Author: Finance Khabar
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,…
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…