Author: Finance Khabar

New Delhi: For the final quarter of the financial year 2019-20, the Indian economy grew at 3.1 percent, slowing down sharply from the previous quarter (October-December 2020) when the country’s GDP grew at 4.7 percent. GDP for the January-March period is estimated at Rs 38.04 lakh crore, as against Rs 36.90 lakh crore in the same period a year ago, showing a growth of 3.1 percent. Real GDP or Gross Domestic Product (GDP) at constant price for the full year 2019-20 is now estimated to attain a level of Rs 145.66 lakh crore, as against the First Revised Estimate of…

On Thursday, RBI imposed monetary penalties on three banks for various rule violations. The central bank imposed fines of Rs 1.2 crore on Karnataka Bank, Rs 5 crore on Bank of India (BoI) and Rs 30 lakh on Saraswat Co-operative Bank for non-compliance with certain provisions related to income recognition, asset classification and provisioning pertaining to NPA (non-performing accounts). RBI said that penal action was taken after inspection of the banks and issuing show-cause notices. These periodical checks of books of the banks are conducted by the central bank for possible violations or irregularities in transactions. “This penalty has been…

On Friday, Wipro Ltd announced the appointment of Thierry Delaporte, a top Capgemini executive as the Chief Executive Officer (CEO) and Managing Director (MD) of the company with effect from 6 July. He will be based in Paris and report to Chairman Rishad Premji. Delaporte has held several leadership roles at Capgemini including that of Chief Executive Officer of the Global Financial Services Strategic Business Unit, and head of all global service lines. He also oversaw Capgemini’s lndia operations, and led the group’s transformation agenda, conceptualizing and driving several strategic programs across various business units. Delaporte has a Bachelor’s degree…

More than one in six young people have stopped working since the onset of the Covid 19 pandemic, while those who remain employed have seen their working hours cut by 23 per cent, says the International Labour Organization (ILO). According to the ILO Monitor: Covid 19 and the world of work, 4th edition, youth are being disproportionately affected by the pandemic, and the substantial and rapid increase in youth unemployment seen since February is affecting young women more than young men. More Than One In Six Young People Out Of Work Due To COVID-19″The pandemic is inflicting a triple shock…

Benchmark indices ended the day higher, despite weak global cues, ahead of GDP data to be released later today. The Sensex ended the with gains of 223 points, while the Nifty ended the day higher by 90 points. IT major Wipro saw its share price end higher by 7 percent after the company appointed Thierry Delaporte as CEO & Managing Director of the company. “Wipro announced the appointment of Thierry Delaporte as the Chief Executive Officer and Managing Director of the company, effective July 6, 2020,” the company said in a filing to the exchanges. Other gainers from the Nifty…

On Thursday, Yes Bank announced the launch of overdraft facility against Fixed Deposits (FDs) through its digital channels – YES Mobile and YES Robot. It allows customers to avail instant OD facility on FDs from the safety and comfort of their homes in three simple steps, the bank said in a statement. “Resident Individual customers with single holding savings account are eligible to avail of this facility for an FD of a minimum value of Rs 50,000 and a maximum value of not less than Rs 1 crore for a minimum tenure of 181 days,” the bank said. The applicable…

Beijing: Volkswagen will invest $ 2.2 billion to expand its presence in China’s electric car market. This is the largest foreign investment after the outbreak of the Corona virus epidemic in China. Volkswagen AG said on Friday that it would buy the Chinese partnership stake in its electric vehicle venture for one billion euros ($ 1.1 billion). Along with this, Volkswagen will have a controlling stake in the venture. The German auto company said it would separately invest one billion euros ($ 1.1 billion) to become the largest shareholder in a battery-producing company. China’s ruling Communist Party overhauled the limit…

New Delhi: The Reserve Bank of India has fined two banks. These banks did not comply with certain provisions, due to which they have been fined. These provisions also include provisions related to the NPA. Public sector Bank of India has been fined Rs five crore. They also include provisions related to NPAs. Apart from this, the central bank has also imposed a fine of Rs 1.2 crore on Karnataka Bank for failing to comply with the NPA rules. Notice was given to the bank about this. After the bank’s response to the notice and a personal hearing, it has…

Renault said on Friday it was launching talks with unions to restructure several French car plants, potentially leading to closures, as it confirmed plans to cut around 15,000 jobs worldwide. Faced with a slump in demand that has been exacerbated by the coronavirus crisis, Renault is aiming to find 2 billion euros ($2.22 billion) in savings over the next three years as it shrinks production and hones in on key car models. “We thought too big in terms of sales,” Interim Chief Executive Clotilde Delbos told a conference call, adding the firm was “coming back to its bases” after investing…

On Wednesday, Google Pay announced that its ‘Nearby Stores’ feature, which was added in April, has now been extended to 35 cities in the country. The feature provides information like business hours, stock of essential goods, etc of grocery stores in the users’ neighbourhood. “Originally rolled in a few cities across India, this Spot is now available in 35 cities across the country. Additionally, merchant establishments can now indicate their business hours, whether social distancing measures are in place at the store and the essential goods presently in stock. Additionally, users in Mumbai can also see if the store is…

New Delhi: On Thursday, Finance Minister Nirmala Sitharaman formally launched the facility for instant allotment of PAN card using Aadhaar-based e-KYC, as announced in the Union Budget 2020. Those with a valid Aadhaar number and a mobile number registered on the UIDAI database will be able to apply for Permanent Account Number (PAN) online. The allotment process is paperless and an electronic PAN (e-PAN) is issued to the applicants free of cost by the income tax department. “The facility of instant PAN through Aadhaar based e-KYC has been launched formally today, however, its ‘Beta version’ on trial basis was started…

Brickwork Ratings (BWR) revises its rating on the long-term bank facilities and bonds of TFCI to ‘BWR A+’ from ‘BWR AA-‘ while maintaining the rating outlook on Negative. The rating downgrade factors in the severe impact of COVID-19 on the tourism, hospitality and urban infrastructure sectors and the resultant deterioration in the loan collections of TFCI. Approximately 75% of the assets under management (AUM) of the company is exposed to the tourism and allied sectors. The negative outlook reflects the considerable risk of a delay in collections and the deterioration in the company’s loan portfolio, rise in credit costs and…

Benchmark indices ended the day sharply higher for the second day in a row, as global cues continued to remain extremely strong. Asian markets ended the day higher and European markets were trading with gains, as a risk-on rally across global markets continued. The Sensex ended the day higher by 595 points, gaining almost 5 per cent in just two trading sessions. Nifty stocks that ended the day higher were Zee Entertainment, Eicher Motors, HeroMoto Corp, Larsen and IndusInd Bank. Software stocks were slightly weak in trade with both TCS and Infosys among the losers today. Aditya Birla Fashion rallied…

After JioMart and Bharat Gas (BPCL), Bata India, another household brand in the country, has started taking orders over WhatsApp. The footwear brand is focusing on its online sales channels as the COVID-19 outbreak forced the company to put its expansion plans on hold and immediate plans to reopen all stores remains uncertain. Talking to reporters in a video conference call, Sandeep Kataria, CEO, Bata India Ltd according to a PTI report said, “More than 50 percent of our stores are operational, whether they open for a few hours in day or few days in a week as per the…

New Delhi: The Rs 250-crore debenture of Baba Ramdev-led Patanjali Ayurved got full subscription in just three minutes of its arrival on the market on Thursday. Acharya Balakrishna, managing director of Patanjali Ayurved said, “It is historic. A total of Rs 250 crore worth of NCDs (non-convertible debentures) were fully subscribed within three minutes of opening. It shows the enthusiasm and trust of investors. ‘ The Haridwar company will use this amount to meet working capital requirements and strengthen the supply system network. Balakrishna said, “It shows people’s trust. This belief has made Patanjali the most reliable brand in the…

Tesla has slashed pricing for its Model 3, Model X, and Model S models as the coronavirus pandemic ravages US car sales. According to the electric-car manufacturer’s website, the Model 3 — Tesla’s cheapest offering — now starts at $37,990, down $2,000 from its previous retail price of $39,990. The Model S sedan, which used to carry a base price of $79,990, can now be had for $74,990. Tesla’s priciest model, the Model X crossover SUV, also got a $5,000 price cut that brings its base price to $79,990. Pricing for the Model Y, the newest addition to Tesla’s lineup,…

New Delhi: The country’s largest carmaker Maruti Suzuki India on Thursday said it has tied up with HDFC Bank Ltd to offer loan schemes on easy terms for new car buyers. Maruti Suzuki India (MSI) said in a statement that the EMI option is included, under which customers can avail three months of reduced EMI every year and can avail loans up to 100 percent of the total cost of the vehicle till the customers come into their hands. First six months loan installment is starting from Rs 899 per lakh.

New Delhi: S&P Global Ratings said on Thursday that the lockdown imposed for the prevention of the Covid-19 pandemic has severely affected economic activity, causing the Indian economy to decline by five percent in the current financial year. “We have reduced our growth forecast for the fiscal year ending March 2021 to a negative five percent,” S&P said in a statement. At this time we believe that the (epidemic) outbreak will peak in the third quarter. ‘ Earlier this week, rating agencies Fitch and Crisil also predicted a five percent contraction in the Indian economy. S&P said in a statement,…

Close to 7,000 Boeing employees are losing their jobs this week, just a portion of the layoffs the aircraft manufacturer is planning as the virus devastates travel demand. More than 5,000 other Boeing employees are separating from the company voluntarily. The Chicago-based company is planning to reduce 10% of its headcount, which numbered around 160,000, according to its 2019 annual report. The virus has sapped demand for new jetliners and cancellations are piling up, depriving Boeing of much-needed revenue. “I wish there were some other way,” CEO Dave Calhoun said. “For those of you who are notified, I want to…

New Delhi: In order to speed up the investigation of Covid-19 in the country, the Council of Scientific and Industrial Research (CSIR) in collaboration with Reliance Industries has developed an affordable test kit. According to an official statement, five goals have been set to coordinate various research activities in relation to Covid-19 under the guidance of Dr. Shekhar Mande, Director General of CSIR. The goals are digital and molecular surveillance, drugs and vaccines, rapid and affordable diagnostics, hospital aids and PPE, and supply chains and logistics. According to the statement, CSIR-Jammu has tied up with Reliance Industries for this. This…