Business

Indiabulls Housing Finance (IBH) raises ₹1,091 crores through foreign currency convertible bonds
Bank, Business, Finance, Indiabulls Housing Finance

Indiabulls Housing Finance (IBH) raises ₹1,091 crores through foreign currency convertible bonds

Indiabulls Housing Finance has raised ₹150 million ( ₹1,091 crores) by issuing foreign currency convertible bonds, the company said on Thursday. The securities issuance committee has approved the allotment of secured Foreign Currency Convertible Bonds (FCCBs) of USD 150 million, convertible into equity share of Rs 2 each, Indiabulls Housing Finance said in a regulatory filing. The FCCBs, set to mature on March 4, 2026, bear a coupon rate of 4.5%. The bonds are proposed to be listed on Singapore Exchange Securities Trading Ltd. Indiabulls said as many as 4,49,91,756 equity shares of the company would be in the trade-off with the FCCBs. This is Indiabulls Housing's debut convertible bond issuance. Besides, it is also the first FCCB by a financial institution from India in the l...
Finance Ministry agreed to Cut Tax on Petrol, Diesel – sources
Business, Finance, Petrol price in India

Finance Ministry agreed to Cut Tax on Petrol, Diesel – sources

Finance Ministry is considering cutting excise duty on petrol and diesel to reduce the impact of record-high domestic prices, three government officials close to the discussion. The doubling of the price of crude oil in the last 10 months has added to record fuel costs at fuel stations. But taxes and duties account for roughly 60 percent of the retail price of petrol and diesel in the country, the world's third-biggest consumer of crude oil. The Coronavirus pandemic, the economy was hit badly PM Modi’s government raised petrol and diesel prices to promote dropping down tax revenue rather than passing on the benefits of lower oil prices to consumers last year. Sources said India's Finance Ministry has now started consultations with some states, oil companies, and the oil minist...
Nine of the top 10 firms lose nearly ₹2.2 lakh crore in market valuation – sources
Business, Finance

Nine of the top 10 firms lose nearly ₹2.2 lakh crore in market valuation – sources

Nine of the 10 most-valued companies lost a whopping ₹2,19,920.71 lakh crore in their total market valuation last week with the barometer Sensex tanking more than 3%. Reliance Industries (RIL) was the only scrip to post gains in its market valuation among the top 10 valued companies. Among losers, Tata Consultancy Services' market valuation tanked Rs 81,506.34 crore to Rs 10,71,263.77 crore. The valuation of HDFC Bank declined by Rs 2,202.12 crore to reach Rs 8,45,552.53 crore. The market capitalization of ICICI Bank dropped by ₹18,098.57 crores to ₹4,13,078.87 crore and that of Hindustan Unilever by ₹11,536.32 crores to ₹5,00,937.14 crore. HDFC’s valuation declined by ₹35,389.88 crores to reach ₹4,57,518.73 crore and that of Infosys by ₹16,613.57 crore to ₹5,33,487.07 crore. ...
Second Phase of the Covid-19 Vaccination
Business, news

Second Phase of the Covid-19 Vaccination

New 13,742 Covid-19 cases and 104 deaths are added to the list, updated by the Union Health Ministry. With this, the total count of Covid-19 cases hiked to 1,10,30,176, and total deaths to 1,56,567.   As per the reports declared by the Union Health Ministry, within 24 hours 16, 738 new Covid-19 cases and 138 deaths have been reported. About 90% of new coronavirus cases listed. After the first dosage of the covid-19 vaccination, the center announced the second phase of the Covid-19 vaccination on Wednesday, and the boost of these vaccines will begin on March 1.  The said vaccination is for the citizens aged above 60 years and for those who are above 45 years. The vaccination will be convenient for free at 10,000-odd government healthcare facilities. Those vaccines supplied ...
Airtel, Qualcomm to Join Forces Together for 5G Services in India
Business, Communication, Finance, Jio

Airtel, Qualcomm to Join Forces Together for 5G Services in India

Bharti Airtel Ltd said on Tuesday that it would collaborate with US-based Qualcomm Technologies for the rollout of 5G platforms in India. Recently, Airtel became India's first telco to demonstrate 5G over a live commercial network in Hyderabad. The company will utilize Qualcomm 5G radio access network (RAN) platforms to roll-out virtualized and open RAN-based 5G networks. "Through Airtel's network vendors and device partners, Airtel will utilize the Qualcomm 5G RAN Platforms to roll-out virtualized and Open RAN-based 5G networks. Airtel, as a board member of the O-RAN Alliance, is committed to driving the success of O-RAN and is working with Qualcomm Technologies to explore and implement the O-RAN approach for India," according to a company statement. O-RAN's flexible and scal...
Paytm Payments Bank helps 2.6 lakh FASTag users get back wrongly deducted toll charges
Business, Finance, news, Paytm

Paytm Payments Bank helps 2.6 lakh FASTag users get back wrongly deducted toll charges

Paytm Payments Bank on Tuesday said it has won 82 percent of dispute cases on behalf of FASTag users with toll plazas in 2020 and facilitated refund of wrongly deducted toll charges to 2.6 lakh customers. The payments bank said it has set up an automated dispute management process that recognizes deductions and immediately raises claims to reverse the additional charges. Paytm Payments Bank MD and CEO Satish Gupta announced in a press release, “We have endeavored to empower our users with seamless and hassle-free travel on road. In this quest, we support our users in every possible way, including fast redressal of any grievance they face with toll plazas.” The company repeatedly strives to ensure that customers are at all times charged the correct toll amount, he added. Pay...
Union Bank of India, Syndicate Bank post highest UPI failure rates; Paytm sees lowest decline rate – sources
Business, Finance, news

Union Bank of India, Syndicate Bank post highest UPI failure rates; Paytm sees lowest decline rate – sources

Public sector lender Union Bank of India continued to witness the highest failure price for UPI transactions amongst India’s prime 30 UPI remitter banks due to technical factors in January. From 10.75 percent technical decline (TD) in December, the failure price jumped to 12.89 percent in January for Union Bank of India, information from the National Payments Corporation of India (NPCI) showed. In January, eighty percent of UBI's transactions were approved out of 85.95 million transactions, out of which almost 80 percent had been authorized while 7.36 percent were declined. Due to factors which include invalid pin entered by the customer, incorrect beneficiary account, exceeding per transaction limit or permitted count of transactions per day or quantity limit for the day, and so...
Finance Minister hints at a review of tax limit on EPF
Business, Finance, Politics

Finance Minister hints at a review of tax limit on EPF

Finance Minister Nirmala Sitharaman has commented that there is no intent to discourage higher income earners from saving with the Employees Provident Fund (EPF) and that she was open to reviewing the contribution limit of ₹2.5 lakh a year for tax-free interest, imposed in the recent Union Budget. Reiterating that the EPF will continue to remain in its present form, the Minister said there was no plan to merge the EPF with the National Pension Scheme. Also learn- For rich/affluent, EPF is not a nest egg but a goose that lays golden eggs. “We want to continue with the EPF. We understand that there is a certain comfort with people, particularly middle-income earners when they are assured of a return,” she mentioned in an exclusive interview with Business Line. “We have taken ...