Author: Finance Khabar
New Delhi: The country’s largest carmaker Maruti Suzuki India (MSI) remains bullish on the long-term growth prospects of the domestic automobile industry despite challenges in the short-term, a senior company official has said. The auto major, which has close to 50 per cent market share in the domestic passenger vehicle segment, noted that there remained a close connection between the state of economy and demand for automobiles. “If you look at the demand (for automobiles) in the long term, then obviously it depends upon the basic fundamentals of the economy. We have done a study. In the last 25-30 years,…
New Delhi: Following the registration of an FIR by the Chennai Police, Franklin Templeton has responded for the first time by saying they have not yet seen the copy of the FIR. The Economic Offences Wing (EOW) of the Chennai Police has registered a first information report (FIR) against the beleaguered Franklin Templeton Asset Management India Pvt Ltd (FTAMIL) and Franklin Templeton Trustee Services Pvt. Ltd. (FTTSPL) for hatching criminal conspiracy to defraud three lakh investors by causing wrongful loss to them and unlawful gain to themselves by committing various offences under the IPC. The FIR also names Santosh Das…
New Delhi: Days after the Comptroller and Auditor General (CAG) flagged that the Centre in the first two years of the GST implementation wrongly retained GST compensation cess that was meant to be used specifically to compensate states for loss of revenue, ministry sources said compensation due for the year 2017-18 and 2018-19 was fully paid to states. Time taken in reconciliation of compensation receipts can’t be termed as diversion of GST cess fund when the dues to states were fully released by the central government, they said. Sources said that in 2017-18, Rs 62,611 crore was collected, out of…
New Delhi: The move brings down curtains on the controversial priority plan issue, which saw the Telecom Regulatory Authority of India (Trai) initiating a probe into telco’s claims of priority network and faster data speeds for premium customers. Last month, the regulator had slapped a show-cause notice on VIL over its priority mobile plan, saying the tariff offer lacked transparency and was “misleading” and not in compliance with regulatory framework. Faced with regulatory heat, VIL recently dropped the faster data speed claims which formed a prominent part of its pay-more-for-priority-treatment offering and filed a revised plan with Trai. The regulator…
Guwahati: Both the companies will benefit from the agreement with NRL gaining a dedicated market and NALCO ensuring raw material security for itself, it said. The MoU was signed on Thursday at NALCO Bhawan, Bhubaneswar. NALCO Chairman and Managing Director Sridhar Patra and NRL Managing Director S K Barua and other senior officials of both the companies were present during the signing of the agreement NRL produces around 70,000-75,000 metric tonne of CPC per annum by processing raw petroleum coke generated in the refining process. The material will be dispatched from NRL’s marketing terminal at Numaligarh in Assam to NALCO’s…
Mumbai: RRVL has received “the subscription amount of Rs 7,500 crore from SLP Rainbow Holdings Pte Ltd (Silver Lake)”, RIL said in a regulatory filing on Saturday. Following the allotment of equity stake, “SLP Rainbow Holdings holds 1.75 per cent of the fully diluted equity share capital” of RRVL, it said. This investment had valued RRVL at a pre-money equity value of Rs 4.21 lakh crore. This is the second billion-dollar investment by Silver Lake in a Reliance Industries subsidiary after the USD 1.35 billion investment in Jio Platforms announced earlier this year. With more than USD 60 billion in…
New Delhi: In an industry first, HDFC Bank today launched a Warehouse Commodity Finance App. This will enable customers in drawing down and managing the loan against pledge of commodities online without physical intervention or multiple visits to a Bank branch. This in turn will bring in enhanced efficiencies and time savings for the agri value chain. Something that used to take days can now be done in a loan has been repaid. The new app will greatly benefit agri processors, traders and farmers who are primary beneficiaries of WHR loans (Warehouse Receipt Loans). The App has been launched at…
New Delhi: An ATM / Debit card is usually found with an account opened in the bank. But what if you get three debit cards on one bank account. Punjab National Bank (PNB) is providing this facility to its customers and its name is ‘Add on card facility’. Apart from this, PNB is offering another unique facility which is to link three bank accounts with a debit card and it is named ‘Add on accounts facility’. According to the information available on the website of Punjab National Bank, under the Add on Card facility, PNB customers can take primary debit…
Mumbai: No further relaxation is likely in terms of e-invoicing as the Centre is set to go ahead with the decision to make GST e-invoicing mandatory for companies with annual turnover of over Rs 500 crore for their business-to-business transactions starting October 1. Industry representatives, however, have urged the government to not make it mandatory and rather allow voluntary compliance. The relief, however, would be there for relatively smaller businesses, as the threshold for mandatory e-invoicing, a step to improve tax compliance, was earlier planned to be kept at Rs 100 crore, is set to be raised to Rs 500…
Mumbai: Anil Ambani, younger brother of Reliance Industries owner Mukesh Ambani, made a big disclosure about his assets in the loan case from three Chinese banks, stating that he did not have any significant assets. At the same time, his wife and family are managing his expenses. Anil also says that there is no other source of his income anymore and now he is an ordinary person. In fact, Anil Ambani and his company Reliance Com had taken a loan of more than $ 700 million from three Chinese banks in February 2012, which was personally guaranteed by Anil Ambani.…
East-West Seed India and FICCI organized a webinar on ‘Role of women in Agriculture’ in which Dr. Usha Barwale Zehr, Director & Chief Technology Officer, Maharashtra Hybrid Seeds Company Private Limited (MAHYCO), India, Archana Shukla, Associate Editor, Rural Affairs & Healthcare, CBC-TV18, Monique Van De Vijver, Innovation Manager Health, Solidaridad, Netherlands, participated as panelists. Dr.Mary Ann Sayoc, Head, Public Affairs, East-West Seed Global, moderated the session. Nearly 400 participants across India participated actively in the Webinar. Said Dilip Rajan, Managing Director, East-West Seed India, in his opening remarks, “In India, agriculture continues to absorb and employ the female workforce but…
New Delhi: In a major relief for stressed companies amid the pandemic woes, the Centre on Thursday announced the suspension of fresh insolvency proceedings under the Insolvency and Bankruptcy Code (IBC) by three more months till December. In a gazette notification, the Ministry of Corporate Affairs (MCA) said that the suspension on operation of Section 7, 9 and 10 of the IBC has been extended. “In exercise of the powers conferred by section 10A of the Insolvency and Bankruptcy Code, 2016, the Central Government has extended the suspension of sections 7,9, 10 of the IBC for a further period of…
New Delhi: Banks have so far sanctioned over Rs 1.77 lakh crore to MSMEs under the Emergency Credit Line Guarantee Scheme (ECLGS), it was announced on Thursday. In a series of tweets on the progress of the scheme, the office of Finance Minister Nirmala Sitharaman said that out of the total sanctioned amount, over Rs 1.25 lakh crore has already been disbursed. “As of 21 Sept 2020, the total amount sanctioned under the 100 per cent Emergency Credit Line Guarantee Scheme by PSBs and private banks to MSMEs and individuals stands at Rs 1,77,353 crore, of which Rs 1,25,425 crore…
New Delhi: By not disclosing about the transaction to Yes Bank’s board of directors, Kapoor has created an opaque layer between him and stakeholders, Sebi said in an order. Morgan Credits, which was an unlisted promoter entity of Yes Bank, raised Rs 950 crore from Reliance Mutual Fund, now Nippon India Mutual Fund, through unlisted Zero Coupon Non-Convertible Debentures (ZCNCDs) in April 2018. Kapoor, who was also the promoter of Yes Bank, entered into an agreement as a ‘guarantor’ with Morgan and Milestone Trusteeship Services with respect to the transaction through a trust deed. Kapoor being a ‘guarantor’ of the…
Chennai: In a major development, the Economic Offences Wing (EOW) of the Chennai Police has registered a first information report (FIR) against the beleaguered Franklin Templeton Asset Management India Pvt Ltd (FTAMIL) and Franklin Templeton Trustee Services Pvt Ltd (FTTSPL) for hatching criminal conspiracy to defraud three lakh investors by causing wrongful loss to them and unlawful gain to themselves by committing various offences under the IPC. The FIR also names Santosh Das Kamath, MD and Chief Investment Officer, FTAMIL, Sanjay V Sapre, whole time member, FTAMIL, and their directors Jayaram Subramaniam Iyer, Vivek Kudva, RV Subramaniam, Pradip P Shah…
In the Yes Bank money laundering case, the Enforcement Directorate has attached a residential flat in London to the co-founder of Yes Bank, Rana Kapoor. The market value of this property is 13.5 million pounds (about 127 crore rupees). The apartment is located at 77 South Audley Street London. Earlier, in July, ED had attached assets worth about Rs 2800 crore by ED to Rana Kapoor and others. These included flats in London and New York. The investigating agency said on Friday that this property was bought by Rana Kapoor in 2017 for £ 9.9 million (Rs 93 crore) in…
Hague: Vodafone has won arbitration case against India over government’s retrospective tax demand of more than Rs 20,000 crore, reports said on Friday. The Permanent Court of Arbitration at The Hague in its ruling said that the conduct of India’s tax department is in breach of “fair and equitable” treatment. Vodafone’s case at The Hague was presented by DMD Advocates. according to media report on Friday said that the Arbitration Tribunal has directed India’s a Tax Department to cease the conduct in question. A failure to comply with the directive will engage its international responsibility. The telco had moved the…
Mumbai: The global real private final consumption expenditure (PFCE) declined at record 11 per cent YoY last quarter while global real gross capital formation (GCF) fell 6per cent, and global real government final consumption expenditure (GFCE) remained stagnant in 2QCY20. It noted that India’s real PFCE contracted by 26.7 per cent and real GFCE saw a growth of 16.4 per cent in Q2 2020 (YoY). In terms of real GCF, India witnessed a decline of 47.5 per cent in Q2 2020 (YoY), the report added. It said that the real GDP in advanced economies (AEs) contracted 11 per cent, while…
New Delhi: According to a joint report by a joint initiative by Bengaluru-based market consulting firm RedSeer and Bigbasket (Brand Intelligence), driven by the significant rise in organic adoption during Covid-19, eGrocery has been on a surge with clocking 1.7 times in gross merchandise value (GMV) in June this year as compared to January. Online grocery will remain steady for the rest of the year to reach more than $3 billion, the report mentioned. “The industry has seen more than 70 per cent ARR (annual recurring revenue) jumps in the last quarter across categories. This brings the opportunity to serve…
Shopping on the domestic stock market returned on Friday amid better global cues. After a sharp fall on Thursday, the market has seen a strong boom today. Both the Sensex and Nifty index have closed strongly. Strong action has been seen in largecap stocks. At the end of trading, the Sensex has gained 835 points and closed at 37,388.66. At the same time, the Nifty is up by 245 points and is trading at 11050 level. All the Sensex 30 stocks have closed in the green mark. Bajaj Finserv and HCL Tech have been top gainers. Talking about global signals,…