Tuesday, January 18

Month: October 2021

Azim Premji donated Rs 27 cr per day in FY21, retains top giver rank
Business

Azim Premji donated Rs 27 cr per day in FY21, retains top giver rank

By Administrator_India Capital Sands Software exporter Wipro's Azim Premji donated Rs 9,713 crore or Rs 27 crore a day to retain his top rank among Indian philanthropists in FY21. Premji, the founder chairman of the company, increased his donation by nearly a fourth during the pandemic year, as per the Edelgive Hurun India Philanthropy List 2021, which had HCL's Shiv Nadar at second place with contributions of Rs 1,263 crore towards upliftment causes. Mukesh Ambani of Reliance Industries, India's richest man by a distance, came third on the list with a Rs 577 crore contribution and was succeeded by Kumar Mangalam Birla with Rs 377 crore. The second richest Indian Gautam Adani is eighth on the givers' list with a donation of Rs 130 crore towards disaster relief. Infosys co-fo...
UBI cuts home loan rate to its lowest at 6.4%
Banks

UBI cuts home loan rate to its lowest at 6.4%

By Administrator_ India Capital Sands Escalating competition in the festive season, public sector lender Union Bank of India has slashed interest rate on home loans by 40 basis points. The minimum rate of interest now starts at 6.40 percent, instead of 6.8 percent earlier. The reduced rate will be effective from October 27. Union Bank said it is the all-time low rate for home loans for the bank. The new rates will be applicable to customers applying for new loans or those who wish to transfer existing loans, including balance transfers, Bank said in a statement. This cut is part of regular operation and not just limited to the festival period. While rate cut will dent margins to some degree, it is expected to give a push to the volume of business.
Five things to note as RBI gears up for Friday policy decision on rates
Business

Five things to note as RBI gears up for Friday policy decision on rates

By Administrator_India Capital Sands The Reserve Bank begins its October review of the monetary policy on October 6 and a decision on interest rates will be announced at the end of the three-day meet on Friday. The Monetary Policy Committee of the central bank is meeting in the backdrop of easing inflationary pressures and a liquidity flush in the system. Here are five things to expect from the rate-setting team of the MPC. Rate stance The MPC is likely to remain on a pause mode on Friday as it awaits more cues from the growth-inflation front. The general consensus among economists is that the stance will remain ‘accommodative’. However, there may be a change in the forward guidance that indicates gradual normalisation. “The MPC may change the forward guidance somewhat to pr...
Inflation woes keep central banks at a fix over monetary policy moves
Economy

Inflation woes keep central banks at a fix over monetary policy moves

By Administrator_India Capital Sands Inflation has been running red hot in many economies of the world. However, Covid-19 was expected to have slowed consumption and built up precautionary savings. The messaging from the central bankers around the world has been that the supply chain disruptions lie at the root of high inflation and are likely to be 'transitory'. What is confusing for the central bankers is probably the fact that the transitory phase has been running much longer than was earlier expected. Surely a pressure is building up on the central banks around the world to dial back the easy monetary policy. But, on the flip side, the apex bankers are still not sure if the recovery process has been strongly entrenched in the respective countries. There are evidences of stagfl...
Record rally in crude prices sends petrol up 30 paise, diesel 37 paise; LPG surges by Rs 15
Oil

Record rally in crude prices sends petrol up 30 paise, diesel 37 paise; LPG surges by Rs 15

By Administrator_India Capital Sands Fuel prices kept on breaking records with petrol being raised by 26 to 30 paise and diesel by 34 to 37 paise across the country on Wednesday on the back of crude oil soaring to 2014 highs in the international markets. The latest round of hike sent the petrol price in Delhi to its record high of Rs 102.94 a litre and to Rs 108.96 in Mumbai. Diesel rates, too, touched a record Rs 91.42 in Delhi and Rs 99.17 in Mumbai. In Kolkata, petrol prices soared to Rs 103.65 per litre and diesel prices to Rs 94.53 per litre on the day, while in Chennai, the fuels sold for Rs 100.49 a litre and Rs 95.93 a litre. Petrol and diesel prices differ across states, depending on the incidence of local taxes. Meanwhile, Mahanagar Gas increased the retail pric...
Facebook blames “faulty configuration change” for nearly six-hour outage
Technology News

Facebook blames “faulty configuration change” for nearly six-hour outage

By Administrator_India Capital Sands Facebook Inc blamed a "faulty configuration change" for a nearly six-hour outage on Monday that prevented the company's 3.5 billion users from accessing its social media and messaging services such as WhatsApp, Instagram and Messenger. The company in a late Monday blog post did not specify who executed the configuration change and whether it was planned. Several Facebook employees who declined to be named had told Reuters earlier that they believed that the outage was caused by an internal mistake in how internet traffic is routed to its systems. The failures of internal communication tools and other resources that depend on that same network in order to work compounded the error, the employees said. Security experts have said an inadvertent ...
Amazon, Flipkart see strong start to festive sale; tier-II, III cities drive momentum
Business

Amazon, Flipkart see strong start to festive sale; tier-II, III cities drive momentum

By Administrator_India Capital Sands E-commerce majors Flipkart and Amazon India on Sunday said they have witnessed a strong start to this year's festive sale, with demand from tier-II and -III cities driving the momentum. Walmart-owned Flipkart on Sunday said early access for its "Flipkart Plus" programme (loyalty programme) saw a 40 per cent growth this year compared to last year, while about 45 per cent of customer demand has been from tier-III cities and beyond. In a separate statement, Amazon India Vice-President Manish Tiwary said the platform saw a 60 per cent increase in sellers who received their highest-ever single-day sales year-on-year on Amazon.in. "Amazon Great Indian Festival 2021, our month-long festive celebrations has gotten off to a strong start, with mill...