Govt in talks with over 600 global investors: Goyal
The government is keeping close tabs on foreign direct investment (FDI) and portfolio flows from neighbouring countries, especially China. At the same time, it is in talks with over 600 global investors for possible investment in the country, commerce and industry minister Piyush Goyal has said.
Infosys had 74 crorepatis in 2020 fiscal, no promotion for leaders
Infosys had 74 employees in its crorepati club in 2019-20, up from 64 in the year before. Employees at the designation of vice-presidents and senior vice-presidents make up for the bulk of the crorepatis.
Moody's downgrades India's rating to 'Baa3'
Moody's Investors Service on Monday downgraded India's sovereign rating to 'Baa3' from 'Baa2', saying there will be challenges in the implementation of policies to mitigate risks of a sustained period of low growth and deteriorating fiscal position. It has also downgraded India's local-currency senior unsecured rating to Baa3 from Baa2, and short-term local-currency to P-3 from P-2.
How investors can survive the coming recession
Unlike previous recessions—India has seen four since Independence—agriculture is expected to report normal growth this time. All the signals suggest the economy is contracting in a big way. Find out how you should navigate the imminent turbulence.
82% Indians bear financial brunt of coronavirus pandemic: Survey
The pandemic has changed the way we all function, affecting our physical, mental, emotional and financial well-being. Salaried individuals and professionals, in particular, are coping with the potential burden of job losses and pay-cuts.
Investors in two Franklin schemes will get some money back in July
Two of the six schemes have already repaid their bank borrowings and are cash-positive now. These schemes can start repayments to investors shortly, subject to a successful unitholder vote
'AI to operate 70 additional flights to US, Canada'
Air India will operate more flights to North America this month that will allow eligible people to fly out from India apart from bringing stranded Indians back home from there. Aviation minister HS Puri Monday said: “More flights being added to Mission Vande Bharat..AI will operate 70 flights to destinations in USA, Canada under phase 3 of the Mission from June 11-30.”
'Made in India' should be 'Made for World': PM
Prime Minister Narendra Modi on Tuesday said India will definitely get its economic growth back as the government continues to pursue various reforms. Speaking at industry association CII's annual session, he said the government has taken tough steps to fight the coronavirus pandemic and has also taken care of the economy.
Partial lockdown lift gives work to 21 million; no new jobs for salaried class
The unemployment rate in the last week of May fell to its lowest since the lockdown to 20.2%, while the labour participation rate went up to 38.7% and the employment rate rose to its highest since the lockdown to 30.9%, CMIE said.
Modifications in National Pension Scheme financially untenable: Finance Ministry
Patel demanded modification in the National Pension Scheme (NPS) so that a large part of the contributory fund, which is currently invested in the market, can be made available to governments to supplement their fight against COVID-19.
Two investment options offering more than 7% for senior citizens
For senior citizen investors, safety and returns play an important role while choosing an investment product. For that, they can consider the Senior Citizen Savings Scheme and Pradhan Mantri Vaya Vandana Yojana.
Key steps taken by government to boost MSMEs
In a big boost for micro, small and medium enterprises (MSMEs), the Cabinet Committee on Economic Affairs on Monday approved Rs 20,000 crore fund infusion into the sector and further amended its definition since the announcement of the Atmanirbhar Bharat package.
Fuel sales improve in May, full recovery mnths away
India’s gasoline and gasoil sales in jumped sharply in May compared with April in a recovery from historic lows, after a partial easing of the lockdown imposed to curb the coronavirus pandemic, provisional sales data showed on Monday.
There is risk aversion at borrowers' end: SBI chief
He also said the bank is very bullish about the Rs 3 lakh crore credit guarantee scheme for MSME (micro, small and medium enterprises), and through the scheme the government has indirectly infused Rs 30,000 crore into public sector banks.
I earn my income through mutual fund dividends which have stopped. What should I do?
Mutual fund dividends are not fixed in amount or frequency. It is at the discretion of the fund manager.
Loan apps turn nightmare for borrowers
Hundreds of customers have taken to social media to complain of intimidation and harassment by collection agents of online loan applications. They claim that cyberbullying techniques such as naming and shaming, intimidation using fake legal notices and repeated ‘harassment’ calls are being made by some companies seeking missed dues on short-term loans.
Cognizant to pay $5.7m in class-action suit
Cognizant and its former employee Debi Mishra have reached a class-action settlement agreement where the former has agreed to pay $5.7 million to compensate for underpaid overtime hours. Mishra and other employees who were part of the class-action worked in the quality engineering & assurance (QE&A) team. Mishra worked in the team for a client until he resigned in 2015.
India allows charter flights from abroad
The Union home ministry’s foreigners division on Monday permitted certain categories of foreign nationals to come to India, including foreign businessmen coming on a business visa (other than on B-3 visa for sports) in non-scheduled commercial chartered flights. The latest MHA order has now allowed non-schedule commercial charter flights from abroad.
Indian finds bug in Apple, gets Rs 75 lakh
Apple has awarded Indian bug bounty hunter Bhavuk Jain Rs 75 lakh ($100,000). It gave the award under its bug bounty programme, after Jain found a bug in the ‘sign in with Apple’ account authentication that would have allowed an attacker to take control of users’ accounts on third-party applications.
Corona: IndiGo posts loss of Rs 871 crore in Q4
The devastating impact coronavirus has had on airlines is now showing. IndiGo has reported a loss of Rs 870.8 crore in the January-March, 2020, quarter versus a profit of Rs 595.8 crore in same period last fiscal.
FB staffers say Trump's posts should be reined in
Facebook employees walked away from their work-from-home desks on Monday and took to Twitter to accuse chief executive Mark Zuckerberg of inadequately policing US President Donald Trump's posts as strictly as the rival platform has done.
Indian carmakers offer teaser loans as banking sources say RBI softens stance
Teaser loans offer low interest rates for the first few months or years to attract customers, but rates are later rapidly increased. So far, at least Maruti Suzuki, Hyundai and Mercedes Benz have launched such schemes, according to press releases over the past week.
Did Covid disrupt your ELSS investments this financial year? Here is how to get back on track
These steps would help you to avoid running around in the last minute to finalise tax saving investments to save taxes of up to Rs 1.5 lakh at the end of the financial year.
Azim Premji, Rishad forgo commission
Wipro promoter Azim Premji and chairman Rishad Premji have forgone profit-linked commission payable to them for the last fiscal in a show of “solidarity with the team in facing the challenge” of Covid-19, the company said in its annual filing with the US Securities and Exchange Commission.
Where should I invest to get monthly income of Rs 2 lakh for 10 years?
"In the current environment, there are no instruments that can provide you an ‘assured return’ of 8%. Bank FD rates will only fall further."
Sebi orders probe into dealings of debt funds shut by Franklin
Sebi has asked Chokshi & Chokshi to submit its report in 30 working days.
EPFO updated KYC data for 52.62 lakh subscribers in April, May
This includes Aadhaar seeding for 39.97 lakh subscribers, mobile seeding (UAN activation) for 9.87 lakh subscribers and bank account seeding for 11.11 lakh subscribers, the Employees’ Provident Fund Organisation said in a statement on Wednesday.
Sensex jumps 522 points to close at 33,826
Equity indices finished in green for the fifth straight session on Tuesday with the benchmark BSE sensex rising over 500 points led by gains in financial and banking stocks, amid positive global cues. The 30-share BSE index surged 522 points or 1.57 per cent to close at 33,826; while the broader NSE Nifty finished 153 points or 1.56 per cent higher at 9,979.
In biggest consumer-centric reforms, Govt proposes to end power tariff differentiation among consumers
Domestic power tariffs are low in India, while the industrial tariffs are among the highest in the world due to cross subsidization. The Tariff Policy proposes six categories of consumers on voltage basis against the present 50-60 categories and sub-categories.
Cyclone Nisarga: DGCA issues guidelines for flying
With a severe cyclonic storm just miles away from Maharashtra and Gujarat, the Directorate General of Civil Aviation has issued a list of precautions that airlines must oversee to fly safely in this adverse weather. The “monsoon circular” has also been issued as airlines have restarted domestic flights only from last Monday after a two-month suspension of schedule operations.
Services activity contracts sharply in May due to COVID-19, firms cut jobs: PMI
Business activity across India's service sector fell drastically during May as the unfavourable economic effects of the coronavirus pandemic impaired business operations, restricted consumer footfall and led demand to collapse, a monthly survey said on Wednesday.
Sanjay asked how will he create an atmanirbhar portfolio if he diversifies a lot
An Atmanirbhar portfolio is an all-weather portfolio designed to work on its own. It is a proven fact that there is no single asset class, which can consistently outperform other asset classes year after year.
YES Bank's FD is providing free health insurance for coronavirus: Should you invest?
If we compare YES Bank's FD interest rates with those offered by other large private-sector banks such as ICICI Bank and HDFC Bank, YES Bank is offering a higher interest rate of up to 7.25 per cent on one-year FDs.
PM Modi's address to India Inc: Key things to know
Prime Minister Narendra Modi on Tuesday shared his vision on 'Getting Growth Back' with India Inc during an address at the annual session of industry body CII (Confederation of Indian Industry).
Beware, Sebi watching! WhatsApping stock tips may land you in trouble
There is a Rule of thumb to decide if the information is UPSI or not.
Moody's downgrades ratings of 8 firms, 3 banks
A day after India's sovereign rating downgraded, Moody's Investors Service on Tuesday cut ratings of eight non-financial companies, including Infosys, Tata Consultancy Services (TCS), ONGC, and three banks SBI, HDFC Bank and EXIM. It also downgraded seven Indian infrastructure issuers, including NTPC, NHAI, GAIL and Adani Green Energy Restricted Group, by one notch.
Mirae Asset India launches Mirae Asset Arbitrage Fund
The fund will be benchmarked against Nifty 50 Arbitrage Index. The fund will be managed by Jignesh N. Rao and Jigar Shethia (Equity) and Mahendra Jajoo (Debt).
Mutual fund investors struggle to make sense of the Sensex
Sensex is testing the nerves of many mutual fund investors these days. Many of them have been complaining to their advisors that they simply can't make sense of the Sensex movements.
PGIM India MF starts daily disclosure of short maturity debt portfolios
We want to try change the sentiment and hence, we have introduced this unique initiative to improve transparency and help build trust, especially on the debt side,” said Ajit Menon, CEO, PGIM India Mutual Fund.
How 5 states are leading recovery from lockdown
Five states contributing nearly 27% of the country’s gross domestic product are leading a recovery in the economy as it slowly emerges from the world’s biggest lockdown, a study by Elara Securities Inc shows. Kerala, Punjab, Tamil Nadu, Haryana and Karnataka have seen a pickup in activity, based on an analysis of indicators such as power consumption, traffic movement etc.