Author: Finance Khabar

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…

New Delhi:The Union Cabinet decided to bring all cooperative banks under the Reserve Bank of India (RBI) through an ordinance. This was announced by the Union Information and Broadcasting Minister Prakash Javadekar at a virtual press meet. “Government banks, including 1,482 urban cooperative banks and 58 multi-state cooperative banks, are now being brought under supervisory powers of Reserve Bank of India (RBI),” Javadekar said. “It will give an assurance to 8.6 crore depositors in these banks that their money will stay safe,” he added. These banks will come under the supervision of RBI with immediate effect from the date of…

New Delhi:On June 24, 2020, gold prices on the MCX again surged for August contract by Rs. 0.1% or Rs. 49 to Rs. 48281.00 per 10 gm. Silver on the other hand inched lower to trade at Rs. 48735 per kg. In the afternoon trade, gold rallied to a new high of Rs. 48420 mark as coronavirus and stimulus measures across the world weighed. Gold prices in the previous session held on to prices as rupee inched higher against the dollar to levels below 76. On June 23, 2020, rupee against the greenback closed at 75.64 per US dollar. Gold…

New Delhi: After days of spectacular rallies, which has driven the Sensex and the Nifty by almost 35 per cent from lows hit in March. Rising cases in the US and also in Germany, left investors worried. White House health advisor Dr. Anthony Fauci warned Tuesday that parts of the U.S. are beginning to see a “disturbing surge” of Covid-19 cases. U.S. states like California, Texas and Arizona reported their biggest daily jumps of Covid cases, while Germany reported 712 new cases. European markets were trading with cuts of nearly 2.5 per cent, while Dow Futures pointed to lower openings…

New Delhi: On Wednesday, oil marketing companies raised diesel prices for the 18th straight day but kept petrol prices unchanged. In Delhi, diesel price has been increased by 48 paise on 24 June to Rs 79.88 per litre, making it costlier than petrol which remains priced at Rs 79.76 per litre. 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 10.49 a litre. Experts say that in the international market, diesel is slightly costlier than petrol due to higher cost of production. However, in…

New Delhi: The country’s richest man Mukesh Ambani’s annual salary from his main company Reliance Industries was also Rs 15 crore in FY 2019-20. His salary is at the same level for the last 12 consecutive years. Mukesh Ambani, Chairman and MD of Reliance Industries (RIL) has decided not to take salary this financial year in view of Covid-19. Mukesh Ambani has retained his remuneration at Rs 15 crore annually since 2008-09, including salary, allowance and commission all together. He has left more than Rs 24 crore annually so far, while the remuneration of all the full-time directors of the…

Mumbai: Reliance Group Chairman Anil Ambani said on Tuesday that the promoters of Reliance Power and Reliance Infrastructure have decided to increase their stake in related companies. Last week, the stock market regulator Securities and Exchange Board of India (SEBI) allowed promoters to increase their stake to 10 per cent through a preferential allotment. The move is aimed at boosting investor confidence as promoters buying more shares is a good sign for shareholders. The promoters had 14.7 per cent stake in RIFRA and 19.29 per cent in RPower as of March 2020. Ambani told shareholders of the two companies during…

YES BANK Limited (“the Bank”) has sold 16,61,008 equity shares having nominal value of Rs.10/- each, constituting 2.84% of the paid-up share capital of SICAL Logistics Limited (‘SICAL’) in various tranches, last being on June 22, 2020 resulting into a change in holding of the Bank by more than 2% of the total shareholding of SICAL. Shares of YES BANK LTD. was last trading in BSE at Rs.27.6 as compared to the previous close of Rs. 27.75. The total number of shares traded during the day was 2333990 in over 15408 trades. The stock hit an intraday high of Rs.…

IE Venture Fund I has entered into an agreement to invest about Rs. 3.5 Crore in Rusk Media Private Limited (“Rusk Media”). The IE Venture Fund I has agreed to acquire 2,779 – 0.01% Seed Series Compulsorily Convertible Preference Shares having Face value of Rs. 10/- each. The aggregate shareholding of IE Venture Fund I, post this investment, in Rusk Media would be 10% on a fully converted & diluted basis. Rusk Media is engaged in the business to carry on the production of digital content across genres like fiction, music, lifestyle, technology, amongst other things and distribution of such…

New Delhi: The unemployment rate in the country has come down to the level before the lockdown. The unemployment rate in the country for the week ended 21 June was 8.5 percent. The nationwide lockdown imposed to prevent the outbreak of Corona left millions unemployed and the unemployment rate in the country reached 23.5 percent in April and May. Although the unemployment rate in urban areas still remains high above the level before lockdown, it has decreased drastically in rural areas. The Center for Monitoring Indian Economy (CMIE) said in its weekly report on Tuesday that MNREGA and kharif sowing…

New Delhi: On Tuesday, in a statement, the finance ministry said that under the Emergency Credit Line Guarantee Scheme (ECLGS) that was announced by the central government under the Atmanirbhar Bharat Abhiyaan to financially help MSMEs (micro, small and medium scale enterprises), loans worth a total of Rs 79,000 crore has been sanctioned till 20 June. “Banks from Public & Private Sectors have so far already sanctioned loans worth over Rs 79,000 crore as of June 20, 2020, of which more than Rs 35,000 crore has already been disbursed,” the ministry said. The top lenders under the ECLGS have been…

New Delhi: As per a Chinese research study, 3 individuals who saw their net wealth spike during coronavirus pandemic are Jeff Bezos of Amazon, RIL’s Mukesh Ambani, Serum Institute of India’s Dr Cyrus Poonawalla. In a report titled ‘Wealth Impact 4mths after Covid-19 Outbreak’ Hurun Research oversees the change in wealth of the world’s richest in the fourth months ending May 31. The report follows the previous ‘Wealth Impact 2mths after Covid-19 Outbreak’ as well as the Hurun Global Rich List 2020 which provided outputs basis January 31, 2020 cut off. 60% of Entrepreneurs In Hurun Global Rich List Saw…

New Delhi: In yet another unprecedented move is likely to cross the petrol price for the very first time in the national capita. This shall make diesel the most expensive auto fuel. This shall be on lines of the international markets where diesel is priced higher in comparison to petrol. But for India, the price of petrol has been on the higher side given the taxation structure, wherein less tax is levied on diesel it has been for long cheaply priced in comparison to diesel. In the national capital, diesel is priced at Rs. 79.4 per liter, which is just…

On Tuesday, in a stock exchange filing, Larsen & Toubro (L&T) said that its conglomerate is committed to “achieving self-reliance for the domestic industry by creating a strong and feasible ‘Make in India’ ecosystem.” “L&T takes pride in being at the forefront of creating projects and products, some of the largest, biggest, and longest in the world- all made in India.” Commenting on the same, L&T’s CEO and MD, SN Subrahmanyan said: “With an unfortunate incident involving our brave soldiers at our border, sentiments are running high in the country. As a company involved in nation-building for more than eight…

Mumbai: It was the fourth straight day of gains for the benchmark indices, supported by strong global cues. European markets were trading with gains of nearly 2 per cent, while Dow Futures were pointing to higher openings by at least 1 per cent. The Nifty closed the day higher by 160 points at 10,471 points. Shares in Larsen and Toubro, Bajaj Finance, IndusInd Bank, NTPC and Power Grid were among the top gainers in trade. Among the Nifty stocks that lost ground in trade were Reliance Industries, Bharti Airtel, Vedanta and Maruti Suzuki. The Bank Nifty saw strong gains in…

New Delhi: Dhanalakshmi Bank said on Monday that its net profit during the March quarter of FY 2019-20 declined by 90.5 per cent to Rs 2.60 crore. The bank said that its profit declined due to bad loans and more provisions for contingencies. The bank had achieved a net profit of Rs 27.61 crore during the January-March quarter of the previous financial year. The bank told the stock market that its earnings during the quarter under review rose to Rs 280.98 crore from Rs 268.97 crore as compared to the same period a year earlier. Dhanalakshmi Bank’s net profit increased…