Author: Finance Khabar
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…
Jubilant Life Sciences Limited, an integrated global pharmaceutical and life sciences company, is pleased to announce that its subsidiary, Jubilant Generics Limited (“Jubilant”), has entered into a non-exclusive Licensing Agreement with Gilead Sciences, Inc. (NASDAQ: GILD) that will grant Jubilant the right to register, manufacture and sell Gilead’s investigational drug, remdesivir, a potential therapy for Covid-19 in 127 countries including India. These countries consist of nearly all low-income and lower middle-income countries, as well as several uppermiddle and high-income countries that face significant obstacles to healthcare access. Under the licensing agreement, Jubilant will have the right to receive a technology…
New Delhi: Data released by the Ministry of Statistics & Programme Implementation on Tuesday showed that the Index of Industrial Production (IIP) for the month of March stood at 120.1. Overall, industrial production witnessed 16.7 percent contraction in March in comparison with 4.5 percent growth in February. In February, factory output growth was at a seven-month high, showing signs of recovery in a slowing economy. IIP data released on Tuesday shows that the nationwide lockdown due to COVID-19 outbreak has crippled economic activity. Data for the month of April, scheduled to be released on 12 June, will most likely be…
New Delhi: Prime Minister Narendra Modi today said that in the next few days Finance Minister Nirmala Sitharaman will come out with a number of announcements for the revival of the Indian economy that will be aimed at making the country self-reliant. “I am announcing an economic package of Rs 20 lakh crore, which is almost 10 percent of India’s GDP, to help India become a self-relaint nation. This economic package will focus on areas like land, labour, liquidity and law,” the Prime Minister said. Including the already announced Rs 1.7 lakh crore package and the numerous measures implemented by…
TCS iON™, a strategic unit of Tata Consultancy Services (TCS) (BSE: 532540, NSE: TCS), a leading global IT services, consulting and business solutions organization, has launched Remote Internships, a unique digital internship product to connect students directly with corporates and industry mentors and provide a structured learning environment to execute the internship projects remotely. TCS iON Remote Internships helps companies post internship opportunities online. Students can browse through the listed internships, see what project themes are trending, and apply for the relevant ones. Credits will be awarded depending on the kind of projects chosen. This unique product offers students internship…
Benchmark indices ended the day lower for the second straight day, led by losses in select heavyweight stocks like HDFC Bank and also Reliance Industries. Global markets were also lower, after reports of a resurgence in fresh cases of the Coronavirus, after lockdown measures were eased. Most of Asia ended the day with losses. The Sensex closed with losses of 190 points at 31,171 points, while the Nifty dropped below the 9,200 points mark to end the day at 9,196 points. According to reports Wuhan reported five new confirmed Covid-19 infections on Monday, casting doubts over the complete abatement of…
Shares of Maruti Suzuki India Ltd fell over 4 percent on Tuesday even as the company resumed operations in its Manesar plant in Haryana after around 40 days of closure due to the nationwide lockdown. Operations of the country’s largest carmaker were suspended at its Manesar as well as Gurugram facilities since 22 March. When asked about the timeline of full-swing operations, Bhargava told the news agency that would depend on government regulations like when two shifts would be allowed, when manpower could be increased and when supply chain would become fitter. “There are many variables involved.” On 22 April,…
Financials, which have had a dominant run in the last decade with a heavy contribution of Banking, Financial Services and Insurance (BFSI) in the Nifty weightage has now slumped. Here are some interesting highlights from brokerage firm Motilal’s Oswal’s latest report “Nifty’s sectoral representation – Big changes in hierarchy”. 1) Financials have had a dominant run in the last decade; contribution of BFSI has risen secularly in the benchmark (Nifty-50) from 22.7% in Dec’09 to 42% in Dec’19 (+1.9x in 10 years). While share of Private Banks/NBFCs in the index has gone up substantially, that of PSU Banks has declined,…
Saudi Aramco reported a 25% fall in net income for the first quarter on Tuesday, as the state-owned oil giant battles with a dramatic slide in oil prices and cratering global demand. In a release published Tuesday, the company said net income slid to 62.5 billion riyals ($16.6 billion) in the first three months of the year, down from 83.3 billion riyals over the same period in 2019. “The COVID-19 crisis is unlike anything the world has experienced in recent history and we are adapting to a highly complex and rapidly changing business environment,” Aramco President and CEO Amin Nasser…
A meeting of the Fund Raising Committee of the Board of Directors of Ashok Leyland Ltd is proposed to be held on Thursday, May 14, 2020 to consider and issue secured, rated, listed, redeemable Non Convertible Debentures aggregating to Rs.300 Crores with a green-shoe option of Rs.200 Crores on private placement basis, in one or more tranches / series. Shares of ASHOK LEYLAND LTD. was last trading in BSE at Rs.48.8 as compared to the previous close of Rs. 47.05. The total number of shares traded during the day was 1858206 in over 4585 trades.
New Delhi: With effect from 11 May, the interest rate offered on fixed deposits (FDs) at ICICI Bank will be lowered by 25 to 50 basis points. ICICI Bank FD interest rates with effect from 11 May 2020 for deposits less than Rs 2 crore and with premature withdrawal facility: Tenure General interest rates (%) Senior citizen interest rates (%)7 days to 14 days 3.25 3.7515 days to 29 days 3.50 4.0030 days to 45 days 3.75 4.2546 days to 184 days 4.25 4.75185 days to 289 days 4.75 5.25290 days to less than 1 year 5.25 5.751 year to…