Author: Finance Khabar

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…

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…