Tag: Finance

Tata Motors, two group finance firms accused of antitrust violations in India: Sources

Loknath Das

India’s competition regulator is examining allegations that Tata Motors and two finance firms of its $100 billion parent group abused their market position while selling commercial vehicles, according to three sources and legal documents seen by Reuters. The Competition Commission of India (CCI) is reviewing a complaint which alleges the country’s biggest seller of trucks dictated terms around the quantity and type of vehicles its former dealer in northern India – Varanasi Auto Sales – should stock. More than a dozen lawyers representing the three Tata companies attended a private hearing at…

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Muthoot Finance shares jump over 7% on strong Q3 results; NIM at 17.1% highest in 12 quarters

Loknath Das

Shares of Muthoot Finance ltd jumped over 7 percent on Monday, buoyed by a strong third quarter performance. The gold finance company’s shares quoted at Rs 792.35 apiece, up 6.3 percent on BSE at 9.36 am. The stock opened at Rs 774, up over 3.5 percent from its Friday’s close of Rs 746.60. The stock surged to a new 52-week high of Rs 801.70 per share. So far this year, the stock has gained nearly 3 percent, while the one year return on the stock is more than 50 percent…

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Copilot is a subscription personal finance tracker aiming to kill Mint

Loknath Das

When Intuit acquired Mint more than a decade ago, mobile was in a different place — as were tech-enabled financial services. There hasn’t been much progress for the personal finance tracker app category in the meantime. Mint has stumbled along with integration issues and tiresome data misclassifications. For many, the best alternative has been firing up a spreadsheet. Copilot is a new personal finance-tracking app from a former Googler that seems like it could garner a following based on its slick design and ease of use. The subscription iOS app lets…

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Finance ministry asks tax officials to identify evaders through data analytics

Loknath Das

Union Finance Minister Nirmala Sitharaman. (Photo: Reuters) In a bid to meet ambitious tax target, the finance ministry on Friday held a review meeting with tax officials directing them to make special efforts to identify and book tax evaders through data analytics and information sharing. The meeting chaired by Revenue Secretary Ajay Bhushan Pandey. He was accompanied by the Goods and Services Tax (GST) and Central Board of Indirect Taxes and Customs (CBIC) officials. Officials were also told to communicate with taxpayers that they must genuinely file their taxes before…

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Finance Minister Nirmala Sitharaman rules out quick recovery for economy

Loknath Das

NEW DELHI : India’s Finance Minister Nirmala Sitharaman said it was too early to say if the slowdown in the economy had bottomed out. Companies are planning new investments after $20 billion worth of corporate tax cuts announced in September, Sitharaman told reporters in New Delhi Friday. Actual investments may take some time to materialize, she said. Prime Minister Narendra Modi’s government has unveiled several steps since August to revive economic growth from the weakest pace since 2013. The surprise decision to lower taxes for companies raised concerns about India’s fiscal discipline, with Moody’s Investors…

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KPMG, NIIT launch finance academy

Loknath Das

NEW DELHI : KPMG in India and NIIT Limited announced on Thursday the launch of the KPMG NIIT Finance Academy in India to build new skills and talent in the finance sector. The academy proposes to offer programs in finance to fresh graduates and experienced finance professionals, to address new skill requirements that digital transformation has brought about in the finance sector. According to KPMG International’s recently-released ‘Future Ready Finance Survey 2019′ report, future finance teams will not only require traditional finance competencies but also process management and exceptional management skills…

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9 Finance Personality Types — Which Is Yours?

Loknath Das

If you work with a financial advisor, do you two have a personal connection? Does he or she “get” you? Do they have a deep understanding of what success means to you and what you want your wealth to accomplish? If not, it may be time to move on. In my experience working with top professionals such as wealth managers and lawyers, as well as high-net-worth entrepreneurs and families, I’ve discovered that a personal connection between advisors and their clients is as important to financial success as are traits like advisors’…

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Finance Ministry ready to do more for NBFCs, says Nirmala Sitharaman

Loknath Das

Will seek details from PSBs on funding to NBFCs, retail customers on Oct 14 Finance Minister Nirmala Sitharaman, on Thursday, said she is “not sitting back” after the recent spate of measures, and will take more steps if required for non-banking finance companies and other sectors. The minister will be meeting the chiefs of public sector banks on October 14, and she said will seek details of funding to NBFCs and retail customers. “I am not sitting back saying I have given some solutions for NBFCs. There may be more…

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Finance Minister Nirmala Sitharaman to Meet CEOs of Public Sector Banks on October 14

Loknath Das

New Delhi: Finance Minister Nirmala Sitharaman will hold a review meeting with CEOs of public sector banks (PSBs) next week to discuss various issues, including progress on credit offtake. The meeting, scheduled to be held on October 14, is expected to review fund flow to stressed NBFC and MSME (micro, small and medium enterprises) sectors, sources said. Banks are expected to present report card on partial credit guarantee scheme and fund raising from market to enhance their capital base. The Centre in August issued guidelines on operationalising Rs 1 lakh crore…

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Citroen partners with Axis Bank for auto finance in India

Loknath Das

New Delhi: French automaker Citroen on Wednesday has entered into a white-label arrangement with Axis Bank, as a preferred Banking partner, to introduce Citroen Finance in India. Citroen Finance will provide retail finance and mobility solutions including value added products to its customers and customised credit solutions to its dealers in India, the company said in a statement. Roland Bouchara, Senior Vice President Sales and Marketing, Citroen India said, “This partnership with Axis Bank is in line with our commitment towards providing the best experience to our customers not only at our dealer showrooms but…

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