Author: Finance Khabar

New Delhi: Amid the crisis covid-19, IndiGo has now announced a cut in the salary of its senior employees by 35 percent. The company said on Monday that the move has been taken for cash management. Indigo has been cutting its senior personnel salaries by up to 25 percent since May. On July 20, the company announced that it was going to increase the deduction a bit more. In order to deal with the economic crisis facing the company due to the epidemic, it will cut its employees’ salary by 10 percent. “I am increasing my own salary cut to…

IDFC FIRST Bank has announced the opening of its MBA Scholarship programme for the batch of 2020-2022, as part of its Corporate Social Responsibility (CSR). As its flagship CSR programme, the scholarship is available to MBA aspirants across the country. It aims to financially support students from weaker social economic backgrounds, enabling them to pursue a management degree from a B-school of their choice. To qualify for the scholarship, the candidate needs to secure admission into a two-year full-time MBA programme and the family income has to be less than Rs. 6 lakhs per annum. The initiative provides financial assistance…

New Delhi: Bharti AXA General Insurance, a joint venture between Bharti Enterprises, one of India’s leading business groups, and AXA, one of the world’s largest insurance companies, has launched its crop insurance campaign – ‘Bohot Zaroori Hai’ – for farmers in Maharashtra and Karnataka to encourage them about their yield protection and financial security. The company has secured the mandate to insure the farmers in Maharashtra and Karnataka for a period of three years under the Pradhan Mantri Fasal Bima Yojna (PMFBY), which provides them protection for the losses occurring owing to uncertainty and unfavourable weather vagaries resulting in yield…

Mumbai: IT major Tech Mahindra on Monday posted a profit after tax of Rs 972 crore in Q1 FY21, up 21 per cent from Rs 804 crore in the previous quarter (Q4 FY20).Earnings before interest, tax, depreciation and amortisation (EBITDA) were down 3.5 per cent to Rs 1,301 crore while revenue fell by 4 per cent to Rs 9,106 crore in the same period. Earnings per share were at Rs 11.07.In dollar terms, the consolidated profit after tax was up 18.2 per cent at 128.8 million quarter-on-quarter while revenue came down 6.7 per cent to 1.2 billion dollars.”We are witnessing…

Mumbai: Equity benchmark indices ended half a per cent lower on Monday due to profit booking in banking and financial stocks.At the closing bell, the BSE S&P Sensex was down by 194 points or 0.51 per cent at 37,935 while the Nifty 50 slipped by 62 points or 0.56 per cent at 11,132. Except for Nifty IT which moved up by 1.9 per cent and metal, all sectoral indices at the National Stock Exchange were in the red with Nifty private bank down by 3.6 per cent, PSU bank by 3.1 per cent, financial service by 2.4 per cent and…

Gold prices in India once again trended higher on surge in international rates. On the MCX, gold for August delivery was up 1.54% or Rs. 785 at Rs. 51820 per 10gm. Silver too jumps another 5.5% or Rs. 3371 to hit level of Rs. 64594 per kg. In the international markets, gold nudged higher yet again after breaching the crucial level of $1900 per ounce on safe haven demand. And with just $3 shy of all time high, the yellow metal is eyeing new highs. Spot gold was up 0.8% at $1,916.91 per ounce by 0030 GMT, was just $3.39…

Mumbai: Kotak Mahindra Bank reported an 8.51 percent decline in net profit to Rs 1,244.45 crore for the June ended quarter when compared to Rs 1,360.20 crore in the corresponding quarter of the last year. Shares of the private lender slipped over 2 percent after the announcement of the quarterly results. For the first quarter of 2020-21, Kotak Mahindra Bank’s provisions and contingencies rose by 3 times to Rs 962.01 crore against Rs 316.76 crore in the same period last year. Net intererst income (NII) was up by 17.81 percent year-on-year to Rs 3,723.85 crore. The bank’s asset quality also…

New Delhi: As the need to sail through economic fallout due to Covid 19 becomes a priority, the RBI in its upcoming monetary policy meet is yet again expected to go for another 25 basis points rate cut. This is even as the repo rate now stands at a historical low of 4%. Repo rate is the rate at which RBI lends money to commercial banks for short term needs. Also, the likelihood of rate cut gathers pace despite inflation figures for the recent month being higher than RBI’s comfort level of 2-6% by a few notches. The Monetary Policy…

The largest crypto Bitcoin after being in arrange for last few weeks on Sunday hit price levels over $10000 for the first time. Also, the bitcoin other than suffering the pandemic related blow also met with bitcoin halving on may 11, which reduce the reward for those who mine bitcoins to to 6.25 new coins from 12.5. The process of bitcoin halving has impacted the supply of bitcoin and simultaneously increased the time required by miners to get hold of their break even point. On Sunday, the cryptocurrency hit highs of $10,200.

New delhi: An Indian court has summoned Alibaba and its founder Jack Ma in a case in which a former employee in India says he was wrongfully fired after objecting to what he saw as censorship and fake news on company apps, documents seen by Reuters showed. The case comes weeks after India cited security concerns in banning Alibaba’s UC News, UC Browser and 57 other Chinese apps after a clash between the two countries’ forces on their border. Following the ban, which China has criticized, India sought written answers from all affected companies, including whether they censored content or…

New Delhi: HDFC Bank Managing Director (MD) Aditya Puri has sold 74.2 lakh shares of the bank which accounts for around 95 percent of his total shares. The latest exchange data showed that Puri has done the sale of shares between July 21 and 23 last week. As per a few media reports, shares have been sold for Rs 842.87 crore. However, the communication head of HDFC Bank, Neeraj Jha took on to Twitter to clarify, “Rs 840 crore mentioned in the story is the value of shares at the current price. The shares were allotted to Mr. Puri at…

New Delhi: Public sector company Bharat Petroleum Corporation Limited has come out with a voluntary retirement scheme (VRS) for its employees. The government is going to privatize the country’s third largest oil refinery and the second largest petroleum marketing company. Prior to privatization, the company has offered VRS to its employees. In an internal notice sent to its employees, BPCL said, “The company has decided to offer VRS. The scheme is for employees who are not in a position to continue services in the company due to various personal reasons. Those employees can apply for VRS. “ Bharat Petroleum VRS…

New Delhi: Banks will be closed for 13 days in the month of August. In such a situation, it is important for you to know on which days the banks will be open and closed on which day. Next month there will be so many holidays throughout the month due to Baqrid, Raksha Bandhan, Independence Day and then Weekend. The bank holiday will begin with Baqrid holiday and will end on Onam festival falling on 31 August. The Reserve Bank of India has released a list of holidays. Through this list, you can easily know on which days banks will…

New Delhi: Commercial banks of the country are required to raise capital at this juncture even if it is not needed as the COVID-19 pandemic has made the future uncertain, former deputy governor of RBI N S Vishwanathan said. He said that raising resources at the moment is essential as it might not be available or become exorbitant when actually needed. “Banks are required to raise capital at the moment. They need to raise and conserve capital. This is because when it is needed, capital may not be available or become highly expensive,” Vishwanathan said while speaking at a webinar…

New Delhi: Textiles Minister Smriti Irani on Saturday said that the COVID-19 pandemic has thrown up opportunities and the sector should commercialise this scope. She said that the textiles sector is always looking for subsidy but one should keep in mind that subsidy is taxpayers’ money. “There is a need to see opportunities and not wait for another crisis,” Irani said at a webinar organised by ICC. Citing an example, she said that the personal protective equipment (PPE) category is a case in point. “India has become a new player in the PPE category after the pandemic surfaced,” she added.…

Thane: Ashok Leyland, the flagship Company of the Hinduja and India’s leading commercial vehicle manufacturer, have delivered more than 1350 vehicles from its latest range of Modular Trucks, AVTR, with i-Gen6 BS-VI technology, across the country. Today, we are launching AVTR in Thane and are delivering vehicles to customers. These trucks were delivered through AML and ACVL Thane. Mr. Anuj Kathuria, COO, Ashok Leyland and Mr. Jose, ACVL Thane and Mr. Sachin Sanghvi, AML were present on the occasion to virtually hand over the trucks to the customers. Mr. Anuj Kathuria, COO, Ashok Leyland, said, “Our AVTR range of trucks…

Handset manufacturer Honor is now preparing to enter the laptop segment in India after the smartphone. The launch date of Honor’s first laptop Honor MagicBook 15 in India has been confirmed. Honor MagicBook 15 will be launched in India on 31 July. The launch date has been given via tweet from the official Twitter account of Honor India. The upcoming Honor laptop will be available for sale exclusively on the e-commerce site Flipkart after launch. Honor 9S and Honor 9A smartphones can also be launched on 31 July with Honor MagicBook 15. Honor has already confirmed that Honor 9A smartphone…

New Delhi: Mindspace Business Parks REIT, owned by K Raheja group and Blackstone, has raised Rs 2,644 crore from the anchor and strategic investors ahead of its public issue that will hit the capital market on Monday. Mindspace has proposed to raise up to Rs 4,500 crore from the public issue, which will close on July 29. The company, which is launching India’s second Real Estate Investment Trust (REIT), has raised Rs 1,518.74 crore from anchor investors and Rs 1,125 crore from strategic investors, taking the total proceeds to Rs 2,644 crore. In a regulatory filing late Friday, Mindspace said…

Bengaluru: Cipla has received regulatory approval to sell anti-viral drug favipiravir to treat COVID-19, the drug maker said on Friday, as coronavirus infections in the world’s third worst-hit nation show no sign of abating. The Drug Controller General of India granted Cipla accelerated approval to make and sell favipiravir in an effort to meet the “urgent and unmet” need for COVID-19 treatment options in the country, the company said. Indian drug makers including Glenmark Pharmaceuticals are racing to supply generic versions of favipiravir, originally developed by Japan’s Fujifilm Holdings Corp as Avigan for treating influenza. India reported over 49,000 fresh…

Colombo: The Reserve Bank of India has signed necessary documents for extending a $400-million currency-swap facility to Sri Lanka to boost the island nation’s draining foreign exchange reserves due to the coronavirus pandemic, the Indian High Commission here said on Saturday. The currency-swap arrangement will remain available till November 2022, it said in a press release. Sri Lanka had said in April that it was set to enter into an agreement with the RBI for a currency swap worth $400 million under the South Asian Association for Regional Cooperation (SAARC) framework to boost the foreign reserves and ensure financial stability…