Author: Finance Khabar
Mumbai: Benchmark indices ended the day higher for the third straight day, as US Dow Futures were pointing to higher openings of at least 1 per cent for the US markets. The Sensex ended the day higher to close at 34,199 points, while the Nifty ended the day higher by 66 points. Among the top gainers from the Nifty were Bajaj group stocks like Bajaj Auto, Bajaj Finserv and Bajaj Finance. Among the other Nifty gainers were Vedanta and Coal India. Shares in ICICI Bank were up for the third straight day, even as the bank said it had divested…
Mumbai: On Monday, Fitch Ratings revised its Long-Term Issuer Default Ratings (IDR) on nine Indian banks from ‘stable’ to ‘negative.’ The change comes in line with its revision in the outlook for the Indian economy on 18 June. The rating agency has revised its outlook to ‘negative’ for Export-Import Bank of India (EXIM), State Bank of India, Bank of Baroda, Bank of Baroda (New Zealand), Bank of India, Canara Bank, Punjab National Bank, ICICI Bank and Axis Bank. It has also affirmed IDBI Bank (IDBI) rating while maintaining the outlook at negative. “The rating actions follow Fitch’s revision of the…
Mumbai: Reliance Industries in yet another feat has become the first Indian company to command a market cap of $150 billion thanks to the relentless surge in its stock price ever since the RIL rights issue and back to back 11 investment deals from marquee names in Jio Platforms. In early trade after a surge of almost 2.5%, the stock hit a record high of Rs. 1804.20 per share on the NSE. In Friday’s trade, after bagging the Saudi Arabia’s PIF investment, the company announced that it has become debt free ahead of schedule. And on the development, with the…
New Delhi: AIMTC, an association of truck operators, said on Sunday that 65 per cent of trucks in the country are standing idle due to continuous increase in diesel prices, corruption and no relief to transporters. The All India Motor Transport Congress (AIMTC) is the apex body of transporters, claiming to represent around 95 lakh truck operators and units. AIMTC said that the massive increase in fuel prices and the massive ‘recovery’ at the border posts of the states have badly affected the truck drivers and if the government does not intervene, the transport services should not be ruled out.…
Federal Bank handed over houses rebuilt for the benefit of flood affected villages of Batswad and Rajapurwadi in Kolhapur to beneficiaries today. The Bank has rebuilt 80 houses under its CSR project for these villages. Formal handing over of garbage pick-up vans, water ATMs and solar power system was also done today. Dr. Rajendra Patil Yadravkar (Minister for State, Govt. of Maharashtra for Public Health, Medical Education, Textile, Food & Drugs Administration and Cultural Activity) presided over the meetings at both the villages. Shri Aman Mittal IAS (Chief Executive Officer, Zillah Parishad, Kolhapur) also was present in both the locations.…
The only U.S. FDA approved Emergency Use Authorisation (EUA) treatment for Covid patients Cipla Limited, hereinafter referred to as “Cipla”), today announced the launch of remdesivir under its brand name CIPREMI. The U.S. FDA issued an Emergency Use Authorization (EUA) to Gilead Sciences Inc. for emergency use of remdesivir for the treatment of hospitalized 2019 coronavirus disease (COVID-19) patients. It is the only U.S. FDA approved Emergency Use Authorisation (EUA) treatment for adult and paediatric patients hospitalized with suspected or laboratory confirmed COVID-19 infection. In May, Gilead Sciences Inc. extended a voluntary non-exclusive license to Cipla to manufacture and market…
New Delhi: Public sector Punjab National Bank (PNB) is planning to hit the capital market in the fourth quarter of the current financial year. After recently merging two state-owned banks, the bank is going to forecast the capital requirement for its growth and regulatory requirements. PNB Managing Director Mallirjun Rao said, “The bank has adequate capital position now.” The bank had a capital adequacy ratio of 14.14 percent as at the end of March 2020. “We will make a summary account of the assets and liabilities of the merged entities with our merged entities in the meeting of the board…
The Board of Directors of Arvind Fashions Ltd has, at its meeting held on today, considered and approved, the revision in the size of the Rights Issue from up to Rs. 299.64 Crores up to Rs. 399.79 Crores. The board also approve revision in the issue price of the Rights Issue from Rs. 150 per Rights Equity Share to Rs. 100 per Rights Equity Share (including premium of Rs. 96 per Rights Equity Share) and consequently, revised rights entitlement ratio of 62 (Sixty Two) Rights Equity Shares for every 91 (Ninety One) Equity Shares of the Company held by eligible…
New Delhi: Reliance Capital has said that it will not be able to repay its debt on time after Care ratings downgrades its bond program, which was to be repaid in eight years in a phased manner. The downward pressure on ratings has increased. Reliance Capital told the stock market on Saturday night that it was not capable of demonetisation of assets and hence debt repayment would be delayed. In September 2019, Care Ratings downgraded the rating of the entire outstanding loan program of Reliance Capital, controlled by Anil Ambani, to “Care-D”. The company, while objecting, called the move completely…
New Delhi: Foreign portfolio investors (FPIs) have so far invested a net Rs 17,985 crore in Indian capital markets in June amid rising availability of cash and high risk. According to the latest depository data, FPI made a net investment of Rs 20,527 crore in equities between June 1 and 19. However, he made a net withdrawal of Rs 2,569 crore from the debentures. Thus, their net investment in the domestic capital market stood at Rs 17,985 crore during the period under review. Earlier, foreign investors remained net sellers for three consecutive months. He made a record withdrawal of Rs…
New Delhi: After the recent dispute between the army of India and China, there is a situation of tension between the two countries. Since then, the demand for boycott of Chinese product in social media across the country has also intensified. Meanwhile, a question has also arisen in the auto sector whether it is possible to do business without Chinese goods. Like many electronic products, the automobile sector also requires parts that are imported from China. In this regard, Bajaj Auto Managing Director Rajiv Bajaj has said the important thing. Rajiv Bajaj said in an interview to the media that,…
New Delhi: The pharmaceutical company will introduce anti-viral anti-viral drug remadecivir for the treatment of hetero covid-19. The company said on Sunday that it has received the permission of the Controller General of Indian Medicine (DCGI) for this. Hetero said in the statement that the company had received permission from DCGI to manufacture and market Remedesvir. The generic version of Remdesvir will be sold in India under the brand name ‘Koviphor’. The statement said that DCGI has allowed this drug to treat cases of suspected or confirmed Covid-19 in adults and children or those hospitalized due to its infection. The…
New Delhi: Mumbai-based Glenmark Pharmaceuticals has launched antiviral drug Favipiravir (FabiFlu) for the treatment of mild to moderate COVID-19 patients. The company has received manufacturing and marketing approval from India’s drug regulator, under an accelerated approval process looking at the rarity of the situation and severity of the disease, making it the first oral Favipiravir-approved medication in India. Favipiravir can be used in COVID-19 patients with co-morbid conditions such as diabetes and heart disease with mild to moderate COVID 19 symptoms. The drug has shown clinical improvement of up to 88 per cent in COVID-19 mild to moderate COVID-19 cases.…
New Delhi: Announcing the results for the fourth quarter ended 31st March 2020, Zydus Cadila registered total income from operations of Rs. 3752 crores, up by 3% on a Q-o-Q basis from Rs. 3638 crores registered during third quarter of the financial year 2019-20. Operating profits i.e. Earnings before Interest, Depreciation and Tax (EBIDTA) grew by 13% on a sequential basis to Rs. 791 crores during the fourth quarter. Net profit was up by 5% on a Q-o-Q basis to Rs. 392 crores. For the year ended 31st March 2020, on a consolidated basis, the Company registered the total income…
Mumbai: The stock market closed with a high note. Today where the Sensex gained about 523.68 points to close at the level of 34731.73. The Nifty closed at the level of 10244.40 with a gain of 152.75 points. Apart from this, today on the BSE, a total of 2778 companies were traded, out of which about 1774 shares rose sharply and 856 shares closed down. At the same time, there was no difference in the share prices of 148 companies. At the same time, the rupee closed at a level of Rs 76.18 against the dollar, losing 5 paise against…
New Delhi: On Friday, fuel prices were raised for the thirteenth consecutive day. Diesel prices are now at new highs in Indian cities, largely due to recent hike in excise and local taxes. In Delhi, diesel prices crossed the Rs 77 mark for the first time after a 63 paise per litre hike, according to prices on Indian Oil’s website. Diesel prices per litre were hiked to Rs 77.06 in New Delhi, Rs 75.53 in Mumbai, Rs 74.77 in Chennai, Rs 73.28 in Bengaluru and Rs 72.53 in Kolkata. Petrol prices per litre were raised by 56 paise to Rs…
New Delhi: Bajaj Electricals reported a net loss of Rs 81 lakh for the quarter ended March 31, 2020. The company incurred losses in the fourth quarter of the previous financial year due to poor performance in the engineering, procurement and construction (EPC) segment. In a notice to the stock market on Friday, Bajaj Electricals said that the company had a net profit of Rs 23.08 crore in the same quarter of the financial year 2018-19. The company’s integrated operating income declined 26.73 per cent to Rs 1,300.66 crore in the January-March quarter of 2019-20 from Rs 1,775.18 crore in…
New Delhi: Concrete pipe making company Indian Hume Pipe has received a contract worth Rs 234.91 crore from the Uttar Pradesh government. In the information given to the stock market, the company said that it has received this order from the State Water and Sanitation Mission, Namami Gange and Rural Water Supply Department, Lucknow. Under this, the company will supply water to a cluster of villages in Kuraicha in Jhansi district. The company has also received the contract for operation and maintenance of the project for 10 years. The project is to be completed within two years.
Mumbai:On Friday, ICICI bank in a stock exchange filing said it has divested 1,80,00,000 equity shares of the face value of Rs 10 each of ICICI Lombard General Insurance Company Limited, representing 3.96 percent of its equity share capital at 31 March 2020, to strengthen its balance sheet. It said that the approximate total consideration of the stake sale was Rs 22.50 billion or Rs 2,250 crore. Following this stake sale, the ICICI Bank’s shareholding in ICICI Lombard General Insurance Company Limited stands at approximately 51.9 percent. The private lender said that while announcing its results for the quarter ended…
Mumbai: After the stock price of Reliance Industries made new high and has jumped 100% since the 52-week low price attained in March due to market rout, the real time wealth of the oil to telecom conglomerate’s MD and CEO Mukesh Ambani surged in real time to cross $60 billion for the first time. And subsequently he became the 11th richest person globally. As per the Bloomberg Billionaires Index, Mukesh Ambani’s net worth after today’s surge of close to 6% in share price of RIL has become $60.3 billion or Rs. 4.58 lakh crore. On the NSE, the stock made…