Author: Finance Khabar
New Delhi: UTI Asset Management Company (AMC) has received approval from market regulator SEBI to raise more than Rs 3,000 crore through an initial public offering (IPO). The current shareholders of the country’s largest asset management company will sell 3,89,87,081 equity shares under the IPO, according to the company’s booklet as per the assets under management. State Bank of India (SBI), Life Insurance Corporation of India (LIC) and Bank of Baroda will all sell 1,04,59,949-1,04,59,949 shares while Punjab National Bank and T Rowe Price International 38,03,617-38,03,617 shares. According to market sources, the company will be able to raise a little…
New Delhi: Public sector company ONGC has temporarily ceased operations in its two oil rigs in the Arabian Sea after 54 workers were found infected with the corona virus and one employee died, though it affected oil and gas production. Has not happened. The oil rig is a large machine used to drill deep into the earth to extract oil. Officials said two rigs at the company’s major oil field, Mumbai High, and Basai, on the west coast, were temporarily closed after the Corona virus infection reported. The closure of these rigs will not affect production and the company will…
Mumbai: Shares of Glenmark Pharmaceuticals rose as much as 40 percent, its biggest-ever intraday gain, to its 52-week high of Rs 573.05 on Monday on launching its antiviral drug Favipiravir for the treatment of COVID-19 patients with mild to moderate symptoms. The Mumbai-based pharma company, after receiving approval from the Drugs Controller General of India (DCGI), launched Favipiravir under the brand name FabiFlu. Sold at Rs 103 per tablet, it is the first oral favipiravir-approved medication in India that received permission to conduct phase-3 for the treatment of COVID-19, the company said in a statement. It is a prescription-based drug…
New Delhi: According to the annual report of the State Bank of India (SBI), it has raised 13,212 kg of domestic and institutional gold under the Gold Monetization Scheme (GMS). The report said that the bank raised 3,973 kg of gold under the GMS in 2019-20. The government started the scheme to use gold held with common people and trusts. SBI said in the report, “During the financial year 2019-20, the bank raised 3,973 kg of gold, with which a total of 13,212 kg of gold has been raised so far”. GMS was launched in November 2015 to raise. The…
India is playing the role as the “pharmacy of the world” during the COVID-19 pandemic with its vast experience and deep knowledge in medicine, setting the tone for many regional and global initiatives, said Shanghai Cooperation Organisation Secretary-General Vladimir Norov. Norov in an interview told that India has so far supplied medicines to 133 countries in the fight against COVID-19, which shows country’s generosity, despite the fact that its government has taken urgent measures to prevent and treat the disease on a national scale. This is a worthy and responsible example of the behaviour of a major power, and at…
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…