Author: Finance Khabar
New Delhi: Airline Spice Jet will operate special flights to Dubai from four cities in India from 12 to 26 July 2020. Spice Jet said in a statement that it will operate flights to the UAE from Delhi, Mumbai, Kozhikode and Kochi. SpiceJet Chief Commercial Officer Shilpa Bhatia said, “We will be operating scheduled flights to UAE in the next 15 days and we hope that those who have been waiting for a very long time will take advantage of this opportunity.” ‘ The airline said that it has helped bring back more than 45,000 people from UAE, Saudi Arabia,…
New Delhi: Reliance Industries has received a total of Rs 30,062 crore from four other investors for the deal to buy a partial stake in the group company Jio Platforms. Earlier, the company said that it has received the deal money for shares of Jio Platforms with Facebook. In a communication sent to the stock market on Saturday, Reliance Industries said that it has signed a deal to sell its 6.13 percent stake in Jio Platforms to El Catarton, The Public Investment Fund, Silver Lake and General Atlantic. Reliance has so far sold a total of 25.09 per cent stake…
New Delhi: The corona epidemic has had the worst impact on the aviation sector. Thousands of jobs have been lost in this sector so far. In this hour of crisis, Air India refused to give jobs to 180 trainee cabin crew. After the completion of the training course, he was going to get a job from the airline. According to the information, Air India has also rejected the request of 50 pilots who are currently serving notice periods. Recently, Air India had asked 50 pilots to forcibly resign. These pilots were appealed to the airline management to change the decision,…
New Delhi: Reserve Bank of India Governor Shaktikanta Das said at the seventh SBI Banking and Economics Conclave on Saturday that Indian companies and industries did better even in times of Corona crisis. He also emphasized that this crisis showed how strong and flexible the country’s economy and its financial system are. Shaktikanta Das said that the Reserve Bank of India has taken several steps to preserve the economic system, support the economy in the current crisis. He said, “Development is the first priority for RBI, financial stability is equally important.” He said, ‘RBI has strengthened its offsite monitoring mechanism…
New Delhi: Subscribers of NPS (National Pension System) will soon be given an option to invest through SIP (systematic investment plan). “We are working seriously to bring a SIP like model for NPS subscribers where they can direct their banks to auto-debit a specific amount on regular intervals towards investment in NPS,” says Amit Sinha, Executive Vice President at NSDL e-Governance to Mint. The Mint report further said that Sinha did not specify a launch date for the SIP facility but said that it may be made available in a few months. SIPs, a popular investment mechanism used in mutual…
On Saturday, Avenue Supermarts reported an 87.61 percent plunge in the consolidated net profit at Rs 40 crore for the June-ended quarter from Rs 323 crore in the same period a year ago. The company that runs the supermarket chain DMart, saw its consolidated revenue decline by 33.22 percent to Rs 3,883 crore in the first quarter of 2020-21 from Rs 5,815 crore a year ago. Its profit margin contracted by 4.5 percent on a year-on-year basis to 1 percent in the period of review. “Covid-19 continued to spread across the country. The ensuing restrictions have had a significant impact…
On the basis of consumer reach points or CRP, Brand Footprint has prepared a list of most chosen brands in India and among it Parle has stood on the top. As per the report, scoring the highest CRP ( in million) at 6,029 (12 percent increase) Parle ranks first followed by Amul (4,632 CRP million, 17 percent increase), Clinic Plus (4,514 CRP million, 32 percent increase), Britannia at (4,215 CRP million, 29 percent increase) and Ghari (2,438 CRP million, 12 percent increase). Also five new brands have made it to the list including the likes of Dabur, Vim, Sunfeast, Brooke…
New Delhi: Hyderabad-based Gland Pharma has filed a Draft Red Herring Prospectus (DRHP) for an initial public offer (IPO) with the Securities and Exchange Board of India (SEBI) that includes a fresh issue of shares worth up to Rs 1,250 crore. Apart from the fresh issue of equity, there is an Offer for Sale (OFS) of a little over 3.4 crore shares as part of the IPO. The company, which is backed by China’s Fosun Pharma, develops, manufactures and markets complex injectables. The issue comprises fresh shares worth up to Rs 1,250 crore and OFS of up to 3,48,63,635 shares.…
New Delhi: In its Make in India boost, the centre is considering a ban on some 350 items that includes including electronic goods, toys, furniture, and textiles among others by bringing in place non-tariff barriers for supporting Indian manufacturing and industry as a whole. And for giving a fillip to such a measure, there are being considered steps such launching an import monitoring system for some as well as mandatory licensing requirements for others. Also, the Atmanirbhar Bharat plan is on similar lines to boost the production of locally made goods. Different ministries have been working in the direction such…
The Board of Directors of BASF India Limited have today approved the acquisition of 100% stake by the Company in BASF Performance Polyamides from BASF Nederland B.V. and BASF SE, for a consideration of an amount not exceeding Rs. 305 crore, including adjustments, if any, at arm’s length basis, subject to the approval of the shareholders of the Company, being a related party transaction and such other approvals as may be required in this regard. For this purpose, the Board has also taken into consideration the valuation report issued by Deloitte Touche Tohmatsu India LLP. BASF Performance Polyamides was incorporated…
IRB Infrastructure Developers Ltd. (IRB), India’s leading and the largest highways infrastructure developer is now set to enter the Eastern territory of India. The Company has emerged as a preferred bidder for BOT project of 6 laning of the National corridor NH-19 from Dankuni to Palsit stretch of 63.83 Kms in the State of West Bengal, with a project cost of Rs. 2,193.23 Crs. While commenting on the development, Mr. Virendra D. Mhaiskar, Chairman & Managing Director, IRB Infrastructure Developers Ltd. said, “We continue to look for opportunities to expand and diversify our presence. With this win, we will enter…
HDFC ERGO, the country’s third largest non-life insurance provider in the private sector, announced the launch of ‘Corona Kavach’ policy. This new indemnity health policy will offer cover against medical expenses incurred due to hospitalization of individuals seeking treatment for COVID-19, on positive diagnosis for the virus in a government authorized diagnostic centre. In addition, the policy will also cover expenses incurred on treatment of co-morbidity along with the treatment for COVID-19. The current pandemic is a grave threat to the health of individuals, whilst also affecting their financial well-being due to the high cost of COVID-19 treatment. But, we…
New Delhi: Reliance Industries Chairman Mukesh Ambani has now become the seventh richest man in the world. He has left Berkshire Hathaway’s Warren Buffett, Google’s Larry Page and Serge Brin. Only Mukesh Ambani from all over Asia is included in the list of world’s top-10 rich. According to Forbes, his total wealth has reached $ 70 billion. Earlier on 20 June, Mukesh Ambani was at the ninth position in the Forbes list. His total assets at that time were $ 64.5 billion. Accordingly, his wealth has increased by $ 5.4 billion in the last 20 days. The market cap of…
Mumbai: Banking stocks saw major losses in trade today, as global cues were weak, and stocks from the sector, which have the highest weightage in the indices pulled markets lower. The Nifty ended the day lower by 42 points, even as European markets were flat. Dow Futures pointed to weakish openings for the US Markets, following a fall seen on Thursday as well. Worries over rising Covid-19 cases from across the world impacted sentiments. US saw a record number of Covid-19 related infections and so did India. Almost all the banking stocks saw steep cuts in trade today with IndusInd…
New Delhi: People’s Bank of China (PBOC) trims its holding in the country’s leading HFC company HDFC after a furore in April month. Now as per the latest shareholding pattern in the June quarter, PBOC is no longer a stakeholder in the company. During the quarter ended March 2020, PBOC held 17.5 million shares, or 1.01 per cent stake in HDFC, valued at Rs 3,300 crore at current market rate. So whether or not the bank still has a share in the bank cannot be said rightly as stock exchange disclosure norms provide for shareholders in a company who have…
New Delhi: Oil majors RIL and BP plc announced the launch of their fuel retailing joint venture under the brand ‘Jio-bp’. Last year, BP for a financial consideration of USD 1 bn bought 49% stake in the fuel-related assets of RIL including 31 aviation turbine fuel stations as well as 1400 petrol pump. The joint venture with remaining holding by RIL is now functional. “Following initial agreements in 2019, bp and RIL teams have worked closely over the past few months in a challenging environment to complete the transaction as planned,” the companies said in a joint statement, adding the…
New Delhi: Prime Minister Narendra Modi said on Friday that India has emerged as the most attractive global market in the field of clean energy. PM Modi launched 750 MW solar power project in Rewa, Madhya Pradesh through video conference. On this occasion, he said that Madhya Pradesh will emerge as a center of clean and affordable energy in the country. “Apart from Rewa, work is underway on solar power plants in Shajapur, Neemuch and Chhatarpur,” PM Modi said in the video conference. “Solar energy is going to be a major medium of energy needs not only today but in…
New Delhi: After being banned in India, there is a demand for ban on TikTok in America. As such, TikTok’s parent company ByteDance is considering changing the company’s corporate structure. According to a Wall Street Journal report, ByteDance Management is considering creating a separate management board for TikTok and moving its headquarters out of China. Recently, when the Indian government decided to ban 59 Chinese apps including TikTok, the government said that this has been done keeping in mind the privacy of users. Meaning these apps were accused of data sharing. However, TikTok has consistently argued that data storage is…
On the Bloomberg Billionaires Index, legendary investor Warren Buffett first lost because of his strategies which for years has many followers and now as per the latest news, he has toppled to the lowest ever eight rank on the index since its introduction. This time due to his $2.9 billion gift this week as philanthropy gesture of giving away Berkshire Hathaway shares worth over $37 billion since 2006. Also, the company’s underperformance is also one reason. In the month of June, on the index he held the fifth position And in a matter of few weeks, ace investor Buffett was…
New Delhi: PM Narendra Modi on Thursday addressed 30 countries through virtual conferences regarding the corona virus epidemic. On the occasion of the inauguration of India Global Week, the PM said that India is fighting the battle against the Corona epidemic with all seriousness. He said that India is seeing signs of improvement in the economy amidst adverse conditions of the corona epidemic. This epidemic is not only health but also economically fatal. He said that India is the powerhouse of countries that learn and teach from other countries, India has made considerable progress in many fields. India is the…