Author: Finance Khabar
New Delhi: On Thursday, the Supreme Court extended till 12 June its earlier order of 15 May that has asked the government to not take any coercive action against companies and employers for violation of Centre’s 29 March circular for payment of full wages to employees for the lockdown period. A bench of Justices Ashok Bhushan, S K Kaul and M R Shah reserved the verdict on a batch of petitions filed by various companies challenging the circular of the Ministry of Home Affairs issued on 29 March asking the employers to pay full wages to the employees during the…
Mumbai: Benchmark indices ended the day lower, breaking a 6-day winning streak, in which the indices gained almost 12 per cent. Global cues were weak, with the European markets trading lower, while the Dow Futures suggested a weakish opening for the US markets. The Sensex ended the day lower by 128 points at 33,981 points, while the Nifty lost 32 points in trade. Banking and finance stocks were the biggest drags on the index with some of the heavyweights like HDFC, ICICI Bank and HDFC Bank falling. Among the Nifty stocks that gained were Vedanta, Zee Entertainment and Tech Mahindra.…
New Delhi: Private sector lender IndusInd Bank today launched a mobile app for opening current account. And using the app customers can open account in just few hours. The facility will come as a great relief amid such times when social distancing and avoiding unnecessary travel should be the norm. So, all proprietorship, partnership, public limited and private companies can open the account using the app. The mobile app Indus Corporate will enable the bank’s executives to verify customers and other business related data in real time. Also by making use of several APIs the app is available for secured…
New Delhi: Due to The COVID-19 outbreak, the Life Insurance Corporation of India (LIC) has said that policyholders can send scanned copies of their policies, KYC documents, discharge forms and so on, via email to their servicing branch to settle maturity and survival benefit claims. As per LIC’s website, these supporting documents to make a claim can be sent via email until 30 June 2020. It also clarified that the facility to submit claims online is an additional option to the existing procedure. How to make LIC claims via email?According to LIC’s website, a policyholder can send e-mail to “claims.bo@licindia.com”…
NEW DELHI: India’s one of the leading tractor manufacturing brand & No.1 exporter from the country, Sonalika Tractors registered phenomenal overall growth (Domestic+Exports) of 18.6% with sale of 9177 tractors in May’20 as compared to 7737 tractors in May’19. The company have strengthened its No.1 tractor exports position from India by registering 25% growth with exports of 1537 tractors in May’20. Speaking on the performance, Mr. Raman Mittal, Executive Director, Sonalika Group, said, “It gives me pleasure that we have registered healthy overall growth of 18.6% in May’20, with 9177 tractors sale, despite the challenging situation. Taking cognizance of the…
MUMBAI: TATA AIG General Insurance Company Limited launched an innovative telematics-based next-gen application and device ‘AutoSafe’ today. The app helps policyholders to save on premiums by selecting the kilometers driven, promotes safe driving, works as anti-theft device as it comes with a GPS-based tracking facility. Available on all policies offering personal accidental cover to the tune of Rs. 15 lakhs for owner and driver, this app also tracks distance traveled by the vehicle, live speed and other driving pattern parameters and offers bonus kilometers for good driving behavior at the time of the renewal, thus, promoting safe driving habits. The…
MUMBAI: IndiaFirst Life Insurance Company Limited, a joint venture between Bank of Baroda, Union Bank of India and Warburg Pincus, recently launched its website in a fresh, multi-lingual avatar to reach out to a wider customer base. Basis the strong presence of the company in states like Gujarat, Andhra Pradesh, Telangana and Northern parts of India, the website can now be viewed in Gujarati, Telugu, Hindi and English. Sonia Notani, Chief Marketing Officer, IndiaFirst Life Insurance Company Ltd said, “IndiaFirst Life has always enabled forthright substance through all means of communication. We cater to customers across 98% of the pin…
New Delhi: In a first-of-its-kind cooking experience ITC Foods shares some easy to do regional recipes with the viewers of Star Network. These recipes come from an enthusiastic kitchen brigade at ITC Hotels. With the stay at home announcement a lot of hobby home chefs have been perfecting and experimenting with dishes. Applauding their efforts, ITC Foods, one of the fastest growing foods businesses in India, driven by the market standing and consumer franchise of its popular brands like Aashirvaad have brought the viewers delicious tastes of India on the 5 STAR Kitchen ITC Chef’s Special. From the delectable traditional…
New Delhi: The Amara Raja Group – amongst India’s leading business conglomerates with interests spanning varied verticals – announced a series of innovative measures in managing the impact of COVID-19 in the upcoming months. Worldwide, the coronavirus pandemic has disrupted lives and livelihoods. Current estimates indicate India’s GDP will contract between -5% and -7%. The Group has been continuously monitoring these developments closely. Due to the repeated lockdown extensions and extremely calibrated reopening of businesses, the fallout of migrant labour challenges, extra precautions and social distancing norms now emerging as the new normal, the Group expects demand contraction in specific…
New Delhi: ICICI Lombard General Insurance, India’s largest private sector non-life insurance company has rolled out promising measures for the people affected by the super cyclonic storm – Amphan. The cyclone has been declared to be “the worst cyclone” that Kolkata has witnessed in the past 100 years by the Indian Meteorological Department (IMD). The insurer has gone to great lengths to provide the customers with the best of services in these challenging times wherein COVID-19 is already a significant issue and the cyclone has only made matters worse. Easy accessibility Any customer can reach ICICI Lombard through its various…
New Delhi: Moody’s Investors Service (Agency) have, vide their Rating Action dated June 2, 2020 communicated that Moody’s have downgraded IndusInd’s long-term local and foreign currency deposit ratings to Ba1 from Baa3 and its BCA to ba2 from ba1. The rating outlook is negative. Moody’s have clarified that the key drivers for rating downgrade is caused due to economic disruptions caused by the coronavirus and the downgrade of the sovereign rating. The rating action of Moody’s follows Moody’s recent downgrade of the Indian government’s issuer rating to Baa3 from Baa2 with a negative outlook. On March 9, 2019, Moody’s assigned…
New Delhi: The Committee of Directors of Tata Steel Limited has today approved allotment of 4,000 – 8.08% p.a Unsecured, Rated, Listed, Redeemable, Floating Coupon, Non-Convertible Debentures of face value Rs. 10,00,000/- each, for cash aggregating to Rs. 400 crore, to identified investors on private placement basis, on the terms and conditions as mentioned in the Information Memorandum for the said Issue. The NCDs are proposed to be listed on the Wholesale Debt Market (WDM) Segment of BSE Limited.
Religare Group, today announced the completion of the transaction with Kedaara group entity, Trishikhar Ventures LLP for investments in its health insurance subsidiary – Religare Health Insurance Company Limited (“RHICL”). This transaction will further the growth of the health insurance business for Religare and help RHICL to emerge as a stronger insurance player. The equity infusion is in sync with the long term vision of the Company to be future-focused, explore its full potential and accelerate growth. Congratulating the teams of Kedaara and Religare, Dr. Rashmi Saluja, Executive Chairperson of Religare Enterprises Limited and Non-Executive Chairperson, Religare Health Insurance Company…
Mumbai: Benchmark indices gained for the sixth straight day, as global cues were exceedingly strong, ignoring all negatives. Asian markets closed the day higher and European markets were higher by a good 2 per cent, as easing of lockdown around the world, helped sentiments. The Sensex ended the day higher by 284 points, while the Nifty gained 84 points in trade, to close above the 10,000 points mark. ICICI Bank led gainers from the Nifty and was up 3 per cent on strong buying support. In fact, much of the Nifty’s gains were led by banking and finance stocks, like…
Mumbai: State Bank of India has reduced the annual interest rate on savings bank accounts by 0.05 percent to 2.70 percent. At the same time, ICICI Bank, the second largest bank in the private sector, has cut the interest rate on savings account by 0.25 percent. SBI has reduced the annual interest rate on savings bank accounts by 0.05 percent to 2.70 percent. As per information available on the bank’s website, the revised interest rates have come into effect from May 31. The bank has two slabs for savings bank account up to one lakh rupees and more than one…
NIIT Limited, a global skills and talent development company and leading provider of managed training services, announced that William V. West (Bill) and his accomplished team of digital reality professionals from Regatta VR will join NIIT (USA), Inc., effective June 1, 2020. The addition of Bill and his team strengthens NIIT’s Digital Reality and Immersive Learning Solutions practice. As part of his new role at NIIT, Bill will be responsible for scaling up NIIT’s Digital Reality and Immersive Learning Solutions practice (including VR, AR, 360 Video, Real-time 3D) and bringing innovative solutions to NIIT’s Fortune and Global 500 customers. Bill…
Everest Organics Limited has announced that Oseltamivir, API has been developed and manufactured in the plant of Everest Organics Limited located at Sangareddy District, Telangana. Oseltamivir is well known as key active ingredient in the prevention of influenza A and influenza B. Recently it has been discovered that Oseltamivir is also effective in fighting against Covid-19 virus, the ongoing world pandemic in co-administration with other supporting drugs. “Oseltamivir drug falls in a medication class called neuraminidase inhibitors. It is the major ingredient in the blockbuster Tamiflu composition, which is an approved drug for the treatment of H1N1 and is more…
Pharma major Lupin Limited (Lupin) announced that it has received approval for its Meloxicam Capsules, 5 mg and 10 mg, from the United States Food and Drug Administration (U.S. FDA), to market a generic equivalent of Vivlodex® Capsules, 5 mg and 10 mg, of Zyla Life Sciences US, Inc. The product would be manufactured at Lupin’s Aurangabad facility, India, and is expected to be launched shortly. Meloxicam Capsules, 5 mg and 10 mg, are indicated for management of osteoarthritis (OA) pain. Meloxicam Capsules (RLD: Vivlodex®) had an annual sales of approximately USD 14 million in the U.S. (IQVIA MAT March…
On Tuesday, shares of Tata Power rose as much as 6.82 per cent to Rs 42.25 apiece on the BSE after it informed the exchanges on the previous day of the completion of the acquisition of 51 percent stake in TP Central Odisha Distribution Ltd (TPCODL) for Rs 178.5 crore. TPCODL carries out the business of Central Electricity Supply Utility of Odisha (CESU). The acquisition paves the way for taking over the power supply business of five cities in Odisha by Tata Power. “Tata Power has today acquired 51 per cent equity stake in TPCODL at a consideration of Rs…
The downgrade by Moody’s could be slightly sentimentally negative for the markets, given that the rating is now on par with S&P and Fitch. “Even though it is a downgrade, the rating is still investment grade. This is on par with the rating of S&P and Fitch Ratings. This is unlikely to impact materially since the strength of the market is largely due to the humongous liquidity floating in the global financial system. The government needs to prepare a medium-term fiscal consolidation roadmap to inspire confidence in markets. Of course, this is slightly sentiment negative,” VK Vijayakumar, Chief Investment Strategist,…