Author: Finance Khabar

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,…

Tesla’s chief executive Elon Musk on Friday indicated that the US electric car maker will enter India in 2021. Musk pointed to this in response to a post on Twitter. The post had the message on a t-shirt saying “India wants Tesla”. In response Musk wrote that definitely next year. Musk said thank you for waiting. Tesla’s entry into the Indian market may come at a time when Prime Minister Narendra Modi is constantly paying much attention to promoting the manufacture and use of electric vehicles. India’s auto sector is already making a comeback from the slack in demand last…

New Delhi: Utility vehicle major, Mahindra & Mahindra Ltd, today launched the All-New Thar, it’s lifestyle SUV with prices starting at INR 9.80 lakh for AX series and INR 12.49 lakh for LX series (ex-showroom) all India. Deliveries to the new Thar would commence from November 1, and the vehicles are available for test drives with all different options across select cities from today. Booking for the all-new Thar open from today, October 2, 2020 and customers will have the option to directly go one the Mahindra website or the nearest dealership with the initial booking payment of INR 21,000.…

New Delhi: Ahead of the Union Budget FY 2021-22 to be presented on February 1, the finance ministry will kick start pre-budget meetings from October 16, a circular by the Department of Economic Affairs (DEA) said. This will be the third budget of Prime Minister Narendra Modi-led government and Finance Minister Nirmala Sitaraman. The budget will have to address critical issues pertaining to growth contraction and subdued revenue collection triggered by the COVID-19 pandemic. “All financial advisers should ensure that the necessary details related to these meetings contained in the Appendices I to VII are entered in RE module of…

New Delhi: Securities market regulator SEBI has found that the NSE had engaged in activities unrelated to its core activities as a stock exchange by acquiring stakes in several companies, including Power Exchange India Limited (PXIL) and Computer Age Management Systems Pvt Ltd (CAMS), and imposed a consolidated penalty of Rs 6 crore. The SEBI order said that through an email dated July 5, 2018, it had directed the National Stock Exchange of India (NSE) to submit details with regard to stakes, shares and rights held by NSE or through its subsidiaries and the SEBI approvals in this regard. In…

New Delhi: Due to the covid-19 epidemic, there is news of a relief on the foreign trade front amidst all the difficulties in front of the economy. In fact, the country’s exports rose 5.27 percent to reach $ 27.4 billion in September after a continuous decline of six months. During this period, imports fell by 19.6 percent to $ 30.31 billion. This information has been given in the data released on Friday by the Ministry of Commerce. In the month under review, the trade deficit came down to $ 2.91 billion. The trade deficit stood at $ 11.67 billion in…

New Delhi: Manufacturing sector activities in the country have improved for the second consecutive month in September. According to a monthly survey, manufacturing activities reached an eight-and-a-half year high in September due to new orders and increased production. IHS Market India’s Manufacturing Purchasing Managers’ Index (PMI) rose to 56.8 in September. It was 52 in August. This is the highest level of PMI since January 2012. IHS Markit’s Economics Associate Director Polianna de Lima said India’s manufacturing activities are moving in the right direction. There are many positives in the September PMI figures. covid-19 After the relaxation of the ban,…

San Francisco: Pichai launched Google News Showcase that features the editorial curation of award-winning newsrooms to give readers more insight on the stories that matter, and in the process, helps publishers develop deeper relationships with their audiences. “We’ve signed partnerships for News Showcase with nearly 200 leading publications across Germany, Brazil, Argentina, Canada, the UK and Australia. The number of news publications will grow as we work to expand News Showcase to other countries including India, Belgium and the Netherlands,” Pichai said in a blog post. Google News Showcase will start rolling out in Germany and Brazil from Thursday and…

New Delhi: The reason for such instances, industry insiders pointed out, was due to non-compliance of the guidelines which came into force on Thursday. Accordingly, these guidlines were implemented from October 1. The norms mandated an online consent from customers, whose cards had never been used to make online or contactless payments to be able to make such transactions from October 1 onwards. In an attempt to make digital payments using debit cards and credit cards more secure, the Reserve Bank of India (RBI) had issued several new guidelines. According to the new guidelines, card users will now be able…

Mubadala Investment Company (Mubadala), an Abu Dhabi-based government property fund, is about to buy 1.4 per cent stake in Reliance Retail for Rs 6,247.5 crore. Reliance Industries (RIL) gave this information on Thursday. This is Mubadala’s second investment in the subsidiary units of Reliance Industries. Earlier, Mubadala has acquired 1.85 per cent stake in Jio Platforms by investing Rs 9,093.60 crore. “The valuation of Reliance Retail through this investment is in line with the prior equity value of Rs 4.285 lakh crore,” Reliance said in a statement. This is the 5th investment in Reliance Retail in the last three weeks.…

New Delhi: The Central Indirect Taxes and Customs Board (CBIC) has given a one-time relief in the matter of making electronic bills (e-invoices) on business-to-business (B2B) transactions from 1 October. Under the Goods and Services Tax (GST) Act, it was mandatory for companies with a turnover of more than Rs 500 crore to create e-invoices on B2B transactions from October 1. CBIC has said in a statement that even after nine months of issuing the first notification in this regard, some businesses are not ready for it yet. Therefore, giving the last chance at the initial stage of implementation of…

State Bank of India and Hindustan Unilever Limited have entered into an agreement under which retailers will be catering to their needs by providing digital payment and financing solutions. The deal will provide digital solutions for HUL retailers and customers. It will empower HUL vendors and distributors digitally through SBI’s customized solution. Under this agreement, the bank will offer instant paperless overdraft facility up to 50 thousand rupees to the company’s vendors and a financing solution to distributors. The statement said the bank will install SBI Point of Sale machines at several HUL touch points across the country to ensure…

Maruti Suzuki India (MSI) sales rose 30.8 percent to 1,60,442 units in September. The company sold 1,22,640 vehicles in September 2019. The company said in a statement that the sales performance in September should be looked at in terms of the lower base effect of last year. Maruti’s sales in the domestic market increased by 32.2 percent to 1,52,608 units from 1,15,452 units in the same month a year ago. September Sales of the company’s mini cars Alto and S-Preso increased by 35.7 per cent to 27,246 units as against 20,085 units in the same month last year. In the…

Today, the Sensex gained 640 points to reach the level of 38708 due to heavy buying in heavy shares. The Nifty regained 11400 levels. In the midst of this boom of the market, investors also remained heavily silver. In just a few hours of business, his wealth increased by nearly 2 lakh crores. In addition to bank and financial shares, auto stocks have also seen good growth. IndusInd Bank, Bajaj Auto and Bajaj Finance received the highest returns among the leading stocks. Today the Sensex rose by 640 points to reach the level of 38708. At this stage, the market…

New Delhi: Indian Railways normally gets its rail supplies from public sector entity Steel Authority of India Ltd (Sail) that makes several railway grade steel at its Bhilai Steel plant. Research Designs & Standards Organisation (RDSO), which works under the ambit of the Railway Board, has approved field performance of UIC 60 kg, 880 Grade prime (Class- A) rails made by JSPL at its Raigarh Plant. Railway Board has accepted the field performance test report of RDSO and considered UIC 60 kg, 880 Grade prime (Class-A) rails are suitable for use in Indian Railways, a company statement said. The approval…

Seoul: The South Korean tech giant accounted for a 22 per cent share of the global smartphone market last month, beating Huawei with a 16 per cent share, according to industry tracker Counterpoint Research. The gap of 6 per cent points between the two sides is the largest since February, when China’s smartphone market was severely hit by COVID-19 lockdowns, the market researcher said, reports Yonhap news agency. Samsung lost its top smartphone vendor status to Huawei in April, but it recaptured the position later, following a recovery in the Indian smartphone market. The South Korean giant has been expanding…