Author: Finance Khabar
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…
Featuring brand ambassador Bollywood actor Anil Kapoor, Malabar brings the unique virtual store launch concept to Bihar for the first timeThe store marks Malabar Gold & Diamonds’ foray into Patna in BiharThe store launch is a part of global expansion plan of the Group Patna : Malabar Gold & Diamonds, one of the largest gold and diamond retail chains in the country, will inaugurate its first store in Patna in Bihar through a unique virtual store launch event on September 19, 2020. Brand ambassador Bollywood actor Anil Kapoor and Malabar Group Chairman M P Ahammed will grace the first-of-its-kind virtual…
Domestic stock market started in the midst of mixed global cues, but later it rose well. The Nifty crossed the 11600 level in business. Both the Sensex and Nifty index closed up. At the end of trading, the Sensex has gained 259 points and closed at the level of 39302.85. At the same time, the Nifty has risen by 83 points and has closed at the level of 11605. In today’s business, there has been a lot of buying in auto and pharma stocks. However, there has been pressure on public sector banks. Mahindra and Mahindra and Bajaj Auto have…
Mumbai: The recovery of the economy reeling from the impact of Covid-19 pandemic will be gradual, RBI Governor Shaktikanta Das said on Wednesday. Addressing the FICCI National Executive Committee Meeting, the central bank chief said that the country is still reeling under the impact of Covid-19 and will gradually come back on normal growth path. He, however, said that things have considerably improved in the second quarter after adverse impact the pandemic had on economic activity in the first quarter. Citing World Bank assessment, Das said that recovery globally would take a longer route as it is not fully entrenched.…
Mumbai: The smartphone application processor (AP) market that declined 26 per cent in the second quarter this year is set to be on a growth trajectory from 2021 onwards as 5G adoption reaches emerging markets, according to a new report. A mobile application processor is a system on a chip (SoC) designed to support applications running in a mobile operating system environment. Qualcomm led the global AP market with 29 per cent market share in Q2 with a drop of 3 percentage points compared to last year owing to Huawei’s HiSilicon SOCs. HiSilicon’s shipments in China increased, leading to decline…
Mumbai: Reliance Industries shares have made history in Wednesday’s business. RIL’s market cap has crossed 16 lakh crore for the first time. In today’s trade, RIL shares rose around 1.5 per cent and reached 2369. This is a 52-week high for the stock. With this price, the company’s market cap has crossed 16 lac crores. Please tell that this is the first company in the country whose market cap is more than 10 lakh crores. RIL shares have gained 173 per cent since its March low. The Reliance Industries stock has gained more than 173 per cent in the last…
New Delhi: Government sources said that BORL became a subsidiary of BPCL in March this year and the next step now is to convert it into a 100 per cent subsidiary before government stake in the company is sold to a strategic partner. For this to happen, it is essential that BPCL buys out OQ’s stake in the refinery before its own sale process goes off the ground. This is important as BPCL’s valuation may be impacted if a joint venture remains in its fold even after new owners take control. BPCL and OQ were 50:26 joint venture partners in…
Mumbai: Central Bank of India with 4651 branches is giving relief to the loan holders during the Corona period by reducing their loan interest rates. This leading public sector bank has now announced a reduction of 5 bps in its loan rates. This will make the Central Bank’s loans even cheaper. In order to extend the benefit of the repo rate cut by the Reserve Bank of India to its customers, the Central Bank has been continuously making loans cheaper and since April 2020, the bank has reduced its benchmark loan rate to 90 bps point. After this deduction, the…
New Delhi: More than 1,600 Indian companies in the country received USD 1 billion foreign direct investment (FDI) from China during April 2016 to March 2020. This information has been given in the government data. The figure was given in a written reply in the Rajya Sabha on Tuesday. The government was questioned whether it was a fact that Indian companies, particularly start-ups, have been heavily invested by Chinese agencies. According to the data, more than 1,600 companies received FDI from China of 102.25 billion dollars ($ 1.02 billion) during the period April 2016 to March 2020. These companies were…
New Delhi: “Going forward, dispersed offices and flexible workplace policies around WFH will spur housing demand on city peripheries, beyond the city-centre hotspots. This will lead to higher demand for large township developments which, because of their massive size, have been developed on the peripheries,” Puri said. However, he noted that integrated townships account for a mere 2 per cent of all housing supply since 2010, so their numbers are currently inadequate to meet the coming demand. According to data from Anarock, the top seven cities have just 101 integrated township projects, launched since 2010 till date, with 3.16 lakh…
Mumbai: Domestic benchmark indices traded between a tight range for the majority of the trading session before swinging higher in the closing hours of trade. S&P BSE Sensex was up 287 points sitting above the 39,000 mark while the 50-stock Nifty closed comfortably with 11,524 points. Volatility slipped further to sit below the 21 levels. Bank stocks surged, helping the indices close higher. Midcap and small cap stocks continued to rally, beating the benchmarks yet again on Tuesday. With the retail inflation coming in at 6.69% yesterday the economic data was also favourable. Midcap, small cap rally continues: Once again…
Bangalore: Flipkart on Tuesday said it will help generate over 70,000 direct and lakhs of indirect seasonal jobs this festive season. The direct jobs will be across supply chain — delivery executives, pickers, packers and sorters — while there will be additional indirect jobs at Flipkart’s seller partner locations and kiranas, the company said in a statement. “We are focused on creating impactful partnerships that offer great consumer experience while creating additional opportunities for progress of the entire ecosystem as it scales for the Big Billion Days (BBD),” said Amitesh Jha, Senior Vice-President, Ekart and Marketplace, Flipkart. Filpkart said that…
New Delhi: The committee in its report on “Financing The Startup Ecosystem” said the tax should be removed at least for the next two years to encourage investments amid the pandemic. “The Committee would like to strongly recommend that tax on Long Term Capital Gains be abolished for all investments in startup companies (as designated by DPIIT) which are made through collective investment vehicles (CIVs) such as angel funds, AIFs, and investment LLPs,” it said. It suggested that after this 2 year period, the Securities Transaction Tax (STT) may be applied to collective investment vehicles (CIV) so that revenue neutrality…
New Delhi: “We need to protect the jobs we have created and we will do everything possible to achieve this,” the company said in a statement. “Over our two decades of operations in India, we have worked tirelessly to build a strong competitive local supplier eco-system and develop strong capable human resources. Our first step is to ensure full capacity utilisation of what we have created and this will take time.” The company’s statement comes after a report cited that future investments by the auto maker might stop given the high tax incidence in India. “In wake of the slowdown…
Hyderabad: The battery and the vehicle have been designed and developed factoring in the gradient requirements of Nepal, the company said, adding that it has developed “power train” capabilities and efficiency in its vehicles to enhance the user experience in rough terrain. In a bid to expand to other international markets, the startup is also looking for good distribution partners that can create an efficient channel network for vehicle sales and service in the target markets. “We will be expanding to other international markets as well over the course of next year with particular focus on South Asia, South East…
New Delhi: The Asian Development Bank (ADB) has forecast a 9 per cent decline in the Indian economy in the current financial year 2020-21. The Asian Development Outlook (ADO) -2020 update released by the ADB on Tuesday said that the economic activity in India has been severely affected by the Corona virus. This has also impacted consumer sentiment, which will cause a 9 per cent drop in gross domestic product (GDP) in the current financial year. However, the ADB estimates that there will be a big boom in the Indian economy in the next financial year 2021-22. In the April-June…