Author: Finance Khabar

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…

First-of-its-kind mobile app that brings tax and related services on your fingertipsFounded by aspiring CAs, mentored by CEO of leading CA firm in Gurgaon Gurgaon: JJ Tax is an industry-first Tax App, that would be launched on May 26, 2020 by Co-founders  Mehak Malik and Leesha Arya, who are young CA aspirants working with a leading CA firm in Gurgaon. In today’s era of instant gratification, those confounded by the concepts of taxation can heave a sigh of relief as this chat-based platform offers real-time solutions from tax experts for all your queries. Mehak and Leesha are all set to…

ICICI Bank today following its larger peers in the industry has launched a special deposit scheme for senior citizen customers. The scheme called ICICI Bank Golden Years FD will offer a return of 6.55% per annum for deposit amount up to Rs. 2 crore and with maturity spanning more than five years to 10 years. The scheme as per the bank’s press statement “offers 80 basis points (bps) more than what is applicable to general public (non-senior citizens) for the same deposit amount and tenor. Also, it is 30 bps more than the previous rates offered by the Bank. Resident…

Bengluru: Amazon.com Inc is rolling out services to deliver food in India, pitting it against established players Swiggy and Zomato in a market that has seen explosive growth in the last few years. Amazon already has a strong presence in India with its e-commerce business and the food delivery services would only add an attractive option for the company that has been investing heavily in the country. “Customers have been telling us for some time that they would like to order prepared meals on Amazon in addition to shopping for all other essentials,” an Amazon spokesperson said in a statement,…

First-of-its-kind mobile app that brings tax and related services on your fingertipsFounded by aspiring CAs, mentored by CEO of leading CA firm in Gurgaon Gurgaon: JJ Tax is an industry-first Tax App, that would be launched on May 26, 2020 by Co-founders  Mehak Malik and Leesha Arya, who are young CA aspirants working with a leading CA firm in Gurgaon. In today’s era of instant gratification, those confounded by the concepts of taxation can heave a sigh of relief as this chat-based platform offers real-time solutions from tax experts for all your queries. Mehak and Leesha are all set to…

Zensar, a leading digital solutions and technology services company that specialises in partnering with global organisations on their digital transformation journey, announced that it has further extended strategic initiatives with Adobe. A Silver-level partner in the Adobe Solution Partner Program with an Adobe Experience Manager specialization, Zensar now has an Adobe Accredited Partner Solution for Adobe Experience Cloud applications. Zensar will leverage its Digital Experience Accelerator(DEXA) to expedite clients’ digital transformation journeys and meet their rapidly evolving customer expectations. Sandeep Kishore, Chief Executive Officer and Managing Director, Zensar, said, “Adobe is leading the way when it comes to creating real-time…

IndusInd Bank announced that it has expanded the scope and capabilities of its state-of-the-art video banking services, with the integration of a ‘Video KYC’ platform. The video KYC services will simplify the on-boarding process for new customers seeking to open a savings account, or for those applying for a credit card from the bank. The new facility enables the Bank to on-board customers using a live video-based interface, thereby, replacing the existing practice involving physical authentication of documents. With this, customers who are new to the Bank can request for opening an IndusInd Bank savings account and complete the entire…

As part of its strategy to deliver a highly differentiated service experience to its customers, Bharti Airtel (“Airtel”) has acquired a strategic stake in Voicezen, an early stage startup focused on conversational AI technologies. The acquisition has been made by the company under its fast expanding Airtel Startup Accelerator Program. Gurgaon based Voicezen has been working on developing advanced solutions that leverage machine learning, AI, speech to text and voice technologies to offer real time analytics to help brands serve customers better. The global Conversational AI Market Size is expected to grow from USD 4.2 billion in 2019 to USD…

Benchmark indices ended the day higher for the third straight day in a row, thanks to a solid surge of 7 per cent in ITC and decent gains in IT stocks. Two wheeler shares also saw a surge with Bajaj Auto and Hero Motor Corp among the gainers. The Sensex ended the day higher by 1104points, while the Nifty gained 39 points in trade. Shares in Colgate Palmolive ended the day with losses of near 1.3 per cent lower, even as net profit at the company was up 1 percent to Rs 204.1 crores. Bajaj Finserv saw its shares dropping…

Bajaj Finserv, the NBFC company posted a 77% year-on-year decline in its net profit for the quarter ended March of FY20 at Rs. 194 crore versus Rs. 839 crore in the same quarter a year ago. The decline in net profit is the result of the surge in the company’s lending assets impairment to Rs. 1950 crore, as compared to Rs. 410 crore in the previous year. The assets under management (AUM) also stand reduced 7.7% quarter-on-quarter to Rs. 56,085 crore compared to Rs 60,789 crore in the December ended quarter. For the period under review, the top-line however rose…

On Thursday, online food delivery platform Swiggy started alcohol home delivery service in Jharkhand and said that it is in advanced stages of discussions with multiple state governments for providing similar service. After liquor shops were reopened in Jharkhand on Wednesday for the first time since the lockdown was imposed, long queues were seen outside these shops, despite an additional 25 percent Value Added Tax (VAT) imposed by the state government. Swiggy Starts Home Delivery Service For Liquor Bottles: How To Order?Residents of Ranchi can now get alcohol home delivered through the ‘Wine Shops’ category by updating their Swiggy app,…

Recession-hit Japan’s exports plunged nearly 22 percent in April, the country’s worst drop in more than a decade as the coronavirus pandemic slammed global demand, AP news agency reported. The Finance Ministry also said Thursday that imports fell 7 percent. The drop in exports is the worst since the 2008 financial crisis, as export-dependent Japan struggles to juggle the health risks of COVID-19 with the dire need to keep the economy going. Japan is in a technical recession after a contraction that began in the last quarter of last year deepened in the January-March quarter. Analysts say worse may be…

The Pradhan Mantri Vaya Vandana Yojana (PMVVY) the government-backed pension scheme offered by LIC for senior citizens, has now been extended to 31 March 2023. It was earlier open till 31 March 2020 only. In a tweet, K.S. Dhatwalia, Principal Director General of the Press Information Bureau said, “#Cabinet approves extension of ‘Pradhan Mantri Vaya Vandana Yojana’ (#PMVVY) up to 31st March, 2023 for further period of three years beyond 31st March, 2020; This to enable old age income security and welfare of Senior Citizens.” What is Pradhan Mantri Vaya Vandana Yojana? The Indian government’s PMVVY is a pension scheme…

Lucknow: Uttar Pradesh Chief Minister Yogi Adityanath inaugurated the ‘Uttar Pradesh Start-up Fund’ under the Information Technology and Start-up Policy-2017 of the State Government at his official residence here today. On this occasion, an MoU was exchanged with the state government and SIDBI for setting up a start-up fund in the presence of the Chief Minister. The Chief Minister provided a check of Rs 15 crore to SIDBI Chairman and Managing Director as first installment. The Chief Minister said that the efforts of Prime Minister Narendra Modi have encouraged the start-up culture. The Prime Minister believes that the youth of…

Google has pledged to stop building customized artificial intelligence (AI) tools that help oil and gas firms to extract fossil fuels worldwide. The pledge came after a Greenpeace report on Tuesday highlighted how Google, Microsoft, and Amazon use AI and warehouse servers to help the likes of Shell, BP, and ExxonMobil to locate and retrieve oil and gas deposits from the earth. “While Google still has a few legacy contracts with oil and gas firms, we welcome this indication from Google that it will no longer build custom solutions for upstream oil and gas extraction,” said Elizabeth Jardim, senior corporate…

Tata Consultancy Services (TCS), a leading global IT services, consulting and business solutions organization, has been named a Leader in the Everest Group PEAK Matrix® for Wealth Management Operations Services1. According to the report, TCS is one of the top three providers in terms of number of customers globally and in terms of revenue in UK, North America and Asia Pacific. It highlights that TCS has developed a holistic set of offerings in wealth management covering front, mid and back-office operations. The company’s significant investment in the TCS BaNCS™ platform for wealth management-specific functionalities like robo-advisory and instant messaging for…