Author: Finance Khabar

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…

New Delhi: Indian Overseas Bank on Thursday appointed Partha Pratim Sengupta, deputy managing director and chief credit officer at State Bank of India, as managing director and chief executive officer (CEO). Mr Sengupta replaces Karnam Sekar, who retired on June 30. Mr Sengupta is a career banker with more than three decades of experience in SBI, Indian Overseas Bank said in a regulatory filing. The appointment of Mr Sengupta will be till the date of attaining superannuation, which is December 31, 2022, or until further orders, whichever is earlier. Mr Sengupta has resigned from the position of non-executive director at…

New Dekhi: ICICI Bank today reported its Q1 FY21 profit at Rs 2,599.1 crore, 36.2 percent year-on-year increase due to stake sale in general and life insurance subsidiaries. This is despite provisioning of Rs.5,550 crore due to Covid 19. Net interest income during the quarter increased by 20 percent to Rs 9,280 crore compared corresponding period of the previous fiscal, with loan growth of 7 percent and strong deposits growth of 21 percent YoY. “Deposits increased by 21 percent year-on-year to Rs 8,01,622 crore in June quarter. Average current and saving accounts deposits increased by 20 percent and 14 percent…

New Delhi: The annual wage hike of 15% has been finalised for bank employees after severe deliberation between IBA and union of bank employees. “Today IBA & UFBU have signed an MoU for 15% increase in pay slip component of Bank Employees, in Principal agreement to remove cap & offer 30% of Basic Pay as family Pension,” IBA Chief Executive Officer Sunil Mehta said in a tweet. The hike in wages has been made effective since November 2017. And as the new hike will be implemented and there are changes introduced in it, on some aspects, NPS contribution for these…

New Delhi: The total bad loans of the Indian banks is likely to rise by six percentage points to 14.7 per cent by the end of the current financial year, the Reserve Bank of India Friday warned, citing a worrying trend of bad loans accumulation with small borrowers of late. The report comes days after RBI Governor Shaktikanta Das underlined the need for further recapitalization of PSU banks to increase their systemic resilience amid Covid-19 stress. Macro stress tests for credit risk indicate that the gross NPA ratio of all banks may increase from 8.5 per cent in March 2020…

Mumbai: Reliance Industries has overtaken ExxonMobil to become the world’s second most valuable energy company after its market capitalisation scaled to a record high of over Rs 14 lakh crore. The oil-to-telecom conglomerate is now ranked 46th globally on market cap, according to stock market data. On Thursday, Reliance was ranked 48th and was behind ExxonMobil. Its share price on Friday scaled an all-time high of Rs 2,163 before settling at Rs 2,146.20, taking the company to 46th position. The Rs 13.6 lakh crore m-cap of Reliance together with Rs 54,262 crore m-cap of its partly-paid shares that were issued…

New Delhi: Malaysia has reached a $3.9bn settlement with Goldman Sachs over losses suffered from a multibillion-dollar scandal at the country’s 1MDB investment fund. The deal announced on Friday includes a $2.5bn cash payout by the Wall Street giant to the Malaysian government and a guarantee to return at least $1.4bn in assets linked to 1MDB bonds. “This settlement represents assets that rightfully belong to the Malaysian people. We are confident that we are securing more money from Goldman Sachs compared to previous attempts, which were far below expectations,” Tengku Zafrul Abdul Aziz, Malaysia’s finance minister, said. “We are also…

New Delhi: Apple has begun assembling the high-end iPhone 11 smartphone at its Foxconn plant in Chennai. According to the report, Apple plans to increase production in a phased manner. The units from the Chennai plant could also be shipped to other markets. The report further said that Apple is also planning to assemble its new iPhone SE 2020 at its Wistron plant in Bengaluru. If the report is to be believed, this is the first time Apple is manufacturing one of its most premium handsets in India. We have reached out to Apple for more information on the same.…

Mumbai: Domestic benchmark indices managed to recoup most of the losses during Friday’s trading session to end the day flat. S&P BSE Sensex ended down 11 points while the Nifty 50 was just shy of the 11,200 mark. With this, domestic markets gained 3% during the week, considerably more than their global peers. This was the sixth consecutive week where Sensex and Nifty managed to advance on their gains. Analysts say that the weekly gain was led by the quarterly numbers that were announced during the week which were better than expected with companies coming with a positive outlook. Top…

Mumbai: The market valuation of Reliance Industries Limited (RIL) crossed Rs 14 lakh crore mark as its share price rallied more than 4 percent to hit a new all-time high of Rs 2,149.70 on BSE. This took its market valuation to Rs 13,54,033.41 crore in the late morning trade. The company’s partly paid-up shares listed separately have a market capitalisation of Rs 53,821 crore. The combined market capitalisation of Reliance Industries now stands at Rs 14,07,854.41 crore. ReliancePP-the partly paid-up shares issued in the recently concluded rights issue- had listed on the stock exchanges on 15 June 2020. RIL is…

New Delhi: Shares of Sun Pharmaceutical Industries Limited rose 4 percent to Rs 497.80 in early trade after its US subsidiary, Taro Pharma reached a settlement agreement with the US Department of Justice (DoJ), Antitrust and Civil divisions to pay $205.7 million to settle the generic drug price-fixing allegations against the company. “Taro Pharmaceutical Industries Ltd. (NYSE: TARO) announced today that its wholly-owned subsidiary, Taro Pharmaceuticals U.S.A., Inc. (“Taro” or the “Company”), has resolved all cases involving the Company in connection with the multi-year investigations by the Department of Justice, Antitrust Division and Civil Division (“DOJ”) into the U.S. generic…