Author: Finance Khabar
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…
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…