Author: Finance Khabar
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…
New Delhi: Pharmaceutical company Sun Pharma’s integrated net profit fell 37.12 percent to Rs 399.84 crore in the January-March quarter. The main reason for this is his one-time major loss. This resulted in a net profit of Rs 635.88 crore for the company in the fourth quarter of the previous financial year 2018-19. In the information given to the stock market, the company said that its consolidated income during the period was Rs 8,184.94 crore. This resulted in a revenue of Rs 7,163.92 crore for the company in the same period of the last financial year. The company incurred a…
Mumbai: The Sensex of the Bombay Stock Exchange rose 996 points to reach above 31,600 points on Wednesday. Banking and IT shares have also recorded a boom. After touching a high of 31,660.60 points during trading, the Sensex finally ended 995.92 points, or 3.25 percent, at 31,605.22 points. The 50-share Nifty of the National Stock Exchange (NSE) closed up 285.90 points, or 3.17 percent, at 9,314.95 points. Among the Sensex companies, Axis Bank was the biggest gainer with over 14 per cent profit. ICICI Bank, HDFC Bank, IndusInd Bank and Bajaj Finance were the top gainers. In contrast, shares of…
New Delhi: Morgan Stanley has said that digitization will increase in India due to Covid-19 epidemic and more people will buy online. Also, Morgan Stelney credited Reliance Jio’s 4G telecom services for increasing internet usage in the country and accelerating the digital economy. Morgan Stelney said in a 53-page report titled ‘India’s Digital Economy in a Post Covid-19 World’ that it is very likely that online penetration in the grocery business will increase and many super apps will accelerate this process. In India, 30 percent of people using the Internet shop online, compared to 78 percent in China and 70…
New Delhi: Right now the whole world is working from home. Work from home has started since March when the global lockdown began. Google said that it will start calling its employees office from July. In a statement issued by the company on Tuesday, it said that on July 6, the company will start the process of opening offices in different cities with 10 percent employees. If all goes well, 30 percent of the employees will be called to office by September. In a statement issued by Google, it was also said that the employees working from home will be…
New Delhi: Insurance companies can increase the premium of term life insurance by 20 to 30 percent. In fact, the claim of term life insurance has increased in the last few months, due to which the insurance companies have decided to increase the premium of term insurance. According to sources, insurance companies have talked to the market regulator about this and made them aware of the state of the insurance market. After receiving green signal from IRDA, companies can declare an increase in premium. According to an insurance company official, insurance claims had increased in the last few months. The…
New Delhi: Ola Electric Mobility (OEM) on Wednesday said it has acquired Amsterdam-based Attergo. The move will help the Indian company to enter the global premium electric two-wheeler market. Ola Electric has not disclosed the price of the deal, although the company said it aims to introduce its electric two-wheeler in India in 2021. The acquisition of Attergo will add to OEM’s engineering and design capabilities. Attergo has developed a fully electric ‘Episcooter’, using swappable high energy density batteries and delivering speeds up to 240 kilometers.
New Delhi: Amazon India today announced providing completely free Covid-19 health insurance for its vendors in India. This insurance will help cover hospitalization and treatment due to Covid-19 as well as ambulance assistance and ICU charges up to Rs 50,000 and will be valid for one year after the activation. Amazon will fully bear the premiums of this health insurance and Amazon has partnered with Echo General Insurance (AKO) to manage policy delivery and claims and reimbursement. This will benefit millions of Amjon sellers who list active products on amazon.com from January 2019 to May 26, 2020.
New Delhi: The country’s largest bank, State Bank of India (SBI), has again cut interest rates on fixed deposits after two weeks. The bank has reduced interest rates of FD for all periods by 0.40%. The new FD rates are effective from Thursday, 27 May. To boost the battered economy a few days ago, RBI cut the repo and reverse repo rate by 40 bps. Since then, there were fears that banks would cut interest on FDs. Earlier, on May 12, the bank had cut interest by 0.20% on term deposits for a period of 3 years. SBI has also…
New Delhi: Reliance Industries Ltd. is working with banks on early preparations for an overseas listing of its digital and wireless business, people with knowledge of the matter said, after the unit attracted more than $10 billion of investment in a month. The conglomerate backed by Mukesh Ambani, Asia’s richest man, is preparing Jio Platforms Ltd. for an initial public offering outside of India, the people said. The offering could happen in the next 12 to 24 months and the company hasn’t decided on a listing venue, one of the people said. There’s also no final decision on timeline and…
The McLaren Group, which owns the Formula 1 team and supercar maker, has announced plans to lay off 1,200 staff, or roughly 25% of its workforce. The proposed cuts at the company are part of a restructuring plan that has been brought on by the ongoing impact of Covid-19, and the Formula 1 cost cap. McLaren said it had been “severely” impacted by the pandemic, adding that the cancellation of motorsport events, the suspension of manufacturing and retail, and reduced demand for technology had all hit its revenue. “We deeply regret the impact that this restructure will have on all…