Author: Finance Khabar

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,…

New Delhi: Indigo, private airline on Tuesday reported a net loss of Rs 870.8 crore for the March quarter of FY20 (Q4FY20) as travel remain restricted due to Covid 19. In the previous quarter, the company logged a profit of Rs. 496 crore and in the corresponding period a year ago there was reported a profit of Rs. 589.6 crore. “Closure of flight operations during national lockdown on account of Covid-19 significantly impacted revenue for the quarter. IndiGo reports net loss of Rs 8,70.8 crore and EBITDAR of INR 86.7 crore for the quarter ended March 2020. With the prevailing…

Mumbai: Benchmark indices surged in trade with Bajaj Finance and Bajaj Finserv seeing a sharp rally in their share prices. Global cues were extremely strong with the German DAX trading more than 3 per cent higher and most Asian markets closed the day with strong gains. The market continued to see buying on opening-up of the lockdown of the country. Agriculture is also expected to get a boost with the monsoon arrival ahead of time, aiding strong hope that production could remain strong this year too. The Sensex ended the day higher by 522 points with the Nifty ending the…

New Delhi: On Tuesday, State Bank of India (SBI) said that it has created a separate vertical to focus on financial inclusion and micro-markets (FI&MM). The ‘Financial Inclusion and Micro Market’ vertical will exclusively focus on rural and semi-urban areas to improve customer experience by offering loans predominantly for agriculture and allied activities, and micro/small enterprises. The largest lender in the country has identified about 8,000 branches in rural and semi-urban areas for providing specialized services to the micro-segment including micro-credit for small businesses and farmers. It also aims to improve service quality and availability of banking services through the…

Heritage Foods launches A2 milk at their office and Heritage Fresh store located at Road No.12, Banjara Hills, on the occasion of World Milk Day. A2 Milk is a wholesome health offering that is easy to digest and helps in building immunity, thus making it an ideal choice for health conscious consumers. Given its functional benefits, Heritage Foods’ A2 Milk is also believed to attract the likes of progressive and discerning consumers as they’re constantly seeking nutritional options that ensure wholesome health for themselves & their family. A2 milk is high in quality UHT milk with good heat stability, which…

Blue Star Limited, India’s premier air conditioning and commercial refrigeration player has successfully completed the raising of Rs 350 crores through private placement of Non-Convertible Debentures (NCDs). The NCDs will be listed on the Wholesale Debt Market of National Stock Exchange of India Limited (NSE). The NCDs are unsecured and carry a coupon rate of 7.65% with a tenure of three years along with a call option at the end of two years with the Company for half of the NCD amount. The proceeds from the issue shall be primarily utilised for financing working capital, and for repayment of existing…