Author: Finance Khabar
Beijing: The country’s growing fascination with the U.S. pioneer’s sleek designs and cutting-edge technology is giving a string of second-wave home-grown Tesla wannabes the traction to raise more funding, expand production and boost sales. Chinese EV startups NIO, XPeng Inc, Li Auto and WM Motor have raised more than $8 billion between them this year and now rival Aiways is planning to go public, its co-founder and President Fu Qiang told Reuters. Speaking ahead of the Beijing auto show which starts on Saturday, Fu said the relative success of U.S. initial public offerings (IPO) by XPeng and Li Auto had…
Mumbai: The RBI had planned to buy up to 100 billion rupees ($1.35 billion) worth of six-year to 11-year papers at an open market operation. But despite receiving bids worth 664.73 billion rupees in total, it did not accept any of them. “The RBI seems unhappy with the bids offered. If the market is in stress as (traders) say they are due to the high supply, (the market) should be selling at reasonable levels,” a senior trader at a private bank said. “It is possible that RBI, which is also buying in the secondary market, feels that they can get…
MG Motor India has introduced India’s first Autonomous (Level 1) Premium SUV, MG Gloster. The much-awaited Gloster comes as the carmaker’s third product in India after the Hector, India’s first Internet car, and ZS EV, India’s first internet electric SUV. The MG Gloster comes with first-in-segment Advanced Driver Assistance System (ADAS)**. Some of its pioneering features include Adaptive Cruise Control (ACC), Automatic Emergency Braking (AEB) and Automatic Parking Assist amongst others like Forward Collision Warning (FCW), Lane Departure Warning (LDW) and Blind Spot Detection (BSD). MG has further come up with an on-demand Four-Wheel Drive that extends multiple driving modes…
Mumbai: The company is communicating with its customers in India and will keep them updated on future support, it added. The company’s dealer network will continue to serve customers through the contract term, Harley Davidson said. “As part of The Rewire, an overhaul of its operating model and market structure, the company is changing its business model in India and evaluating options to continue to serve its customers,” it noted. The Milwaukee-based company refers to ‘The Rewire’ as a term to describe restructuring actions related to employees and other services. Industry sources said the company is looking to tie up…
New Delhi: Two offshore companies of IL&FS Group, ITNL Infrastructure Developer LLC, ITNL International DMCC have filed for bankruptcy in Dubai. The two companies are subsidiaries of ITNL International Pte. Limited, (IIPL) Singapore, which is a step-down subsidiary of IL&FS Transportation Networks Ltd (ITNL). In a regulatory filing, ITNL said that the two “subsidiary/associate companies set up by ITNL International Pte. Limited, (IIPL) Singapore in Dubai, UAE have filed an application before the Courts in Dubai for opening of insolvency/bankruptcy procedures under the Federal Decree-Law No. 9/2016 on Bankruptcy” ITNL Infrastructure Developer LLC, is a a limited liability company registered…
Due to the coronavirus epidemic, the Mobile World Congress (MWC) event will now start from 28 June 2021. This information has been given by the Global Industry Body GSM Association. MWC is the world’s largest 4-day event in the telecom sector. Although every year the event takes place in the last week of February, but this year MWC was canceled after telecom companies refused to participate in this annual event one after the other due to the Kovid 19 epidemic. These included companies including Vodafone, Cisco, LG, Vivo, NTT DoCoMo, Sony, Amazon, Facebook, MediaTek and Intel. GSMA said in a…
Mumbai: Thursday was a bad day for the stock markets. The Sensex fell 1114.82 points to close at 36,553.60, while the Nifty lost 326.30 points to close at 10,805.55. Among the 30 companies listed on the Sensex, all other stocks except Hindustan Unilever declined. IndusInd Bank suffered the maximum setback of 7.10 per cent. Apart from this, shares of Mahindra & Mahindra and Bajaj Finance have broken more than 6%. Shares of TCS and Tech Mahindra fell more than 5 per cent and shares of Tata Steel, ICICI Bank, Infosys, Axis Bank, Bajaj Finserv, SBI fell 4 per cent. On…
New Delhi: With an aim to offer easy and flexible car ownership for customers, Maruti Suzuki on Thursday announced the launch of its vehicle subscription program, Maruti Suzuki Subscribe. The program “allows a customer to use a new car without actually owning it and by paying an all-inclusive monthly fee that comprehensively covers complete maintenance, insurance and roadside assistance,” the company said in a statement. The facility is available for individuals located in Delhi, NCR (Noida, Ghaziabad, Faridabad, Gurugram) and Bengaluru. However, the company plans to roll out this program in up to 60 cities in the next two to…
A health-tech solutions business, aimed at improving the health outcomes of consumers through smarter, connected and holistic care Introduces ‘Aarogya Care’, an industry-first, offering a wide range of Personalized, Preventive and Prepaid Healthcare packages Based on a mobile-first approach, ‘Aarogya Care’ integrates the various complementary components of the health ecosystem, to provide ease of access to quality and affordable healthcare, anytime, anywhere Nasik : Bajaj Finserv Ltd, India’s leading financial services conglomerate, today announced the launch of its fully owned subsidiary Bajaj Finserv Health Ltd., (BFHL), a health-tech solutions business, aimed at improving the health outcomes of Indian consumers through…
HDFC Life Insurance Company Limited has entered into a corporate agency arrangement with Yes Bank, the company announced on Tuesday. The arrangement will enable Yes Bank to sell a range of life insurance products including solutions for protection, savings and investment, retirement and others, to its customers. Life insurance is an important financial tool for covering the risk of mortality, morbidity and longevity. Every individual with responsibilities needs adequate life insurance to ensure that their family is financially protected in their absence. “There is a huge potential for insurance coverage across life & health protection, savings and annuity products in…
Bharti Airtel on Wednesday said it has picked up a strategic stake in tech startup Waybeo under the Airtel Startup Accelerator Program. “As part of its strategy to scale up its cloud offerings, Bharti Airtel (“Airtel”) today announced that it has picked up a strategic stake in tech startup Waybeo under the Airtel Startup Accelerator Program,” the telco said in a statement. The company, however, did not divulge into the financial details of the deal. Trivandrum-headquartered startup, Waybeo, is focused on deep Al based analytics for cloud telephony. It is the fifth startup, (after Vahan, Spectacom, Lattu Kids and Voiceze)…
Kolkata: Parliament passed the Essential Commodities (Amendment) Bill, 2020, which seeks to remove cereals, pulses, oilseeds, edible oils, onion and potatoes from the list of essential commodities. The bill, which replaces an ordinance promulgated in June, is aimed at eliminating fears of private investors of excessive regulatory interference in their business operations. “The relaxation on ECA will increase farmers’ income as they will be able to sale their produce anywhere, and not just to the local mandi. Now, large corporates will go deep into villages to buy crops directly. It will be remunerative for farmers,” the economist told PTI. But…
Kolkata: “The MFIs are now slowly overcoming the challenge by keeping in touch and hand-holding customers to wade through the difficult times,” an official of the Microfinance Institutions Network (MFIN) said.The complete stoppage of micro-finance operations from March-end to May due to the coronavirus-induced lockdown had been a big setback, he said.He said although the MFIs provided moratorium to customers as per RBI guidelines, they were not extended the same by some lenders. “This caused a double squeeze. However, policy support in the form of TLTRO (targeted long-term repo operations) and special liquidity facility by the apex bank helped MFIs overcome…
We have seen weakness in the stock market for the third consecutive day. The domestic stock market started with strong momentum amid mixed global cues, but later the market was weak. The selling in Pharma and PSU bank shares was more. The Nifty closed below 11150 in business. At the end of trading, the Sensex has lost about 66 points and closed at the level of 37,668.42. At the same time, the Nifty has lost 22 points and closed at 11132 level. Axis Bank was the top gainer in today’s business, while Airtel fell 8 percent. Talking about global signs,…
New Delhi: Sources in the government said that with 21 states expressing their preference for the Borrowing Option-1 proposed by the Centre to meet the GST compensation needs of states this year, the next course of action would extend the period of cess levy beyond five year GST transition period that ends in June 2022. As the Council is likely to adopt the compensation formula suggested by the Centre in the difficult year of Covid-19 pandemic, sources said it may also decide how long compensation cess levy should be extended to clear all dues to states. “A two-year extension of…
Hyderabad: According to a press release issued by the city-based vaccine maker, Bharat Biotech owns the rights to distribute the vaccine in all markets except the US, Japan and Europe. While the Phase I trial will take place in St Louis University’s Vaccine and Treatment Evaluation Unit, Bharat Biotech, upon obtaining the required regulatory approval, will pursue further stages of clinical trials in India and undertake large scale manufacture of the vaccine at its GMP facility in Genome Valley here, it said. Adenoviruses are the basis for many investigational vaccines for COVID-19 and other infectious diseases, such as Ebola virus…
New Delhi: The order came after Sebi received multiple complaints pertaining to allegations of malpractices with respect to the co-location facility being provided by the National Stock Exchange of India (NSE). In the wake of allegations of preferential access to tick-by-tick (TBT) data feed given by NSE to certain trading members (TMs), the matter was taken up for investigation and Advent was one of the trading members that was identified for comprehensive investigation for primary and secondary server connects, Sebi said. As per NSE’s co-location guidelines, secondary server was provided by NSE in order to enable members to connect to…
Mumbai: The upward revision in prices is part of the annual exercise undertaken to adjust inflation, fluctuation in currency and fuel price, among others, it said. As per the General Price Increase (GPI), effective January 1, 2021, the average shipment price increase will be 9.6 per cent as compared to 2020, depending on the shipping profile, Blue Dart said in the release. The company said it adjusts its prices annually, taking into account inflation, currency dynamics, fuel cost fluctuations and other rising regulatory and mandatory costs, such as expenses related to compliance for workforce with enhanced security regulations across the…
Amaravati: With its finances under strain, the state government established the AP State Development Corporation (APSDC) on August 27 as a new avenue to borrow more money and channelise donations from different sources. Money borrowed by SDC will not come under the Fiscal Responsibility and Budget Management Act limits, providing a major relief to the state government as it is set to raise more loans to meet its needs, including payment of salaries. It approached various banks for borrowing sums between Rs 15,000 crore and Rs 25,000 crore this financial year, stating that the money thus generated would be spent…
Ford India has launched a new Sport Edition of Endeavor. Its ex-showroom price is 35.10 lakh rupees. Booking of Ford Endeavor Sport has started at all dealerships of the company and online. The Sport Edition is not a limited edition, which means it will continue to be available like other regular variants of Endeavor. The Endeavor Sport will be available in three colors – Diamond White, Diffused Silver and Absolute Black. The car comes with a warranty of three years or 1 lakh km, whichever comes first. Talk about features Ford Endeavor Sport has features like smoked black LED headlamps,…