Author: Finance Khabar

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…

Shares of Eicher Motors rose as much as 5 percent in trade on Tuesday after it informed of its plans to consider a stock-split. On Monday, the company said in a stock exchange filing that its board has decided to meet on 12 June 2020 to “consider and approve Sub-division/split of the equity shares of face value of Rs. 10 each of the Company in such manner as may be determined by the Board of Directors.” The stock surged to as much as Rs 14,635.95 on Tuesday from its previous close of Rs 13,918.25. The manufacturer of Royal Enfield motorcycles…

Indoco Remedies announces receipt of Approval of its ANDA for Succinylcholine Chloride Injection USP 200 mg / 10 ml (20 mg / ml) Multi-dose vial, therapeutically equivalent to the Reference Listed Drug (RLD) Quelicin Injection of Hospira, Inc. Succinylcholine Chloride Injection is indicated as an adjunct to general anesthesia, to facilitate tracheal intubation, and to provide skeletal muscle relaxation during surgery or mechanical ventilation. The US market size of Succinylcholine Chloride Injection is of 72 million USD (6 million vials), as per IMS data for the year ending March, 2020. The product is being used for some patients infected with…

Reliance Power Netherlands BV, a wholly owned subsidiary of Reliance Power Limited, has won a lawsuit in the Central Jakarta district court in Indonesia, challenging the validity of Singapore arbitration award favouring Reliance Power. Kokos Jiang and Prestige Capital Holdings, who were respondents in the arbitration, had filed a lawsuit in Jakarta court requesting nullification of the entire arbitration award. As per the said Singapore arbitration award, arbitrators had ordered Kokos Jiang (earlier Known as Kokos Leo Lim) and Prestige Capital Holdings Limited, Seychelles to pay Reliance Power Netherlands BV a sum of US $43.2 Million along with default interest.…

Infosys the global leader in next-generation digital services and consulting, today announced a strategic partnership with Avaloq, a leading wealth management software and digital technology provider headquartered in Zurich, to provide end-to-end (e2e) wealth management capabilities through digital platforms. As part of the announcement, Infosys will be a strategic implementation partner for Avaloq’s wealth management suite of solutions to help clients modernize and transform their legacy systems into cutting-edge digital advisory platforms. Infosys will leverage its Global Delivery Model and a standardized approach to implement Avaloq’s solutions for clients. Avaloq’s specialized knowledge and experience in providing end-to-end wealth management solutions…

Vakrangee Limited (VL) has announced Corporate Agency (Registration Code CA0249) tie up with Life Insurance Corporation of India (LIC) to distribute Micro Insurance products through Nextgen Vakrangee Kendra network. Vakrangee has been focusing to be the India’s largest one-stop solution provider for various products and services for the last mile. The Company is concentrating on bringing new and innovative products for the customers through its Kendras spread across India. Tie-up with Life Insurance Corporation of India, which has a strong product portfolio with adequate and flexible products to cater to all kinds of customer needs will support especially in unserved…

Mumbai: Despite strong global cues across Asia and Europe, Indian markets ended the day marginally lower. Worries over the constant rise in Covid 19 cases across India, continued to dampen sentiments. By the end of the day, it is highly likely that Covid 19 cases across the country may cross 1.5 lakh cases. The Sensex ended the day marginally lower by 63 points, while the Nifty ended the day with losses of 10 points. Most Asian markets gained more than 2 per cent in trade, after reports that American biotech firm Novamax has started the first human study of its…

On Monday, Kotak Mahindra Bank (KMB) lowered the savings account interest rate (SA) to 1 Lakh by 25 basis points (bps) to 3.5%. This is the second lender’s cut in the savings rate in several months and brings the interest rate on savings accounts on par with the much larger Punjab National Bank (PNB). The lowest savings rate in the banking system currently offered is State Bank of India (SBI) at 2.75%. Deposits with HDFC Bank, ICICI Bank and Baroda Bank (BoB) deliver slightly more returns at 3.25%.Private banks have been particularly quick to reduce deposit rates. In a report…

After the Ministry of Finance modified the PM Vaya Vandana Yojana (PMVVY) pension plan for the elderly, India Life Insurance Company (LIC) launched an unrelated and non-participating pension plan supported by the center. The Ministry of Finance recently extended the retirement plan until March 31, 2023 at a guaranteed interest rate of 7.40% annually. For the fiscal year 2020-21. This plan will be available for sale from Tuesday for three fiscal years – until March 2023, LIC said in a statement, adding that the scheme can be purchased without an internet or online connection from the LIC website. LIC is…

Mumbai: 25 daily flights will start from Mumbai International Airport from Monday (May 25). Minority Affairs Minister of Maharashtra Nawab Malik gave this information on Sunday. Lockdown has been in operation across the country since March 24 to prevent the corona virus epidemic. Commercial flights have been banned all over the country since then. Domestic flights are scheduled to start in India from Monday after almost two months. Interestingly, prior to this statement by NCP leader Malik, Maharashtra Chief Minister Uddhav Thackeray said that he has sought more time from the Ministry of Civil Aviation to resume operations at Mumbai…

A few Bajaj bikes that didn’t get the price hike are now sporting a new increased tag. The Bajaj NS200 is one of these. The Bajaj Pulsar NS200 price in India begins from Rs 1.28 lakh now, up from the previous BS6 model’s Rs 1.25 lakh tag. If you see, the price difference now is Rs 3,501, ex-showroom. The motorcycle sports no changes and the ongoing pandemic could be one of the reasons for the price increase. The other motorcycle that has got a price hike includes the RS200. The Bajaj Pulsar RS200 is now priced at Rs 1.48 lakh,…