Author: Finance Khabar
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).
New Delhi: Huawei Consumer Business Group has announced the launch of Huawei Freebuds 3 True Wireless Stereo Earbuds at an attractive price point. The world’s only open fit active noise cancellation Earbuds Huawei Freebuds 3 is priced at INR 12,990 only. The earbuds will be available exclusively on Amazon. Interested customers can register themselves on ‘Notify Me’ at Amazon. Customers will get HUAWEI CP61 Wireless Charger with the earbuds and can avail no cost EMI starting from Rs.18/day. Huawei Freebuds 3 will be exclusively available on Amazon. With its reinvigorated focus on the premium audio market, Huawei’s upcoming launch Freebuds 3 is…
New Delhi: As part of relief measures, Nirmala Sitharaman in her press conference address today extended the deadline for return filing for FY 2019-20 that were to be completed by July 31, 2020 to November 30, 2020. Also, for those taxpayers who need to file their return by October 31, the deadline has been extended to November 30, 2020. Other tax related measures announced include a hefty cut in TDS, TCS rates by 25% till March 31. And TDS rate cut shall apply for all of the purpose and become effective from tomorrow. This cut in TDS is said to…
New Delhi: In a major tax relief, the government has reduced the rates of tax deduction at source for non-salaried payments made to residents and tax collection at source for specified receipts by 25 percent of the existing rate. Detailing this, while launching en economic package, Finance Minister, Nirmala Sitharaman said that if the tax was Rs 100 earlier then it would now be Rs 75. The reduction is to come into effect from tomorrow, May 14. The payment of contract, professional fees, interest, rent, dividend, commission and brokerage shall all be eligible for the reduced rate. For investment related…
New Delhi: On Wednesday, Finance Minister Nirmala Sitharaman announced details of the Aatma Nirbhar Bharat Package that was informed by PM Narendra Modi the previous day. Sitharaman said that the aim of the COVID-19 relief it to make India self-reliant but does not mean that the country will become an isolationist country. The intent is to build local brands and take them to the world, she explained. The Rs 20 lakh crore package includes previously announced PM Garib Kalyan Package of Rs 1.7 lakh crore (announced in March). FM Sitharaman Gives Details On Rs 20 Lakh Crore Aatma Nirbhar Bharat…
REC Limited has issued US$ 500,000,000, 4.75 per cent Notes due 2023, on May 12, 2020. The Notes will mature on May 19, 2023 and all principal and interest payments will be made in U.S. Dollars. The settlement date for the Notes is expected to be May 19, 2020. The Notes represent direct, unconditional and unsecured obligations of the Issuer and will rank pari passu among themselves and all other unsecured obligations of the Issuer. The Notes will be listed on London Stock Exchange’s International Securities Market (ISM), Singapore Exchange (SGX-ST), India International Exchange (India INX) and NSE IFSC. The…
Infosys , a global leader in next-generation digital services and consulting, has been selected by GLOBALFOUNDRIES® (GF®), the world’s leading specialty foundry, as its partner for the company’s Digital Transformation program. Through this partnership, Infosys will provide expertise and analytical solutions to optimize the overall efficiency and agility of GF’s manufacturing and business operations. The partnership will enable GF to seamlessly transform its legacy solutions and adopt advanced cloud capabilities to rationalize existing workloads, thereby realizing GF’s digital strategy through process automation while achieving lower cost of ownership and ensuring compliance requirements. It will also help GF derive value and…
New Delhi: Benchmark indices ended the day higher, after Prime Minister Narendra Modi announced a stimulus package of Rs 20 lakh crores to be detailed later today by Finance Minister, Nirmala Sitharaman. The Sensex ended the day higher by 637 points, while the Nifty ended the day higher by 187 points. As was largely anticipated, banking and NBFC stocks led the rally. Heavy buying was particularly seen in some of the NBFC stocks like L&T Finance Holdings, which jumped as much as 7 per cent in trade. Bandhan Bank had a very good day, with the stock up near 7…
Kotak Mahindra Bank in its March ended results announced today reported a 10% year-on-year fall in standalone net profit at Rs 1,267 crore as against Rs.1,408 crore logged during the same period last year. For the quarter, total contingencies and provisions came in at Rs. 1047 crore i.e. precisely over 5 times the provisions the bank made in the corresponding quarter a year ago. Also due to Covid 19, the bank made general provisions to the tune of Rs. 650 crore that is way higher than the requirement stipulated by the Reserve Bank of India. Net Interest Income (NII) during…
new Delhi: The ongoing economic slowdown, made worse by the Covid-19 pandemic, is set to cull Indian media and entertainment industry’s revenue by 16% – or Rs 25,000 crore – to Rs 1.3 lakh crore this fiscal, according to the latest CRISIL Report. Advertisement (ad) revenue, which accounts for 45% of the pie, will see a sharper cut of 18%, while subscription revenue, which accounts for 55%, will be relatively resilient with a likely decline of 14%. “The sharp drop in revenues will impair the debt metrics of the industry, while balance sheet strength and time to recovery will determine…
A meeting of the Board of Directors of Vedanta Limited (‘Company’) is scheduled to be held on May 18, 2020 to consider the proposal for voluntary delisting of the equity shares of the Company. The Company has received a letter dated May 12, 2020 from one of the members of the promoter and promoter group of the Company (“Promoter Group”) namely, Vedanta Resources Ltd. (“VRL”). In the letter, VRL has expressed its intention to, either individually or along with one or more subsidiaries, acquire all fully paid-up equity shares of the Company (“Equity Shares”) that are held by the public…