Thursday, November 26News That Matters

Tag: Business news

Business

ED registers money laundering case against GVK, MIAL – Times of India

(Representative image)MUMBAI: The Enforcement Directorate (ED) registered a money laundering case on Tuesday against GVK Group promoters along with others in connection with fraudulent transaction between Mumbai International Airport Ltd (MIAL) and other companies for development of Mumbai airport. The ED will investigate the financial transaction between MIAL and other companies. It has registered money laundering case, based on the CBI’s (Central Bureau of Investigation) case against the GVK group along with others for fraudulent dealing that caused Rs 705 crore loss to the public exchequer during the period 2012-2018. Earlier, the CBI had conducted search operations at the premises of GVK Group companies in Mumbai and Hyderabad after registering a case of cheating and forgery against...
Business

Green shoots visible, India will bounce back: Niti Aayog CEO Kant – Times of India

NEW DELHI: Niti Aayog CEO Amitabh Kant on Tuesday said green shoots are visible and the economy, which has been hit hard by the COVID-19 pandemic, will bounce back soon. The pandemic has impacted economic activities severely as the country had to go through a nationwide lockdown to check the spread of coronavirus. The government had to announce a slew of measures, including fiscal package, to boost the economy. "I am a great believer that India will bounce back. We are already seeing green shoots in the economy. We are seeing that key sectors like FMCG (fast-moving consumer goods) have already come back. "I am hopeful that we will bounce back and bounce back with a vengeance," he said while speaking at 'FICCI FRAMES 2020'. The slowdown in economic activities led to a decline in the gove...
Business

Anurag Thakur: Aatmanirbhar package to have multiplier effect on economy | India Business News – Times of India

NEW DELHI: The finance ministry is swiftly implementing various schemes announced under the Rs 20.97 lakh crore Aatmanirbhar Bharat Abhiyan package which is going to have a multiplier effect on the Indian economy, minister of state for finance Anurag Singh Thakur said on Tuesday. Emphasising that India's resilience will sail the country through these testing times, he said the government led by Prime Minister Narendra Modi is doing everything possible for Indians and the industry to deal with the challenges caused by the outbreak of COVID-19 pandemic. "In the finance ministry we are evaluating the situation regularly and swiftly implementing announcements made so far. Aatmanirbhar Bharat Abhiyan package will have a multiplier effect on the economy. If you look at this, the two decades o...
Business

Sensex advances 187 points; financials show the way

Image Source : FILE Sensex advances 187 points; financials show the way Rising for the fifth straight session, the benchmark Sensex added another 187 points on Tuesday, with gains in financial counters offsetting losses in power and infra stocks. After a volatile trading session, the 30-share BSE index ended 187.24 points, or 0.51 per cent, higher at 36,674.52. The NSE Nifty was up 36 points, or 0.33 per cent, at 10,799.65. On the Sensex chart, Bajaj Finance was the top gainer, rallying around 8 per cent, followed by IndusInd Bank, Bajaj Finserv, Infosys, ICICI Bank, Axis Bank and HCL Tech. On the other hand, NTPC, ITC, PowerGrid and Tata Steel were among the laggards. According to traders, domestic investors shrugged off weak cues from global markets and focussed on positive factors...
Business

सप्ताह में कारोबार के दूसरे दिन बीएसई 187 अंक और निफ्टी 36 पॉइंट ऊपर बंद हुआ, उज्जीवन स्मॉल फाइनेंस बैंक लिमिटेड के शेयर में 20% का उछाल रहा

बीएसई 0.51% ऊपर 36,674 अंकों पर बंदनिफ्टी 0.33% ऊपर 10,799 अंकों पर रहा दैनिक भास्करJul 07, 2020, 03:53 PM ISTमुंबई. मंगलवार को कारोबार के दूसरे दिन बीएसई और निफ्टी बढ़त के साथ बंद हुए। आज बीएसई 173.07 अंक ऊपर और निफ्टी 39.2 पॉइंट की बढ़त के साथ खुला। दिनभर की ट्रेडिंग के दौरान उतार-चढ़ाव के बीच बीएसई 216.19 अंक तक और निफ्टी 73.95 पॉइंट तक नीचे चला गया था।  कारोबार के अंत में बीएसई 187.24 अंक या 0.51% ऊपर 36,674.52 पर और निफ्टी 36.00 पॉइंट या 0.33% ऊपर 10,799.65 पर बंद हुआ। आज उज्जीवन स्मॉल फाइनेंस बैंक लिमिटेड के शेयर में 20% की बढ़त रही। इससे पहले सोमवार को 465.86 अंक ऊपर 36,487.28 पर और निफ्टी 156.30 पॉइंट ऊपर 10,763.65 पर बंद हुआ। बीएसई में शामिल इन बैंक के शेयरों में बढ़त बैंक बढ़त (%) बंधन बैंक 10.65 % इंडसइंड बैंक 6.10 % RBL बैंक 5.06 % फेडरल बैंक 4.19 % ICICI बैंक 3.84 % सिटी ...
Business

Insurers ready Covid treatment rate list – Times of India

BENGALURU: The General Insurance Council has come up with rates for hospitals and insurers for Covid-19 treatment after talks with states and health experts. All 32 general insurers will now follow up with private hospitals for using the council's pricing for Covid-19 packages in a bid to end disputes over charges that are causing hardship to patients. Coronavirus outbreak: Live updatesAs per the new rates, which are to be reviewed every month, network partner hospitals cannot charge more than Rs 15,000 for ICU with ventilator care in metros and not more than Rs 11,250 in non-metros. Likewise, caps of Rs 8,000 have been set for isolation beds, Rs 5,000 for body storage, etc. Rates have also been fixed for investigations like blood sugar levels, X-ray, and ECG. More on Covid-19The GI Cou...
Business

Airlines selling tickets for ghost flights? – Times of India

(Representative image)MUMBAI: Sachin Shetty bought three tickets in the second week of June for a Mumbai-Mangalore nonstop flight for July 5. Four days before departure, the low cost carrier told him the flight was cancelled and his money had been moved to a credit shell. He later learnt that Mangalore is not connected to Mumbai by direct flights now, so why did the airline sell him the ticket? Businessman Brijesh Sutaria on May 30 booked a Mumbai-Delhi flight ticket for June 7. The next day, the airline told him his flight was cancelled and his Rs 4,200 had gone into a credit shell for later use. Flight cancellations due to new restrictions by a state, like one recently by West Bengal government, are understandable. But in the past few weeks, passengers like Shetty and Sutaria found th...
Business

SBI MSME Loan: SBI readies Rs 1k-cr B2B e-market only for MSMEs | India Business News – Times of India

MUMBAI/NEW DELHI: State Bank of India (SBI) is set to invest $100-150 million (Rs 750-1,000 crore) and leverage its YONO platform to set up a business-to-business (B2B) e-commerce marketplace for micro, small and medium enterprises (MSMEs). The country’s largest lender hopes this will also help it better manage financing of small businesses. The plan, which has been cleared by the bank’s executive committee, entails getting MSMEs on to the platform and providing funds based on the transactions that take place. The bank is hoping that it will not only help assess risk better but will also give it greater grip over receivables. “We are engaging with the MSME ministry to create a marketplace for SBI customers to sell their products, called Bharat Craft, which is going to be an e-commerce a...
Business

China Stake in Indian Companies: China central bank slowly buying stakes in Indian companies | India Business News – Times of India

MUMBAI: In mid-April, stock exchange disclosures revealed that the People’s Bank of China (PBoC) had a holding of over 1% in Indian mortgage finance major HDFC. But the Chinese central bank also holds stakes in several other listed companies. However, these are all below the radar since they are less than the 1% threshold limit for open disclosures by companies (see graphic). Among others, PBoC holds a 0.32% stake in cement sector major Ambuja Cement, and 0.43% in Piramal Enterprises, which has a major presence in the pharma sector. PBoC’s holding in HDFC is currently worth about Rs 3,100 crore, while in Piramal Enterprises around Rs 137 crore, and in Ambuja Cement about Rs 122 crore. Exactly two years ago, the Chinese central bank had received RBI permission to set shop here. Two recen...
Business

Infosys Chartered Flight: Infosys charters flight to fly out 206 staff, kin from US | India Business News – Times of India

(File photo)BENGALURU: Infosys chartered a flight to bring back 76 employees and their families — a total of 206 people — from the US. These are employees whose visas have expired or are nearing expiry. A Qatar Airways flight with the employees left from San Francisco to touch down in Bengaluru on Monday morning. Most of the employees were on H-1Bs and some on L-1s. Some of them were seeking extensions of their statuses, but immigration lawyers told TOI that extension requests are still paper-based and with the pandemic forcing people to work remotely, employees stranded aren’t getting any relief. An email sent to Infosys did not elicit a response. Infosys associate vice-president Sanjeev Bode in a LinkedIn post said, “Some of the Infosys employees were stranded in the US because of the...