Author: Finance Khabar
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…
Mumbai: Benchmark indices surged in trade, as the government eased eased curbs for the lockdown, even as lockdown in the containment zones was extended till June 30. The IMD also retained its forecast for normal monsoon this year saying that conditions are becoming favourable for good rains. This too helped sentiments today. Markets ignored rising Covid 19 cases in the country, even as cases spiked to 1.90 lakhs and Indian infections reached the seventh highest in the world. The Sensex closed the day higher by 879 points, while the Nifty rallied 245 points in trade. Bajaj Finance and Bajaj Finserv…
New Delhi: On Monday, the Union Cabinet approved the increase in minimum support price (MSP) for 14 kharif crops. Agriculture Minister Narendra Singh Tomar said in a cabinet briefing that the revised prices will provide farmers nearly 50-83 percent more than the cost. MSP of paddy and jowar had been increased by 50 percent each over the cost of cultivation to Rs 1,868 and Rs 2,620 respectively. MSP of bajra was hiked by 83 percent over the cost of cultivation to Rs 2,150. Among other produce, the MSP for Cotton (Rs 5,515 per quintal) ragi, moong and groundnut have been…
New Delhi: On late Saturday, the CBDT has notified all income tax forms for the financial year 2021 and here is all that has been changed: Declaration needs to be given for electricity bill over Rs. 1 lakhDeposit of Rs. 1 crore in bank account has to be notifiedExpenses of Rs. 2 lakh on foreign travel in all forms Sahaj ITR-1, Form ITR-2, Form ITR-3 and Form Sugam (ITR-4). Also, in lieu if the income, investments donation or expenses between April and June 2020, there has been incorporated a separate column which can help a person claim tax benefits. But…
New Delhi: In May, India’s unemployment rate rose to 23.48 percent, which is marginally lower than 23.52 percent in the previous month, according to data released by the Centre for Monitoring Indian Economy (CMIE) on Monday. The Mumbai-based think tank’s survey data shows that the unemployment rate for the whole month of May in urban India was at 25.79 percent and at 22.48 percent in rural areas. The joblessness rate continues to remain in double digits for the second straight month as the nationwide lockdown, to curb the spread of COVID-19, diminished work opportunities as economic activity declined sharply. The…
New Delhi: In the state of Maharashtra, petrol and diesel have become costlier by Rs 2 per litre with effect from 1 June as the state government has decided to levy a cess of Rs 2 on fuel. The decision has increased the price of fuel in Mumbai to Rs 78.32 per litre of petrol and Rs 68.21 per litre of diesel. In India, prices of the vehicular fuels vary among states due to state government-imposed taxes in addition to those imposed by the central government. In Maharastra, Value Added Tax (VAT) on petrol and diesel is 26 percent 24…
New Delhi:In Monday, India’s manufacturing purchasing managers’ index (PMI) was recorded at 30.8 for the month of May, which is the second straight month of contraction after the all-time low of 27.4 seen in April. A recording below 50 means contraction in the economy. Economic activity in the country has seen a sharp decline from 51.8 in March due to nationwide lockdown to curb the spread of COVID-19. Factories were forced to close and consumers were indoors, affecting demand. A Reuters poll said that the Indian economy is expected to contract for the April-June quarter, for the first time since…
New Delhi: Even as India continues to improve its annual Ease of Doing Business ranking, its startup ecosystem appears to be losing steam. According to the global innovation mapping and research company StartupBlink, which gathers local data of every country to rank their startup ecosystem based on the quality of startups, business environment coupled with the quantity, India has moved down from 17th position in 2019 to 23rd this year out of 100 countries. The third-largest ecosystem – India, in terms of number of technology startups, has been ranked even behind emerging ecosystems such as Estonia, Lithuania, Brazil, Denmark etc.…
Bengluru: IT services major Infosys has said its profitability may be “marginally impacted” and its cash flows negatively affected amid COVID-19 pandemic. Also, Infosys CEO Salil Parekh drew a pay package of about USD 6.15 million in fiscal 2020, Infosys said in a regulatory filing. Outlining risks related to the occurrence of COVID-19, Infosys said its profitability may be marginally impacted as some clients have sought price reductions or discounts. “Lower profitability and prolonged payment terms requests from clients can impact our cash flows negatively and may impact our ability to provide dividend to shareholders,” Infosys said in its 20-F…
Facebook’s Mark Zuckerberg raising concern over China’s way to regulate internet services said that he is worried about how other countries are trying to imitate that model which is “really dangerous”. Talking to European Union Industry Commissioner Thierry Breton recently, as cited by CNBC, Zuckerberg said that “there is a model coming out of countries like China that tend to have very different values than Western countries that are more democratic.” According to the 2019 Freedom on the Net report by the US-based democracy and human rights monitor Freedom House, the Chinese government has been the world’s worst abuser of…
New Delhi: Private sector lender Yes Bank on Sunday announced restructuring of salaries for senior leadership team, wherein nearly a third of their yearly compensation will be moved to the “variable pay” category. The move to allocate 30 per cent of the total cost to company as variable pay is applicable to the “leadership team” for FY21, an official statement from the bank said, without detailing who are part of the team. Generally variable pay to staff is linked to the commercial success of an entity or other specified milestones. The move comes at a time when there are widespread…
New Delhi: Toyota Kirloskar Motor’s domestic sales in May declined 86 percent year-on-year. During this period, the company sold 1,639 vehicles. In the same month last year, the company sold 12,138 vehicles. “We are conscious of the position of dealers in many areas of the country,” Naveen Soni, senior vice-president (sales and service) of the company said in a statement. We are prioritizing production according to the needs of our dealers. The number of vehicles and its models are being taken care of, ”he said. He said that business in the market was slow and demand was very low. The…
New Delhi: The Goods and Services Tax (GST) Council may meet on June 14 amid pressure on the tax collection front. This will be the first meeting of the GST Council after the onset of the corona virus epidemic. The lockdown is in force across the country from March 25 to prevent the spread of the corona virus epidemic. This has affected tax collection. The GST Council is headed by the Union Finance Minister and consists of representatives from all states and union territories. According to sources, the likely meeting of the GST Council on June 14 will be through…
New Delhi: Reliance Industries is moving towards its goal of becoming a debt-free company. During the last few weeks, Reliance has raised significant funds from various companies, which has made it easier for it to achieve its goal of becoming a zero debt company. A brokerage company report states that even if Reliance’s deal with Saudi Aramco is delayed, it will still be in a position to pay off its entire net debt. Reliance Industries, controlled by billionaire industrialist Mukesh Ambani, has raised a total of Rs 78,562 crore by selling a minority stake in its digital entity to Facebook…
New Delhi: The withdrawal of foreign portfolio investors (FPIs) from Indian capital markets continued for the third consecutive month in May. FPIs have withdrawn Rs 7,366 crore from Indian capital markets in May amid the Covid-19 crisis. According to depository data, during May 1 to 29, FPIs netted Rs 14,569 crore in shares, but withdrew Rs 21,935 crore from the debt or bond markets. In this way he extracted a net amount of Rs 7,366 crore from the Indian capital markets. Earlier in March, FPIs pulled out a record Rs 1.1 lakh crore from the Indian capital markets. In April,…
New Delhi: Mutual fund companies have invested Rs 1,230 crore in the stock markets during the lockdown. Industry experts believe that mutual fund companies are still waiting for a good ‘entry point’ in the market. They are keeping their cash levels high in view of any possible withdrawal by corporate houses. Vidya Bala, co-founder of PrimeInvestor.in, said, “The investment of mutual funds in shares will depend on the flow of investment by investors. However, it will be quite challenging, as the next quarter will see a large number of retail investors’ salaries falling and there is a risk of them…