The country’s largest insurance company LIC can be listed in foreign markets. The government is seriously considering this possibility. It is believed that through this the government wants to give a concrete message to foreign investors. The government has already announced to sell some of its stake in LIC. Preparations are on for an IPO for this. Recently there was news that the government may sell 25 per cent stake in LIC. For this, he will have to change the LIC Act. Also, there will be a change in the company law to list Indian companies directly in…
The rebranded version of Vodafone Idea Vi has launched its new prepaid data pack in India. The validity of this new prepaid plan of Rs 351 is 56 days and it will get 100GB 4G data. And unlike most packs, there is no limit to the use of data usage in it. Vi has said that he has launched the data pack keeping in mind the students, employees doing work from home, gamers etc. The company’s focus on data packsA spokesperson for Vodafone Idea said that at the present time the company is constantly trying to make relevant proposals according…
Bangalore: Kicking off the festive season, Flipkart on Saturday announced its flagship, six-day ‘The Big Billion Days’ sale that will start from October 16 till October 21 with some cool offers across categories to further lift the consumer sentiments in the ongoing pandemic. Flipkart Plus customers will have early access to the sale on October 15. The ecommerce marketplace has on boarded over 50,000 kiranas to bring festive cheer to consumers across 850 cities, the company said in a statement. “This festive event continues to focus on Flipkart’s commitment to provide value for consumers, opportunities for growth for MSMEs and…
New Delhi: Singapore’s sovereign wealth fund GIC will invest Rs 5,512.5 crore to buy a 1.22 per cent stake in Reliance Retail Ventures Ltd (RRVL) of Reliance Industries Limited. The Indian company said this in a statement on Saturday. This RRVL is the fourth such deal in less than three days. RIL announced on Thursday that Mubadala Investment Company, a sovereign wealth fund based in Abu Dhabi, would invest Rs 6,247.5 crore to buy a 1.4 per cent stake in its retail business. On Wednesday, the global equity firm General Atlantic took 0.84 per cent stake in the company for…
New Delhi: In a major relief to thousands of individuals and MSME borrowers, the Centre in an affidavit informed the Supreme Court that it has taken a decision to waive “interest on interest” on loans up to Rs two crore during the six-month moratorium period. The affidavit said the only solution is that the government should bear the burden resulting from waiver of compound interest. “After careful consideration and weighing all possible options, the respondent Union of India has decided to continue the tradition of handholding the small borrowers”, said the Centre. The categories of loans up to Rs two…
State-owned RailTel Corporation (RailTel) plans to raise Rs 700 crore through an IPO. For this, the company has filed a draft paper with the market regulator SEBI. RailTel Corporation comes under the Ministry of Railways. There will be 8.66 crore shares net offer in the IPO. This IPO will be fully Offer for Sale (OFS) by the Government of India. ICICI Securities, IDBI Capital, SBI Capital Markets are the book running lead managers of this IPO. RailTel is one of the largest telecom infrastructure companies in the country. It is the only company to have a special right of way…
New Delhi: Budget carrier Indigo has appointed Albert Saretsky, an aviation industry expert who was the former CEO of a Canadian airline, as a non-executive non-independent director. Saretsky is InterGlobe Enterprise Group’s nominee on the board, the company said on Friday. Saretsky is a nominee of Rahul Bhatia’s InterGlobe Enterprises (IGE) group, which holds around 38-per-cent share in the budget carrier. He has been the president and CEO of the WestJet airline for eight years from 2010-2018, IndiGo said on Friday. During his period at the WestJet, “he was responsible for providing strategic direction to the organisation, as well as…
New Delhi: Reliance Life Sciences has developed such an RT-PCR kit, which gives the result of covid-19 test in about two hours. Sources associated with the company gave this information on Friday. Currently, the test of covid-19 from the RT-PCR kit takes about 24 hours. It investigates real-time replication of a virus in DNA and RNA in the laboratory and identifies nucleic acids present in SARS-Cove-2. Nucleic acid is found in every known living thing. The source said that Reliance Life Sciences scientists analyzed more than 100 genomes of SARS-Cove-2 in the country and developed this modern RT-PCR kit. Reliance…
Washington: US stock index futures and Asian shares sank on Friday after President Donald Trump said he and first lady Melania Trump had tested positive for COVID-19. The future contracts for both the S&P 500 and the Dow industrials lost 1.9 per cent. Trump took to Twitter to post the news of his test results just hours after the White House announced that senior aide Hope Hicks had come down with the virus after traveling with the president several times this week. “To say this potentially could be a big deal is an understatement,” Rabobank said in a commentary. “Anyway,…