Author: Finance Khabar
Chennai: Over 90 per cent of employees in the Information Technology industry, working from home due to the outbreak, fulfilled the commitments made to the clients,Software Technology Parks of India Director, Sanjay Tyagi said. “I am glad to inform you that in the last six months we have shown Rs 25,000 crore exports in the last two quarters of this financial year”, he said at an event organised by CII, Tamil Nadu, recently. This figure was actually more than last year’s exports during these two quarters, he said. “This (achieving Rs 25,000 crore exports) is something which is phenomenal that…
New Delhi: Mutual fund companies have withdrawn from the stock markets at a time when economic activity has slowed around the world due to the bottlenecks caused by the corona virus and the stock market continues to fluctuate. According to data from the Securities and Exchange Board of India (SEBI), mutual fund companies invested a net Rs 39,755 crore in shares during January-June. “The fresh withdrawal of mutual funds is the reason for the negative flow of funds in equity mutual fund schemes during the last two months,” said Divam Sharma, co-founder of Green Portfolio, a portfolio management services company…
New Delhi: Inaugurating three 900 crore rupees-worth petroleum sector projects in Bihar, on Sunday, Prime Minister Narendra Modi said, “In the last 15 years, Bihar has shown that development happens with the right government.” Among those present in the virtual ceremony were Bihar Chief Minister Nitish Kumar and Deputy CM Sushil K Modi. The projects include the Durgapur-Banka section of the Paradip-Haldia-Durgapur Pipeline Augmentation Project and two Liquified Petroleum Gas (LPG) Bottling Plants in Banka and Champaran, according to news agency PTI. Endorsing Nitish Kumar as the chief ministerial candidate for the upcoming Bihar elections, PM Modi said, “There was…
New Delhi: State Bank of India has changed the interest rate of Fixed Deposit (FD). The bank has reduced the interest rate on FDs of less than Rs 2 crore ‘from 1 year to less than 2 years’. This deduction is 0.20 percent. There is no change in the interest rates on all other maturity periods of FD. The new interest rate for the respective maturity period became effective from 10 September 2020. The bank had earlier changed the interest rates on FDs in May. After the reduction in the interest rate, now the annual interest on FDs of less…
New Delhi: India’s domestic trade is struggling with its worst days of the century due to covid. With no sign of immediate relief in the near future, it has made traders across the country stand on their knees. Commenting on the economy of the country, the Confederation of All India Traders (CAIT) said that about 25% of small businessmen across the country had around 1.75 crore due to no support package from both the central and state governments to get relief from covid. The shops are on the verge of closure, which will be most disastrous for the country’s economy.…
New Delhi: Union minister R K Singh on Saturday inaugurated community-focused facilities developed by NTPC in Bihar, the power PSU said. The facilities included a three-km Meh-Indrapuri barrage road built by the power producer that will cut down the distance between Nabinagar in Aurangabad to Patna by 12 kilometre, NTPC said in a statement. Besides, the minister inaugurated two NTPC community centres built at a cost Rs 62 lakh in Barh town to support over 13,500 people in the adjoining villages, it said. “R K Singh, Minister of State (Independent Charge) for Power, New and Renewable Energy today inaugurated a…
New Delhi: The next time you don’t receive an electricity bill on time or your bill-related complaint is not addressed in the earnest, you can put the discom in your area in the dock and seek compensation. The government has unveiled the Draft Electricity (Rights is Consumers) Rules, 2020 that has eased the way electricity is supplied to consumers and also offers them a host of other services. The Power Ministry has put the draft of the rules for comments and stakeholders consultation and intends to implement it as part of consumer charter initiative. As per the draft rules, discoms…
The world changed drastically with the onset of coronavirus at the beginning of 2020. A disease, which originated in China, soon turned into a pandemic making people across the world kneel to its whims and fancies. It challenged globalization, banned leisure travel and forced people to confine to their homes to stay safe. Just like other countries, India too witnessed a harsh nationwide lockdown that, ultimately, impacted the economy. With an adverse effect on the country’s GDP, an influence on the insurance industry had to be coming. The GDP of a country is one way of measuring the insurance penetration…
Motorola is now giving a tough competition to Chinese smartphone companies. The company is continuously launching new smartphones in the market. After the Moto G9 Plus, the company has now launched its new budget smartphone Moto E7 Plus. This new smartphone has just been launched in Brazil but the E7 Plus can be launched in other markets soon. The price of Moto E7 Plus has not been officially announced yet. Motorola has listed the smartphone on its Brazil website. According to the website, this phone will come in Amber Bronze and Navy Blue color options. The Moto E7 Plus has…
Washington: The budget deficit of the world’s largest economy America has reached an all-time high of $ 3,000 billion in the first 11 months of the current budget year. The Finance Department gave this information on Friday. The US government has had to spend a large amount of money to mitigate the effects of the Corona virus pandemic, which has impacted the budget deficit. The epidemic has caused millions of jobs in America. The United States has the most cases of corona infection in the world. In the 11-month period from October to August of the current budget year, the…
New Delhi: State-run Canara Bank on Friday announced that it has raised Rs 1,012 crore via Basel III Compliant Additional Tier 1 bonds. “The Bank has issued and allotted Basel III Compliant Additional Tier I Bonds amounting to Rs.1012 Crore,” it said in a regulatory filing. The filing shows that the bank issued a total of 10,120 non-convertible, perpetual, taxable, subordinated, fully paid up, unsecured bonds carrying coupon rate of 8.30 per cent. As per the data, there were a total of three allottees to this bond issuance. Under the globally accepted Basel-III capital regulations, banks need to improve and…
New Delhi: India’s foreign exchange reserves on Friday surged by USD 582 million to reach a lifetime high of USD 542.013 billion in the week ended September 4, RBI data showed. In the previous week, reserves had surged by USD 3.883 billion to $541.431 billion. The reserves had crossed the half-a-trillion mark for the first time in the week ended June 5. In the previous week ended August 28, the reserves had surged by USD 3.883 billion to USD 541.431 billion. In the reporting week, the foreign currency assets (FCA), a major component of the overall reserves, increased by USD…
Mumbai: Challenging tech giants like Microsoft and Google, Chennai-headquartered software development company Zoho Corporation has launched a fully integrated, single software platform that brings together collaboration, productivity and communications tools under one roof. Zoho Workplace provides a unified platform with multi-faceted communications like email, messaging, audio and video conferencing; a cloud office suite with shared file storage; common team and collaboration paradigms built into each of the products; and AI, search, and other services that span right across the entire suite. “The nature of work has undeniably changed, and Workplace has grown to meet that change,” said Vijay Sundaram, Zoho’s…
New Delhi: Be wary the next time you take a selfie inside an aircraft or at aerodrome or decide to take picture-perfect snaps of the landscape below during landings and takeoffs as airline authorities could take punitive action against those responsible for the violation. The Directorate General of Civil Aviation (DGCA) has issued a fresh order under which airlines can face two-weeks suspension of scheduled flight operations on routes where such violations are reported and no action has been taken. The flight operations will be restored only after the airline has taken necessary punitive action against those responsible, the fresh…
San Francisco: Amazon sold several items including essentials such as toilet paper and hand sanitiser at inflated rate during the Covid-19 pandemic, said a report by US-based consumer rights group Public Citizen. Amazon set prices of products during the pandemic to levels that would be considered violations of price gouging laws in many states of the country, showed the findings of the report released this week. Numerous examples of price increases were found on essential products sold directly by Amazon, it added. While the e-commerce giant publicly blamed so-called third-party sellers for price increases, it continued to allow them to…
Mumbai: Route Mobile’s Rs 600-crore initial public offer (IPO) was subscribed 74.36 times on the final day of bidding on Friday. The cloud communications service provider received bids for over 89 crore shares as against the total issue size of 1.21 crore shares. With the help of the public issue, the company aims to raise Rs 600 crore which consists of fresh issue of Rs 240 crore and an offer for sale of Rs 360 crore. Price range for the offer was Rs 345-350 per share. Qualified institutional buyers (QIBs) category was subscribed 91 times, non-institutional investors category 195.61 times…
Bangalore: India’s total online food delivery gross merchandise value (GMV) is expected to be $13 billion by 2024 by clocking 12 million daily orders on an average, said a new report on Friday. While online food delivery, which has scaled to more than 500 cities and towns in India and over 10x GMV over the past three years, will continue to be the core, a significant growth is expected in the other businesses such as ads and groceries, amongst others, according to Bengaluru-based consulting firm RedSeer. These businesses have the potential to contribute up to a quarter of the total…
New Delhi: The Indian Railways are working on connecting capitals of all eight northeastern states and also executing a project to link up with Bangladesh’s railway networks to facilitate communication with other parts of India via the neighbouring country, Railways Minister Piyush Goyal said on Friday. With the Centre’s focus on all-round development of the region through better linkages, the Northeast Frontier Railways (NFR) had already connected Assam’s main city of Guwahati (adjoining capital Dispur), Tripura’s capital Agartala and Arunachal Pradesh’s Itanagar. “A 12-km-long Agartala-Akhaura (Bangladesh) railway project is now under execution to link Tripura’s railway network with Bangladesh’s railway…
New Delhi: Irda, the insurance sector regulator, has now allowed general and health insurance companies to issue policies in electronic form. Giving this information on Friday, a senior official of IRDA said that in future, the policy of issuing insurance policy in electronic form will be made. TL Alamelu, a non-life insurance member of the Insurance Regulatory and Development Authority of India (IRDA), said in an industry event that a lot needs to be done in the case of policy holders and other stakeholders in the insurance sector. He said that as far as the regulator is concerned, a lot…
Industrial production (IIP) declined by 10.4 percent in July due to poor performance in manufacturing, mining and power sectors. This information has been given in the official data released on Friday. According to the data, production in the manufacturing sector declined by 11.1 percent in July. Similarly, the production of mining sector has fallen by 13 per cent and the production of power sector by 2.5 per cent. The Ministry of Statistics and Program Implementation said in a statement that due to the measures taken by the government to prevent the spread of Kovid-19 epidemic and the lockdown across the…