Author: Finance Khabar
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…
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…