MUMBAI: Edelweiss Group has reported Rs 2,245 crore loss in the quarter to March due to higher upfront provisioning for COVID-19 for possible credit losses across three lending and asset reconstruction verticals. The diversified financial services player had reported a net income of Rs 232 crore in the year-ago period. During the quarter, the group has made an additional provisioning of Rs 900 crore towards possible loan losses due to the pandemic taking the total provisions to Rs 2,549 crore. Of this pre-COVID impairment stood at Rs 1,200 crore, and an additional impairment for the planned sell down of its NBFC assets worth Rs 500 crore, the company said. The group's full year income plunged to Rs 9,603 crore from Rs 11,161 crore in FY19, while full year 2020 net income slipped to negative Rs 2,045 crore against Rs 995 crore net profit in FY19. Group chairman and chief executive Rashesh Shah told on Sunday that the numbers are not comparable as the group had in February decided … [Read more...] about Edelweiss Group books Rs 2,245 cr net loss on upfront Covid provisioning
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I worked for eight years with an IT company and resigned in November 2019 to start my own business. I am told my PF account will be active for 36 months from the date of my last contribution. Can I make a personal contribution to my PF account?Jayant R. Pai CFP and Head - Products, PPFAS Mutual Fund replies: According to EPFO rules, ex-employees cannot contribute to their EPF account, since any contribution by the member must be matched with the employer’s share of contribution. Hence you are not permitted to contribute. You may consider options like the Public Provident Fund (PPF) or NPS instead. I have been investing in ICICI Prudential’s lifetime pension scheme since 2003 and in another pension scheme from the same group since 2006. What other pension products can I consider?Adhil Shetty CEO, BankBazaar replies: You can consider the NPS for additional investment. It has various equity and debt options that you can choose from depending on your risk appetite. On … [Read more...] about Can I make a personal contribution to my EPF account as I have quit my job to start a business?
Trade volume across the Straits from January to May increased by 5.6 percent year-on-year, and Taiwan's sales to the mainland and Hong Kong in May accounted for 44.9 percent of its total sales outside the island, a new high, data from the State Council's Taiwan Affairs Office show. … [Read more...] about Businesses signal intent on cross-Straits deals worth 1b yuan
In a note to General Managers of all Zonal Railways, the Railway Board said there was an urgent need to work towards doubling freight volume being carried by the Railways in four years. “This would be possible only if railway’s share is strengthened in the traditional commodities being carried and a strong foray is made into miscellaneous non-bulk goods. This is a segment in which railways have limited knowledge and experience. However, this traffic is very large in volume and is mostly moving by road.” … [Read more...] about Railways forms business units to double freight traffic
The LCCI is a leading private sector group based in Lagos, the largest and most populous city in Nigeria. It has over 2,000 corporate members. In the first and second editions of the CIIE, members of the chamber sealed transactions worth over $100 million. … [Read more...] about Nigerian chamber praises fair that links the world