REDHEART is an online news portal, which brings latest updates

‘Tying reforms, incentives helped widen adoption’

India has moved from a model of ‘reforms by stealth and compulsion’ to a new model of ‘reforms by conviction and incentives’, Prime Minister Narendra Modi said on Tuesday, referring to States being granted additional borrowing limits last year under a reform-linked window. Raising enough resources for public welfare while ensuring sustainability is proving to be one of the biggest challenges for…

Scant supply, demand surge boost ginger prices

Providing fresh hopes to ginger farmers in South India, the price of ginger rhizomes has been spiralling on account of scant supply and huge demand. Spot prices of ginger rhizome touched ₹2,300 a bag (60 kg) in Kerala and Karnataka markets on Tuesday against ₹800 a few weeks ago. It was ₹3,000 a bag during the same period last year. High-quality ginger was trading at ₹2,400 a bag (60 kg) in…

Sensex ends flat, retreats from 53K mark on profit-booking

Maruti was the top gainer in the Sensex pack, rallying over 5%, followed by L&T, UltraTech Cement, TCS and Titan Equity benchmark Sensex ended on a flat note after scaling the 53,000 mark on Tuesday as investor booked profits at higher levels. After touching a lifetime intra-day peak of 53,057.11, the 30-share BSE index settled 14.25 points or 0.03% higher at 52,588.71. Similarly, the broader…

When inflation threatens your finances

The best way to moderate inflation risk is to invest in inflation-based products. Even as COVID-19 continues to be a cause for concern, many fear a rise in inflation because of supply-side constraints owing to lockdowns in various parts of the country. In this article, we discuss whether you can moderate the effects of inflation on your personal finance. Inflation risk Inflation has a direct…

Windfall treasury gains added to PSB profits in FY21: ICRA

The onset of COVID-19 resulted in windfall gains for public sector banks (PSBs), with trading profits on their bond portfolios rising sharply after the steep cut in policy rates by the RBI in March 2020, ratings agency ICRA said. The repo rate and the reverse repo rate were cumulatively cut by 115 basis points (bps) and 155 bps, respectively, in March 2020 and May 2020 to 4% and 3.35%,…

Rupee falls 24 paise to close at 74.10 against U.S. dollar

The local unit witnessed an intra-day high of 74.08 and a low of 74.28 against the greenback The Indian rupee slumped 24 paise to breach the 74 per U.S. dollar level on Monday as participants turned risk-averse. At the interbank forex market, the domestic unit opened weak at 74.20 against the American currency, pared some initial losses and finally closed at 74.10, showing a fall of 24 paise…

Indications of revival in economic activity as States get into unlock mode: Survey

About 60% of 212 companies, which participated in the survey conducted by FICCI and Dhruva Advisors, said there was a high impact on their businesses due to the State-level lockdowns. With States easing lockdown curbs due to declining number of COVID-19 cases, there are immediate indications of improvement in economic activity as companies are hopeful of better performance in the next 6 to 12…

Building the right emergency fund

Liquidity and easy access at all times must be the watchwords while saving money to meet a difficult situation One of the first pieces of financial advice given to young folks starting their career is that they should build an emergency fund. That’s good advice, given that emergencies can deliver big setbacks to one’s finances, if one is forced to turn to credit card debt or personal loans. But…

Rupee falls 15 paise to 74.23 against U.S. dollar in early trade

On June 17, the rupee had settled at 74.08 against the U.S. dollar. The Indian rupee slumped 15 paise to 74.23 against the U.S. dollar in opening trade on June 18 as the U.S. dollar extended gains, a day after the U.S. Federal Reserve surprised markets with its hawkish statement. Forex traders said muted domestic equities also weighed on investor sentiments. At the interbank foreign exchange,…

Govt. open to more measures to boost economy: CEA

On effect of COVID second wave on growth, he says it is not likely to be very large The government is open to coming out with more measures to boost the economy, hit by the second wave of coronavirus pandemic, says Chief Economic Adviser (CEA) K.V. Subramanian. He, however, added that the demand for a fresh stimulus package had to be considered against the backdrop of a host of initiatives taken…

FIDC seeks liquidity support for NBFCs for on-lending to MSMEs

‘With the changing economic environment and the associated developments, NBFCs, especially, small and medium sized ones, are facing liquidity crunch.’ Finance Industry Development Council (FIDC) has written to the government requesting setting up of a refinance window for non-banking financial companies (NBFCs), especially smaller players, for on-lending to the MSME sector. In a letter addressed…

Sensex rises over 200 points in early trade, Nifty tests 15,750

ONGC was the top loser in the Sensex pack, shedding over 2%. Equity benchmark Sensex jumped over 200 points in early trade on June 18, tracking gains in index-heavyweights Infosys, HDFC twins and ICICI Bank amid a largely positive trend in global equities. The 30-share BSE index was trading 220.53 points or 0.42% higher at 52,543.86 in initial deals. Similarly, the broader NSE Nifty advanced…

Data | Negative perception on economy and employment rises to an eight-year high

More than 80% of respondents say the country’s economic and employment situation worsened in May 2021 Job losses in urban areas as a consequence of COVID-19-related lockdowns have crushed the confidence levels of city dwellers. Their negative perception of the economy and employment situation has reached the highest level recorded in at least eight years. The negative perception remained high…

AWS to leverage cloud to expand in India: Dhawan

Witnessing an inflection point in customer spending on cloud technology, Amazon Web Services (AWS) is eyeing expansion in the ‘critical’ India market by leveraging ‘huge opportunities’ in sectors such as financial services, media and entertainment, and telecom, a senior company official said. “This is the perfect storm for digitalisation in India, and we are seeing a huge inflection point towards…

No significant chance of Indians’ Swiss bank deposits rising: Finance Ministry

It says it has sought info from Switzerland and many factors could have increased deposits NEW DELHI The Finance Ministry has asserted that ‘there does not appear to be any significant possibility’ of an increase in Swiss bank deposits from undeclared incomes of Indians, but has requested Swiss authorities to provide the ‘relevant facts’ and ‘possible reasons’ for changes in deposit numbers. The…

OWO is our largest redevelopment, it is the group’s commitment to Britain

‘London’s Old War Office complex will have residences, a hotel, restaurants, a spa’ The Hinduja Group recently put up its OWO Residences by Raffles, Europe’s first Raffles-branded residences, on the market. Targeted at ultra-high-net-worth individuals, who may aspire to own a piece of the Old War Office, the property’s redevelopment is set to be completed in 2022. How significant is this…

Rupee snaps 8-day losing streak, settles 22 paise up at 73.86 per U.S. dollar

The domestic unit opened lower at 74.10 per dollar from the previous close of 74.08. The rupee on Friday broke its eight-session long losing streak and appreciated 22 paise to close at 73.86 against the U.S. currency, taking cues from stronger Asian currencies and lower crude oil prices. At the interbank foreign exchange market, the domestic unit opened lower at 74.10 per dollar from the…