Author: Finance Khabar
Mumbai: Bank of Baroda, the country’s third-largest public sector bank, inaugurated the 3rd edition of ‘Baroda Kisan Pakhwada’ which is being organised from 1st October to 16th October, 2020. This event is earmarked to appreciate the spirit and vigour of the farming community for their contribution towards sustaining the economy during the pandemic and for the development of the country. ‘Baroda Kisan Pakhwada’ is a pan-India initiative to encourage farmers to get connected with the services offered by the Government and the Bank. Last year over 6,11,779 farmers were benefitted by various outreach programmes conducted by the Bank. This year…
British oil explorer Cairn Energy Plc on Tuesday said it is seeking from the Indian government USD 1.4 billion (about Rs 10,300 crore) in losses arising from the expropriation of its investments to enforce a retrospective tax demand. In its half-yearly earnings statement, the company said it expects an international arbitral tribunal to shortly give a decree on its challenge to the Indian government seeking Rs 10,247 crore in retrospective taxes. “The main evidentiary hearing of Cairn’s claim under the (UK-India Bilateral Investment) Treaty took place in August 2018 in The Hague with a final hearing in December 2018. All…
New Delhi: Google faced strong backlash from developers globally after it announced it will enforce its own in-built billing system, which charges a 30 per cent fee to all app developers. According to the IAMAI, as a payment aggregator, currently unlicensed but soon to be licensed in India, Google Billing System can choose which payment instruments it would work with and which ones it would not. “The new draft RBI guidelines on payment aggregators, too, allows for that freedom. The compounding factor for many founders is the current revenue sharing policy of the Play Store,” it said in a statement.…
New Delhi: In a regulatory filing, Dhanlaxmi Bank said the banking sector regulator through a letter dated September 28, 2020, has appointed D K Kashyap, General Manager, Reserve Bank of India, Bengaluru Regional Office as Additional Director on the board of the bank. The appointment is for a period of two years with effect from September 28, 2020, to September 27, 2022, or till further orders, whichever is earlier, it said. The RBI usually does not appoint its nominee on the boards of private banks unless there are exceptional circumstances to avoid any conflict of interest. Kerala-based Dhanlaxmi Bank was…
Ahmedabad: Adani Wilmar, the maker of the popular Fortune brand of edible oils and food products has expanded its range of personal care products by foraying into handwash and sanitizer segments. Adani Wilmar had forayed into the personal care category with the launch of soap under the brand name Alife in 2019. “Awareness regarding handwash and sanitizers has gone up in the wake of the Covid-19 pandemic. Demand has also risen sharply. We feel that this is the best time for us to foray into handwash and sanitizer segments,” said Mr Ajay Motwani, Head – Marketing, Adani Wilmar. The market…
New Delhi: The world today, lives in fear of the coronavirus. People and healthcare workers are overwhelmed with the stress of infection. But there is a more potent killer out there. Something no vaccine can protect you from, no mask can save you from- Heart Disease. People would do almost anything to avoid going to the hospital during the COVID-19 pandemic. Unfortunately, that has resulted in many people ignoring the signs of a heart attack. Research shows that people are 17 times more likely to die from a heart attack than from COVID-19. In our endeavour to create an awareness…
New Delhi: The fresh infusion will provide more ammunition to Amazon to compete aggressively against Walmart-owned Flipkart and billionaire Mukesh Ambani-run Reliance Industries’ JioMart in the upcoming festive season. Amazon Corporate Holdings Private Limited, Singapore and Amazon.com Inc Limited, Mauritius have pumped in Rs 1,125 crore into Amazon Seller Services, regulatory documents sourced by business intelligence platform Tofler, showed. Amazon Seller Services allotted equity shares to these entities for the said transaction on September 17, 2020. Amazon did not respond to queries. In June this year, Amazon had pumped in fresh capital to the tune of Rs 2,310 crore into…
Chennai: The expansion will contribute to the economic growth in the state while creating thousands of work opportunities for locals, Amazon India said. The new centre will offer close to seven lakh cubic feet of storage space, housing lakhs of products in the large appliance and furniture category. With this infrastructure expansion, Amazon.in will now offer storage capacity of close to three million cubic feet across five fulfilment centres to its more than 43,000 sellers in Tamil Nadu. “Tamil Nadu is an important market for us and we are delighted to further invest and expand our infrastructure in the state.…
Domestic stock market started today with better global cues, but later the market dominated selling. Bank and FMCG shares increased the pressure the most. All indices except metal, IT and auto weakened. At the end of trading, the Sensex weakened by about 8 points and closed at 37,973.22. At the same time, there was a weakness of about 5 points in the Nifty and it closed at the level of 11222. Earlier on Monday, there was a strong boom in the stock market. In today’s business, UntraTech is the cement top gainer and ONGC is the top loser. Talking about…
India’s Tata Group is in talks with potential investors for a stake in its new digital platform. People associated with the case said that the company wants to modernize its consumer business as big retail companies like Amazon Inc and billionaire Mukesh Ambani are entering the country’s e-commerce market. Tata Sons Private is a $ 113 billion holding company that is a conglomerate ranging from coffee to cars, working with advisors to bring in financial or strategic investors, including global technology companies. According to people, the group plans to bring different digital assets of Tata businesses together to form a…
The Australian consumer products company is asking for people around the globe to join their movement to flip consumerism and change the world Today, Australia-based social enterprise Thankyou announced an invitation to P&G and Unilever – two of the world’s largest and most influential consumer goods companies – to make and distribute Thankyou products globally to help end extreme poverty. To convince these companies to take this bold move, Thankyou is asking people around the world to get involved and show the collective power of the many who believe in this change, through its campaign aptly named “No Small Plan.”…
New Delhi: The RBI, as a temporary measure, had increased the borrowing limit for scheduled banks under the marginal standing facility (MSF) scheme from 2 per cent to 3 per cent of their Net Demand and Time Liabilities (NDTL) with effect from March 27, 2020. The facility, which was initially available up to June 30, 2020 was later extended up to September 30, 2020 in view of the disruptions caused by the COVID-19 pandemic. “With a view to providing comfort to banks on their liquidity requirements as also to enable to continue to meet LCR requirements, it has been decided…
The Turkish lira skidded to record lows against the US dollar, euro and pound on Monday amid concerns Turkey could get more involved in a fast-escalating conflict in the Caucasus, despite last week’s surprise rate increase meant to support the currency. The Turkish lira slid 2 percent against the dollar and was on track for its worst day since early August when the latest bout of selling began hitting the currency that has shed half its value in less than three years. The selloff erased the gains made during a rally late last week after Turkey’s central bank unexpectedly raised…
New Delhi: Domestic rating agency Icra (ICRA) on Monday further downgraded the country’s GDP projections, saying that the Indian economy could decline by 11 per cent during the financial year 2020-21. The rating agency had earlier predicted a 9.5 percent contraction. Icra revised its estimates and said that the rate of Kovid-19 infection in the country remains high. Significantly, after the official figures of growth for the first quarter of the current financial year, some analysts have said that the economy will fall by 14 per cent during the financial year 2020-21. There has been a 23.9 percent decline in…
Deadly clashes between Armenia and Azerbaijan are unlikely to result in major disruptions to energy production and supplies, analysts say, despite the region being a critical corridor for pipelines transporting oil and gas to the global markets. “There is not really much anticipation that this will boil over into something more serious for oil and commodity markets,” Edward Bell, a senior director at Dubai-based Emirates NBD bank, told CNBC. “If the geopolitical premium is not already in the price, I don’t think we’re going to see much reaction here on in,” Bell added, despite a worry that recent clashes could…
Mumbai: Speaking at the JP Morgan India Summit – Future in Focus, the Adani Group chairman said the AatmaNirbhar Bharat programme will be a game-changer. “I will state without any hesitation – that – in my view – over the next three decades, India is the world’s greatest business opportunity,” he said. India’s geostrategic position and massive market size give it an edge over its global peers amid the fundamental political realignment of nations taking shape, he said adding opportunities for India are likely to accelerate on the other side of the pandemic. “For the sake of the fans of…
New Delhi: Now, users can collect stickers of their favourite cricket stars as they pay digitally for their mobile bills, recharges, buying groceries or money transfers, Paytm said. Once they complete a set, they can redeem it for cashback up to Rs 1,000, it added. Every sticker collected by the user is automatically added to the cricket album. There are three different milestones to be achieved for getting cashback — 11 unique cricket players, 11 unique bowlers or 11 unique batsmen. Whenever a milestone is achieved, the users get a scratch card with an assured cashback. “We are excited to…
New Delhi: This year’s event will feature “incredible savings and deep discounts” on more than one million deals across every category, Amazon said on Sunday. Last year, the sales holiday was conducted in mid-July, but the pandemic this year disrupted its schedule. While traditionally the event is held simultaneously for all participating markets, this year Prime Day in India took place last month, ahead of the other markets. Amazon said it is designing this year’s Prime Day to support small business. “From now until October 12, we will offer Prime members a $10 credit to use on Prime Day when…
Today has been a great day for investors in the stock market. In a day’s business, the wealth of investors has increased by about Rs 3 lakh crore. LORGECAP, MIDCAP all witnessed great boom. In today’s trade, the Sensex gained 593 points and the Nifty gained 177 points. Large-scale action was seen in largecap stocks. 27 stocks of Sensex 30 closed in the green mark. There are 3 biggest reasons behind this. Expect better global signs, vigorous action in PSU bank shares and another relief package. There were reports that soon the government can give big capital support to the…
Mumbai: The Reserve Bank of India (RBI) on Monday said that it has decided to postpone the meeting of the Monetary Policy Committee (MPC) to be held this week and new dates will be announced soon. The central bank, however, did not give any reason for postponing the meeting. RBI’s bi-monthly monetary policy review was to begin on Tuesday, which would last for three days. During this period, mainly interest rates were to be decided. “MPC meeting scheduled to be held on September 29, 30 and October 1, 2020 is now being deferred,” RBI said in a press release. The…