Author: Finance Khabar
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…
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…