Author: Finance Khabar
Finance Minister, Nirmala Sitharaman today announced Rs 10,000 crores for Micro Food Enterprises, under the third tranche of her economic package. The scheme will be launched to help almost 2 lakh micro food enterprises to undertake technical upgradation and to meet good food standards. Existing Micro Food Enterprises, farmer producer organisations, self help groups and cooperatives can gain from the same. The expected outcome would include better health and safety standards, improved income and integration with retail sector.
To promote Herbal Cultivation in India, the Finance Minister, Nirmala Sitharaman today announced a sum of Rs 4000 crores. The move aims to cover 10 lakh hectare under herbal cultivation in 2 years and also the corridor of medicinal plants to come up across banks of Ganga. The move is expected to lead to Rs 5,000 crores in income for farmers. The National Medicinal Plants Board will bring 800 hectares area by developing a corridor on the banks of the Ganga.
The headline indices BSE Sensex and Nifty 50 managed to cover the lost ground in the last hour of the trade to close flat in Friday’s volatile session. Sensex hit day’s low of 30,770 and ended flat at 31,098, while Nifty 50 index managed to close above 9,100-mark, at 9,137. The gains were capped by M&M which was down 4.70 per cent and select private bank stocks such as ICICI Bank, Axis Bank and HDFC Bank, which were the top contributors towards today’s fall. “The market exhibited volatility before ending flat today following tranche 2 of the stimulus package by…
On Thursday, World Trade Organization head Roberto Azevedo in a surprise move announced that he will step down on a year ahead of his planned departure. “At a virtual meeting of all WTO members on May 14, WTO Director-General Roberto Azevedo announced that he would step down on August 31, cutting his second term short by exactly one year,” WTO said in a statement. The 62-year-old Brazilian has been director-general since 2013 and is serving a second term that was due to conclude at the end of August 2021. In his statement, Azevedo said that “it is a personal decision…
On Friday, the World Bank approved $1 billion ‘Accelerating India’s COVID-19 Social Protection Response Program’ to support the country’s efforts for providing social assistance to the poor and vulnerable households, severely impacted by the pandemic. With this, the total commitment from the World Bank towards emergency COVID-19 response in India to $2 billion. The response to the COVID-19 pandemic around the world has required governments around the world to introduce social distancing and lockdowns in unprecedented ways, said Junaid Ahmad, World Bank Country Director in India in a webinar interaction with the media. These measures, intended to contain the spread…
The Rating Committee of ICRA has reaffirmed the rating of BEML Limited’s non-convertible debenture (NCD) programme at [ICRA]A+ (pronounced as ICRA A plus). The Outlook on the long-term rating has been revised to Negative from Stable. Instruments with [ICRA]A rating indicate adequate degree of safety regarding timely servicing of financial obligations. Such instruments carry low credit risk. The Rating Committee of ICRA, after due consideration, has reaffirmed the long-term rating of [ICRA]A+ (pronounced ICRA A plus) outstanding on the Rs. 4,500.0 crore (enhanced from Rs. 2,750 crore) Line of Credit (LOC) of BEML Ltd, and also assigned a long-term rating…
Temasek was one of three organizations named Thursday as the latest members to join the initiative by the Libra Association, an independent group based in Switzerland set up to manage the digital currency project. Cryptocurrency investor Paradigm and private equity firm Slow Ventures were the other two new members. Facebook introduced its vision for libra last year as an alternative global digital payment system where a single token would be backed by multiple fiat currencies. That was promptly criticized by regulators who worried if the project went mainstream, it would drastically alter or undermine their roles and disrupt the financial…
Taiwan Semiconductor Manufacturing Co (TMSC) said on Friday it will build a semiconductor facility in Arizona, as concerns grow in Washington about the security of the technology supply chain which is largely centered in Asia. Total spending on the project will be $12 billion with TSMC claiming it will directly create 1,600 jobs. Construction is planned to start in 2021 on what would be TSMC’s second manufacturing site in the U.S. The factory will be focused on producing so-called 5-nanometer chips, the latest in semiconductor technology being manufactured today. TSMC’s decision to build a new U.S. chip plant comes as…
The Board of Mahindra Lifespace Developers Ltd. in its meeting on 14 May 2020 approved the appointment of Mr Arvind Subramanian as Managing Director & Chief Executive Officer with effect from 1 July 2020. He will succeed Ms Sangeeta Prasad who, after a distinguished career of over eleven years with the Mahindra Group, has decided to pursue other interests and had tendered her resignation to the Board of the company on 7th February. At the request of the Board she graciously agreed to stay on till 30th June to ensure smooth transition. Arvind joined the company as Chief Executive Officer…
New Delhi: After the bloodbath on Dalal Street in the month of March, the benchmark indices saw some recovery in April as they tracked their global peers. While BSE Sensex surged 14.42% the 50-stock NSE Nifty surged 14.68%. But amidst the troubled times as almost all Indians refrained from going outside, inflows into equity funds declined sharply to Rs 6,100 crore from Rs 11,723 crore in March. Mutual funds during the month of April were seen picking large-cap stocks like Wipro, Eicher Motors, UPL, and Lupin, said ICICI Direct in a research note, while the top stocks sold by mutual…
Wipro Limited a leading global information technology, consulting and business process services company, today announced that it has been positioned as a Leader in Gartner’s Magic Quadrant for Managed Workplace Services (MWS), Europe. The report authored by David Groombridge, Claudio Da Rold, Tobi Bet, and Stephanie StoudtHansen and was published on 25 February 2020. “Gartner evaluates the MWS providers based on the quality and efficacy of the processes, systems, methods and procedures that enable each provider’s performance to be competitive and effective, while positively affecting revenue, retention and reputation.” This Magic Quadrant assessed 17 MWS providers on their ability to…
Mumbai: The headline indices BSE Sensex and Nifty 50 failed to cheer the first tranche of the Rs 20 lakh crore stimulus to support Indian economy, which has been battered by a 51-day lockdown to contain the COVID-19 pandemic. BSE Sensex slipped below the crucial 31,200-mark to end at 31,122, while the broader Nifty 50 index breached the psychological level of 9,200, and settled at 9,142. Reliance Industries (RIL), HDFC Bank, HDFC, ICICI Bank and Infosys contributed the most to the indices’ losses today. The fall in the market was mainly on the back of the negative global cues as…
New Delhi: In the second tranche of announcements towards the Aatma Nirbhar Bharat Package as relief towards the COVID-19 crisis, Finance Minister Nirmala Sitharaman on Thursday announced a special credit facility of Rs 5,000 crore for street vendors which will be launched by the government within a month. Sitharaman said the scheme will facilitate easy access to credit for street vendors who have been largely affected by the nationwide lockdown. Around 50 lakh street vendors are expected to benefit from this scheme as they restart their businesses once the lockdown is lifted. Initial working capital of up to Rs 10,000…
New Delhi: In the second tranche of announcements towards the Aatma Nirbhar Bharat Package as relief towards the COVID-19 crisis, Finance Minister Nirmala Sitharaman on Thursday announced concessional credit boost for 2.5 crore farmers. In the special drive, farmers who are existing beneficiaries under the PM-Kisan scheme will be given access to Rs 2 lakh crore worth of institutional credit at concessional rates through Kisan Credit Cards. Fishermen and Animal Husbandry farmers will also be included in this drive, the minister said. Apart from this, Sitharaman announced Rs 30,000 crore additional emergency working capital funding for farmers through NABARD which…
New Delhi: In the second tranche of announcements towards the Aatma Nirbhar Bharat Package as relief towards the COVID-19 crisis, Finance Minister Nirmala Sitharaman on Thursday announced the supply of free food grain to all migrants for two months. This is part of the three measures the government has proposed to support migrant workers who have or are still making their way back to their hometowns amid the nationwide lockdown. Migrants who are neither NFSA or State Card beneficiaries in the state they are stationed will be provided 5 kg of grains per person and 1 kg chana per family…
In its mid-year report released on Wednesday, the United Nations estimates the COVID-19 pandemic to shrink the world economy by 3.2 percent this year, the sharpest contraction seen since the Great Depression in the 1930s. It has forecasted the global economic output to fall by nearly $8.5 trillion over the next two years, wiping out nearly all gains of the last four years. UN Estimates World Economy To Shrink At The Fastest Rate In 90 YearsIn January, before COVID-19 became a pandemic, the UN had forecast a modest acceleration in growth of 2.5 percent in 2020. At a news conference…
New Delhi: India Ratings and Research (Ind-Ra) estimates a collective revenue loss of around Rs 971 billion for 21 major states for the month of April 2020 alone, due to the lockdown. “Typically, April is a time to say good bye to the ending fiscal year and look forward with optimism towards the incoming fiscal year. The new fiscal year heralds a new revenue and expenditure target for both union and state governments. Indian States To See Revenue Loss Of Rs 971 Billion: India RatingsHowever, FY21 started amid the countrywide lockdown which has brought the economy to a grinding halt.…
New Delhi: Datamatics Global Services Ltd. (DGSL), a global IT & BPM company today announced its strategic partnership with Ingram Micro to enhance presence in the India market for its intelligent automation suite of products including TruBot, TruCap+, and TruBI. Ingram Micro delivers a full spectrum of global technology and supply chain services to businesses around the world. Deep expertise in technology solutions, mobility, cloud, and supply chain solutions enables its business partners to operate efficiently and successfully in the markets they serve. Datamatics is aggressively investing in expanding its partner network and has included more than 100 new partners…
New Delhi: India’s leading automobile brand Tata Motors – today announced a calibrated restart of manufacturing operations for both Commercial and Passenger Vehicles from its plants located at Pantnagar (Uttarakhand) beginning last week and from Sanand (Gujarat). Tata Motors plants in Lucknow (Uttar Pradesh), Dharwad (Karnataka), Jamshedpur (Jharkhand) and Pune (only for Ambulance Vehicle manufacturing) are in final stage of readiness and expect to begin production over the next few days. This commencement of operations follows receipt of all necessary approvals from relevant Government authorities. Guenter Butschek, CEO & MD, Tata Motors said, “Our utmost priority is the safety and…
The company has reported total income of Rs.185.5 crores during the period ended March 31, 2020 (Q3 FY2019-20) as compared to Rs.209.4 crores during the period ended December 31, 2019 (Q2 FY2019-20). The company has posted net profit of Rs.9.7 crores for the period ended March 31, 2020 (Q3 FY2019-20) as against Rs.13.2 crores for the period ended December 31, 2019 (Q2 FY2019-20). The company has reported EPS of Rs.4.41 for the period ended March 31, 2020 (Q3 FY2019-20) as compared to Rs.6.01 for the period ended December 31, 2019 (Q2 FY2019-20).