Author: Finance Khabar
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…
Wipro Limited and ProcessMaker, a US-based software company and low-code workflow automation platform, on Monday announced a partnership for delivering workflow management solutions to the Bengaluru-headquartered firm’s customers in Latin America. This collaboration will leverage Wipro’s proprietary technology platform iCaaS (Intelligent Content as a Service) along with ProcessMaker’s Workflow automation platform to deliver Cognitive Content Automation solutions to customers, a Wipro statement said. These solutions will enable ‘paperless’ streamlined and efficient document processing while lowering the overall cost of operations, the statement said. It will digitise and automate complex business processes including KYC verification, account opening for financial services, invoicing…
New Delhi: In a letter to Revenue Secretary Ajay Bushan Pandey, the ICEA said that the reduction of custom duty on open cell from 5 per cent to zero per cent till September 2020 has given a huge fillip to domestic manufacturing of LED televisions and led to reduction in imports from ASEAN countries. It has sought an extension on the zero duty on open cell imports for three years. Citing the Ministry of Electronics and IT’s recent proposal to to impose duty of 5 per cent on open cell panels and bring pure cell to zero per cent in…
New Delhi: Government sources privy to the development said that there would not be any increase in GST rates at least during the year and even steps taken to correct the inverted duty structure would be postponed till the time the economic health of the country improves. The GST Council, in its meeting in August, just focused on the mechanism of compensation to states for revenue forgone due to the switchover to GST. Sources said even at the last meeting, it was a unified view that any review of GST rates should not be considered at this juncture. The same…
New Delhi: The special liquidity widow would now cover discoms dues to gencos up to June 30, 2020 instead of the Aatmanirbhar Package scheme that covered discom dues till March 31. As per analyst reports, discoms dues have risen from a level of around Rs 90,000 crore till March to about Rs 1.29 lakh crore by June end as the Covid-19 related lockdown squeezed demand and almost stopped payment from power consumers. Several states had asked for expanding the scope of the liquidity scheme to cover for this period as well. Under the scheme, central financing agencies, the Power Finance…
Mumbai: In a notification, the RBI said that the processes for NPA identification, income recognition, provisioning and generation of related returns in many banks are not yet fully automated. “Banks are still found to be resorting to manual identification of NPA and also over-riding the system generated asset classification by manual intervention in a routine manner,” it said. “In order to ensure the completeness and integrity of the automated Asset Classification (classification of advances/investments as NPA/NPI and their upgradation), Provisioning calculation and Income Recognition processes, banks are advised to put in place/upgrade their systems to conform to the following guidelines…
New Delhi: “The export of all varieties of onions… is prohibited, with immediate effect,” the Directorate General of Foreign Trade (DGFT) said in a notification in this regard. “The provisions under ‘Transitional Arrangement’ shall not be applicable under this notification.” In the revised policy, export of all varieties including ‘Bangalore Rose’ onions and ‘Krishnapuram’ onions excluding cut, sliced or broken in powder form, have been prohibited.
Mumbai: The domestic stock market has seen ups and downs amid better global cues. The beginning of the stock market got better, but later it became weak. At the end of trading, both the Sensex and Nifty closed down. The Sensex fell by 98 points in the business and closed at 38757. At the same time, the Nifty lost 43 points and closed at 11421 level. Today’s business saw a good boom in IT shares. However the bank and financial index closed weakly. HCL Tech, TCS and Tech Mahindra are today’s top gainers. Talking about global signals, the Dow Jones…
Mumbai: In a first-of-its kind recognition for an Indian corporate leader, Aditya Puri, MD, HDFC Bank was conferred the Lifetime Achievement Award by Euromoney Awards of Excellence 2020. The publication has recognised the iconic leader for his skills in building a world-class Indian bank at a time where there were no similar institutions in existence. The coveted honour from the global financial magazine in recognition of his illustrious career in banking comes just ahead of his retirement next month. In its editorial, the magazine writes, “Aditya Puri’s success since building HDFC Bank in 1994 can be measured, in part, by…
Wholesale price index-based inflation (WPI) rose to 0.16 per cent in August as food and manufactured items became costlier. This information has been given in a statement issued by the Ministry of Commerce and Industry on Monday. Earlier, for the last 4 consecutive months, wholesale inflation remained negative. It was -1.57 percent in April, -3.37 percent in May, -1.81 percent in June and -0.58 percent in July. The statement said that wholesale price index based inflation in August 2020 has been 0.16 per cent (temporary). It was 1.17 percent in August 2019. Food inflation in August stood at 3.84 percent.…
New Delhi: ByteDance, a Chinese company owned by TikTok, has turned down Microsoft’s offer. The company has said that it will not sell TikTok’s business to Microsoft. At the same time, ByteDance company has ‘technical partnership’ with Oracle Corp to run TikTok in the US. According to 3 people associated with the case, the ByteDance company has not fully sold its video-making app TikTok. Under this ‘Technical Partnership’ deal, Oracle Corp will now look into and resolve matters of national security issues that the Trump administration questioned. Let us know that US President Donald Trump gave ByteDans until September 15…
Mumbai: In a clarification issued on Sunday, the SEBI said apart from rebalancing their portfolio in the multi-cap schemes, mutual funds could facilitate switch to other schemes by unit-holders, merge their multi-cap scheme with their large-cap scheme or convert their multi-cap scheme to another scheme category, for instance, large-cum-mid-cap scheme. Kotak Mutual Fund has welcomed the SEBI clarification. Nilesh Shah, Managing Director, Kotak AMC, said in a tweet: “Immense gratitude to SEBI for issuing clarification on a Sunday evening. We will ensure compliance with SEBI Regulations in letter as well as spirit & optimize risk adjusted return for our Investors.…
New Delhi: Chief Economic Advisor (CEA) K V Subramaniam has expressed confidence that retail inflation will come down in the coming days after the lockdown was relaxed. He said inflation has increased due to supply constraints. According to government data, the rate of retail inflation has increased to 6.93 percent in July. Retail inflation has increased mainly due to increase in prices of vegetables, pulses, meat and fish. However, WPI inflation declined by 0.58 percent in July. Subramaniam said, “If you look at inflation, it is mainly because of supply side problems. However, these barriers will be overcome after the…
Mumbai: The development comes months after the private lender’s financial position worsened and its board was superseded by the Reserve Bank of India, leading to a rescue effort. The rating agency said that the upgrade factors various positive developments on the bank’s financial profile. Consequently, ratings on infrastructure bonds and ‘Basel II compliant lower tier II bonds’ were raised to ‘BBB’ from ‘BB+’. Similarly, ‘Basel III compliant tier II bonds’ were upgraded to ‘BBB-‘ from ‘BB’. “The rating upgrade factors in the sizeable capital raise of Rs 15,000 crore in July 2020, which has resulted in an improvement in the…
New Delhi: Speaking at Assocham’s webinar on ‘Covid-19 Impact and Opportunities’ for the civil aviation sector, he said: “The revival will at least take a year and the domestic market should be the focus right now. Regional connectivity is of utmost importance right now.” According to Remi Maillard , opening up of the domestic sector in a phased manner would help in reviving the industry. “While the Indian airline companies are suffering losses, the situation is not different in other countries. Passengers have to be told that travel by airlines is the safest form of travel today. Once they get the…
New Delhi: According to BenQ India Managing Director Rajeev Singh, the company’s institutional sales for flat screen wall and projectors have suffered due to the COVID-19 pandemic, but its impact has been compensated with increase in sales of monitor and projectors by retail customers. He told, “In terms of percentage, we are definitely looking at a 15 to 20 per cent increase. We are expecting at least three times growth in our monitor business during this year as compared to last year, and we work on a calendar year basis” . He said because of work from home, learning and…