Author: Finance Khabar
San Francisco: A broad sell-off in the overall tech sector amid an ‘underwhelming product launch event this week has resulted in Apple stock plunging nearly 22 per cent from its intraday record high of $137.98 on September 2, losing around $532 billion in market value. According to a CNBC report, it took just 12 trading sessions for Apple to plunge more than 20 per cent from its all-time high, giving up more than half a trillion in market capitalisation. The iPhone maker last month scripted history by becoming the first American company to touch $2 trillion in valuation. Earlier this…
China said on Saturday that it was strongly against the US’s move to block WeChat and TikTok apps and warned of retaliation to protect the interests of Chinese companies. The US on Friday issued orders to ban popular Chinese social media apps TikTok and WeChat from Sunday to protect national security. India had banned them a few weeks earlier. India had said that these apps are a threat to the sovereignty, unity and security of the country. Last month, US President Donald Trump signed an executive order banning TikTok and WeChat by 15 September. There was talk of banning them…
Gurugram: Policybazaar.com (Twitter handle: PolicyBazaar), India’s largest online insurance marketplace with over 10 million customers, showcases its commitment to customers in its new television campaign “AapKiSideHai”. The new ad campaign featuring Policybazaar’s brand ambassador, Akshay Kumar, highlights the brand’s promise of embracing a holistic customer centric approach while helping to bridge the insurance protection gap in India. Policybazaar’s AapKiSideHai campaign seeks to reassure its customers on being a dependable Insurance partner for them, every step of the way. The brand has always focused on distributing products like term insurance, health insurance, zero commission ULIP’s and motor insurance that are optimal…
New Delhi: Finance Minister Nirmala Sitharaman today said that the purpose of the Insolvency and Bankruptcy Code (IBC) is not to shut down companies but to maintain their existence. He said that IBC is doing a good job and has succeeded in fulfilling its objective. Sitharaman said this while replying to the discussion in the Rajya Sabha on the Insolvency and Bankruptcy Disability Code (Second Amendment) Bill, 2020. The bill was passed by voice vote in the Rajya Sabha. The bill will replace the ordinance brought in June in this regard. There is a provision under this bill that no…
New Delhi: Currently, FPIs that operate as trusts have to pay a surcharge as high as 37 per cent if their dividend income is over Rs 5 crore and 25 per cent in case of a dividend income of Rs 2 crore and Rs 5 crore, following measures in the 2019-20 budget. The government was at the receiving end of criticism from several quarters due to the existing the surcharge structure put in place in the FY20 budget. “The Finance Act, 2020 is also proposed to be amended to clarify regarding capping of surcharge at 15 per cent on dividend…
New Delhi: The initiatives are focused on providing better financial service to farmers and empowering them towards farm mechanisation, the bank said in a statement. Executive Director Vikramaditya Singh Khichi said: “Agriculture sector is the only resilient sector with least impact by the Covid pandemic. With more than normal monsoon, the economy is expected to revive through contribution from the agriculture sector.” “At Bank of Baroda, we strive to make our products competitive and improve our processes keeping the customers at the centre. The new cluster model will help in maintaining TAT for customers and improvise the credit quality,” he…
New Delhi: Paytm is back on Google Play Store. Earlier in the day, the app was removed by Google on the charge of violating the policy on gambling in the Play Store. Paytm founder Vijay Shekhar Sharma has given information about this by tweeting. He said in the tweet that thanks all the people for their support. Paytm app is back, live in play store. Next to this he has written that this morning he launched the UPI cashback. Google suspended the app for this reason. India, you decide whether giving cashback is gambling. Google removed the Paytm app from…
New Delhi: Riding on the surge in grocery demand in the Covid-19 times, online retail sales in Asia will grow from $1.5 trillion in 2019 to $2.5 trillion in 2024, with a compound annual growth rate (CAGR) of 11.3 per cent, a new Forrester report said on Friday. Due to the pandemic, adoption of online grocery is getting a boost, with an expected CAGR growth of 30 per cent during the forecast period and online penetration doubling from 5.1 per cent in 2020 to 10.6 per cent in 2024. “Grocery is the largest retail category, accounting for 35 per cent…
New Delhi: Uber Technologies Inc. is bringing Amazon’s Sukumar Rathnam as its new Chief Technology Officer, reports said on Friday. Rathnam has been at Amazon since 2011, and most recently he was appointed as VP in charge of product selection and catalogue systems. Uber, which has focused on scaling its food delivery business amid Covid-19 restrictions, made the announcement of Rathnam’s hiring internally on Thursday, The Information first reported. Rathnam is likely to assume his new role at Uber staring later this month. The position of CTO has been lying vacant Uber for more than three months now as the…
New Delhi: The gap between government’s total income and expenditure is expected to balloon to Rs 14.6 lakh crore or 7.6 per cent of GDP in FY21 as economic disruptions are set for a long haul due to Covid-19 pandemic, brokerages analysing the deficit numbers said. The Controller General of Accounts early this month said that the country’s fiscal deficit has expanded to 103.1 per cent of Budget Estimate in the April-July period primarily due to lower tax collection and higher expenditure for Covid-19 relief. The signals are clear indicators that the fiscal deficit would break all previous records to…
New Delhi: The idea is to plug third country imports from countries such as China reach ing India using the concessional duty or zero-duty benefit available under FT As. While India has signed FTAs with several key countries, such as Japan, South Korea, ASEAN members (which include Thailand, Singapore and Vietnam), it do es not have a similar arrangement with China. Finance ministry sources said that from September 21, when new rules of orig in under FTAs comes into force, customs officials would strictly verify all major import consignments to check for any misuse of the trade agreement and would…
New Delhi: The progress of the BharatNet project to provide broadband has been slow — out of the targeted 2.5 lakh gram panchayats planned to be connected, only 1.43 lakh have been made service-ready so far. The timeline for the ongoing Phase-II of the project, earlier scheduled to be achieved by August 2021, will now be extended. Minister of State for Communications, Sanjay Dhotre, in a written reply in the Rajya Sabha attributed the delay to the lockdown and restrictions on movement imposed by the various state governments due to COVID-19 and other reasons. “As of September 1, a total…
New Delhi: According to Crisil, the trend in monthly collection efficiency till August 31, 2020 (unadjusted for moratorium) shows there is still some way to go before reaching pre-pandemic levels. While the recent restructuring scheme afforded by the Reserve Bank of India (RBI) would be a leash on reported non-performing assets (NPAs), underlying challenges continue. Loan delinquencies of NBFCs could dart up 50-250 basis points (bps) this fiscal, depending on the segment of operation, because of vulnerability in borrower cash flows. This is a base-case estimate without factoring in loan restructuring and the Covid-19 affliction curve, the report of the…
New Delhi: In a survey of over 1,000 SMBs in India, 60 per cent said they are already using Cloud, though almost half are at early stages of adoption, said the report titled “SMB Cloud Adoption in India: Towards a Cloud First nation.” India’s Public Cloud market stands at Rs 170 billion in fiscal 2020 and is growing at approximately 30 per cent compound annual growth rate till FY2025 to reach Rs 630 billion, Nasscom said. “As India aims to become a Cloud-first nation and with the government’s push for Cloud adoption by MSMEs, it will be crucial for SMBs…
Mumbai: The domestic stock market closed weakly amid mixed global signals. The market started with a rapid pace, but later it declined. The Nifty became weak and closed at the level of 11505. The Sensex had a weakness of about 134 points and closed at a level of 38,845.82. The Nifty has a weakness of 11 points and closed at 11505 level. In today’s business, there has been a sharp rise in pharma stocks. Bank and financial shares have seen weakness. Airtel and Mahindra and Mahindra are the top gainers today. At the same time, HDFC Bank has been the…
New Delhi: In a written reply to a question in Rajya Sabha, the Minister of State for Communications, Sanjay Dhotre said that Bharat Sanchar Nigam Limited (BSNL), has 44.4 per cent of its mobile network equipment from ZTE and 9.0 per cent from Huawei. The other public sector operator Mahanagar Telephone Nigam Limited (MTNL), has 10 per cent of its mobile network equipment from Chinese equipment manufacturers. Significantly, at the height of the Indo-Chinese border tensions, the Centre cancelled the 4G upgradation tender for BSNL as it has decided to come up with fresh specifications for the upgrade process. The…
Toyota Kirloskar Motor (TKM) said on Thursday that it is fully committed to the Indian market and its national objectives. With this, the company once again denied the claim of one of its senior officials that Toyota will stop its expansion in India due to excessive taxes. The auto maker, which sells models such as Innova and Fortuner, said it has full faith in India’s economic growth potential and is fully committed to contributing in this direction. TKM managing director Masakazu Yoshimura said in a statement that the company has grown in the last two decades of its presence in…
New Delhi: Capital markets watchdog Sebi plans to rope in an agency to process and maintain records of investor complaints received by the regulator. The mandate for the agency is to receive grievances from investors through physical or electronic mode and categorise them. The agency will also be responsible for tracking complaints’ status online and conducting follow-ups, besides preparing action taken reports (ATRs) and updating the status of grievances on Sebi’s online platform for complaints, SCORES. Complaints Redress System (SCORES), which registers and tracks investor complaints against listed entities or intermediaries, is a web-based and centralised grievance system developed by…
New Delhi: Walmart Foundation, the philanthropy arm of retail major Walmart, on Thursday announced two new grants, totalling USD 4.5 million (around Rs 33.16 crore) to help improve farmer livelihoods in India. The new grants will help two NGOs -Tanager and PRADAN -to further scale their efforts to help farmers earn more from the improved output and fair market access, Walmart said in a statement. Both grantees will focus on increasing opportunities for women farmers via farmer producer organisations (FPOs), it added. In the latest round of Walmart Foundation grants, international non-profit organisation Tanager will receive over USD 2.6 million…
Skoda India has launched the automatic version of Rapid in India. The ex-showroom price of Rapid Automatic ranges from Rs. 9.49 lakhs to Rs. 13.29 lakhs. This price is 50000 rupees more than the manual version. Automatic transmission will now be available in all variants of Skoda Rapid, RIDER, RIDER PLUS, Ambition, Onyx, Style and Monte Carlo. The Skoda Rapid Automatic is powered by a 1.0 liter, 3 cylinder petrol engine. It generates 110hp power and peak torque of 175Nm. It also has a 6-speed torque converter. The mileage claims to be 16.24kmpl in this variant. The Rapid Manual version…