Author: Finance Khabar

Apple released its blueprint Sunday night for how it will reopen its retail stores once it is safe to due so, per official coronavirus health guidelines. It will also reopen 25 stores in the U.S. this week. When a store reopens, customers will be required to submit to a temperature check and wear a mask before entering the store, according to the guidelines, written by Apple’s retail and human resources boss Deirdre O’Brien. If a customer doesn’t have a mask, Apple will provide them with one. Customers will also be screened for other symptoms caused by Covid-19, like a cough.…

Based on the directives received from the Central & State Governments and local bodies, ITC Limited has resumed operations at its factories and plant locations manufacturing non-essential items with limited workforce; the factories and plant locations manufacturing essential items continue to operate, as advised earlier. The Company’s hotels, however, continue to remain closed, except for those travellers who were stranded due to lockdown or for accommodating identified persons, based on the directions of the respective State Governments and local bodies. The Company is taking all recommended precautions and preventive measures to ensure health and safety of its employees, including restricted…

Sterling and Wilson Solar Limited (SWSL) (BSE Scrip Code: 542760; NSE Symbol: SWSOLAR), today announced that it has signed (along with its branch and Australian subsidiary) an EPC contract of approx. AUD 525 million (~ INR 2,600 crore) as well as the Operation and Maintenance (O&M) contract of approx. AUD 85 million (~ INR 415 crore), which is its largest order in Australia. The duration of the O&M contract is for a maximum period of 20 years. With this award, SWSL has clearly established its presence in Australia, within a short period of 15 Months of setting up the operations.…

Reliance Industries Limited (“Reliance Industries”) and Jio Platforms Limited (“Jio Platforms”), India’s leading digital services platform, today announced an investment of Rs. 6,598.38 crore by General Atlantic, a leading global growth equity firm. This investment values Jio Platforms at an equity value of Rs. 4.91 lakh crore and an enterprise value of Rs. 5.16 lakh crore. General Atlantic’s investment will translate into a 1.34% equity stake in Jio Platforms on a fully diluted basis. With this investment, Jio Platforms has raised Rs. 67,194.75 crore from leading technology investors including Facebook, Silver Lake, Vista Equity Partners and General Atlantic in less…

All sectors will be opened to private companies while state-owned enterprises will play an important role in defined areas, the Finance Minister said, while announcing the fifth and final tranche of the economic package. “A new policy will specify strategic sectors requiring presence of state-run companies in public interest will be notified. In the notified sectors, at least one public sector enterprise will be present but private sector will also be allowed,” the Finance Minister said.

Australia reserves the right to take China to the WTO amid growing trade dispute, Simon Birmingham says Simon Birmingham has warned China’s “unpredictable” trade interventions may force Australian producers to sell to other markets and diversification is to be encouraged given the “risk” of trade with China. The trade minister told ABC’s Insiders on Sunday that Australia reserves its right to take China to the World Trade Organisation, and revealed he is still yet to hear back from his Chinese counterpart about the growing trade dispute. He said his call “ought to be returned”. After Australia called for an independent…

The government today announced a push for digital education in the fifth and final tranche of its economic package. The Finance Minister said that there would be an immediate launch of a digital education programme. It includes: DIKSHA for school education; online content and QR-coded textbooks. One earmarked TV channel per class from I to XII would be created. “Top Top 100 universities will automatically be allowed to start online courses by May 30, 2020. There would be Special e-content for Divyang children,” the Finance Minister said. Today’s announcement for education comes as a part of the fifth and final…

The Finance Minister today announced some relief to the Covid impacted businesses, while announcing her fifth and final tranche of the economic package. Accordingly, debts related to Covid will be excluded from default under Insolvency and Bankruptcy Code. “No fresh insolvency case will be initiated for up to a year,” Nirmala Sitharman said. For MSMEs, a special insolvency framework will be notified and minimum threshold for insolvency would be raised from Rs 1 lakh to Rs 1 crore.

The government has allocated an additional Rs 40,000 crores under the Mahatma Gandhi National Rural Employment Act (MNREGA). The Union Budget for 2020-21 had allocated a sum of Rs 61,000 for MNREGA, so an additional sum of Rs 40,000 crores is now allocated. Today’s measures is to keep in mind the migrated labour from the cities, who will be back in their villages. MNREGA is an employment scheme which provides social security by guaranteeing a minimum of 100 days paid work per year to all the families whose adult members opt for unskilled labor-intensive work. The move is expected to…

New Delhi: Niti Aayog vice-chairman Rajiv Kumar said on Saturday that the reform measures announced by the Finance Minister will play a major role in paving the way for ‘self-reliant India’ in defense production, strengthening India’s self-reliance and promoting Make in India. Kumar said that these announcements would give a boost to the domestic aviation sector. NITI Aayog Chief Executive Officer (CEO) Amitabh Kant termed the announced reforms as a pioneer. Kant said in a tweet, “Despite having a vast reserves of minerals and coal, we import minerals worth Rs five lakh crore and coal worth Rs 1.7 lakh crore.…

Saudi Arabia’s sovereign wealth fund, the Public Investment Fund (PIF), has purchased minority stakes in major U.S. companies including Boeing, Facebook and Citigroup, according to a U.S. regulatory filing. PIF disclosed a $713.7 million stake in Boeing, around $522 million in Citigroup, a $522 million stake in Facebook, a $495.8 million stake in Disney and a $487.6 million stake in Bank of America, the Securities and Exchange filing on Friday showed. It also disclosed a small stake in Berkshire Hathaway. PIF also disclosed an $827.7 million stake in oil company BP, which has American Depository Receipts (ADRs) listed in the…

Amazon said Friday it will “make the appropriate executive available” to testify before the House Judiciary Committee on the company’s competitive practices, but stopped short of making its CEO Jeff Bezos available like committee members requested. Earlier this month, the committee compelled Bezos to testify after Democratic leaders said they suspected Amazon of lying to Congress. Top Democrats on the commitee said they suspected Amazon of lying to Congress over its private label strategy, after a recent Wall Street Journal report on the company’s use of third-party seller data appeared to contradict an Amazon executive’s previous testimony on its treatment…

Finance Minister today announced structural reforms for the aviation sector, with six airports to be allowed for bidding under the public private partnership model. “AAI has given 3 out of 6 airports for operations and maintenance on Public-Private Partnership (PPP) basis. 6 more airports have been identified for the second round. The bidding process will commence immediately. Another 6 airports will be put for bidding in third round,” the FM stated. “Restrictions on utilisation of the Indian Air Space will be eased to make civil aviation efficient. Travellers will reach destination faster and airlines will use less fuel. It will…

Monnet Ispat & Energy Ltd had announced the restart of the integrated steel manufacturing operations of the plant located at Raigarh, Chhattisgarh w.e.f 02nd May, 2020. The Company’s operations,including its plant situated in Raipur, Chhattisgarh were temporarily suspended in view of nationwide lockdown advisory announced by the Government of India and other authorities to contain the spread of COVID19. The Company has now also restarted manufacturing operations at its plant located at Raipur, Chhattisgarh w.e.f 15th May,2020. The manufacturing operations of the Company are being conducted in compliance with the relevant guidelines/advisory for taking necessary measures and precautions, for the…

Zydus Cadila has received tentative approval from the USFDA to market Droxidopa Capsules, (US RLD: Northera®) in the strengths of 100 mg, 200 mg, and 300 mg. Droxidopa is used to treat symptoms of low blood pressure when standing, caused by a certain medical condition (neurogenic orthostatic hypotension-nOH). This medication can lessen symptoms of low blood pressure when standing (orthostatic hypotension), such as dizziness and lightheadedness. The drug will be manufactured at the group’s manufacturing facility at SEZ, Ahmedabad. The group now has 290 approvals and has so far filed over 386 ANDAs since the commencement of the filing process…

The government today raised the FDI limit in defence under the automatic FDI route to 74% from the existing 49%. The government will also notify a list of weapons and platforms which will not be open for imports. Every year this list will be expanded, the Finance Minister said, while announcing the fourth tranche of her economic package. “To become self-reliant in defence production, a list of weapons/platforms for ban on import with year wise timelines will be notified. This will help reduce huge defence import bill,” the Finance Minister stated.

Finance Minister, Nirmala Sitharaman as a part of her fourth tranche of the Economic Package today announced that commercial mining of coal would be initiated, from a monopoly. She said that Coal Bed Methane extraction could also be tapped, through deposits. “Rs 50,000 crores for evacuation infrastructure in Coal would be created,” she said. Nearly 50 blocks would be offered initially, and any party could bid for the same. The government will move towards a revenue sharing mechanism instead of fixed pricing, Currently, Coal India and its subsidiaries, have a virtual monopoly in coal mining. With the commercialisation of the…

After an analysis of the grievances received by the Department of Pension and Pensioners’ Welfare under the Personnel Ministry, the ministry has issued consolidated guidelines to chairman and managing directors (CMDs) of the pension disbursing banks to create awareness among Central Pension Processing Centre (CPPC)/ bank branches on updated rules and instructions in this regard. Govt Issues Standardised Procedure Rules To Banks On Pension ReleaseThe Personnel Ministry said that banks are adopting different procedures while releasing pension or seeking certificates from pensioners at different periodicity. “It has been observed that updated and consolidated instructions will help improve the processing of…

According to data released by the Ministry of Commerce & Industry on Friday, India’s overall exports for the month of April has been estimated to be $27.96 billion, 36.65 percent lower than the same period last year. Overall imports in April fell 47.36 percent from a year ago to $27.80 billion. “Taking merchandise and services together, the overall trade surplus for April 2020 is estimated at $0.16billion as compared to the deficit of $8.67 billion in April 2019,” the ministry said. In April, merchandise exports contracted by a record 60.28 percent to $10.36 billion amid the COVID-19 related lockdown across…

New Delhi: Union Finance Minister Nirmala Sitharaman today presented the details of the third phase of the economic package of 20 lakh crores. Union Finance Minister Nirmala Sitharaman said that India is the third largest grain producer. Finance Minister Nirmala Sitharaman has announced a help of Rs 1 lakh crore for strengthening the agriculture sector. The Finance Minister said that the government is engaged in doubling the income of farmers. This will also help in increasing the price and increase the income of farmers. In the last 2 months, to support farmers, purchase of 74300 crores was done on MSP.…