recent happenings in finance sector

13Mar

By Nikita Dhyani1 Comment

cricket, Finance, IPL, Sports

Chinese Smartphone Company Vivo Return as the IPL Title Sponsor

Chinese smartphone company Vivo has returned as the title sponsor of the Indian Premium League cricket tournament, almost a year after the sponsorship deal with the BCCI was suspended amid the India-China border standoff. The company, which competes with players like Xiaomi and Samsung in the Indian market, also said that it will expand its portfolio of premium devices, and focus on new technologies like 5G. https://twitter.com/IPL/status/1368535256014356488?s=20 Vivo India Director Brand Strategy Nipun Marya told PTI on Wednesday Vivo is back as the Title Sponsor of the IPL and it is very encouraging and exciting for us. The IPL is the biggest asset in India and a perfect combination of sports and entertainment, so we are waiting for the IPL to start...

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

5Mar

By Nikita DhyaniNo Comments

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

3Mar

By Nikita DhyaniNo Comments

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

1Mar

By Nikita DhyaniNo Comments

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. ...

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

25Feb

By Nikita Dhyani1 Comment

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

24Feb

By Nikita DhyaniNo Comments

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

23Feb

By Nikita DhyaniNo Comments

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...

Bharti Airtel adds maximum number of wireless users than Jio for 5 months in a row

19Feb

By Nikita DhyaniNo Comments

Business, Communication, Finance, Jio, news, Politics

Bharti Airtel adds maximum number of wireless users than Jio for 5 months in a row

Airtel acquired 4.05 million wireless subscribers against Jio's 0.47 million while battling Vodafone-Idea once again lost almost 5.7 million users in December, as per Telecom Regulatory Authority of India (Trai) data delivered on Thursday. Bharti Airtel adds maximum numbers of wireless users 5th times successfully in a row which is more than market leader Reliance Jio. Airtel added 4.05 million wireless subscribers in December to take its base to 338.70 million, followed by Reliance Jio, which added 478,917 subscribers to take its base to 408.77 million. With solid additions, Airtel has also narrowed the gap with market pioneer Reliance Jio, which has seen its subscriber additions slowing down. Reliance Jio’s wireless market share stood at 35.43% in December, followed by Airte...

Bitcoin trading likely to attract Income Tax, 18% GST: Reports

18Feb

By Nikita DhyaniNo Comments

Bitcoins, Business, Finance, news

Bitcoin trading likely to attract Income Tax, 18% GST: Reports

The government is considering imposing income tax (IT) and Goods and Services Tax (GST) at the rate of 18 percent on the profits and trade of bitcoin or related cryptocurrencies, a Business Standard report said. Forward of the presentation of Cryptocurrency and Regulation of Official Digital Forex Invoice, 2021 within the Finances session of Parliament, as has been reported by some media publications, the report additional added that each the taxes might be levied for the present fiscal year. Last year, there was a report by the Times of India, telling officials said that the Central Economic Intelligence Bureau (CEIB), an arm of the finance ministry had suggested that bitcoins can be categorized under the ‘intangible assets’ class, thus making it liable for GST levy. However,...

FM Nirmala Sitharaman addresses Directors of Central Board of RBI, explains priorities of the government

17Feb

By Nikita Dhyani1 Comment

Business, Finance, finance minister, news, Politics

FM Nirmala Sitharaman addresses Directors of Central Board of RBI, explains priorities of the government

Finance Minister Nirmala Sitharaman on Tuesday explained the government's priorities to the Reserve Bank of India's central board during their first meeting after the presentation of the Union Budget 2021-22. As per the tradition, the Finance Minister holds customary meetings with the board members of the RBI and the Securities and Exchange Board of India (Sebi) every year after the presentation of the Budget. The RBI said in a statement that the FM minister addressed the 587th RBI Central Council, informing members of key budget initiatives and government priorities. “Complimenting the finance minister on the budget, the board members made various suggestions for consideration of the government,” it added. At its first meeting after the presentation of the Budget for 2021...