Author: Finance Khabar

Mumbai: Benchmark indices ended the day sharply higher, led by a solid 7 per cent rally in the stock of Infosys. Global markets too were higher, following a strong closing across the US markets. The Nifty ended the day higher by 94 points at 10,383 points. Shares in GAIL closed with gains after the company reported good quarterly numbers that surprised the markets. Kajaria Ceramics saw its stock end the day flat even as net profits fell 27.1% YoY at Rs 48.8 crore versus Rs 66.9 crore. Shares in Sumitomo Chemical India Plunged almost 5 per cent after Sumitomo Chemical…

New Delhi: Growing anti-China sentiment in India has not had any material impact on Chinese smartphone maker, Xiaomi, the company’s India boss said on Thursday. In the last six years, Xiaomi India built a strong local culture and company, managing director Manu Kumar Jain told media. “Our product team, R&D teams are here in India. As we have mentioned, all (of ) our phones, majority of our TVs are made in India, large number of components are locally sourced … entire leadership team is in India,” Jain said. “Till now, we are not seeing any major impact on our business,…

Southeast Asia’s e-commerce giant Lazada announced Friday a new group chief executive officer will be taking the helm. Chun Li, who served as president of the Alibaba-owned company and head of its Indonesia operations, will replace incumbent group CEO Pierre Poignant. He will also continue in his role as Indonesia CEO. “Chun is an experienced business leader who can realize Lazada’s vision of unifying commerce with technology to advance Southeast Asia’s digital economy,” said Lucy Peng, Lazada Group chairwoman, said in a statement. Li joined Alibaba in 2014 as the chief technology officer for its business unit serving the business-to-business…

Nike lost $790m in the fourth quarter, with soaring digital sales failing to make up for the loss of revenue from shuttered stores in most of the world. The world’s largest sports apparel maker said its revenue fell 38 percent to $6.31bn in the three-month period ending May 31. Nike said 90 percent of its stores in North America, Europe and Latin America were closed during the period because of the coronavirus pandemic. Sales fell 46 percent in both North America and Europe, but just 3 percent in China as stores reopened there.

MUMBAI: Ramky Enviro Engineers Limited (REEL), a leading provider of comprehensive environment management services in India as well as Asia today launched Chhattisgarh’s largest solid waste management plant with a capacity of managing 700 tons of waste per day in Raipur. The plant was inaugurated by Shri Bhupesh Bhagel, Hon’ble Chief Minister of Chhattisgarh. The entire event was commemorated through video conferencing. The ceremony was also addressed by Hon’ble Minister for Urban Development Department, Govt of Chhattisgarh’s Shri Shiv Kumar Daharia, Hon’ble Mayor Mr. Aijaz Dhebar and Mr. Saurabh Kumar, Municipal Commissioner of Raipur. As per a 15-year contract between…

MUMBAI: Government-owned Power Finance Corporation (PFC), India’s leading NBFC focused on the power sector, ended financial year 2019-20 (April-March) on a strong note despite numerous challenges including outbreak of COVID 19. The lending institution delivered a sound financial performance with loan sanctions of more than Rs 1 lakh crore along with Loan Disbursements of about Rs 68,000 Crore in the last financial year. The highlight of the year was disbursement of Rs 11,000 crore in the last week of March 2020 despite the nationwide lockdown to contain the spread of COVID 19. Backed by strong IT infrastructure, PFC managed this…

New Delhi: Gold prices were dragged lower by a tad bit after hitting record highs amid the uncertainty which again surfaced due to rising coronavirus cases. In India, the cases are close to 5 lakh mark now. On the MCX, gold hit a high of over Rs. 48,589 per 10 gm on Wednesday, but the gains could not sustain and for the second day today gold prices in the futures market quote at Rs. 48098, down 0.07% or Rs. 36. This marginal decline is despite the IMF making the weakest forecast for Indian economy for FY21, with a contraction to…

New Delhi: IndiGo announced a flexible payment scheme called ‘Flex Pay’ under which passengers will have to pay only 10 percent of the total fare amount at the time of booking. Under the scheme, passengers can defer the 90 percent remaining payment “for a period of up to 15 days either from the date of bookings or before the date of departure,” IndiGo said in a press release. However, if a passenger has paid 10 percent of the fare amount to get a ticket, and if he or she cancels the booking without paying the remaining 90 percent, he or…

New Delhi: To incorporate social distancing and health safety measures amid the coronavirus pandemic, Bharat Petroleum (BP) launched a new self-service system in a petrol pump in Pune under the ‘Atmanirbhar’ campaign. The BP fuel filling station located near the Regional Transport Office in Pune is the first and the only one to adopt this system. The self-service system has been prevalent in advanced countries for many years now. How the ‘Atmanirbhar’ fuel station works: A customer has 3 options: 1) fill by quantity 2) fill by cost 3) fill till the full tankCustomers will have to sanitise their hands…

New Delhi: Diesel price was increased for the 19th consecutive day by 14 paise on 25 June to Rs 80.02 per litre after a 48 paise hike on the previous day. The fuel largely used by transporters has not only crossed the Rs 80/litre mark for the first time ever and is now costlier than petrol in the state, which was hiked to Rs 79.92 per litre on Thursday. Since 7 June, after an 82-day pause in the daily revision of fuel prices, state-owned marketing companies have increased diesel price in Delhi by Rs 10.63 a litre. On 25 June,…

Mumbai: The stock market closed with a downward trend on Thursday, 25 June 2020. Today where the Sensex fell by 26.88 points to close at the level of 34842.10. At the same time, the Nifty lost 16.40 points to close at the level of 10288.90. Apart from this, on the BSE today, a total of 2812 companies were traded, out of which about 1511 shares closed up and 1177 shares declined. At the same time, there was no difference in the share price of 124 companies. At the same time, the rupee closed at the level of 75.66 against the…

New Delhi: The Competition Commission of India (CCI) has approved the acquisition of 9.99 per cent stake in Jio Platforms by Facebook’s Jadhu Holding LLC. The deal between Facebook and Jio took place for Rs 43,574 crore, although Jio did not provide any information about Jadhu Holding LLC while announcing the investment in April. Jadhu Holding LLC is a company owned by Facebook. This company has not invested in any company of any country before India. In just two months, under various agreements, Rs 1,15,693.95 crore has been invested in Jio platforms. Jio has sold a total of 24.70 per…

Not too long ago, the airline industry was preparing for a surge in passengers, with the International Air Transport Association (IATA) forecasting 8.2 billion air travelers in 2037. But in April, air travel declined 98% from last year as countries closed their borders in efforts to stem the coronavirus pandemic. “We think airlines are going to probably lose an unprecedented $84 billion in 2020,” Brian Pearce, chief economist for IATA, said in an interview. “We’re really only just starting to see countries negotiating bilateral openings of markets. For example, the Trans-Tasman bubble between Australia and New Zealand, China and Singapore,…

SoftBank Group Chief Executive Masayoshi Son said on Thursday the equity value of the group’s holdings has recovered to pre-coronavirus outbreak levels, in a defense of his investing reputation after the group was hammered by losses. The rise in corporate value was driven by the growth of SoftBank’s stake is Chinese e-commerce giant Alibaba and following the successful merger of its U.S. wireless unit with T-Mobile. SoftBank has undertaken a complex transaction to divest part of its T-Mobile US stake to raise $20 billion. That brings the total from its asset sale program, which includes monetization of stakes in Alibaba…

New Delhi: After making Reliance Industries debt-free, Mukesh Ambani can now issue IPOs for Jio platforms and retail businesses. This information is given by Bernstein Research in its report. The company has raised liquidity of $ 22.3 billion (about Rs 1.7 lakh crore) in the last two months. The company has sold a 24.7 per cent stake in Jio for about 1.16 lakh crores. Apart from this, 53 thousand crores have been earned by right issue tax. Reliance has become debt free after collecting funds of 1.7 lakh crores. If we pay attention to its balance sheet, the net debt…

The International Monetary Fund (IMF) on Wednesday forecast a 4.5 per cent decline in the Indian economy. This historical decline has been anticipated because of the Corona epidemic. However, the IMF expects the economy to return to track in 2021. In which the growth rate is estimated to be 6 percent. At the same time, the IMF has reported a global growth rate of negative 4.9 percent in 2020. The World Economic Outlook (WEO) forecast for April 2020 to be 1.9 percentage points lower. Indian-origin IMF chief economist Geeta Gopinath said, “India’s economy is projected to decline by 4.5 per…

London: The dispute over the property of the brothers of Britain’s leading business group Hinduja Group has reached the High Court of England. The Hinduja family is considered among Britain’s billionaires. The case has been taken to court by 84-year-old Srichand Parmanand Hinduja, who is said to be the guardian of the family. He has filed suit against his brothers GP Hinduja (80), PP Hinduja (75) and AP Hinduja (69). The suit is about the validity and effect of the July 2, 2014 letter. The statement in the letter states that all the brothers appoint each other as their caretaker…

In a circular on 23 June, the Insurance Regulatory and Development Authority of India (IRDAI) issued guidelines allowing for the introduction of short-term health insurance policies providing coverage for COVID-19 disease. Life, general and health insurers will be allowed to issue policies for a period between 3 and 11 months in the form of the individual as well as group insurance products. These new guidelines provided on 23 June will remain valid till 31 March 2021, unless extended further by IRDAI. Insurers Now Allowed To Offer Short Term Health Insurance Policies For COVID-19″With an objective of making available insurance protection…

New Delhi: The Securities and Exchange Board of India (SEBI) further eased compliance requirements for listed companies affected due to adverse impact of coronavirus pandemic by extending the deadline for submitting their fourth-quarter as well as annual results to 31 July. Earlier, the deadline to submit the financial results was 30 June. The development comes after Sebi received representations from listed entities, chartered accountant firms, and industry bodies, seeking further extension of time for filing of financial results for the quarter /half-year/financial year ended 31 March 2020. The entities cited many reasons to seek the extension like the continuing lockdown,…

New Delhi:The Board of Directors of the Company as per the timeline met today and deliberated on the status of the scheme of arrangements between Indus and Bharti Infratel. But the decision has been again postponed to August 31, 2020. Since the conditions precedent to be fulfilled for the Scheme to become effective cannot be completed by the extended Long Stop Date i.e. June 24, 2020, the Board of Directors have further extended the Long Stop Date till August 31, 2020, subject to agreement on closing adjustments and other conditions precedent for closing, with each party retaining the right to…