Author: Finance Khabar
Mumbai: In its debut, Rossari Biotech made a stellar listing with gains of 58%to the issue price at Rs. 670 per share. To its Rs. 496 crore IPO offer, the company received strong subscription. The company is the first to list on the bourses during the lockdown after a nearly 4-month hiatus in the primary market. The public issue comprised of a fresh issue of Rs 50 crore and an offer for sale of 1.05 crore equity shares by promoters, closed with a massive 79.37 times subscription on July 15, with overwhelming response from all investor class. The grey market…
Bank of Baroda (BoB) has launched ‘Insta Click Savings Account’ that uses a new form of digital KYC and Aadhar-based OTP authentication of the customer. The account can be opened on the bank’s website, through internet banking or over its mobile app. The account is activated in real-time, making the account opening process instant, allowing customers to start transacting using the Baroda M Connect Plus application with the MPIN received on the mobile number, immediately. “We are working on digitisation of all our process and intend to be 100% paperless by 2023. The only way to ensure our customers can…
Riyadh: Lower crude oil prices and the COVID-19 outbreak has hurt the Saudi Arabian economy and the kingdom is now considering various options, including income tax and sale of state assets to boost income, a Bloomberg report said. The kingdom could raise more than 50 billion riyals ($13.3 billion) over the next four to five years by privatizing assets in the education, health-care and water sectors, said Finance Minister Mohammed Al Jadaan on Wednesday during a virtual forum organized by Bloomberg. A Bloomberg report quoted Al Jadaan saying that the Saudi Arabian government is “considering all options” to bolster its…
Mumbai: WhatsApp India head Abhijit Bose said that it will work with partners like banks and financial institutions in India to make it easier for people to access products such as insurance, microcredit and pension. The instant messaging app will also support multiple pilots to test potential solutions to solve problems related to the distribution of financial products, Bose said at the Global Fintech Fest. The Facebook-owned company has been working for more than a year with banking partners to see how it can supplement their digital presence and accelerate the pace of financial access across segments and geographies in…
Mumbai:Amazon India said that it will begin offering auto insurance in partnership with Bengaluru-based startup Acko General Insurance. The product is already available Amazon Pay’s home page and app. Customers of Amazon’s Prime loyalty programme will get extra benefits and more discounts, Amazon said. Amazon has been selling third-party insurance products but this partnership will enable an easy-to-use integrated buying experience for its customers. Amazon India also announced the expansion of its fulfillment network in India, with 10 new Fulfillment Centres (FC) and expansion of seven existing buildings. With this expansion, Amazon.in will have more than 60 FCs in 15…
Mumbai: It was yet another day of strong gains for the markets, as heavyweights like Reliance Industries and ICICI Bank once again led gainers. Strong buying was seen across the banking sector as well, though IT stocks were a tad weak in trade today. The Nifty ended the day with gains of 82 points, while the Sensex was up above the 38,000 points level. Shares in Yes Bank was among the big losers in trade, and has been falling ever since the completion of the FPO of the company. Analysts see a further downside to the stock nearer the FPO…
New Delhi: Personal hygiene emerged as a top priority for consumers to combat the COVID-19 crisis across the world. Based on the ongoing situation, Kitchenware and Sanitary-ware brand Grafdoer announced its entrance into the Health & Wellness segment with its subsidiary brand ‘Edhini’. ‘Edhini’ is derived from a Sanskrit word which means the Earth, hence, the product line-up under the brand lineage will have natural products. The brand also introduced its very first product an Ayurvedic Instant Hand Sanitizers under their label. Maintaining hand hygiene is considered as an essential and effective step for Disease Control and Prevention, in order…
New Delhi: Flipkart Group announced to launch a new digital market ‘Flipkart Wholesale’ to enter the country’s $ 650 billion wholesale business market. The company has also purchased a 100 percent stake in Walmart India Private Limited. Walmart India operates wholesale shops under the name ‘Best Price’ in the country. It currently has 28 stores across the country. The announcement was made by Flipkart at a time when the company recently raised $ 1.2 billion in investments from a Walmart-led group of investors. However, Flipkart has not disclosed the value of the acquisition deal for Walmart India. Significantly, Walmart India…
New Delhi: Aggrieved customers in India will now be able to seek effective legal remedy, on the lines of class action suits seen in many countries, with the Consumer Protection Act, 2019, kicking in on July 20. The new Act empowers buyers to ask for replacements, refunds or damages from brands, e-tailers and service providers. The law proposes a Central Consumer Protection Authority (CCPA) to regulate matters of consumer rights, trade practices and advertisements prejudicial to the interests of the public, and to promote, protect and enforce the rights of the “consumers as a class”. The proposed CCPA will be…
New Delhi: CARE Ratings downgraded the debt worth ₹106.30 crore issued by Morgan Credits Pvt. Ltd from BB to D (default) on 20 July. Four schemes of Nippon India Mutual Fund have exposure to debt of Morgan Credits. Morgan Credits is owned by the family of Yes Bank Ltd co-founder Rana Kapoor, who is currently in judicial custody for alleged violation of the Prevention of Money Laundering Act (PMLA). “The revision in the rating of the above instrument is on account of the company’s inability to repay post exercise of the put option by the investor on account of stretched…
New Delhi: India’s banking sector woes have impacted investments and growth, Chief Economic Adviser (CEA) Krishnamurthy V Subramanian said on Wednesday. Speaking at the Ficci’s 17th Annual Capital Market Conference ‘CAPAM2020’, he said the sector faced two problems of “scale and quality”. The CEA elaborated that these problems are major factors for slow growth. According to Subramanian, NPAs and risk aversion have impacted investment, which has in turn hit growth and eventually lowered consumption. Besides, he pointed out the need to focus on bringing scale to the banking sector. He asserted that India needs large banks. The CEA cited that…
Mumbai: The retail industry in India saw degrowth of 64% during the first half of July, says Retailers Association of India’s latest survey. The recovery in the sector was offset by the disruptions caused due to ad-hoc lockdowns imposed by several states across the country in the last couple of weeks. RAI said that retailers are already facing huge setbacks in terms of payment of wages and rentals due to very low sales of about 40% as compared to last year, thanks to the extended lockdown. Kumar Rajagopalan, CEO, Retailers Association of India, said, “It has been a grim start…
MUMBAI: A meeting of the Board of Directors of Bajaj Finance Limited (BFL) was held today to consider and approve the unaudited standalone and consolidated results for the quarter ended 30 June 2020. The consolidated results of BFL include the results of its wholly owned subsidiaries viz. Bajaj Housing Finance Limited (BHFL) and Bajaj Financial Securities Limited (BFinsec). Q1 FY21 was a pandemic quarter. During the quarter, the Company focused on employee safety, capital preservation, liquidity management, business scenario planning, operating expenses management, collections capacity augmentation, customer propositions, business transformation framework and lastly but most importantly calibrated restart of business…
HYDERABAD: Airtel Payments Bank and National Skill Development Corporation (NSDC) today announced a partnership to skill youth in rural India and enable them to find employment opportunities within the financial services industry. Financial services, viz. banking, payments, insurance and allied services – are growing rapidly in the country and in particular, the underpenetrated markets comprising of villages and Tier 4/5/6 towns. These services present a massive opportunity in tandem with the Government’s vision for financial inclusion. Youth population coming from the emerging markets has the potential to be a part of this growth journey. The partnership aims to combine NSDC’s…
New Delhi: Gateway Distriparks Limited (GDL) (the “Company”) an integrated intermodal logistics service provider in India has approved the proposal to raise funds through issue of equity shares (“Rights Equity Shares”) on a rights basis (“Issue”) aggregating to approx. Rs. 116 crores (assuming full subscription) and has filled the Letter of Offer with the Securities and Exchange Board of India yesterday. The terms of the proposed Issue are as follows: a. Rights Issue price: Rs. 72 per Rights Equity Share (including a premium of Rs. 62 per Rights Equity Share over face value of Rs. 10 per equity share) b.…
MUMBAI: The rally in the stock markets from the last five trading sessions ended on Wednesday and the BSE Sensex closed with a slight decline of 59 points. Investors’ IT, daily-use goods companies and financial companies saw profit-booking in the stock markets, amid a weak trend globally. The 30-share Sensex lost 58.81 points, or 0.16 percent, to close at 37,871.52 points in volatile trading. Similarly, the Nifty of the National Stock Exchange closed down 29.65 points, or 0.27 per cent, at 11,132.60 points. HUL was the biggest loser among Sensex stocks. It declined by 3.06 percent. According to the company’s…
New Delhi: Gold prices today hit a fresh all-time high of Rs 50,021 per 10 grams, backed by positive trends in international rates, coupled with a weaker dollar. With today’s surge in the prices of yellow metal, Gold prices have climbed up 28 per cent on a year-to-date basis. Bucking the trend, silver September futures have hit a 7-year high of Rs 60,782 per kg on MCX. “The drivers pushing the gold and silver prices higher are loose monetary policy and low real yields,” Bhavik Patel, Senior Technical Research Analyst at Tradebulls Securities, told Financial Express Online. “EU leaders gave…
In its earlier forecast, the brokerage had projected a minus 4.8 percent growth for the current fiscal. “We temper growth forecasts to minus 6 percent for FY21 due to the prolonged sub-normal reopening as the country is yet to stabilize the infection curve and the pandemic is going to take a deeper economic bite,” DBS economist Radhika Rao said in a note. The yet to be stabilised infection curve reflects a deeper double-digit contraction in Q1 of FY21 and a shallower pickup in Q2 and a return to growth in Q3, she added. “Our granular analysis shows that about 7…
New Delhi: India’s second-largest Public Sector Bank, Punjab National Bank (PNB) has launched a nationwide initiative to combat the spread of COVID-19, complementing the Government of India’s extensive efforts to containchallenges and risks posed by the growing pandemic. Honourable Union Minister for Health and Family Welfare, Science and Technology, and Earth Sciences, Dr. Harsh Vardhaninaugurated the campaign at Nirman Bhawan, New Delhi. The initiative is launched as PNB’s Corporate Social Responsibility (CSR) campaign and it will entail providing COVID-19 related prevention materials like masks, sanitizers, etc. across India in 662 districts. The Honourable Union Minister, Dr. Harsh Vardhan said, “This…
BEML LIMITED, a ‘Schedule A’ Company under the Ministry of Defence (MoD) received order from MoD for supply of 1,512 Track Width Mine Plough (TWMP) for T-90 S/SK Tanks at an approximate cost of Rs. 557 crore. Under ‘Make in India’ policy the contract has Buy and Make (Indian) categorisation with a minimum of 50 % indigenous content in make portion of the contract. The system will be manufactured at BEML facilities with the help of M/s. Pearson Engineering, UK. Out of 1,512 Mine plough BEML will supply 100 nos. within 12 months, 250 nos. in subsequent years and order…