Author: Finance Khabar

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…

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,…