Author: Finance Khabar
Abbott Laboratories was granted emergency use approval (EUA) by the Food and Drug Administration for a new coronavirus antibody test it says can exclude false positives 99.6% of the time and exclude false negatives 100% of the time. The EUA means laboratories will be allowed to use the test even though it has not been formally approved or cleared by the FDA. Last week, the FDA tightened rules for coronavirus antibody tests, ordering manufacturers to submit emergency use authorization forms and data proving the tests work within 10 days or face possible removal. Abbott plans to ship nearly 30 million…
It was a volatile day of trade with the Sensex and the Nifty giving-up all of the gains in the last 30 minutes of trade, to end lower. Benchmark indices ended the day marginally lower, even as buying in IT stocks and Reliance Industries did not help the markets. Heavy selling in banking stocks, was one of the prime reasons for the decline in the markets. The Bank Nifty ended the day with losses of near 2 per cent, as ICICI Bank lost almost 5 per cent in trade. The Sensex ended the day lower by 81 points, while the…
Gold prices today inched lower for the second day even on firm global cues. At 9:34 am, the precious yellow metal inched lower on the MCX by 0.17% or Rs. 76 to Rs. 45736 per 10 gm. On Friday, gold prices also closed on a weak note declining 0.76% or Rs. 349 to Rs. 45812 per 10 gm. Silver however gained 0.39% or Rs. 170 to trade at Rs. 43,293 per kg. Gold in the international market on Monday edged higher to $1706, up 0.3% per ounce. This was largely on fears of a new wave of coronavirus infection as…
Amid a decline in oil prices and a COVID-19 induced slowdown in economic activity, Saudi Arabia has decided to suspend cost of living allowance and increase its value-added tax (VAT) three-fold, to shore up its state finances. “Cost of living allowance will be suspended as of June first, and the value-added tax will be increased to 15% from 5% as of July first,” its state news agency said on Monday. A slump in demand for oil and measures taken to curb the spread of coronavirus pandemic in the kingdom has affected the revenues of the world’s largest oil exporter. For…
iGTB, the world’s first complete Global Transaction Banking platform from Intellect Design Arena Limited, is proud to announce that its client, Emirates NBD, a leading bank in the MENAT (Middle East North Africa and Turkey) region has received Celent’s prestigious Model Bank award for its Transaction Banking Transformation. Emirates NBD has implemented iGTB’s end-to-end Digital Transaction Banking platform for Cash Management, in its ongoing transformation. A front-runner in digital banking innovation, Emirates NBD received international recognition for its ‘Transformation in Transaction Banking’ from leading international experts in financial services technology, Celent Research. Analysts at New York-based Celent declared Emirates NBD…
Global enterprise software specialist Ramco Systems announced that WT Partnership Australia, a leading international cost and consultancy firm, has successfully implemented Ramco HR and Global Payroll solution in Phase I of the project, to replace the latter’s legacy systems for its Australian operations. Previously, WT Australia’s HR and Payroll processes such as payroll reporting, compensation planning, HR letters, GL Reports were done manually. This made the processes susceptible to human errors, consumed time and required further verification. Adoption of Ramco’s award-winning HR and Payroll solution has helped address these pain points through digital transformation and automation. Ramco’s cloud and mobile-based…
Tata Power Strategic Engineering Division (Tata Power SED), a division of The Tata Power Company Limited (Tata Power), today announced the signing of an important contract with Ministry of Defence, Government of India, for modernisation of infrastructure of 37 Airfields of Indian Airforce, Indian Navy and Indian Coast Guard. The contract needs to be executed over a period of next 4 years. The contract, with an estimated value of about Rs. 1,200 crore, involves supply, installation and commissioning of modern airfield equipment like Cat II Instrument Landing System and Cat II Airfield Lightning System along with other Navigational Aids and…
Glenmark Pharmaceuticals Ltd. (Glenmark), a research-led global integrated pharmaceutical company, today announced the launch of a Single Inhaler Triple Therapy AIRZ-FF – a combination of two bronchodilators, Glycopyrronium & Formoterol and the inhalation corticosteroid Fluticasone propionate, for Chronic Obstructive Pulmonary Disease (COPD). This new triple therapy innovation comes with multiple benefits: it offers significant bronchodilation (making breathing easier), reduces risk of severe attacks, and eliminates dependence on multiple inhalers. The reduction in risk of severe attacks decreases the requirement for hospitalization, a benefit of high significance in current prevailing situation. AIRZ-FF has been exclusively studied in the Indian population and…
New Delhi: Finance Minister Nirmala Sitharaman will hold a review meeting with the Chief Executive Officers (CEOs) of public sector banks (PSBs) on Monday to discuss various issues including the status of debt offtake. The meeting is part of efforts to revive the economy affected by the Corona virus epidemic. Sources said that this meeting will be done through video conferencing. It will also review the progress of the scheme to extend the benefit of reduction in interest rate to the borrowers and to extend loan from banks for repayment of loan installments. On March 27, the Reserve Bank of…
Mumbai: After the government raised the debt-raising limit by 54 percent in the wake of the corona virus epidemic, experts are in favor of printing new notes to a extent to meet the government’s deficit. He believes that at the moment there is a need to increase expenditure to support the economy and if this is not done then there will be such loss, which is not possible to compensate. Raghuram Rajan, former Governor of Reserve Bank of India, endorsed the idea of withdrawing notes from the Reserve Bank for debt. He advocated the issuance of additional notes by the…
New Delhi: SBI General Insurance, a subsidiary of State Bank of India, reported on Sunday that it made a net profit of Rs 412 crore in FY 2019-20. SBI General Insurance said in a statement that the pre-tax profit of the insurance company increased to Rs 564 crore during the period from Rs 470 in the previous financial year. However, the company’s ‘underwriting’ profit fell to Rs 61 crore from Rs 79 crore last year. ‘Underwriting’ benefit refers to the difference between the premium and expenses received on an insurance policy and the payment made for settlement of claims.
New Delhi: After a halt in service for considerable span starting March 25, Indian Railways is now slated to resume its passenger train services gradually from May 12. In a release on Sunday, the national carrier said the services shall begin at first with 15 pairs of trains. Initially these trains shall ply as special trains with origin from New Delhi and connect Dibrugarh, Agartala, Howrah, Patna, Bilaspur, Ranchi, Bhubaneswar, Secunderabad, Bengaluru, Chennai, Thiruvananthapuram, Madgaon, Mumbai Central, Ahmedabad and Jammu Tawi. Booking for these trains will begin at 4pm on May 11 and will be available only on IRCTC site.…
New Delhi: India needs a large fiscal stimulus as the country faces big risk of slowdown in the economic growth due to COVID-19, former chief economist of World Bank Kaushik Basu said on Sunday. He also suggested that the government may need monetisation by the Reserve Bank of India. In an interview to PTI, Basu said inequality in India is already very high and coronavirus pandemic will make it rise further. “There are dark clouds over every economy in the world, and India is no exception. “…We do need a large fiscal stimulus. India has the FRBM Act, 2003, for…
The Indian realty sector and its current condition is going to have a profound impact on the country’s economy. This is because of a large number of individuals and businesses depend on the sector as it alone contributes 7-8% to the country’s GDP. A change in real estate prices leads to a change in the related businesses and individuals creating a ripple effect across the economy. Realtors are eagerly waiting for the government and banks to come up with relief packages and norms for resuming construction work. Amid all of this, the migration of laborers has further made the situations…
Moody’s Investors Service on Friday estimated its GDP forecast for FY21 at 0% and FY22 at 6.6%. Also, at the same time it said that the country’s sovereign rating upgrade from ‘Baa2 negative’ is unlikely to be made in the near term due to the coronavirus-led recession, high debt levels as well as weak policy measures. “The negative outlook reflects increasing risks that economic growth will remain significantly lower than in the past. This is in light of the deep shock triggered by the coronavirus outbreak, and partly reflects lower government and policy effectiveness at addressing long-standing economic and institutional…
Benchmark indices ended the week lower, with a near 6.3 per cent fall on the Nifty. The drop came largely on the back of a severe fall at the start of the week, after which the markets could not recoup those losses. In the next few weeks, there would be enormous liquidity that would be sucked out. Glaxo Smithkline sold shares last week in HUL, for more than Rs 22,000 crores. Apart from this, there are unconfirmed reports that the government will sell its entire holdings in ITC and Axis Bank later this week to garner Rs 22,000 crores. This…
The Rights Issue Committee constituted by the Board of Directors of Reliance Industries Ltd has, at its meeting held today, fixed Thursday, May 14, 2020 as the ‘Record Date’ for the purpose of determining the equity shareholders entitled to receive the rights entitlement in the rights issue (‘Eligible Shareholders’). The Company has obtained International Securities Identification Number (ISIN): INE002A20018 for the purpose of credit of the rights entitlements in accordance with the provisions of Regulation 77A of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018 read with relevant circulars in this regard issued…
Hero MotoCorp, the world’s largest manufacturer of motorcycles and scooters, has commenced its retail operations with the re-opening of more than 1500 customer touchpoints including authorized dealerships and service centers. These outlets contribute to around 30% of the Company’s total domestic retail sales. 10,000 units of motorcycles and scooters have already been sold since the reopening of these customer touch points. Keeping the safety and wellbeing of everyone as top-most priority, the Company has issued a Restart Manual to all its Dealerships, Service Centers and Parts distributors. Hero MotoCorp also commenced vehicle dispatches from its manufacturing facilities for the current…
The country’s second largest private sector bank ICICI Bank in its fourth quarterly results reported a standalone profit of Rs. 1221 crore. In the year ago period, profit at the bank came in at Rs. 969.06 crore. Net interest income for the period under review stood at Rs 8,927 crore against Rs 7,620.06 crore in year-ago period. ICICI Bank Post Q4FY20 Profit Of Rs. 1221 CroreICICI Bank Post Q4FY20 Profit Of Rs. 1221 Crore; Asset Quality Improves YoYFor the financial year ended March 31, net profit of the company grew 136% year-on-year to Rs 7,931 crore. On a combined basis,…
Under this system, people can apply for tokens through a web link www.qtoken.in which will give customers a specific time for purchasing alcohol so that there is no violation of social distancing norms placed to the curb the spread of COVID-19, as they wait outside liquor stores. The e-token is sent on mobile phones of registered people. The Delhi government has allowed around 200 liquor shops to operate in the city. “The government has so far issued around 4.75 lakh e-token since Thursday evening to people to buy liquor without standing in long queues,” the official said. People are required…