Author: Finance Khabar

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…

Wipro Gallagher Solutions (WGS), a Wipro Limited company and a leading provider of loan origination software solutions, today announced its partnership with EXOS Technologies, a division of ServiceLink. EXOS’ cutting-edge platform provides techenabled mortgage services throughout the lending life cycle. By combining EXOS with WGS’ NetOxygen Launchpad and NetOxygen LOS systems, lenders will experience the first-ever fully integrated, end-to-end digital mortgage solution. The addition of EXOS into Wipro Gallagher Solutions will result in increased transparency and quicker turnaround times. Through consumer-driven touchpoints, users will be able to digitally schedule their appraisal and signing appointments for the exact date and time…

Bank of Baroda felicitates over 600 COVID Warriors across IndiaTo offer enriched customer experience through ‘Bonding for a Better Tomorrow’ Mumbai: Bank of Baroda, India’s third largest public sector bank, celebrated its 113th Foundation Day by felicitating over 600 COVID warriors pan-India. Every year on its Foundation Day, the bank presents ‘Baroda Sun Achievement Awards’ to eminent personalities who have made a social impact by contributing to the society in different walks of life. This year, the Bank gave the awards to selected COVID Warriors comprising of Police personnel, Doctors, Para-medic staff, Sanitation workers and Bankers from Public Sector Banks,…

Mumbai: Mindspace Business Parks REIT said that the price band for its upcoming initial public offering (IPO), which opens on 27 July, is fixed at Rs 274-275 per share. The IPO of the REIT owned by K Raheja group and Blackstone closes on 29 July. Mindspace plans to raise up to Rs 1,000 crore of fresh capital, while its promoters K Raheja group and Blackstone will offer their units worth Rs 3,500 crore through the IPO, taking the total size of the deal to Rs 4,500 crore. It has already received commitments of Rs 1,125 crore from strategic investors GIC,…

Mumbai: Benchmark indices surged in trade, following hopes of a covid-19 vaccine and strong global cues. US markets ended strong, while Asia too ended with gains, following reports that Oxford University’s Phase-1 and Phase-2 trials on their Covid-19 vaccine showed that there was no major adverse reaction and it induced a strong antibody and T cell immune response among participants. Reports that EU leaders have reached a ‘pivotal’ deal on pandemic recovery fund after marathon summit, also boosted sentiments. The Nifty ended the day higher by 140 points to end the day at 11,162 points. Two heavyweights, HDFC and ICICI…

New Delhi: Bajaj Finance said in a stock exchange filing that Rahul Bajaj, the non-executive chairman, “as part of succession planning, has decided to demit the office as Chairman of the Board w.e.f. close of business hours on 3l July 2020.” “He would, however, continue to serve the Company as a Non-Executive Non Independent Director,” the statement said. “The Board of Directors, at its meeting held today, has approved the appointment of Shri Sanjiv Bajaj, currently the Vice Chairman of the Company, as Non-Executive Chairman of the Company with effect from l August 2020, in place of Shri Rahul Bajaj,”…

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…