Author: Finance Khabar
New Delhi: Mukesh Ambani has become the sixth richest person in the world. He is already the richest person in India and Asia and has now surpassed Google co-founder Larry Page. Mukesh Ambani’s total wealth stands at $ 72.4 billion, according to Bloomberg’s Billiniers Index. All this happened on Monday when Reliance shares jumped 3%. Mukesh Ambani not only benefited from the rise in Reliance shares, but he also benefited from the fall in the US stock market. Due to this decline, Google’s co-founder Larry Paige’s wealth came to $ 71.6 billion. At the same time, the wealth of Google…
India’s retail inflation, measured by consumer price index (CPI) grew at 6.09 percent for the month of June, according to data released by the Ministry of Statistics & Programme Implementation (MoSPI) on Monday. In comparison, CPI in June 2019 was 3.18 percent. Due to lockdown and other inconvenience due to COVID-19, the government had not released data for the months of April and May. However, in April, it had revised the CPI data for the month of March to 5.84 percent from 5.91 percent. Retail Inflation has breached RBI’s upper margin limit of 6 percent. As per the central bank’s…
The ‘Capital Raising Committee’ of the Board of Directors of The Phoenix Mills Limited at its meeting held today viz. Monday, July 13, 2020, considered and approved, amongst others, the raising of funds not exceeding Rs. 1,100 crore, through issuance of Equity Shares, non-convertible debt instruments along with warrants and convertible securities other than warrants or Global Depositary Receipts (“GDRs”) or Foreign Currency Convertible Bonds (“FCCBs”), (“Specified Securities”), to eligible investors including Foreign Institutions, Corporate Bodies, Mutual Funds, Banks, Insurance Companies, Pension Funds or individuals, either through Qualified Institutions Placement (‘QIP’) and/or on a Preferential basis and/or Private Placement and/or…
On April 15, 2019 Cipla Limited reported its US subsidiary Cipla Technologies LLC (CipTec) entering into a definitive agreement (Agreement) with Pulmatrix, Inc., USA (Pulmatrix) for the co-development and commercialization of Pulmazole (PUR 1900) an inhaled iSPERSE formulation of the antifungal drug Itraconazole; for the treatment of allergic bronchopulmonary aspergillosis (ABPA) for patients with asthma. Discussions to renegotiate the terms of the Agreement are now in progress. Due to the delays in patient enrolment for the Phase 2a clinical study managed by Pulmatrix, the Joint Steering Committee has terminated the Phase 2a clinical study in order to commence a new…
New Delhi: Struggling with financial crisis, Yes Bank of the private sector has announced to raise capital of Rs 15,000 crore through a follow-on public offer (FPO). The issue will open on 15 July and will close on 17 July. The base rate for this has been fixed at Rs 12 per share. The maximum rate for FPOs will be Rs 13 per share. In this way, the floor price has been kept 6 times and the cap price 6.5 times for a share of 2 rupees. Bidders will be able to bid for a minimum of one thousand shares.…
The country’s largest private bank HDFC Bank has investigated the irregularities in the loans disbursed by its auto loan department. Blumberg said in his report quoting sources aware of the case that the former head of the unit in this case The role of the same is also being investigated. HDFC, the country’s largest bank in terms of market capitalization, has not extended the tenure of Ashok Khanna, the former head of the auto loan unit due to the case. This decision was taken regarding Khanna after the investigation report came in, before that the proposal to extend his tenure…
New Delhi: MG Motor India on Monday introduced its ‘Hector Plus’ car. Its price in Delhi showroom is between Rs 13.49 lakh and Rs 18.54 lakh. “Hector Plus is a great car for four grown-ups and two kids,” the company’s president and chief executive, Rajiv Chaba, told an online news conference. Hector Plus is a six-seat capacity version of the company’s Hector. The model with its 1.5 liter petrol engine capacity is priced from Rs 13.49 lakh to 18.21 lakh. While the model with two liter diesel engine capacity is priced from Rs 14.44 to Rs 18.54 lakh. The company…
Benchmark indices ended the day higher, even as heavyweight Reliance Industries lent support to the markets, as most of the banking stocks underperformed. The Bank Nifty ended the day lower by 1.5 per cent, weighed down by HDFC Bank. The Nifty ended the day higher by 34 points, at 10,802 points. In fact, the Nifty at one stage in trade had gained as much as 120 points. The top losers in trade today apart from HDFC Bank, were HDFC, Bajaj Finance, GAIL and ICICI Bank. The top gainers from the Nifty were some of the Tech stocks like Tech Mahindra…
Amid the ongoing pandemic crisis, when there is dearth of projects, IT industry across the globe is on a downsizing spree. This is there on account of excessive workforce. Further as per a Mint report, even as there are immense bouts in the economy, there has been a progressive shift to automation and related technologies, thus reducing workforce strength. And the pandemic has only given a fillip to such a process. On a global level, IBM is said to fire 2000 employees, of which 100 are estimated to be from India. Others who have laid off include Cognizant A company…
Mumbai: After whopping gains of over 100% since March lows, RIL stock in Monday’s (July 13, 2020) opening trade jumped to a new high of Rs. 1917 per share. The stock ever since its rights issue and back to back investment into its digital arm Jio Platforms has been on a high.And in the process the company has now become the first Indian company to hit market cap of Rs. 12 trillion. This is a 13th investment into the company’s Jio Platforms in 3 months time and would see inflow of Rs. 730 crore. Experts opine though the overall landscape…
New Delhi: Google is going to invest 75,000 crore rupees in India in next 5 to 7 years. Google CEO Sundar Pichai announced this on Monday. This investment will focus on 4 major areas of digitization of India. Addressing the sixth Google for India event being held in the country, Pichai said the latest move is a reflection of the company’s confidence in India’s future and its digital economy. Pichai said that today I am excited to announce India’s digitization fund. We will invest 75,000 crore rupees or 10 billion USD in India in the next 5-7 years. He said…
New Delhi: Reliance Industries on Sunday said that Qualcomm Ventures has invested Rs 730 crore for a 0.15 percent stake in Jio Platforms. Qualcomm is the 12th investor in Jio platforms over the past few weeks. RIL said, “Qualcomm Ventures, the investment arm of wireless technology giant Qualcomm Incorporated, has committed to invest up to Rs 730 crore in Jio Platforms. The Jio platform has been valued at Rs 4.91 lakh crore and the enterprise value is Rs 5.16 lakh crore according to equity value for this deal. The company said in a statement that Qualcomm Ventures will get a…
New Delhi. There are eight candidates in the race for deputy governor of the Reserve Bank of India. The search committee, headed by the Cabinet Secretary, will interview these candidates on 23 July. Sources gave this information. NS Vishwanathan, the most senior deputy governor of the central bank, stepped down for health reasons on March 31, three months before his extended tenure. He was associated with RBI for nearly 39 years. Sources said that the Financial Sector Regulatory Appointments Search Committee (FSRASC) has shortlisted the names of eight candidates for the post. These people will be interviewed through video conference…
New Delhi: JAW Steel has drastically cut its investment plan for the current financial year 2020-21 in view of the prevailing market conditions. The company has said that it will now invest Rs 9,000 crore in the current financial year. It was earlier planned to spend Rs 16,340 crore. In this way, the investment of the company in the current financial year will be about 12 percent less than the Rs 10,200 crore of the previous financial year 2019-20. In the company’s annual report, JSW chairman and managing director Sajjan Jindal said that the company has set priorities for all…
Model Economic Township Limited (METL), a subsidiary of Reliance Industries Limited, on Sunday said that the Japanese company Suzuki (Tsuzuki) is about to set up a manufacturing plant at its premises in Jhajjar, Haryana. METL said in a statement that an agreement has been reached with the Japanese company in this regard. Suzuki will manufacture steering knuckles for the vehicle industry at the said plant. Suzuki managing director (MD) Eichi Oya said the company would start manufacturing at the new plant in Jhajjar by 2021. This plant will cater to the demand of both domestic and international markets. Suzuki will…
New Delhi: The government has decided to take FASTag details before registration of new vehicles across the country and while issuing fitness certificates for vehicles with national permits. The Ministry of Road Transport and Highways has asked NIC to make sure to take FASTag details before registering new vehicles and while issuing fitness certificates for vehicles with national permits. The ministry has said in a letter to NIC that the National Electronic Toll Collection (NETC) has been fully integrated with the Vehicle (VAHAN) portal and it went live with the API on 14 May. The vehicle system is now acquiring…
New Delhi: Industry body FICCI says that India’s gross domestic product (GDP) growth rate in the current financial year will be negative. The FICCI Economic Scenario Survey has estimated that the country’s economy will go down by 4.5 percent in 2020-21. The survey said that the rapid increase in cases of corona virus has caused an economic and health crisis worldwide. FICCI’s latest survey has made major downward revisions in the growth rate estimates. FICCI had estimated the growth rate to be 5.5 percent in 2020-21 in the January 2020 survey. Economic activity has been severely affected by the lockdown…
Sugar manufacturing company has proposed to buyback 1 crore equity shars for an amount not over Rs. 180 crore. It has offered to “buyback up to one crore fully paid-up equity shares of the company of face value of Rs 1 each, representing 4.55 per cent of the issued, subscribed and paid-up equity shares of the c .. ompany, from all eligible shareholders”, as per the filing. The record date has been fixed as July 3, 2020. The buy back will take place on a proportionate basis, through the ‘tender offer’ process at a price of Rs 180 per equity…
The investment bank Goldman Sachs sees gold to immensely benefit in a case if China recovers from the second wave of coronavirus infection strongly in comparison to the US. China is the biggest retail consumer of gold and is expected to hit billion prices of $2000 per ounce. Also, the Wall Street sees good prospects for other metal including the likes of silver, copper, steel as well as gold and recommends on having long positions which are “both less exposed to areas with new outbreaks – Asia and Europe versus the Americas – and less exposed in the event of…
Mumbai: Reserve Bank of India Governor Shaktikanta Das has said that banks need to raise capital in advance on the basis of forecasts so that they will have sufficient capital ‘buffer’ in times of crisis like corona virus. Das, while addressing the Banking and Economic Conclave of State Bank of India on Saturday, said that creating and raising a safe capital fund is not only important in terms of ensuring the flow of credit, but also strengthens the financial system. He said, “In such a situation it becomes more important that banks improve the functioning of their operations, and sharpen…