Author: Finance Khabar
New Delhi: Edelweiss Asset Management limited, a Group company of Edelweiss today announced that the Bharat Bond NFO Tranche II has seen resounding success, receiving applications amounting to Rs. 10,992 crores. The initial NFO issue size of Rs. 15,000 crores (base issue size of INR 3,000 crores with a green shoe option of INR 12,000 crores) was oversubscribed by over 3.7 times. The 2025 maturity date category received applications for Rs. 4,531 crores, an oversubscription of 2.3 times and the 2031 Maturity category received applications for Rs. 6,461 crores an oversubscription of 6.5 times. All the subscription will be retained…
New Delhi:The Board of Directors of Spencer’s Retail Limited held on February 11, 2020 approved the offer and issue of equity shares of the Company by way of a rights issue to eligible shareholders of the Company as on the record date for an amount not exceeding Rs. 8000 lakhs (The “Rights Issue”). A meeting of Rights Issue Committee as constituted by the Board of Directors for the aforesaid Rights Issue purposed will be held on 23 July, 2020 to consider, discuss and decide, various matters in connection with the Rights Issue, including the terms and conditions such as the…
New Delhi: The Board of Directors of HDFC Life Insurance Company Limited (“the Company”) had earlier approved proposal for raising of funds through issuance of NCDs in the nature of subordinated debt instrument up to Rs.600 Crore (Rupees Six Hundred Crore only) in one or more tranches, on private placement basis, subject to receipt of the regulatory approvals and terms and conditions as may be finalised by the Sub-Committee of the Board, constituted by the Board for the purposes of overlooking the capital/ fund raising exercise of the Company. Pursuant to the in-principle approval of the Board of Directors as…
New Delhi: Insurance web aggregator firm Policybazaar is seeking to go public with a valuation upwards of $3.5 billion, becoming the first fintech startup to come up with an IPO. The startup plans to secure nearly $250 million at a $2 billion-plus valuation before a September 2021 initial public offering, co-founder Yashish Dahiya told Bloomberg News. Currently the company is in the process of choosing IPO lead underwriters including several US-based banks, said Dahiya, chief executive officer of Policybazaar parent ETech Aces Marketing and Consulting Pvt. “We have global interest and will raise in the coming weeks,” Dahiya said from…
India’s debt-to-GDP ratio will shoot up to 87.6 percent at the end of this financial year from 72.2 percent in 2019-20, on the back of extra borrowing by the government due to the COVID-19 pandemic, said economists at SBI on Monday. Over four percent of the increase in the debt-to-GDP ratio is attributable to the fall in economic growth, which will result in GDP contraction during the year, they said, insisting on measures to address growth rather than adopting fiscal conservatism. India’s Debt-To-GDP Ratio To Climb To 87.6% By March 2021: SBI EconomistsNew Delhi: The higher debt amount will also…
Mumbai: The Nifty and the Sensex ended the day higher again in trade, led by strong gains in HDFC Bank and IT stocks. In fact, the Bank Nifty saw sharp gains of nearly 2 per cent, which pulled the benchmark indices higher. Heavyweights like Reliance Industries and Infosys too managed to end the day higher, which contributed to gains for the Nifty. Global cues too were strong with the European markets trading with gains of almost 1 per cent. Shares in Britannia Industries was the top winner from the Nifty and ended higher by almost 5 per cent. Other stocks…
Mumbai: Cafe Coffee Day (CCD) has closed down around 280 outlets in the first quarter of the current financial year 2020-21, the company said in a statement citing profitability issues and likely future increase in expenses. With these closures, the total count of the coffee chain’s outlets stood at 1,480 as on 30 June 2020. Cafe Coffee Day is a brand owned by Coffee Day Global, a step-down company of Coffee Day Enterprises Ltd (CDEL). The coffee chain also reported a decline in average sales per day (ASPD) to 15,445 during the June ended quarter from 15,739 in the corresponding…
Mumbai: Infosys Ltd announced a strategic long term partnership with LANXESS, a leading specialty chemicals company manufacturing chemical intermediates, additives, specialty chemicals headquartered in Germany. Infosys will support LANXESS in its IT Infrastructure Digitization strategy and enable its global workforce spread across 33 countries with a secure and fully managed modern workplace. Shares of the IT giant surged nearly 2 percent to Rs 924.45 after the announcement. “As part of this transformation, Infosys will setup an end-user centric modern workplace with globally standardized device/workplace landscape (for Office, Functional and Virtual users) based on a Device as a Service (DaaS) construct,…
New Delhi: The All India Bank Employees Association said that the coronavirus threat is haunting bankers. Bank employee unions have again raised their demand for a five-day working week, stating that reducing the number of working days would help bankers who are at high risk of contracting the coronavirus disease due to their exposure to the public. The Indian Banks’ Association (IBA) had in January rejected the unions’ proposal for a five-day working week but offered a 19 percent pay hike to employees. At present, banks have holidays on the second and fourth Saturdays every month and on every Sunday.…
New Delhi: The income tax department will soon start sharing data related to depreciation, sales and gross turnover of micro, small and medium enterprises (MSMEs) with the MSME Ministry. The Central Board of Direct Taxes (CBDT) has directed Principal Director General of Income Tax (Systems) to share this information with the MSME Ministry. Section 138 of the Income Tax Act empowers the tax authorities to share information/ details of its taxpayers with other government agencies, as may be notified. The information shared will include depreciation on plant and machinery as reported in ITR3, 5 and 6, sales/gross receipts of business…
PUNE: Bank of Maharashtra (BoM), a premier public sector bank in the country, known for customer friendly services has launched an Overdraft facility (OD) against Fixed Deposits for its individual customers holding a SB account amidst pandemic. Under this OD facility, up to 90% value of FD can be availed attracting additional 2% interest rate over and above the FD rate. Bank of Maharashtra announced launch of an Overdraft Facility (OD) against Fixed Deposits to support customers in this pandemic. The OD facility can be availed from the comfort of home in three simple steps using Bank of Maharashtra’s Mahamobile…
The Board of Directors of YES Bank, at its meeting held earlier today (i.e., July 18, 2020) has approved the offer price as Rs. 12 per Equity Share and anchor investor offer price as Rs. 12 per Equity Share. The board also approved discount of Rs. 1 per Equity Share to successful eligible employees bidding in the employee reservation portion. Additionally, the Board of Directors of the Bank approved and adopted the prospectus (“Prospectus”), in connection with the Offer. The Prospectus will be filed with the Registrar of Companies, Maharashtra at Mumbai, and will subsequently be filed with the Securities…
New Delhi: The first set of 12 private trains in the country will start operations in 2023. Thereafter, 45 such trains will start in the next financial year. According to a railway official, all such 151 trains will start by 2027 as per their predetermined schedule. Railways have invited proposals to run 151 modern passenger trains on 109 paired routes across the country earlier this month to formally pursue its plan to allow private companies to operate passenger trains. Regarding private trains, the Railways plan to run 12 such trains in 2022-23. After this, there are plans to start 45…
New Delhi: Hindustan Unilever (HUL), the flagship company of the FMCG sector, on Sunday said it has temporarily closed its Haridwar plant, where many of its people have been found infected with the corona virus. The company has not disclosed the number of employees infected, but according to reports, 33 employees of the company have been found infected. HUL said in a statement, ‘We can confirm that many employees at our Haridwar plant have been diagnosed with covid-19 infection, most of which have no symptoms. This was revealed during the covid-19 test program we started. ”The company said that it…
Mumbai: Truck operators are deeply troubled by the 23 consecutive day hike in diesel prices. He says that the daily increase in oil prices is making it difficult for him to do business and if this is the case, he will be forced to increase the truck fare by 20 per cent. If this happens, then the difficulties of common people facing the inflation in the Corona period will increase further. This is because inflation will have a direct impact on the cost of freight. Transporters demand that oil prices should rise on a monthly or quarterly basis. Fuel accounts…
New Delhi: Gold imports in the country declined by 94 percent to $ 688 million or Rs 5,160 crore in the first quarter of the current financial year. This information has been found in the statistics of the Ministry of Commerce. Gold imports affect the country’s current account deficit (CAD). The covid-19 epidemic has led to a drop in gold demand, which has also led to the downward trend in gold imports. In the same quarter of the previous financial year, yellow metal imports stood at $ 11.5 billion, or Rs 86,250 crore. Similarly, silver imports declined by 45 percent…
New Delhi: In the April-June quarter of the current financial year, only 10 percent of the manufacturing units were such that there was an increase in production. This information has been given in the quarterly survey of industry body FICCI. This increased production of manufacturing units by 15 percent in the previous quarter. The survey includes data from more than 300 manufacturing units in the large and small and medium enterprises (SME) sector. The combined annual turnover of these units is more than Rs 2.5 lakh crore. The survey said that the vehicle sector is the worst hit in terms…
New Delhi: The country’s largest car company Maruti Suzuki India (MSI) has no intention of developing a diesel engine with BS-6 standard for small cars. The company believes that such cars are not economically viable. A company official said that now the market is slowly shifting towards petrol models. There is no diesel model among the vehicles offered ahead of Maruti. The company now intends to expand its CNG portfolio. MSI Executive Director Sales and Marketing Shashank Srivastava said, “There is no logic to developing a small diesel engine. In the hatchback segment it has been less than five percent.…
New Delhi: The Indian retail business has suffered a trade deficit of about Rs 15.5 lakh crore in the last 100 days due to the Corona epidemic in the country. This has caused turmoil in domestic trade to such an extent that the situation has not returned to normal even after 45 days of the lockdown opening. Traders are facing financial crisis. They also have to fulfill many financial obligations in this hour of financial crisis. There is also frustration among businessmen by the central or state governments not giving any economic package to the traders. Analyzing the current state…
New Delhi: The national lockdown enforced by the government in March to control the Covid pandemic has shrunk the smartphone market by nearly half. Q2 2020 recorded a 48 per cent decline in smartphone shipments to 17.3 million units, according to market analyst firm Canalys. Production hurdles along with import delays apart from prohibition for online and offline retailers to sell smartphones were the challenges faced by vendors leading to current fall. The decline in Q2 followed the 12 per cent growth in shipments in Q1 2020 to 33.5 million units even as Canalys had expected the shipments to plunge…