Author: Finance Khabar

The Indian startup ecosystem is said to be one of the biggest in the world. But due to the current coronavirus crisis, its survival is a huge question mark. As per a survey by NASSCOM, 70% of Indian startups have less than three months of cash reserves. The coronavirus pandemic has hit the Indian startups so badly that 40% of startups have either temporary shut shops or are at higher risk of closing down their businesses. As the government imposed lockdown restrictions to save human lives, the small businesses and startups are on the verge of dying. As there is…

Bajaj Finance today announced its Q4 results for FY20 and posted profit after tax of Rs. 948 crore versus Rs. 1176 crore during the same quarter a year-ago. Revenue from operations at the firm grew year-on-year to Rs. 6302 crore as against Rs. 5,307.66 crore in year-ago period. Brokerage houses are bullish on the stock of Bajaj Finance as they view the company to spearhead the recovery once the lockdown is lifted and economy re-opens. Morgan Stanley maintains ‘overweight’ call on the stock with a target price of Rs. 2740 while HSBC has a ‘buy’ rating with a target price…

New Delhi: Acer, one of the largest technology brands in the world, has announced a partnership with the largest knowledge network for leading schools in India – IPN (Indian Principles Network). This will increase the scope of availability of educational resources and will help teachers to teach better and smartly during the current lockdown. Acer and IPN believe that unless teachers have the appropriate equipment to teach from home, students will not get true learning experience. With this in mind, Acer has made available a wide range of laptops and tablets for smart learning from home, and has also offered…

Bank of India has been a forerunner in securing its digital channels and keeping customer’s security as its priority. The REL-ID secure platform has developed over the years to offers the most comprehensive suite of protection, detection and correction technologies in the mobile app security/shielding space. In a pursuit to secure its digital initiatives, Bank of India has decided to extend Uniken’s REL-ID Secure Platform to secure its digital and mobile banking channels globally. A recent report showcasing the increased number of frauds was highlighted in the Rajya Sabha quoting 1,367 reported frauds in FY 2016-17, 2,127 in FY 2017-18,…

Mahindra & Mahindra Ltd, a part of the USD 20.7 bn Mahindra Group, today announced a wide variety of innovative, new finance schemes to ease the burden on its customers during these challenging times. These attractive finance schemes include customized, industry-first offerings that assure peace of mind for Mahindra customers, deliver financial flexibility and empower them to own their desired Mahindra vehicle model at their convenience. Speaking about these new finance schemes, Veejay Nakra, CEO, Automotive Division, M&M Ltd. said, “The introduction of these unique financing schemes is one more step by Mahindra to support its customers during these challenging…

Zensar, a digital solutions and technology services company that specialises in partnering with global organisations on their digital transformation journey, announced the launch of Humané-its Digital Employee Experience Transformation solution. Humané is an enterprise-grade solution designed to create impact on overall employee experience across multiple functional areas. The solution augments a company’s current HR systems and process framework with a native digital platform encompassing end-to-end employee lifecycle experience. The solution offers customized offering with a consulting-led approach and implementation. Sandeep Kishore, Chief Executive Officer and Managing Director, Zensar, said, “The workforce of tomorrow will thrive on immersive and engaging experiences.…

The unemployment rate in India continued to stay above 20 percent amid nationwide lockdown. According to data compiled by CMIE showed that the unemployment rate for the week ended 17 May was 24.01 percent when compared to 23.97 percent a week ago. However, with industries opening up gradually, there is an increase in labour participation rate from 35.4 percent for week ended 26 April to 38.8 percent now, the Centre for Monitoring of Indian Economy said while acknowledging that uncertainty continues to prevail. “Halfway into the month of May, it appears that the unemployment rate is around the same level…

India , 19th May , 2020: Vakilsearch, India’s largest online platform for legal, tax and compliance services has raised an undisclosed sum from technology growth investor Sujeet Kumar, Co-Founder of Udaan. Prior to Udaan, Sujeet was President of Operations at Flipkart. The funding comes after a growth trajectory that has witnessed Vakilsearch establishing a bridgehead in the legal and compliance market. “At Vakilsearch, we have always focused on providing businesses and individuals a trouble-free experience. With an Amazon rivaling NPS Score of 56 and an average rating of 4.2/5 from 1400 verified Google reviews behind us, we are delighted to…

Alembic Pharmaceuticals Limited (Alembic) today announced that its joint venture, Aleor Dermaceuticals Limited (Aleor) has received approval from the US Food & Drug Administration (USFDA) for its Abbreviated New Drug Application (ANDA) Clobetasol Propionate Shampoo, 0.05%. The approved AN DA is therapeutically equivalent to the reference listed drug product (RLD), Clobex Shampoo, 0.05%, of Galderma Laboratories, L.P. (Galderma). Clobetasol Propionate Shampoo, 0.05% is indicated for the treatment of moderate to severe forms of scalp psoriasis in subjects 18 years of age and older. Clobetasol Propionate Shampoo, 0.05%, has an estimated market size of US$ 28 million for twelve months ending…

New Delhi: On Monday, the labour ministry notified the rate cut in PF contribution to 10% which as per current regime is 12% for both employer and employee. The move will increase the take home pay of 4.3 crore EPF subscribers and provide relief to 6.5 lakh companies. As part of the Covid 19 relief package worth Rs. 20 lakh crore, Finance Minister Nirmala Sitharaman in the previous week announced a rate cut in PF contribution for three months beginning May. The move is said to extend liquidity infusion to the tune of Rs.6750 crore into the system. All the…

Mumbai: Benchmark indices ended the day higher, following strong closings across Asia and the US, on hopes for a Covid 19 vaccine and more stimulus measures in the US. The Sensex ended the day higher by 167 points, while the Nifty gained 55 points in trade. Shares in Bharti Airtel ended up 11 per cent despite the telecom major reporting a net loss of Rs 5,237 crore in the quarter ended March, compared with a profit of Rs 107.2 crore quarter-on-quarter. The net losses were on account of the provisions and the higher ARPUs impressed the markets. Markets End the…

New Delhi: According to a news agency report citing its sources, some airlines have started bookings for flights for travel from June onwards. At present commercial flight services have been suspended as per government orders till 31 May 2020. “Domestic airlines have opened bookings for their flights from June onwards,” one of the sources told the news agency. The report added that IndiGo and Vistara were accepting bookings for domestic flights, however, when PTI contacted a SpiceJet spokesperson, in a statement, said, “Our international bookings are closed till 15 June.” There are no official comments from IndiGo, Vistara and GoAir…

Schaeffler India, leading industrial and automotive supplier (BSE: 505790, NSE: SCHAEFFLER) today, shared the details of the company’s contribution towards fighting the ongoing COVID-19 pandemic. Schaeffler India took two major initiatives in joining the support – procurement of emergency health equipment for a government run hospital in Pune and voluntary donation of a part of salaries by employees, with the company matching an equivalent amount. Procurement of emergency medical equipment worth INR 6 millionSchaeffler procured and donated emergency medical equipment and essentials for a government run hospital (Aundh hospital) in Pune city. The Aundh Hospital that specializes in treating diseases…

In support of continuous relief efforts to combat the Covid-19 pandemic, Daawat Sehat, a fortified range of Daawat basmati rice and a product of LT Foods Limited, a global food company has partnered with, Feed My City, an initiative which is providing meals to distressed families of daily wagers, migrant workers homeless and needy. The initiative has been rolled out in Bangalore from 28th March and then phase wise across Hyderabad, Mumbai, Chennai and Noida. As part of the programme, nutritious meals are being provided across designated locations in these cities to underprivileged members of the society. Feed My City…

With work for home becoming the new normal for millions of Indian professionals, Airtel Business – the B2B arm of Bharti Airtel – today launched Work@Home solutions for enterprises. Airtel Work@Home is India’s first enterprise grade solution designed to enable employees operate efficiently and securely from their homes. With a range of connectivity options – wired & wireless, immersive collaboration tools, and security solutions that adhere to Indian regulatory norms, enterprises can now safely embrace the open, borderless new world of work. Ajay Chitkara, Director & CEO-Airtel Business said: “These are unprecedented times and businesses are adapting to the evolving…

The current pandemic has changed the socio-economic order of the country and managing everyday expenses, business continuity, health and family care are a challenge for many. Canara Bank, the fourth largest Public Sector Bank in India, has identified the emerging financial needs of customers and the need to support their livelihood in view of the current challenges and uncertainties. In order to address these needs and to provide hassle free credit, the Bank has launched a Special Business Vertical dedicated for Gold Loans. The Bank’s Gold Loan products are designed keeping in mind the need for quick, hassle-free experience for…

On Monday, shares of Mahindra & Mahindra Financial Services Ltd fell nearly 18 percent to an intraday low of Rs 137.10 on NSE. On 15 May, the non-banking finance company (NBFC) reported 66 percent fall in consolidated net profit at Rs 239 crore for March quarter due to higher provisions. It had posted a net profit of Rs 701 crore in the same period a year ago. In order to cover the contingencies that may arise due to COVID-19 pandemic, it incorporated the management overlays in the impairment loss allowance and the total provision during the quarter stood at Rs…

Benchmark indices ended the day sharply lower, on a day when most markets were up 1 to 3 per cent, as investors remained unimpressed with the economic package announced by the government. The belief is that most of the package was through a monetary stimulus, without any fresh money for more direct measures. The Sensex ended the day lower by a massive 1,038 points, while the Nifty lost 314 points to end below the 9,000 points mark at 8,823 points. Banking stocks plunged in trade, after the Finance Minister announced that the threshold to initiate insolvency proceedings were raised to…

In its latest estimates, Goldman Sachs expects India to see its deepest recession in April-June quarter as a damaging economic impact of lockdown to curb the spread of COVID-19 that has already infected over 91,000 people in the country. GS estimates India’s GDP (gross domestic product) to contract by an annualized 45 percent in the ongoing quarter when compared to the January-March period. Its previous forecast for the quarter was a 20 percent slump in GDP. However, it expects India to make a strong rebound of 20 percent in the next quarter, while projections for the fourth quarter and first…

SoftBank Group said on Monday that Alibaba co-founder Jack Ma will resign from its board, in the latest departure by a high-profile ally of CEO Masayoshi Son. The departure of Ma, who retired as Alibaba’s executive chairman in September, comes as he pulls back from formal business roles to focus on philanthropy. SoftBank will propose three new appointments to the board, including group Chief Financial Officer Yoshimoto Goto, at its annual general meeting on June 25. The number of board members will expand to 13. SoftBank will also propose the election of Lip-Bu Tan, CEO of chip design software firm…