Author: Finance Khabar
New Delhi: The retail inflation for industrial workers measured through the Consumer Price Index for Industrial Workers (CPI-IW) dipped to 5.1% in May due to lower prices of certain food items and kerosene oil. “Inflation based on all items stood at 5.10% for May, 2020 as compared to 5.45% for the previous month (April 2020) and 8.65% during the corresponding month (May 2019) of the previous year,” a labour ministry statement said. Similarly, as per the data, food inflation stood at 5.88% against 6.56% in the previous month and 5.21% in May 2019. The Labour Bureau, under the Ministry of…
Mumbai: The State Bank of India (SBI) said that it has launched ‘Yono’ branches in select cities, aimed at driving adoption of digital banking among its customers. The bank has launched Yono branches in Navi Mumbai, Indore and Gurugram, one in each city, as part of its pilot, a release said. “We believe the Yono branch will enable and empower customers to adopt digital banking to enjoy all banking services with ease,” SBI Chairman Rajnish Kumar said. Through the self-service zone, customers can deposit cheque into smart cheque deposit kiosks, withdraw and deposit cash, and print passbook 24×7, without depending…
Mumbai: After trading with gains for most of the day, benchmark indices, the Nifty and the Sensex both ended the day marginally lower. Asian cues were strong and most markets there closed with gains after China’s manufacturing activity came in much better than expectations, which managed to drive sentiments across Asia. The Nifty ended the day lower by 10 points at 10,302 points, just above the 10,300 points mark. GIC Housing Finance shares fell more than 4 per cent after the company reported a decline in its net profit to Rs 26.40 crore for the fourth quarter ended March 31.…
New Delhi: Prime Minister Narendra Modi addressed the nation today amid Corona crisis and escalation with China on the border. At the beginning of his address, the Prime Minister told the countrymen that while fighting against the Corona global pandemic, we are now entering Unlock-2. With this, we are also entering the season in which cold, cough, fever etc. are increased. I pray you all to take care of yourself in such times. If we compare deaths from corona, we are in a stable state. The PM said, ‘Today I am going to make an important announcement related to this.…
New Delhi: Some of the ATM transaction related relief announced in the wake of coronavirus led lockdown may be withdrawn, as so far there has not been any announcement for extending scheme beyond June 30. In late March, the finance minister while addressing concerns pertaining to the impact of the coronavirus on the economy allowed free cash withdrawal from other bank ATMs for 3 months. This was in addition to the waiver on charges for non-maintenance of minimum amount in bank savings account. So, as is the situation, earlier rules concerning ATM withdrawal are likely to be restored from July…
New Delhi: In the midst of ongoing tension at Sino-Indian border after a standoff with Chinese forces along the Line of Actual Control in Ladakh, the Govt of India on Monday took an unprecedented step and decided to ban at least 59 Chinese apps. “This move will safeguard the interests of crores of Indian mobile and internet users. This decision is a targeted move to ensure safety and sovereignty of Indian cyberspace,” announced Ministry of Electronics and IT on Monday. The list includes the popular Tik Tok and the following 58:
New Delhi: Coal India has said that it has identified 14 additional projects under the last phase till last minute connectivity facility to improve transportation facilities at the mines, for which Rs 3,400 crore will be invested. The public sector company plans to use a mechanized system like ‘conveyor belt’ instead of transporting coal from around the mines to the site from where it is to be forwarded. This will reduce transportation time. The company had announced 35 projects under the first phase, out of which two have come into operation. “The four coal companies of Coal India will jointly…
New Delhi: Domestic steel major Tata Steel on Monday reported Rs 1,615.35 crore consolidated net loss for the fourth quarter ended March 31. The company had posted a net profit of Rs 2,295.25 crore during the same quarter a year ago, Tata Steel said in a BSE filing. Total consolidated income of the company fell to Rs 35,085.86 crore in January-March 2020, from Rs 42,913.73 crore in the same quarter preceding fiscal. Total expenses of the company stood at Rs 33,272.29 crore during the quarter under review as against Rs 38,728.87 crore in the year-ago period. Shares of the company…
Bengaluru: Amazon India on Monday said that it has stopped using ‘single use’ plastic for packing at more than 50 of its supply centers in the country. Amazon said in a statement that the company had promised in September 2019 that it would achieve this target by June this year. The company introduced 100 percent plastic-free paper tape earlier this year. The statement said that all other plastic packing materials originating from Amazon’s supply centers are fully recyclable.
Mumbai: Increased inquiries for the purchase of passenger vehicles and two-wheelers, increased public movement in showrooms in mid and small towns after lockdown, trends leading to the use of private vehicles to move out of cities and demand for weddings Auto sales are expected to increase in July. Dolot Capital said in its report on Monday that business is expected to improve due to increased rural availability (due to better monsoon for agricultural activities and availability of workers) and increased product availability due to rapid re-introduction of auto plants. The report speculated that two-wheeler sales were strong but the demand…
Mumbai: Fuel prices in India were hiked on Monday by state oil marketing companies even as international oil prices remained largely stable. On Sunday, prices were left unchanged after 21 consecutive days of upward revision. On 29 June, petrol prices per litre were raised to Rs 80.43 in Delhi, Rs 87.19 in Mumbai, Rs 83.63 in Chennai, Rs 83.04 in Bengaluru and Rs 82.10 in Kolkata. Diesel prices per litre were raised to Rs 80.53 in Delhi, Rs 78.83 in Mumbai, Rs 77.72 in Chennai, Rs 76.58 in Bengaluru and Rs 75.64 in Kolkata. The upward revision in prices in…
Mumbai: Benchmark indices began the week on a bearish note, with both the Nifty and the Sensex ending the day with losses. Rising cases of Covid-19 kept global markets subdued and on the tenterhooks. The US markets had seen very weak closings on Friday, after reporting a record number of Covid-19 cases. Select states in the US continued to see a spike in the number of cases, even as investors feared a rollback of the openings in certain states. Asian markets too ended the day with losses, with the Japanese markets seeing cuts of nearly 2 per cent, while the…
New Delhi: The Indian Railways has now allowed passengers to book tickets under the Tatkal quota for 230 special trains (115 pairs) that are being currently operated as special trains amid the coronavirus pandemic. Passengers will be able to book tickets to travel from 30 June onwards. Currently, the Railway department is running are 230 special trains (115 pairs) and all usual train services have been cancelled till 12 August. In a tweet, Shivaji M Sutar, Chief Public Relations Officer, Central Railway, said: “Tatkal Booking will commence from 29/06/2020 in all Special Trains (starting with 0 numbers) for journey commencing…
New Delhi: Shots were fired at the Pakistan Stock Exchange in Karachi on Monday morning killing at least 5 people a CNN report said. Those confirmed dead were among the policemen and security officials the report added. Report said that four security guards and a police sub-inspector were killed in an attack by unidentified militants. The unidentified militants opened indiscriminate fire and lobbed hand grenades at the main gate of the building as they tried to storm it, Geo News reported. Police said that all the terrorists have been killed while five persons injured in the attack. “There was an…
Bhubaneswar: Rourkela Steel Plant (RSP), a unit of public sector steel giant SAIL, has received orders to supply 6,000 tonnes of special grade plates to European markets. The RSP said in the statement that it would supply the CE-marked plate in line with European standards. The company said that CE refers to the European Union’s mandatory standard mark for regulations of goods sold in the European Economic Area. The statement said that RSP’s new mill produces a wide range of plates conforming to international standards. The steel company said the plates produced at the mill are used for earth moving…
New Delhi: The World Bank on Sunday said that its Executive Board of Directors has approved loans of $ 500 million (about Rs 3,700 crore) to improve the quality and operations of schooling in six Indian states. The World Bank said in a statement that the board of directors approved the loan on 24 June 2020. He said, “25 crore students in the age group of six to 17 years studying in 15 lakh schools and more than one crore teachers will benefit from this program. The Teaching Learning and Results Four States Program (STARS) program has been built on…
Chennai: The trade association Apparel and Handloom Exporters Association said on Sunday that the ongoing lockdown has had a major impact on goods supplied by September. The organization claims representation of about 400 micro, small and medium enterprises (MSMEs) in the state. Honorary secretary of the association Nishant Jain said the workforce has been affected to a large extent due to the 12-day lockdown in Chennai and neighboring districts. He requested the state government not to extend the lockdown ending June 30 as traders are unable to provide service to their consumers. She said in a statement that apparel and…
New Delhi: The Insurance Regulatory and Development Authority of India (IRDA) has asked people to suggest names for three insurance policies. The IRDA said that these names should be such that it can be known for which category the products with related names belong. IRDA has invited the naming of standard products focused on housing and small businesses in the ‘Standard fire-case and special disaster’ category. Those offering proper names will be given cash prizes and citation of Rs 10 thousand each. IRDA said that the names should be such that the sponsorship of related products should be completely clear.…
New Delhi: Amazon India has announced today that the company has announced to hire 20 thousand new people to give a great shopping experience to its consumers across the world. The company has provided employment opportunities in Hyderabad, Pune, Coimbatore, Noida, Kolkata, Jaipur, Chandigarh, Mangalore, Indore, Bhopal and Lucknow. Most jobs are part of Amazon’s ‘Virtual Customer Service’ program that offers options for work-from-home. Newly appointed associates will help meet the needs of consumers, providing them a personalized and excellent experience through various mediums such as email, chat, social media and phone. For appointment to these posts, it is necessary…
CG Power and Industrial Solutions Ltd has reported financial results for the period ended March 31, 2020. The company has reported total income of Rs.636.67 crores during the period ended March 31, 2020 as compared to Rs.1190.47 crores during the period ended December 31, 2019. The company has posted net profit / (loss) of Rs.(288.06) crores for the period ended March 31, 2020 as against net profit / (loss) of Rs.(210.07) crores for the period ended December 31, 2019. The company has reported EPS of Rs.(4.52) for the period ended March 31, 2020 as compared to Rs.(3.26) for the period…