Author: Finance Khabar
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…
New Delhi: The new market entry will be led by an engaging marketing campaign in India and the UAE as MakeMyTrip partners with Royal Challengers Bangalore (RCB), Mumbai Indians (MI) and Chennai Super Kings (CSK), the company said in a statement “We are excited to take MakeMyTrip to the UAE and introduce travel offerings that are stamped with our understanding of evolving traveller needs that will serve the expatriate as well as Emirati population in the region. “As the travel industry gets back on the rails after pandemic-led disruption, we continue to believe in the long-term opportunity in travel and…
Chennai: In a statement issued here, Ashok Leyland said the order encompasses the company’s model Ecomet over the next 5-6 months. “Over the last few years, Ashok Leyland has made significant efforts to increase its market share in the ICV segment and our efforts have given rich dividends,” Anuj Kathuria, Chief Operating Officer, Ashok Leyland said.
New Delhi: An analysis of 92 gold jewellery retailers, accounting for 40 per cent of the sector’s revenue, showed that the number of new store additions is expected to reduce to almost by a third of the average between fiscals 2017 and 2020, it said. “Consequently, capital investments will be 70 per cent lower at Rs 650-700 crore this fiscal compared with the average of the past four fiscals,” the Crisil analysis said. “Cash accrual is expected to decline 40 per cent on-year, given an expected 35-40 per cent fall in sales volume for the industry – the steepest on-year…
Mumbai: HDFC Bank today announced the launch of Video KYC (Know Your Customer) facility. After successful completion of the pilot project, HDFC Bank has deployed consent-based Video KYC facility as an alternate method of establishing the prospective customer’s identity, during the account opening process in a safe and secure environment. The video KYC facility is a result of an Agile Pods comprising teams from Branch Banking, Digital Banking and Retail assets working together. At HDFC Bank, there are various Agile Pods working on new products and services for customers. This is in line with the One Bank vision of harnessing…
MUMBAI: After the US Federal Reserve said uncertainty about the return of the economy to the track, there was a sell-off in the domestic stock market on Thursday and the major stock index Sensex due to the breakdown of financial stocks. Fell over 200 points. The 30-share BSE Sensex was down 216.76 points, or 0.55 percent, to trade at 39,086.09, while the NSE Nifty fell 44 points or 0.38 percent to 11,560.55 points. ICICI Bank fell the most by one percent in the Sensex. Apart from this, HDFC Bank, PowerGrid, Bajaj Auto, Kotak Bank, Axis Bank and L&T were also…
New Delhi: No-frill carrier SpiceJet Limited on Tuesday posted a net loss of Rs 600.52 crore for the June quarter, owing to the suspension of flight operations due to the coronavirus-induced lockdown. The airline had reported a net profit of Rs 262.8 crore in the corresponding period of the previous financial year. Company’s operating revenue stood at Rs 521 crore in the first quarter of 2020-21, significantly lower as against Rs 3,002.8 crore a year ago. Similarly, its operating expenses were down to Rs 1,311.6 crore in June quarter, compared to Rs 2,886.7 crore in the year-ago period. SpiceJet Chairman…
New Delhi: Construction major Tata Projects has won the bid to build the new Parliament building here in the national capital. According to a company spokesperson: “We have emerged as the a ‘L1’ (lowest bidder) in the comprehensive bidding process and are first in line to be awarded this prestigious contract to construct the new building of the Parliament.” “Tata Projects is honoured to be associated with this project and to accelerate India’s development,” the spokesperson told IANS . As per the available information, Tata Project bid an amount of Rs 861.9 crore. Reportedly the second lowest bid was by…
Mumbai: Total tax collection of the Centre, including advance tax collection for the second quarter, fell 22.5 per cent to Rs 2,53,532.3 crore till September 15 of the current fiscal as compared to the year-ago period, according to an income tax department source. The source shared some details about the provisional data. During the same period ended September 15, 2019, total tax collection stood at Rs 3,27,320.2 crore, the income tax department source from Mumbai zone told PTI over phone on Wednesday. However, the source refused to share the advance tax numbers separately for the current quarter. The numbers are…
Bill Gates Sr., father of Microsoft co-founder Bill Gates, died at their beach home in Seattle. He was 94 years old. Giving this information, his family said that Alzheimer’s illness was the cause of his death. William Henry Gates II was born on 30 November 1925 in Bremerton, Washington. Bill Gates said in a tweet that his father was the real Bill Gates. They are everything they try to be and they will miss them every day. According to the New York Times, Gates Sr. was instrumental in establishing the world’s largest philanthropy Bill & Melinda Gates Foundation. Bill Gates…
Russia’s Sovereign Wealth Fund has agreed to sell 10 million doses of its Corona virus vaccine Sputnik-V to the Indian drug company Dr. Reddy’s Laboratories. The fund gave its information on Wednesday. Russia is intensifying plans to distribute its vaccine abroad. The deal comes after Russian Direct Investment Fund (RDIF) agreed with Indian manufacturers to produce 300 million doses in India, a major customer of Russian oil and weapons. The process will start as soon as the regulatory approval is received. Delivery to India could potentially begin in late 2020. CEO of Russian Direct Investment Fund, Kirill Dimitriv said that…