Author: Finance Khabar

AirAsia India, a provider of cheap aviation services, has started booking flights for all its 21 destinations. The company has taken this decision due to the resumption of aviation services in the country from May 25. The company said in a release on Saturday that it would follow all regulatory guidelines and standard operating procedures for safe travel. The company’s Managing Director and Chief Executive Officer Sunil Bhaskaran said that he welcomed working with all stakeholders of the government and helping to resume domestic flights in a phased manner under the new protocol. The operations will be carried out keeping…

Four of the 10 most valued companies together added Rs 1,12,121.1 crore in market valuation last week, with Tata Consultancy Services topping the chart. On the other hand, RIL, HUL, HDFC Bank, HDFC, Kotak Mahindra Bank and ICICI Bank cumulatively lost Rs 98,890 crore in market capitalisation during the week ended Friday. The market valuation of TCS zoomed Rs 47,148.71 crore to Rs 7,57,587.71 crore, the biggest rise among the top-10 firms. ITC’s valuation jumped Rs 26,735.6 crore to Rs 2,29,065.73 crore and that of Bharti Airtel climbed Rs 21,222.12 crore to Rs 3,23,514.55 crore. Infosys added Rs 17,014.67 crore…

ITC Limited has entered into a Share Purchase Agreement (SPA) on May 23, 2020 to acquire 100% of the equity share capital of Sunrise Foods Private Limited (SFPL), a company primarily engaged in the business of spices under the trademark ‘Sunrise’, subject to fulfilment of various terms and conditions as specified in the SPA. Sunrise is a clear market leader in eastern India in the fast-growing Spices category with a rich heritage and brand legacy of over 70 years. Over the years, the brand has built a loyal consumer franchise, anchored on a differentiated product portfolio tailored to regional tastes…

New Delhi: The Indian economy may go into recession in the third quarter of the current financial year 2020-21. It has been estimated in a report. The latest Economic Review report by Dun & Bradstreet states that consumers will remain cautious for a long time after the corona virus epidemic, with declining incomes and employment. This will delay improvement in consumer demand. The report said that the improvement in the country’s economic growth will depend on how much time the incentive package given by the government is implemented. Arun Singh, chief economist at Dun & Bradstreet India, said, “The impact…

NEW DELHI: Amid the massive outage of people due to Corona virus epidemic and ‘lockdown’, the country’s largest industry body Confederation of Indian Industry (CII) says that the central government would have given loans to companies at cheaper rates People’s jobs would be safe. but that did not happen. He also says that things have looked better in the agriculture sector in this entire crisis and it has given a confidence. In this context, CII Director General Chandrajit Banerjee has given five questions and their answers. He said that the announcement of Rs 21 lakh crore package by Finance Minister…

New Delhi: Investment in domestic capital markets through Participatory Notes (P-Notes) increased to Rs 57,100 crore by the end of April. It hit a 15-year low last month. P-Notes are issued by Registered Foreign Portfolio Investors (FPIs) to foreign investors who wish to invest in the Indian stock market without directly registering themselves. However, they have to go through the entire screening process. According to data from the Securities and Exchange Board of India (SEBI), the figure for investment through P-Notes in Indian markets… shares, bonds, hybrid securities and derivatives was Rs 57,100 crore as of the end of April.…

New Delhi: Demand for private vehicles is expected to rise in major auto makers such as Maruti Suzuki, Honda, Toyota and Tata Motors due to fear of Corona virus and distance-related rules. Companies believe that people will distance themselves from public transport. Maruti Suzuki India, the country’s largest car company, expects demand for low-priced cars to increase after the end of the lockdown. Shashank Srivastava, executive director (marketing and sales) of the company said, “People will prefer private vehicles over public transport. Many customer surveys have also revealed this. “He said that people would prefer to buy small or low-cost…

Chennai: Relieving the lockdown rules, the Tamil Nadu government has allowed units in 17 industrial areas to resume work with corona wire infection prevention rules and conditionalities. These sectors can resume operations from May 25 with 25 percent of the employees taking care of safety standards. According to an official statement of the state government, the industrial areas located in the non-taboo area will start functioning from May 25. It also includes the Ambatur and Guindy clusters. However, due to the corona wire, employees living in the declared area will not be allowed to work. Units in these industrial areas…

OnMobile Global Limited (“OnMobile”), the global leader in mobile entertainment, and Technologies rob0 Inc. (“rob0”) announced today that OnMobile has acquired a 25% equity stake in rob0, through its subsidiary Onmobile Global Solutions Canada Ltd, in exchange for an investment of CAD 1,000,000. This transaction will allow rob0 to accelerate its growth as the most innovative AI-powered visual retention analytics solution for video game developers. This investment reaffirms the importance of OnMobile’s strategy to become a leader in the mobile gaming market. In addition to its current subscription-based offering of premium games and kids apps, available to more than 50…

The oil to telecom conglomerate Reliance Industries is now expanding its retail footprint and after a successful pilot run across areas in Mumbai region, the company has launched its JioMart service across cities. Customers can now visit the company’s newly launched website jiomart.com that currently caters in the areas of staples, fruits and vegetables, dairy and bakery, snacks and branded foods, beverages, personal care, home care and baby care. As of now, mobile app for the service is not available. While the list of cities currently being serviced by the company has not been confirmed, one can simply punch in…

On Friday, State Bank of India (SBI) chairman Rajnish Kumar told reporters that close to 20 percent of the bank’s borrowers have availed moratorium on repayment of term loans instalments. This comes after the Reserve Bank of India (RBI) allowed banks and other lending institutions to extend the moratorium on loans by another three months to 31 August 2020. Previously on 27 March, the central bank had announced a three-month moratorium on payment of all term loans falling due between 1 March and 31 May 2020. “In case of State Bank of India, the percentage (of borrowers who have availed…

Avenue Supermarts Ltd, which runs retail stores under the brand D-Mart, in its March quarter results for FY20 reported a 41.60% jump in consolidated net profit to Rs. 271.28 crore. In the same quarter last year, the company’s profit came in at Rs. 191.57 crore. Revenue from operations grew 23.6% y-o-y to Rs. 6255.93 crore compared to Rs. 5061.65 crore in the corresponding quarter a year-ago. Revenue at the company also scaled higher by 23% during the March ended quarter. Nonetheless because of the lockdown that came into force on March 25, the growth in overall revenue was just at…

New Delhi: International passenger flights to the country may begin before August-September. Union Civil Aviation Minister Hardeep Singh Puri went live on his official Facebook page on Saturday. During this, he said in response to the questions that international flights services could start before August-September. However, the situation in Corona will be assessed before starting the flight. Puri tweeted on Saturday that he would increase the number of international passenger flights in the coming days. He said that he is making every effort to do so. The Minister has praised the Arogya Setu App, saying that he would recommend everyone…

Trent Limited (the “Company”), today announced its financial results for the fourth quarter and the fiscal year ended March 31st, 2020 (standalone and consolidated). Standalone Results For the quarter, Revenue from operations at Rs. 723 Cr grew by 8%. Profit from operations1 at Rs. 2.12 Cr is lower by 90% as compared to the corresponding quarter of the previous year. The results for the quarter were materially impacted by the COVID-19 related developments in March ’20 and it is relevant to note that revenues in Jan and Feb’20 grew by 33%.For the year ended March 31st, 2020, the Company recorded…

As per a report by the Institute for Policy Studies (IPS), the net worth of America’s billionaires, including Jeff Bezos of Amazon and Elon Musk of Tesla on a combined basis, surged by close to 10% during the ongoing pandemic crisis. The surge in the wealth of these Americans coincides with the time when as many as 22 million US citizens claimed unemployment benefits, reported Reuters. The wealth surge of these billionaires has come in as these founders share stakes in some of the companies that amid the current crisis are in high demand such as technology-oriented and stay-at-home companies…

Financial Results (Q4 FY19-20) – QoQ Comparison The company has reported total income of Rs.279.21 crores during the period ended March 31, 2020 as compared to Rs.301.23 crores during the period ended December 31, 2019. The company has posted net profit / (loss) of Rs.24.82 crores for the period ended March 31, 2020 as against net profit / (loss) of Rs.27.48 crores for the period ended December 31, 2019. The company has reported EPS of Rs.0.15 for the period ended March 31, 2020 as compared to Rs.0.17 for the period ended December 31, 2019. Financial Results (Q4 FY19-20) – YoY…

In order to meet the temporary liquidity mismatch arising out of COVID-19 outbreak, Canara Bank has announced ‘CANARA CREDIT SUPPORT’ for all of their borrowers who have been affected by COVID-19. The Canara Credit Support is extended as a quick and hassle-free loan to overcome the temporary liquidity mismatches for payment of statutory dues, salary / wages / electricity bill, rent etc. Canara Bank has since sanctioned nearly 6.00 lakh loans amounting to Rs.4300 crores under agriculture, SHGs and Retail categories. The bank has employed various strategies viz. SMS, Call Centres, emails, personal calls to reach out to the eligible…

On Friday, at the press briefing post the monetary policy committee’s off-cycle meeting, which has been on for the past three days, Reserve Bank of India (RBI) governor Shaktikanta Das announced that the moratorium on payments of instalments on term loans outstanding from all commercial, regional rural and small finance banks and NBFCs will be extended by 3 more months to 31 August 2020. The governor listed the 6 announcements made earlier on 27 March and 17 April: “In view of the extension of the lockdown and continuing disruptions on account of COVID-19, the above measures are further extended by…

The RBI has projected the country’s Gross Domestic Product to remain in negative territory for 2020-21. “Turning to the growth outlook, economic activity other than agriculture is likely to remain depressed in Q1:2020-21 in view of the extended lockdown. Even though the lockdown may be lifted by end-May with some restrictions, economic activity even in Q2 may remain subdued due to social distancing measures and the temporary shortage of labour. Recovery in economic activity is expected to begin in Q3 and gain momentum in Q4 as supply lines are gradually restored to normalcy and demand gradually revives,” the RBI said…

On Friday, at the press briefing post the monetary policy committee’s off-cycle meeting, which has been on for the past three days, Reserve Bank of India (RBI) governor Shaktikanta Das announced a 40 basis points (0.40%) cut in repo rate to 4 percent, with immediate effect. The MPC voted 5-1 for a 40 bps repo rate cut. Reverse Repo has been adjusted to 3.35 percent from 3.75 percent. The marginal standing facility (MSF) rate and the bank rate stand reduced to 4.25 percent from 4.65 percent. In its address, Das said that “the global economy is inexorably headed into a…