Author: Finance Khabar
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…
Beijing: China reported a 3.2 percent growth in GDP (gross domestic product) in the second quarter of 2020, when compared to the same period a year ago. The news comes as lockdown measures to contain the coronavirus outbreak in the country were eased during the April-June period and the Chinese government rolled out stimulus measures to prop up its economy. In comparison, China had reported a contraction of 6.8 percent in its GDP for the January-March period from a year ago as the world’s second largest economy took a huge hit from the coronavirus outbreak. It was the country’s first…
New Delhi: India’s corporate debt was at an 8-year low in FY20, while real credit declined for the first time in two decades in 4QFY20, Motilal Oswal Institutional Equities said in a report. “Banks’ total lending grew 6.4 per cent, year-on-year in Mar’20, second only to the multi-decade lowest growth of 5.4% in 4QFY17. However, after adjusting for the inter-financial sector, banks’ lending to the non-financial sector grew at an all-time low of 4.7 per cent in 4QFY20. Further, while growth of non-bank lenders was robust in FY17, their credit grew at an all-time low of 3 per cent, year-on-year…
Amazon India has reportedly asked its sellers to disclose the ‘country of origin’ of new and existing product listings by 10 August in an email. The report further citing the email said that the e-commerce company has also warned its sellers of suspension of their listings if they fail to comply with the new regulations. While the government is still reportedly negotiating with private e-commerce marketplace players on ensuring that all products listed on their apps and website carry the country of origin tag, the move by Amazon appears as a pre-emptive measure on complying with the rule before a…
New Delhi: Moody’s Investors Service said that the coronavirus-triggered global recession will continue to put pressure on non-financial companies in Asia-Pacific, and negative credit trends will persist through the rest of 2020. The credit rating agency said that although fiscal and monetary stimulus programmes in both advanced and emerging markets have helped stabilise financial markets and provide temporary relief to companies, operating performance and financing capability of companies are vulnerable to financial market shocks, particularly if a second wave of infections results in renewed lockdowns. “We expect the recovery from this recession to be prolonged, although the easing of lockdown…
New Delhi: Civil Aviation Minister Hardeep Singh Puri said that India has established individual bilateral ‘air bubbles’ with France and the US that will allow airlines of these countries to operate flights. Air bridges or air bubbles would be the way to resume international air travel amid the COVID-19 pandemic, he said. “Till international civil aviation can reclaim its pre-COVID numbers, I think answer will lie through bilateral air bubbles which will carry a possible number of people but under defined conditions as countries are still imposing entry restrictions incl India,” he said. Air bubbles or bridges is an arrangement…
Mumbai: Benchmark indices rallied sharply in trade today, led by solid gains in Infosys, which surged almost 10 per cent in trade. The Nifty ended the day higher by 122 points to end the day at 10,739 points. The Nifty IT index touched a new record high of 17,491.15 during the day. Most of the IT stocks have now gained in nine out of the last ten trading sessions. Infosys shares ended the day higher by almost 10 per cent. It was a day of performance for the banking sector, after severe underperformance in the last few trading sessions with…
Mumbai:Markets ended the day marginally higher with the Sensex giving-up gains of as much as 700 points from the days high, following selling pressure in Reliance Industries, which fell following its AGM. The stock, which was up more than 2 per cent in trade ahead of its AGM, dropped sharply by 5 per cent, during the day. Most of the good news like a likely share sale to google by Jio Platforms had been factored in and this led to profit booking in the stock. Apart from this, Mukesh Ambani’s comments that the Saudi Aramco deal has not gone down…
Mumbai:Titan Company released its annual report for the financial year 2019-20. In the part about its outlook for the business for the current financial year 2020-21, the Tata Group company said that it is expecting its businesses to be hit “very substantially” due to disruptions caused by COVID-19 pandemic. “The lockdown necessitated by the COVID-19 pandemic is expected to hit the Company’s businesses very substantially in the financial year 2020-21. The Company expects the economy to shrink, and tight regulations on operations of stores to continue for some time. Customers can also be expected to be wary of stepping out…
Mumbai:On Wednesday, at the 43rd annual general meeting (AGM) of Reliance Industries Limited, Akash Ambani demonstrated the latest product from Jio Platforms-the Jio TV+. This will curate OTT (over-the-top media) platforms such as Netflix, Amazon Prime Video and Hotstar, among others, into one app and will be voice-search enabled. Last year, RIL introduced Jio Fiber and the Jio set-top-box. Akash Ambani said that through feedback from the set-top-box users, the company learned that one of the challenges faced was to discover their favourite content from various applications provided. “This gave birth to Jio TV+, where we have aggregated all the…
Mumbai:As part of its Google and Jio deal, the two major companies in the tech sector will work in developing value engineered android based operating system. And with it smartphone will be made available at an affordable rate to current feature phone users. Thus nearly 350 million can benefit from the deal with access to smartphone which has made our day to day life much easier. To power such a value engineered smartphone, we also need an equally value engineered smart phone operating system. And, such an operating system must be designed from grounds-up, said Mukesh Ambani in the 43rd…
Mumbai: Mukesh Ambani announced its Make in India 5G solutions that are dedicated to the country’s PM Aatma Nirbhar mission. The 5G solution trial will begin soon as and when the spectrum is made available and its field deployment can happen over the next year. Jio Platforms will be positioned for 5G solution to other telecom operators. With such tech, Jio will create promising solutions that span several industries and ecosystems such as media, financial services, new commerce, education, healthcare, agriculture, smart cities, smart manufacturing and smart mobility.
New Delhi:Private sector lender HDFC Bank on Tuesday said the probe on vehicle-finance lending practices does not have any bearing on loan book and will not cause any loss to the bank. “It is… important to clarify here that this matter is not related in any manner whatsoever to the lending aspect of the business. Therefore there’s no question of this having any bearing on ‘loan book’ or causing any loss to the bank,” a bank spokesperson said. The bank on Monday initiated a probe on the lending practices following allegations against the conduct of a key executive in the…
New Delhi: Mindtree, a global technology services and digital transformation company, announced its consolidated results today for the first quarter-ended June 30, 2020. Year on year, Mindtree saw it’s net profits rise 129.8 % to ₹ 213 crore for the quarter. For the same period, the IT services company saw it’s revenues grow 4.1 % to ₹ 1,908.8 crore. “We closed the quarter with a healthy order book of USD 391M despite the global headwinds due to Covid-19 pandemic. Our unwavering focus on operational efficiencies has helped us to post a healthy EBITDA of 18.2%,” said Debashis Chatterjee, Chief Executive…
New Delhi: Wipro reported a Rs 2,390 crore profit in first quarter this year Information Technology major Wipro on Tuesday reported that its consolidated net profit for the June quarter was flat at Rs 2,390 crore as against Rs 2,388 crore for the corresponding quarter a year ago. The company’s consolidated revenue also witnessed a marginal uptick at Rs 14,913 crore, as compared to Rs 14,716 crore, in the year-ago period. Revenues from Wipro’s IT services came at Rs 14,596 crore, compared to Rs 14,351 crore in the first quarter of 2019.
New Delhi: Passenger vehicle sales in the country declined 49.59 per cent last month compared with the corresponding period a year ago, industry body Society of Indian Automobile Manufacturers (SIAM) said on Tuesday. That included a 57.98 per cent drop in passenger car sales in June. The latest data from SIAM highlights weakness in the country’s automobile market, already struggling against poor demand even before the coronavirus outbreak, as more than two months of COVID-19-related lockdown kept consumers from making big purchases. While data on BMW, Mercedes, and Volvo Auto were not available, only quarterly numbers were available for Tata…