Author: Finance Khabar
On Thursday, Mukesh Ambani reached the 5th position in Forbes’ Real Time Billionaire Index due to the rise in Reliance Industries shares. He has left Warren Buffet and Elon Musk behind. RIL shares rose after the news of American company Silver Lake buying a stake in Reliance Industries’ retail business and these records reached new highs. Mukesh Ambani has a net worth of $ 88.6 billion in the Forbes Real Time Billionaire Index. According to this index, Mukesh Ambani was the world’s top winner on Thursday. His net worth increased by $ 8 billion. This is how the billionaire and…
Indian billionaire Mukesh Ambani’s Reliance Industries Limited is offering to sell a $ 20 billion stake in its retail business to Amazon.com. This has been reported from the Bloomberg report. According to Bloomberg, Amazon has discussed investing in the group’s Reliance Retail Ventures Ltd unit and has shown interest in negotiating possible transactions. A person told Bloomberg that Reliance Industries, based in Mumbai, is ready to sell a 40 percent stake. According to the report, a big retail body will be formed in India after the deal is successful. With this, Jeff Bezos and Asia’s richest person will partner with…
Mumbai: Mukesh Ambani-led Reliance Industries Limited (RIL) has achieved a new position on Thursday. Reliance Industries became the first company in India to touch a market cap of $ 200 billion (about Rs 15 lakh crore). The stock of RIL set a new record during trading in Thursday’s session. Shares of the company rose over 8 per cent on the BSE to a record level of Rs 2,343.90. The company’s market cap quickly crossed $ 200 billion in shares. The announcement of buying a stake in Reliance Retail by American company Silver Lake led to a huge purchase in RIL…
Mumbai: On Thursday, the stock markets saw good strength. The Sensex closed at 38,840.32, showing a gain of 646.40 points. The Nifty closed with a gain of 171.2 points at 11,449.25. Today, the maximum gain of 7.1 percent on the Sensex was seen in Reliance Industries shares. Apart from Reliance, shares of Asian Paints, Axis Bank, Ultratech Cement, Bajaj Finance and IndusInd Bank were also good on the Sensex. The biggest decline was in the shares of Tata Steel. On the NSE, other sectoral indices, except metal and pharma stocks, closed in the green mark. PSU bank stocks were the…
New Delhi: In a report, “From Moratorium to Loan Restructuring: The road ahead for India Corporate Inc”, ICRA said the disruption caused by the coronavirus outbreak continues to adversely impact the credit quality of India Inc. “The Q1 FY2021 performance of most entities has been expectedly weak, with sharp earnings and margin contraction in most sectors, as revenues dwindled much sharper than the costs,” it said in a statement. The agency has taken a large number of negative rating actions since the onset of the Covid-induced disruption and the lockdown, affecting around 16 per cent of its rated portfolio. “The…
New Delhi: India’s auto sector is expected to face challenges this year, with the country’s economy predicted to contract in 2020 amid the pandemic, Moody’s Investors Service said on Tuesday. According to it, auto unit sales will decline at least 30 per cent in 2020, following a decline of over 40 per cent in the seven months through July. “The lower annual decline reflects our expectation of a pickup in economic activity during the remainder of 2020, which also includes the festive period – October through December,” the Moody’s Investors Service said in a report. “A second wave of infections…
New Delhi:E-commerce giant Flipkart on Wednesday announced that more than 50,000 kiranas have come on board to make deliveries to customers based more than 850 cities during company’s ‘Big Billion Days sale’ and upcoming festive season. The company claims that the number of kiranas joining the programme has doubled since last year as the kirana programme has been expanded to places like Tinsukia (Assam), Agartala (Tripura) and Kannur (Kerala), connecting kiranas and consumers to the country’s fast growing digital commerce. “Through a combination of their hyperlocal presence and innovations by Flipkart, this programme has become a great enabler in strengthening…
New Delhi: The sale was completed pursuant to the approval granted by the National Company Law Tribunal (NCLT), Principal Bench through an order dated August 31, 2020. The transaction provides positive equity value to IL&FS and resolves nearly Rs 650 crore of consolidated fund based and non-fund based financial debt, without any haircut to lenders. FTPL has paid Rs 7.37 crore as equity value for shares of Schoolnet India Limited (SIL) held by IL&FS Limited and IL&FS Employee Welfare Trust, in addition to taking over SIL’s fund based and non-fund based financial debt of nearly Rs 650 crores. Further, FTPL…
New Delhi: With improving technology, more vehicle options and increased availability of charging infrastructure in the near future, the business case of EV adoption in ride-hailing will only get stronger, said the report by the World Business Council for Sustainable Development (WBCSD). With sustained business action from other ride-hailing companies and a supportive policy environment, EVs will soon enough start replacing ICE (Internal Combustion Engine) vehicles in the ride-hailing fleets and create major cost savings and carbon emission reductions, it said. In order to achieve a high-level of EV adoption in the ride-hailing market, and beyond, some amount of government…
New Delhi: Responding to queries from IANS, Air India said in a statement that it had issued an advertisement in September, 2017 inviting applications from the open market to recruit pilots – both Senior Trainee Pilots (With Endorsement) and Trainee Pilots (CPL Holders). The selection process for Senior Trainee Pilots was completed and selected candidates joined the company. The last batch commenced training from May 17, 2019, Air India said. In the wake of today’s bleak scenario in the aviation industry due to COVID-19 which has resulted in exceptional circumstances by gravely reducing the commercial functioning of the company and…
Weakness has been witnessed in the stock market amid weak global signals and tension on the border between India and China. Both the Sensex and the Nifty have closed in the red mark. There were reports of firing on LAC between Indian and Chinese soldiers on Monday night. Since then, tension has increased in both countries. Currently, the Sensex has fallen by 171 points and closed at a level of 38,193.92. At the same time, the Nifty has a weakness of 39 points and it closed at 11278 level. Business and banks have seen weakness in financial stocks. Talking about…
Mumbai: Reliance Industries Limited (“Reliance Industries”) and Reliance Retail Ventures Limited (“RRVL”) announced today that Silver Lake will invest ₹ 7,500 crore into RRVL, a subsidiary of Reliance Industries. This investment values RRVL at a pre-money equity value of ₹ 4.21 lakh crore. Silver Lake’s investment will translate into a 1.75% equity stake in RRVL on a fully diluted basis. This marks the second billion dollar investment by Silver Lake in a Reliance Industries subsidiary after the $1.35 billion investment in Jio Platforms announced earlier this year. Reliance Retail Limited, a subsidiary of RRVL, operates India’s largest, fastest growing and…
New Delhi: The new centre was inaugurated by Sri Lanka Prime Minister Mahinda Rajapaksa and Gopal Baglay, the Indian High Commissioner to the island nation, in the presence of HCL Technologies founder Shiv Nadar, and CEO C Vijayakumar through a virtual conference, a company statement said. HCL plans to deploy about 3,000 people in the coming three to five years, of which 1,500 employees will start working in Sri Lanka in the next 18 months. “HCL will also implement its Work Integrated Education Programme to foster growth by actively cooperating with local ICT and engineering institutions in order to develop…
The government plans to sell 15-20 per cent stake in IRCTC through Offer for Sale (OFS). It is believed that this transaction will be completed in at least installments. Last month itself, the Department of Investment and Public Asset Management (DIPAM) had invited bids from merchant bankers to manage the stake sale in the Indian Railway Catering and Tourism Corporation (IRCTC) by 10 September. Explain that at least 25 per cent of the shares in the offer for sales are safe for institutional investors such as mutual funds and insurance companies. The government currently holds 87.40 per cent stake in…
New Delhi: ICICI Bank has reduced the interest rates on its FD for select maturity period. Here we are talking about FD with premature withdrawal facility of less than Rs 2 crore. The new revised interest rates for these FDs came into effect from 7 September. The maturity period for which interest rates on FDs have come down are from ’91 to 184 days’ and ‘290 days to less than 1 year’. For both these periods, the interest rate has been reduced by 0.50 per cent and 0.10 per cent respectively. At the same time, the interest rate on FDs…
New Delhi:Future Group firm Future Consumer Ltd (FCL) on Monday said it has defaulted on payment of principal redemption and interest on non-convertible debentures. The current default amount includes principal of Rs 20 crore and interest of Rs 2.03 crore, payable annually, it said. In a regulatory filing, the company said it has been unable to service its obligations towards payment of principal redemption and interest due on September 5, 2020. “The company has approached the debenture trustees seeking deferment of the said obligations such that 50 per cent of the amount due shall be paid on or before September…
New Delhi: This will be the first tranche of total $1 billion facility that the multilateral funding agency had agreed for the infrastructure project that will improve regional connectivity and mobility in India’s national capital region (NCR). The loan agreement was signed by Sameer Kumar Khare, Additional Secretary, Fund Bank and ADB, Department of Economic Affairs in the Ministry of Finance and Kenichi Yokoyama, Country Director of ADB’s India Resident Mission. The first tranche of the loan will support construction of the first of three priority rail corridors planned under the NCR Regional Plan 2021 to connect Delhi to other…
E-commerce company Amazon on Tuesday said that it is opening a sort center in the country and is expanding eight such facilities to strengthen its capacity before the festive season. The statement said that the new five sort centers will be launched in Visakhapatnam, Farukhnagar, Bengaluru, Mumbai and Ahmedabad. After this it is written that in addition to these new buildings, Amazon India will also expand the existing eight sort centers, which will increase its total sorting area to more than 2.2 million in 19 states. The company said in a statement that with this expansion, Amazon India will increase…
Investors were cautious in the stock market at first amid increasing tension between India and China forces on LAC. Although some purchases were seen in Introde, but later the markets closed weakly. China’s official newspaper claims that on Monday night, the border between the two armies was fired after 45 years. However, the Chinese newspaper said that Goli Bari should be started from India. At present, the Sensex closed at a level of 38,365.35 with a weakness of 52 points. At the same time, the Nifty also lost 52 points and closed at the level of 11,303. The market is…
Mumbai: The agency, however, expects India’s gross domestic product (GDP) to rebound and grow at 9.9 per cent year-on-year in FY22 mainly due to the weak base of FY21. “India Rating’s FY21 GDP growth forecast of negative 11.8 per cent will be the lowest GDP growth in the Indian history (GDP data is available from FY-1951) and sixth instance of economic contraction, others being in FY-1958, FY-1966, FY-1967, FY-1973 and FY-1980,” the rating agency said in a report. The previous lowest was negative 5.2 per cent in FY80, it said. The agency said the negative 23.9 per cent growth in…