Author: Finance Khabar
U.S. biotech company Moderna, which is in the late stages of testing a potential COVID-19 vaccine, reported a five-fold increase in revenue Wednesday for the second quarter. Based in Cambridge, Mass., Moderna posted total revenue of $66 million for the April-June period — more than five times its $13 million revenue for Q2 2019. It reported, however, a total net loss of $117 million. Moderna began a late-stage trial for the mRNA-1273 vaccine candidate last week and expects results as early as October. Revenue was aided partly by federal grants for development of the vaccine candidate. Moderna received a $483…
40 Vice Chancellors, 55 Universities from 6 continents and 15 countries across 15 Thematic Panel Discussions New Delhi : O.P. Jindal Global University (JGU) and International Institute for Higher Education Research and Capacity Building (IIHEd) present to the world a truly global conference on 6th and 7th August, 2020 on ‘Reimagining and Transforming the University: Confluence of Ideas during and beyond the COVID-19 Disruption’ in partnership with 6 Global Education Networks – Association of Commonwealth Universities (ACU), Association of Indian Universities (AIU), Coimbra Group of Brazilian Universities, Laspau (A Harvard University affiliated network), the STAR Scholars Network, Qatar Foundation. This conference comes right after the launch of the National Education Policy 2020 which aims to…
New Delhi: The country’s most valuable company Reliance Industries (RIL) has been ranked as the second largest brand in the Futurebrand Index 2020. In this, American giant tech company Apple is in the first place. Futurebrand said that this year, Reliance has jumped to number two. The company has performed tremendously in every respect. It is one of the highest profit making companies in India and is highly respected. It works cleanly and is known for growth, innovative products and great customer service.
New Delhi: The government is going all out to ensure that liquidity concerns of the MSME sector are addressed on priority under its Emergency Credit Line Guarantee Scheme (ECLGS). As of August 3, 2020 public sector and private banks have sanctioned loans worth over Rs 1.38 lakh crore under the 100 per cent Emergency Credit Line Guarantee Scheme, of which close to Rs 92,000 crore has already been disbursed. There has been a big jump in sanctions in the last 18-20 days with sanctions increasing rapidly by about Rs 15,000 crore while disbursement increased even rapidly by close to Rs…
New Delhi: Ride-hailing service Uber on Wednesday said it is recruiting 140 more engineers for its tech teams in Bengaluru and Hyderabad. These engineers will be responsible to build cutting-edge products in areas such as rider and driver growth, delivery, marketplace, customer service, digital payments, risk and compliance, safety, and finance technology. This latest development is in line with company’s vision to make mobility and delivery more accessible, and to become the backbone of transportation in thousands of cities across the globe. It is worth noting that the announcement comes after the company recently hired Jayaram Valliyur as senior director…
Mumbai: After starting the day on a strong note, domestic markets witnessed a volatile trade and ended flat on Wednesday, weighed down by Reliance Industries and HDFC Bank. After rallying 452 points during the day, the BSE Sensex tumbled into the red territory to end 24.58 points or 0.07 per cent lower at 37,663.33 levels, while NSE Nifty inched up 6.40 points or 0.06 per cent to close at 11,101.65. Of the Sensex’s 30 constituents, 19 ended in green while 11 others declined. HDFC Bank and Reliance Industries were among the top laggards, tumbling over 1 per cent, as investors…
The cruptocurrency market which gained ever more pace during the lockdown may face turbulence as there is being a call made by the government to curb the trade of these digital currencies and for it there can be a law sooner. Earlier the apex court kept aside the RBI’s circular saying banks and other financial entities not to provide crypto related services. And ever since players in the sector have been eyeing clarity from the centre. “There was a view in the government that banning it through a law would be more binding. It will clearly define the illegality of…
Sun Pharma announced the launch of FluGuard (Favipiravir 200 mg) at the price of Rs 35 per tablet, for the treatment of mild to moderate cases of COVID-19 in India. Favipiravir is the only oral anti-viral treatment approved in India for the potential treatment of patients with mild to moderate COVID-19 disease. “With over 50,000 Covid-19 cases being reported daily in India, there is an urgent need to provide more treatment options to healthcare professionals. We are launching FluGuard® at an economical price to make the drug accessible to more and more patients thereby reducing their financial burden. This is…
Paytm Money, the financial arm of payments company Paytm has launched a stockbroking service on its mobile app. In the beta stage the access to the service is currently available to few users but shall be available for all in due time of few weeks. Also, currently its limited in the sense that only resident users can invest via the facility. The facility was being worked upon ever since the SEBI gave its go ahead to the company to launch stock broking in 2019. So, it shall be a new entity to compete with services from Groww, India Infoline ,…
Mumbai: The overall unemployment rate in India for the month of July declined to pre-COVID-19 levels, indicating a notable improvement in the country’s job crisis seen during the nationwide lockdown. Data from the Centre for Monitoring Indian Economy (CMIE) showed that the overall unemployment rate in July came down to 7.43 percent from 10.99 percent in June. Rural unemployment rate in the country during the month fell to 6.6 percent against 10.52 percent in June and the urban unemployment rate was recorded at 9.15 percent against 12.02 percent. The data is better than March when the overall unemployment rate of…
Washington: US President Donald Trump on Monday signed an executive order preventing federal agencies from contracting or subcontracting foreign workers mainly those on H-1B visa from hiring, as the administration is addressing a major economic fallout, including high unemployment among Americans, amid the coronavirus pandemic. In a huge blow to Indian IT professionals eyeing the US job market, the proclamation comes into effect from June 24 and will expire on December 31. These curbs are expected to impact a large number of them and several American and Indian companies who were issued H-1B visas by the US government for the…
MUMBAI: The Sensex jumped 748 points on Tuesday due to strong buying by Reliance Industries and HDFC Bank shares amid positive signals from global markets. Market sentiment was also strengthened by the inflow of foreign funds. The 30-share BSE Sensex gained 748.31 points or 2.03 percent to 37,687.91 points. Similarly, the National Stock Exchange’s Nifty closed at 11,095.25 points, a gain of 203.65 points or 1.87 percent. Among the Sensex companies, Reliance Industries shares rose by almost seven percent. HDFC Bank shares rose nearly four percent. The Reserve Bank has approved the appointment of Sasidhar Jagadishan as Managing Director and…
Lucknow: SBI Card, the country’s second largest credit card issuer, today announced that Mr. Ashwini Kumar Tewari has taken over as the company’s new Managing Director and Chief Executive Officer, effective August 1, 2020. The baton passes from Mr. Hardayal Prasad who retired on July 31, 2020, following a successful tenure during which the company achieved many significant accolades. Mr. Ashwini Kumar Tewari is a career banker with over 29 years’ experience with State Bank of India, including domestic and foreign postings. Prior to taking charge at SBI Card, since April 2017 Mr. Tewari held the position of Country Head…
Mumbai: The Reserve Bank of India has approved the appointment of Sashidhar Jagdishan as Managing Director and CEO of HDFC Bank for a period of three years from October 27, 2020, when he will take the charge from the outgoing MD Aditya Puri. Informing the stock exchanges about the RBI’s August 3 communication, HDFC Bank said, “A meeting of the Board of Directors of the Bank will be convened in due course inter alia to approve the appointment of Sashidhar Jagdishan as the Managing Director and CEO of the Bank, in place of Puri, who is due to retire as…
Mumbai: In almost six years of its launch by the Narendra Modi-led NDA government, more than 40 crore bank accounts have been opened under the government’s flagship financial inclusion drive Pradhan Mantri Jan Dhan Yojana (PMJDY). Latest numbers released by the government say that there are now 40.05 crore beneficiaries under this scheme with deposits in excess of Rs 1.30 lakh crore. Another milestone achieved under world’s largest financial inclusion initiative, PMJDY: Total accounts opened under the scheme crosses 40 Cr. mark. The achievement comes just ahead of the sixth anniversary of PMJDY launch. The scheme was launched on 28…
Mumbai: Benchmark indices closed the day sharply lower on the first trading day of the week, as banking and financial stocks saw sharp falls. The drop in the indices was despite strong markets across Asia and Europe. In fact, most Asian markets closed the day higher, after a private survey released Monday showed China’s manufacturing activity expanded in July. The Nifty ended the day below the 11,000 points mark at 10,891 points, while the Sensex fell below the 37,000 points mark. Banking stocks were the big losers in trade with Kotak Mahindra Bank and IndusInd Bank among the early big…
HSBC on Monday reported a 65% year-over-year plunge in pre-tax profits for the first six months of 2020 as it set aside more funds for potential loan losses that could come as a result of the coronavirus pandemic. The bank, Europe’s largest by assets, reported profit before tax of $4.32 billion in the first half of this year — down from $12.41 billion that was reported a year ago and missing the estimated $5.69 billion that HSBC had compiled from analysts. The bank’s reported revenue fell by 9% to $26.7 billion during the same period. That’s slightly above analysts’ expectations…
Manufacturing PMI for the month of July tumbled to 46 highlighting the impact of localized lockdowns being imposed to curb the spread of the virus. For the June month, the figure came in at 47.2. Though levels below 50 indicate contraction in the economic activity. The data shed light on the state of economic conditions in one of the countries worst affected by the pandemic, said Elliot Kerr, economist at IHS Markit, in a media release. The survey results showed a re-acceleration of declines in the key indices of output and new orders, undermining the trend towards stabilisaton over the…
New Delhi: Renault of France is focusing on launching new models and increasing sales, especially in rural areas, to strengthen its position in the Indian market. A top company official says that India is among the top ten markets in the world for Reno. The company recently introduced the Automated Manual Transmission (AMT) trim for the entry-level Kwid and the new model Tiber. Apart from this, there are manual transmission versions of these vehicles. The company is now set to further strengthen its product portfolio. “We will soon introduce a completely new turbo engine (petrol) duster,” said Venkataram Mamilapalle, chief…
New Delhi: Royal Enfield sales have fallen drastically in the month of July amid Corona crisis. The company has sold a total of 40334 bikes in July 2020, compared to 54185 in July 2019. It has declined 26 per cent year-on-year. Talking about July 2020, the domestic sale was 37925 units while the 2409 unit bike was exported. In 2019, the domestic sale was 49182 units. It has declined by 23 percent. 5003 units were exported in 2019 July. It has recorded a decline of 52 percent.