Author: Finance Khabar
New Delhi: Fitch Ratings on Tuesday said that it expects the Indian economy to contract by a massive 10.5 per cent in the fiscal year ending March 2021 (FY21) versus its earlier estimates of 5 per cent during the same period. “We have slashed our GDP forecast for this fiscal year to -10.5 per cent, a huge revision of -5pp (percentage points) compared to the June GEO. We expect the shortfall of activity relative to our pre-virus forecast to be 16 per cent by early 2022,” it said in its September update of Global Economic Outlook (GEO). India’s GDP shrank…
New Delhi: Two public sector banks, Bank of Maharashtra (BoM) and Indian Overseas Bank (IOB), have given a cut in loan interest rates. This will not only make the new loan cheaper but also reduce the EMI of existing customers home loan, auto loan. In fact, Bank of Maharashtra (BoM) and Indian Overseas Bank (IOB) have reduced their selected period MCLR by 0.10 per cent. BoM’s revised rates come into effect from Monday. According to a statement issued by Bank of Maharashtra (BoM), the bank has reduced MCLR from 7.40 per cent to 7.30 per cent and 7.30 per cent…
New Delhi: Enforcement Directorate (ED) has arrested Deepak Kochhar, husband of Chanda Kochhar, former managing director and CEO of ICICI Bank. This action has been taken in the ICICI Bank-Videocon case, which is linked to a loan of Rs 3,250 crore received by Videocon Group from ICICI Bank in the year 2012. This is the first major arrest in this case. In 2012, Videocon Group chief Venugopal Dhoot was given a loan of Rs 3250 crore from ICICI Bank. This loan was a part of a total of 40 thousand crores which was taken by Videocon Group from 20 banks…
New Delhi: The leading global IT consulting and business solutions organisation, Tata Consultancy Services, has partnered with Transnet Port Terminals in South Africa to help the latter develop an integrated online marketplace platform by bringing together cargo owners, shipping lines, clearing and forwarding agents, and road/rail haulers. Transnet Port Terminals (TPT) is part of Transnet SOC Ltd, state-owned freight transport and handling company. A statement issued by the company on Monday said, “TPT saw an opportunity to simplify the South African logistics market by creating a connected portal that would provide comprehensive logistics information to cargo owners and logistics players.”…
New Delhi: The government has dropped the plan to break the monopoly of discoms by bringing in competition and has rather decided to focus on introducing a direct benefit transfer scheme (DBT) as the next wave of reforms in the power sector. Minister of state for power R K Singh told IANS that the plan for separation of carriage and content operations in the distribution segment that would have allowed multiple discoms in one area has been dropped for now and may be covered as part of the next leg of reforms sometime in the future. “The plan for ushering…
New Delhi: “As of 03 Sept 2020, the total amount sanctioned under the 100% Emergency Credit Line Guarantee Scheme by #PSBs and private banks stands at Rs 1,61,017.68 crore, of which Rs 1,13,713.15 crore has already been disbursed,” said a tweet by the office of Finance Minister Nirmala Sitharaman. Public sector banks have so far sanctioned Rs 78,067.21 crore under the scheme, and Rs 62,025.79 crore has been disbursed as of September 3. “Compared to 24 Aug 2020, there is an increase of Rs 5,022.06 crore in the cumulative amount of loans sanctioned & an increase of Rs 7,786.16 crore…
New Delhi: In a statement, the company said that the coming together of the two brands has culminated into the largest telecom integration in the world. Launching the new brand ‘Vi’, Ravinder Takkar, MD & CEO, Vodafone Idea Limited, said: “Vodafone Idea came together as a merged entity two years ago. We have, since then, focussed on integrating two large networks, our people and processes. And today, I am delighted to present ‘Vi’, a brand that will bring important meaning to the lives of our customers. Indians are optimistic and want to get ahead in life.” VIL is now leaner…
Mumbai: Investors have been cautious in the domestic stock market amid weak global cues. Sensex and Nifty both traded in the range and both closed in the index range. The Nifty closed at 11350 with light speed. At present, the Sensex has risen by about 60 points and closed at the level of 38417. At the same time, the Nifty has been moving up by 21 points and closed at the level of 11355. Bank and financial stocks have seen weakness in today’s business. There was also weakness in the auto. Whereas IT and FMCG saw some boom. Mahindra &…
New Delhi: There are signs of revival in the automobile industry. This is because the production of Maruti Suzuki, the country’s largest car maker, has increased. The company’s total production in August increased by 11 percent to 1,23,769. The company made 1,11,370 cars in the same month last year. The company’s production has increased most in the mini car and utility vehicles segment. The company’s Alto and Espresso come in the mini car segment. Whereas in the utility vehicles segment, the Escras and Vitara Brija are the leading models. According to the statement issued by the company, the production of…
New Delhi: The company, which is set to launch a ‘meanest monster’ M51 on September 10 with the industry-first 7,000mAh battery, will have eight Galaxy ‘M’ series smartphones in its kitty in almost a year-and-a-half time span since the ‘M’ series was unveiled in the country. “Our average selling price (ASP) for the Galaxy ‘M’ series is likely to grow at 50 per cent in 2020. We’re looking to double our online business (value) in 2020 on the back of 100 per cent growth (year-on-year) in the second half (July-December) this year,” Warsi told IANS. “The ‘M’ series is the…
New Delhi: Emphasising on the importance of government relief or support in the given scenario, he pointed out that it is “meagre” so far. In a note published on LinkedIn, he also opined that the 23.9 per cent contraction in the GDP during the Q1 would be “even worse if the damage to the informal sector is taken into account”. “The recently released quarterly GDP growth numbers for the first quarter of FY2020-21 should alarm us all. The 23.9 per cent contraction in India (and the numbers will probably be worse when we get estimates of the damage in the…
New Delhi: According to a research report by BofA Securities, in the last 4 years, with Jio, RIL has been able to build a “digital layer” on top of the existing “physical layer” of retail shops across electronics, grocery and apparels. “We believe the next four years, RIL’s focus would be to add a third ‘layer of commerce’ and monetize the existing investments across different formats,” the report said. The company continues to invest in technology and is partnering with world’s best (Google, Facebook, Microsoft) as well as India’s best (invested in 20 plus startups). “We believe RIL is uniquely…
New Delhi: Tech Mahindra will introduce Blockchain solutions built on Amazon Managed Blockchain to global customers using AWS and other leading organisations across the globe, it said in a statement. “Our collaboration with AWS will support future pandemic preparedness and accelerate an economic rebound post Covid-19 for organisations operating global supply chains and eliminate silos,” said Rajesh Dhuddu, Blockchain and Cybersecurity Practice Leader, Tech Mahindra. Amazon Managed Blockchain is a fully managed service that makes it easy to create and manage scalable blockchain networks using the popular open source frameworks. Tech Mahindra plans to develop and market several transformative Blockchain solutions…
New Delhi: Delhi Metro, which was closed for more than five months due to the covid-19 epidemic, is once again ready to resume its services in three phases from Monday. However, it has appealed to the people to use the service only when it is urgently needed. Delhi Metro Rail Corporation (DMRC) officials said on Sunday that stations located in prohibited areas would remain closed. Officials had also warned earlier that “trains cannot be stopped at some stations” if passengers do not follow the rules of social distance. Officials said that the service of the Delhi Metro would be restored…
New Delhi: The Jeep brand’s parent company Fiat Chrysler Automobiles (FCA) is once again bringing the vehicle under the name Wagoneer. Recently, the company has showcased the Wagoneer concept. The new Wagoneer will be a more premium, upscale three-row luxury SUV and will be offered in Standard and Grand two avatars. The Wagoneer, which arrived in 1962, was discontinued in 1991. The revived Wagoneer will compete with vehicles such as Range Rover, Land Rover Discovery, Chevrolet Tahoe and BMW X7. Currently, the company has only unveiled the Grand Wagoneer concept. Production of both the Wagoneer and Grand Wagoneer is expected…
New Delhi: In order to optimize its cost, State Bank of India (SBI) has planned Voluntary Retirement Scheme (VRS). About 30190 employees will come under this. The total workforce of SBI was 2.49 lakhs by the end of March 2020. As of March 2019, this number was 2.57 lakhs. According to sources, a draft scheme for VRS has been prepared and the board’s approval is awaited. The name of the proposed scheme is ‘Second Innings Tap VRS-2020’. According to sources, a draft scheme for VRS has been prepared and board approval is awaited. The proposed scheme, ‘Second Innings Tap VRS-2020’,…
New Delhi: Nitin Sood, Chief Financial Officer (CFO) of PVR has said that owing to the company’s cost control measures, its fixed costs for the future will be lower than it had before. Even after reopening, the company does not expect these to return to their previous levels soon. His message to the shareholders in PVR’s Annual Report said that the company is already in discussions with its developers for renegotiating the rental arrangements. Sood added that PVR’s other costs too will undergo reductions until some normalcy is restored. “We have also temporarily deferred a substantial portion of our planned…
New Delhi: In his message to the shareholders in the company’s Annual Report, he said that future prospects for the broad-based technology companies like HCL are stable and bright. Noting that a number of opportunities are playing out in the market, Vijayakumar said that digital transformation is being significantly accelerated across industries and digital programmes planned for completion in two to three years are now expected to close in a matter of months. “While momentum sectors such as Life Sciences and Healthcare, Online Grocery Distribution, Telecom and Tech continue to create strong demand, we are also seeing impacted sectors like…
New Delhi: Eight of the 10 most valued companies witnessed a total loss of Rs 1,11,799.05 crore in their market valuation last week, with ICICI Bank and Reliance Industries Limited emerging as leading losers. Tata Consultancy Services and HDFC Bank were the only gainers among the 10 most valued listed firms. Last week, the BSE Sensex plummeted 1,110.13 points or 2.81 per cent amid a global sell-off and weak economic data. The market capitalisation of ICICI Bank tumbled Rs 25,476.75 crore to Rs 2,57,073.30 crore. The valuation of Reliance Industries Limited (RIL) tanked Rs 24,216.53 crore to Rs 13,16,947.89 crore.…
Mumbai: In a regulatory filing on Sunday, the lender said that it approved over Rs 47,000 crore of home loans under CLSS to homebuyers belonging to the economically weaker section (EWS), low income group (LIG) and middle income groups (MIG). “Subsidy under PMAY amounting to over Rs 4,700 crore has been passed on to these 2,00,000 homebuyers, becoming the only financial institution in the country to achieve this feat,” it said. HDFC added that it has been partnering and supporting the Ministry of Housing & Urban Affairs and the National Housing Bank to work towards the government’s goal of ‘Affordable…