Nirmala Sitharaman Finance Minister has sought approval from Parliament for recapitalising of insurance companies which state-owned with Rs 2,500 crores in this financial year. This move of Finance Minister will help to improve the financial health of insurer, help them to meet regulatory requirements and facilitate the eventual sale of government stake in them. FM Nirmala Sitharaman tabled in Lok Sabha on Thursday for the capital infusion which is the part of first supplementary demand. The government wants to spend an additional Rs 21,246 crore, out of which net cash outgo will be Rs 18,995.51 crore. The rest of the amount will be met by savings from other expenses. The government also wants to spend about Rs 8,820 crore for the newly formed union territories of Jammu and Kashmir and Ladakh. The government i

China's tech giant Xiaomi reported 20.3-per cent adjusted net profit growth in the third quarter of this year. Its adjusted net profit reached 3.5 billion yuan ($498 million) while total revenue rose 5.5 per cent year on year to 53.7 billion yuan, the Beijing headquartered company announced in its quarterly financial results, media reported. Xiaomi's overseas business continued to grow rapidly, with revenue rising 17.2 per cent year on year to 26.1 billion yuan and accounting for 48.7 per cent of the total revenue. Its smartphone business generated a revenue of 32.3 billion yuan. Xiaomi had a 9.2 per cent share of the global smartphone market in the third quarter, according to market research firm Canalys. The revenue from IoT and lifestyle products business was 15.6 billion yuan, up 44.4 per cent. The global shi

Mumbai Metro and solar energy projects are 25 projects of India and Germany will collaborate, senior German official Claudia Warning said. The decision was taken as New Delhi and Berlin concluded yearly government to government negotiations. Claudia Warning, Director General of Germany's Federal Ministry for Economic Cooperation and Development, said, "Today, we concluded the yearly government to government negotiations between Germany and India on development cooperation," media reported. "We (India and Germany) decided on about 25 projects, very concrete projects in very concrete areas, where we would like to work together. One example would be to take part in the metro of Mumbai and solar energy projects," she added. Early this month, India and Germany signed 20 agreements several in the form of the Joint

Schneider Electric factory Global energy management and automation company has opened a new factory in Bengaluru. New Facility will employ around 700 people, Schneider Electric said in the statement. Schneider Electric has announced to launch of its new factory in Bengaluru for the manufacture of industrial uninterruptible power supply (UPS) systems and variable speed drives that regulate the rotation speed of an electric motor. This is Schneider's second 'Smart' factory in India." In the month of February, this unit was launched in Hyderabad. Besides, the company has also established such factories in countries like Mexico, China, France, the US, Indonesia and the Philippines. “By 2020, Schneider Electric is committed to developing more than 100 Smart Factories, globally. Also, The Bengaluru Smart Factory, whi

Reliance Industries Ltd (RIL) has become the first Indian company to cross Rs 10 trillion market capitalization. The stock was raised up around 1 per cent at Rs 1,581.60. The shares have surged nearly 40 per cent so far this year. "Higher refinery margins, the potential for telecom tariff raise, bottoming PE cycle, the start of gas production, lower Capex intensity and path to deleveraging have led to investors asking if our bull case could play out despite above-average forward multiples. Sequential rise in earnings quality keeps us OW", said Morgan Stanley in a 19 November. The decision of RIL subsidiary Reliance Jio Infocomm Limited to hike tariffs next month has also spurred buying interest in the stock. An SBI Cap report said another factor worth watching is whether Jio matches incumbents on pricing or co

The Union Cabinet on Wednesday approved the extension of the term of the Fifteenth Finance Commission to submit its report, setting 30 October 2020 as the new deadline. This is the second extension for the Commission which was due to submit the report by 30 November. The N K Singh-headed Finance Commission will now present the final report covering financial years 2021-22 to 2025-26 (April-March). The extension of the term will enable the Commission to examine various comparable estimates for financial projections in view of reforms and the new realities to finalise its recommendations for the period 2020-2026. The Commission, on account of the restrictions imposed by the Model Code of Conduct due to October elections in Maharashtra, completed its visit to states only recently. This has had a bearing on the de

The Cabinet Committee on Economic Affairs approved authorised capital of Food Corporation of India (FCI) which increased to Rs 10,000 crore from Rs 3,500 crore. With the increased capital, additional equity capital can be infused in FCI through the Union Budget, to fund the food grain stock. This will reduce the borrowings of FCI, save interest cost of FCI and reduce food subsidy in consequence, a government release said.  The move will help FCI raise more money in the market and comes in the backdrop agency’s request for capital infusion. In the last week, Minister of State of Consumer Affairs, Food & Public Distribution Danve Raosaheb Dadarao informed Parliament that FCI has requested equity capital infusion. “As against the equity infusion plan of Rs 5,000 crore, the government has already released 

Aditya Birla Sun Life Mutual Fund risks losing part of Rs 792 crore that it is invested in Essel companies, as the group leading of Subhash Chandra group was failed to sell the four projects of the road which secured the borrowings which despite nearly a year. Aditya Birla Sun Life said that fund India’s largest asset managers have already ‘side pocketed’ its assets under three schemes management. A side pocket lets a fund separate bad assets from other liquid investment in a debt portfolio, which could get impacted by the credit profile of underlying instruments. The funds in question are ACSL Medium Term Fund, ABSL Credit Risk Fund and ABSL Dynamic Bond Fund. Essel Infra projects had put up six road assets for sale, in January which include the four cited mention above. In India, there has been no buyer f