Author: Finance Khabar

China’s Geely Automobile Holdings said on Monday first-half net profit fell 43%, as the coronavirus outbreak slammed the brakes on auto sales in the world’s biggest market. Geely, China’s highest-profile automaker globally due to the group’s investments in Volvo Cars and Daimler AG, posted January-June profit of 2.3 billion yuan ($331.37 million), versus 4.01 billion yuan in the same period a year prior. Revenue fell 23% to 36.82 billion yuan, Geely said. The result compared with the 36.89 billion yuan average of three analyst estimates compiled by Refinitiv. Geely earlier this month maintained its annual sales target of 1.4 million…

French health care company Sanofi has agreed to buy U.S. company Principia Biopharma for around $3.7 billion, the companies said on Monday, strengthening Sanofi’s presence in research and development (R&D) areas. Sanofi said it would buy all of the outstanding shares of Principia for $100 per share in cash, representing an aggregate equity value of approximately $3.68 billion on a fully diluted basis. “This acquisition advances our ongoing R&D transformation to accelerate development of the most promising medicines that will address significant patient needs,” said Sanofi chief executive Paul Hudson.

New Delhi: Private operators who will be handed over 150 trains to ply on 109 routes by the Railways will have the freedom to choose halt stations of the trains they operate, documents released by the national transporter have shown. However, the private operators have to submit in advance to the Railways the list of such intermediate stations on the trains’ paths where they are proposing halts. The private operators also have to provide the time in and time out at the intermediate railway stations, which shall form part of the train operation plan. This has to be submitted in…

Mumbai: An initiative undertaken by the Ministry of Civil Aviation allows international passengers arriving at Chhatrapati Shivaji Maharaj International Airport (CSMIA) to skip the compulsory institutional quarantine. Concessions on quarantine regulations have been made for international passengers traveling due to an emergency and those who have undertaken an RT-PCR test within 96 hours prior to their planned journey. The initiative enables arriving passengers to fill the self-declaration form online at least 72 hours before their scheduled travel in order to be exempt from institutional quarantine as mandated by the State of Maharashtra; it helps in reducing the passenger processing time…

Kolkata: At the stroke of Midnight when the world sleeps, India awakes to a new dawn- introduces a pathbreaking device, Shycocan, to stop the spread of Covid 19 virus. Medwin Healthcare, the International Humanitarian Collaborator for Scalene, Bangalore, is manufacturing and marketing this device for India and South Asia. Two women entrepreneurs, Ms Manisha Bose and Ms Sunita Neogi, partners at Medwin Healthcare have introduced Shycocan to the City of Joy. They have gifted the first device to Ramakrishna Mission Seva Pratishthan in the presence of Swami Satyabrata Nanda Maharaj, Dr. Prabuddha Mukhopadhayay,Mr Debashis Bose, CEO Medwin Healthcare and Mr…

The Emirati APEX National Investment company has signed a “strategic commercial agreement” with Israel’s Tera Group to cooperate on research and development related to COVID-19, including a testing device, UAE state news agency WAM reported. The deal “is considered the first business to inaugurate trade, economy and effective partnerships between the Emirati and Israeli business sectors, for the benefit of serving humanity by strengthening research and studies on the novel Coronavirus”, WAM quoted APEX’s chairman Khalifa Yousef Khoury as saying. The agreement was signed in Abu Dhabi on Saturday, just two days after Israel and the UAE announced an agreement…

New Delhi: India’s gold imports fell 81.22 per cent to $ 2.47 billion (about Rs 18,590 crore) during April-July 2020. The reason for this was a huge decrease in gold demand due to the covid19 epidemic. This information has come from the data of the Ministry of Commerce. In the April-July period of 2019-20, gold imports stood at $ 13.16 billion (about Rs. 91,440 crore). Silver imports fell 56.5 per cent to $ 68.53 million (about Rs 5,185 crore) in the April-July period of the current financial year. India’s trade deficit was reduced to $ 13.95 billion during April-July 2020-21…

New Delhi: The combined market valuation of six of the top ten most valued companies rose by Rs 74,240 crore during the last week, with Reliance Industries leading the pack. Six firms, namely Reliance Industries Ltd (RIL), Tata Consultancy Services (TCS), HDFC Bank, Bharti Airtel, ITC and ICICI Bank logged gains in their market valuation for the trading week closed on Friday. On the other hand, Hindustan Unilever Ltd (HUL), Infosys, HDFC and Kotak Mahindra Bank suffered losses. RIL’s valuation zoomed by Rs 50,556.75 crore to reach Rs 13,60,879.96 crore, ICICI Bank’s market capitalisation (m-cap) rose by Rs 7,092.05 crore…

New Delhi: Hindalco Industries Chairman Kumar Mangalam Birla has said that the covid-19 and its accompanying lockdown have created a once-in-a-century crisis for society and the economy and this has led to the growth of GDP in 2020-21 ( GDP) will be reduced in size. In a letter to shareholders, Birla said that covid-19 has come at a time when economic conditions were already sluggish due to global uncertainty and pressure on the domestic financial system. Birla said, “It is estimated that 80 percent of the country’s gross domestic product comes from districts that were classified as red and orange…

The Government of Singapore has increased its stake in ICICI Bank as it took up 11.08 per cent stake in the latest qualified institutional placement (QIP) of the bank’s shares with an investment of Rs 1,662.71 crore. This takes the stake of the Government of Singapore in the bank to 13.2 per cent. As of the quarter ended, it had 2.12 per cent stake in the private lender, according to the data on the BSE website. In a regulatory filing, the bank said that the Government of Singapore was offered over 4.64 crore shares in the QIP amounting to 11.08…

Reliance Jio brings a new Independence Day offer for its JioFi 4G wireless hotspot. As part of the Independence Day offer, JioFi users can avail five months of free data and Jio-to-Jio calls. This offer is applicable only for new JioFi users. To avail of this new offer, one needs to buy the JioFi device which is priced at ₹1,999. JioFi can be bought via online platforms, and through the Reliance Digital stores as well. Once they get a Jio connection, customers need to choose any of the three JioFi plans at the time of activation. To be noted that…

Mumbai: The ceat owned by RPG Group has said that it will supply tires for the new version of the SUV manufacturer Thar, from auto manufacturer Mahindra & Mahindra (M&M). The new version of Thar was unveiled on Saturday and will be available in the market on October 2. CEAT Tires Limited said in a statement that this SUV has been introduced with 16-inch and 18-inch tires. The company will supply tires for both Thar models. “We are proud of our association with Mahindra, which has evolved over the years,” said Amit Tollani, Chief Marketing Officer, Seattle Tires. We started…

New Delhi:In a very unfortunate incident, national carrier Air India sacked around 50 pilots who resigned in 2019 but withdrew their resignations within the six months notice period time, according to rules. The withdrawal of resignations was accepted earlier only to be revoked suddenly. Their services have been terminated with immediate effect. The Air India pilots, who were employed in flying the Airbus 320 fleet of the airline, have sought the intervention of the management on the issue of “illegal termination” of 50 pilots from service. In a letter to Rajiv Bansal, Chairman and Managing Director, Air India on Friday,…

New Delhi: Aimed at eliminating silos, Prime Minister Narendra Modi on Saturday announced that India will spend Rs 100 lakh crore on 7,000 National Infrastructure projects. For this, the Prime Minister said, a very big plan has been prepared to connect the entire country with Multi-Modal Connectivity. “About 7,000 projects of different sectors have also been identified. It would be like a new revolution in infrastructure. The country is moving towards spending more than Rs 100 lakh crore on this project,” Modi said during his speech from the Red Fort on the 74th Independence Day. Mentioning the need to eliminate…

New Delhi: Chemist body, All India Organization of Chemists and Druggists (AIOCD) has written a letter to Amazon chief executive officer Jeff Bezos, Amit Agarwal, senior vice-president and country manager saying that their plan to launch an online drug business in Bengaluru is illegal, reports stated on Saturday. The letter is also addressed to Prime Minister Narendra Modi, top ministers, and government officials. In the letter, the association cited several laws and regulations like the Drugs and Cosmetic Rules and Drugs and Cosmetics Act. Along with this, the association also attached a copy of Delhi High court’s verdict that had…

New Delhi: Country’s foreign exchange reserves surged by $3.623 billion touch hit $538.191 billion mark in the week ended August 7, RBI data showed. According to the Reserve Bank of India’s weekly statistical supplement, the reserves stood at $534.568 billion for the week ended July 31. India’s forex reserves comprise foreign currency assets (FCAs), gold reserves, special drawing rights (SDRs), and the country’s reserve position with the International Monetary Fund (IMF). FCA was up by $1.464 billion to $492.293 billion in the reporting week, the central bank data showed. Expressed in dollar terms, the foreign currency assets include the effect…

On the auspicious occasion, Shri Rao, MD and CEO announced the launch of the PNB’s new and innovative digital campaign, named as “DIGITAL APNAYEN,” an initiative to encourage customers to move to digital banking channels for their banking needs. New Delhi: As per the campaign, the Bank will contribute ₹5.00 towards the PM CARES Fund on behalf of each customer conducting ‘first financial transaction’ to activate their RuPay Debit card either on PoS or E-commerce platform, activation of AePS account through fund transfer, activation of AePS account through BHIM Aadhaar Merchants payment, and activation of UPI service. Download and Registration…

Billionaire investor Warren Buffett reduced his stake in large US financial institutions during the April to June quarter. The shares they have sold, which can be worth up to billion dollars. In a filing to the US market regulator Securities and Exchange Commission, Warren Buffett’s Berkshire Hathaway has sold its shares of JPMorgan Chase, Goldman Sachs and Wells Fargo. Banks in America are also facing difficulties due to Corona epidemic. This is increasing the provisions so that they can avoid any adverse situations in the near future. Experts say that these big provisions will reduce interest income. According to the…

New Delhi: As The Faceless Assessment Scheme, 2019 kicks off, the Central Board of Direct Taxes (CBDT) has stipulated that all communications from the department to the taxpayer, assessee, third-party will be in the name of the National e-Assessment Center (NeAC) and no communication of any nature such as above will be made by any of the Regional e-Assessment Centres (ReACs) across 20 cities in the country. The Income Tax Department has embarked on the journey of Faceless Tax Administration. The Faceless Assessment Scheme, 2019 has been announced by the Central Government. Further, the Central Board of Direct Taxes (CBDT)…

New Delhi: The new-generation Mahindra Thar has been lastly unveiled and the off-roader takes a quantum leap over the present mannequin. The all-new providing is feature-packed, technology-rich and designed to fulfill the present and future security and emission norms. Mahindra & Mahindra has not solely revealed the specs of the brand new Thar on India’s 74th Independence Day but additionally disclosed the launch particulars of the brand new mannequin. The new Mahindra Thar will likely be launched on October 2, 2020, coinciding with the automotive big’s Founders’ Day. Moreover, the day additionally marks the 151st beginning anniversary of Mahatma Gandhi.…