Author: Finance Khabar

MUMBAI: In a bid to expand its health insurance product portfolio and provide insurance cover for up to 60 critical illnesses (CIs) including major and minor health conditions such as heart or major organ transplant, kidney failure, cancer, brain surgery, CIs related to HIV/AIDS, head trauma/injury, blindness, and multiple sclerosis among others, Liberty General Insurance Ltd. (Liberty) launched ‘Critical Connect’ today at a virtual product launch ceremony. This health insurance policy will enable customers to manage most of the expenses arising due to critical illnesses.Unlike a regular Health Insurance policy, where the customer makes a claim based on the actual…

Zydus Cadila has received final approval from the USFDA to market Butalbital, Acetaminophen and Caffeine Tablets (US RLD: Butalbital, Acetaminophen and Caffeine Tablets) in the strengths 50mg/325mg/40 meg. This combination of medication is used to treat symptom complex of tension (or muscle contraction) headache. The drug will be manufactured at Nesher Pharma’s manufacturing facility at St. Louis, USA. The group now has 294 approvals and has so far filed over 390 ANDAs since the commencement of the filing process in FY 2003-04.

ABB India limited, today installed its first Public DC fast charger in New Delhi with EV Motors India, the major charge point operator for BSES Yamuna Power Limited. The Terra54 CJG charging station, which caters to multiple charging protocols of CCS2, CHadeMO and AC Type 2 was inaugurated by the Deputy Chief Minister of New Delhi, Shri Manish Sisodia. This ABB charging station is also the first public installation of a DC fast charger for BSES Yamuna Power Limited (BYPL), a joint venture between the Government of Delhi and Reliance Infrastructure Limited. Also present during the inauguration was Shri Prem…

The Board of directors of Mahindra & Mahindra Financial Services Limited had earlier approving a fund raising by the Company for an amount not exceeding Rs. 3,500 Crores (Rupees Three Thousand Five Hundred Crores), through a Rights Issue of its Equity Shares of face value of Rs. 2 each. The Board of Directors, at its meeting held today, i.e., 18th July 2020 has approved the terms of the rights issue: Instrument: Fully paid-up Equity Shares of face value of Rs. 2 each. Total number of Equity Shares and Issue size: 61,77,64,960 fully paid-up Equity Shares of face value of Rs.…

Mumbai: On the last day of Yes Bank’s Rs 15,000-crore follow on public offer (FPO), that is on Friday, the issue was subscribed by as much as 95 percent. As per SEBI rules, companies need a minimum subscription of 90 percent of the issued amount on the date of closure to go ahead or return the application amount received for subscription on failing to do so. Yes Bank’s FPO received bids for 11.88 billion shares against issue size of 12.51 billion shares offered, according to data on NSE. The issue was well received by institutional investors but lacked interest among…

After facing criticism over the suspension of work visas till December, the Trump administration said that H1-B and L-1 working visa holders’ spouses and dependents, who are presently stranded in India, will be permitted to travel back to the US. Based on recent guidance issued by the State Department, a US government agency, family members of these visa holders will be able to get their visas stamped and fly to the US, once consulate offices open in their countries, exempting them from the 22 June order. In June, the Trump administration suspended non-immigrant visas till December, over the ongoing employment…

New Delhi: With the onset of the Covid-19 pandemic since March 2020, the shipping industry has been adversely impacted due to the adverse impact on demand for segments like containers and dry bulk, ICRA has said in a report. “While the charter rates in these segments have witnessed pressure with the intensification of pandemic, in recent months with some easing of containment measures and pick-up in economic activity there has been some recovery in rates for the dry bulk segment. The container segment has also witnessed improvement in rates, despite the container volumes continuing to witness contraction. This has been…

New Delhi: HDFC Bank reported a 19.58 percent in net profit to Rs 6,658.62 crore for the June ended quarter from Rs 5,568.16 crore in the same quarter of the previous year. Net interest income, that is the difference between interest earned and interest expended, grew by 17.8 percent in the April-June period to Rs 15,665.4 crore from Rs 13,294.3 crore last year. The increase in interest income was driven by growth in advances of 20.9 percent, and growth in deposits of 24.6 percent. The net interest margin for the quarter was at 4.3 percent. Other income stood at Rs…

New Delhi: The income tax department said that from this assessment year, taxpayers will see an improved Form 26AS which would carry some additional details on taxpayers’ financial transactions. “From this Assessment Year, taxpayers will see an improved Form 26AS which would carry some additional details on taxpayers’ financial transactions as specified in the Statement of Financial Transactions (SFTs) in various categories,” the Ministry of Finance said in a statement. “The earlier Form 26AS used to give information regarding tax deducted at source and tax collected at source relating to a PAN, besides certain additional information including details of other…

Towards developing self-reliance in manufacturing, the Department of Heavy Industry (DHI), Government of India organised an online workshop ‘Aatmanirbhar Bharat – Collaboration in Manufacturing’. This first of its kind event, saw a cross-section of Indian manufacturing organisations coming together to dwell upon the next steps for increased cooperation in indigenous manufacturing. The workshop aimed at fostering better utilisation of assets across industries to find solutions by collaborative R&D for development of technologies behind imports. Chaired by Sh. Arun Goel, Secretary (HI), the workshop was attended by more than 120 participants, comprising senior DHI officers, heads and senior executives of CPSEs,…

The Board of Directors of Tanla Solutions Limited at their meeting held on July 17, 2020 has approved the appointment of Mr. Deepak Satyaprakash Goyal (DIN-01755263) as an Additional Director under the category of Executive Director of the Company w.e.f. July 17, 2020 for a period of 5 years subject to the approval of the members of the Company at the ensuing annual general meeting. Mr. Deepak Satyaprakash Goyal comes with an experience of more than 25 years in scaling, diversifying, and transforming businesses of different size and scale across the IT and Telecom domain. Mr. Goyal joined Karix Mobile…

GMR Megawide Consortium had submitted an unsolicited proposal for decongestion and comprehensive capacity enhancement at Ninoy Aquino International Airport, Manila, Philippines to the Manila International Airport Authority and Department of Transportation on March 1, 2018. In a letter dated July 15, 2020, the Manila International Airport Authority (MIAA) – the project implementing agency has granted the GMR Megawide Consortium (comprising of Megawide Construction Corporation 60% and GMR Group 40%), the Original Proponent Status (OPS) for developing the Ninoy Aquino International Airport. As per the applicable Build Operate Transfer (BOT) Law, the next steps prior to potentially awarding the project include…

New Delhi: The country’s economy is going through a very bad phase due to the Corona virus epidemic. As a result of this loss to the economy, about 12.2 million Indians have lost their jobs from March 2020 to April 2020. According to the news of the Indian Express, the report of online platform Coursera mentions that the corona epidemic has had a huge impact in the fields of business, technology, and data science worldwide. It is clear that due to this sector being affected, a large number of people in the country have lost their jobs. The epidemic has…

New Delhi: IT firm HCL Technologies has announced that founder and billionaire Shiv Nadar has stepped down from the Chairman’s role. Nadar’s daughter, Roshni Nadar Malhotra, will succeed him with immediate effect. Shiv Nadar will be stepping down from the position of the Chairman but will retain the position of company’s managing director. Nadar will also be appointed as company’s chief strategy officer as he will continue to oversee strategic direction of the firm. “The Board of Directors has appointed Ms. Roshni Nadar Malhotra, Non-Executive Director as the Chairperson of the Board of Directors and the Company w.e.f. July 17,…

New Delhi: IT firm HCL Technologies posted a 31.7 percent rise in consolidated net profit at Rs 2,925 crore for the June ended quarter. For the April-June 2019 period, the company registered a net profit of Rs 2,220 crore. The company’s revenue grew 8.6 percent to Rs 17,841 crore in June quarter from Rs 16,425 crore in the corresponding quarter last year. On a sequential basis, the revenue was lower by 4 percent from Rs 18,590 crore in the March quarter. “The adverse conditions during this quarter had an anticipated negative impact on our revenue. I am happy to report…

Mumbai: Britannia Industries on Friday posted its Q1FY21 results with net profit coming in higher by 117% year on year owing to strong revenue and operational growth. Profit at the company came in at Rs. 545.7 crore in June 2020 compared to Rs. 251.03 crore in June 2019. Revenue from operations jumped 26.7 percent year-on-year to Rs 3,420.67 crore in June quarter 2020. “Given the dynamic nature of the pandemic & associated uncertainty, we were quick to resort to cost efficiencies through extraction of supply chain efficiencies, reduction in wastages and fixed costs leverage. We also rationalized media spends considering…

Mumbai: Markets notched second successive day of gains, on the back of a rally in oil and gas and metal stocks. Global cues were tepid with Europe trading little changed, while most of Asia ended the day mixed. The Nifty ended the day with gains of 161 points, to close above the 10,900 points mark. IT stocks, which had seen a sharp rally in the last few days, gave-up gains with Infosys, TCS and Wipro all losing ground. Sharp gains in heavyweight Reliance Industries of nearly 4 per cent, helped markets move higher. The Bank Nifty once again underperformed, though…

New Delhi: As part of India’s aim to reduce import dependency, Coal India Ltd has introduced a new category of spot e-auction for importers only and said that it aims at replacing 150 million tonnes of the fuel sourced from abroad with domestic supply. The coal procured under the “special spot e-auction scheme 2020 for import substitution” will be for use within the country. “This move is in a bid to attain the government’s thrust on reducing coal import dependency of the country under the Atma Nirbhar plan. Coal imports of 150 million tonnes can be replaced with this new…

New Delhi: Given the current situation wherein coronavirus spread is showing no signs of abeyance and lockdowns are again being imposed in some of the cities in India, the government is holding discussion to extend the loan moratorium deadline to December 31, 2020 instead of the current August 31, a senior government official told a leading online business portal. “There has not been any decision yet on it (extension of date). But, we are holding regular discussions with the RBI (Reserve Bank of India) and other stakeholders, whether such an extension is possible. Maybe till the end of this year,”…

Johnson & Johnson reported a 35.3% fall in second-quarter profit on Thursday as demand for its medical devices was hammered by hospitals putting off non-urgent procedures such as knee and hip replacement due to the COVID-19 pandemic. Johnson & Johnson to begin human trials of its experimental Covid-19 vaccine The company, which is set to begin human trials of its experimental coronavirus vaccine this month, reported net earnings of $3.63 billion, or $1.36 per share, down from $5.61 billion, or $2.08 per share, a year earlier. However, the company raised its full-year adjusted profit forecast to $7.75 to $7.95 per…