Author: Finance Khabar

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…

The Board of Directors in the said meeting has recommended a dividend of Rs. 28/- per equity share of Rs. 5/- each of the Company, for the financial year ended March 31, 2020, subject to approval of the shareholders at the ensuing Annual General Meeting. The dividend if approved by the shareholders, will be dispatched / remitted commencing from the day after the ensuing Annual General Meeting.

Bengaluru: Tata’s jewelery brand Tanishq announced on Saturday the reopening of its 328 stores across the country. The store which has been closed for about one and a half months will be opened in a phased manner and will start with 50 stores on Sunday. Tanishq said in a statement that it would comply with all safety and safety regulations related to the corona virus during the reopening and operation of the store. Tanishq said that the company has introduced the gold standard security e-book. This reflects the company’s commitment to the safety and welfare of customers and its employees.

The Trump administration is working on placing a temporary ban on the issuance of some work-based visas like H-1B, which are popular among highly-skilled Indian IT professionals, as well as students visas and work authorisation that accompanies them, as unemployment levels spike in the US due to the coronavirus pandemic, a media report said on Friday. US Working To Temporarily Ban Work-Based Visas Like H1-B: Report”The president’s immigration advisers are drawing up plans for a coming executive order, expected this month, that would ban the issuance of some new temporary, work-based visas,” The Wall Street Journal reported on Friday. “The…

The CBDT (Central Board of Direct Taxes) has extended the period of re-registering charitable and religious trusts under the Finance Act 2020 to 1 October. In the view of the unprecedented outbreak of COVID-19 that has caused a humanitarian and economic crisis, the CBDT has decided to implement a new procedure for approval/registration/notification of certain entities by deferring it by 3 months. Charitable & Religious Trusts Allowed More Time For Registration Compliance”In view of the unprecedented economic crisis emanating due to the COVID-19 situation, CBDT has deferred the implementation of new procedure for approval/registration/notification of certain entities u/s 10(23C),12AA, 35…

On Friday, the Reserve Bank of India (RBI) received 4.8 times the notified bids at the auction of the new 10-year government security paper (G-Sec). These are scheduled to mature in 2030 and carry a coupon rate (interest) of 5.79 percent, the lowest since February 2009. The new rate is reflective of the RBI’s aggressive rate-cutting and liquidity injection operations. In post-issue trading, the bond closed at 5.72 percent at a price of Rs 100.55. At the auction, the G-Secs received 466 bids aggregating Rs 48,040 crore, prompting RBI to exercise the greenshoe option of RS 2,000 crore. This meant…

After three high profile investments into Jio, as per a Bloomberg report 2 more companies are looking to buy a stake into the $65-billion digital arm of Reliance Industries. A Bloomberg report citing sources privy to the development said General Atlantic, the US-based private equity firm is looking at an investment in the firm of $850 million to $950 million. The deal could be finalized as early as this month, though as of now no agreement has been entered into. In a separate report, Bloomberg said Public investment Fund (PIF) of Saudi Arabia is also looking at buying a minor…

The rating committee of CARE has reaffirmed the long-term rating of Indiabulls Housing Finance Limited at “CARE AA”. The perpetual debt rating has been reaffirmed at “CARE AA-“. Rating outlook has been revised to negative. The short-term rating has been reaffirmed at “CARE A1+”. CARE noted the following in reaffirming the ratings and revising the outlook: Strong liquidity positionEstablished track record as one of the largest HFCs and experienced managementComfortable capitalization levels: Total Capital Adequacy ratio at 29.0% as on December 31, 2019

The Board of Directors of SBI Life Insurance Company Ltd, at its Meeting held on May 08, 2020, has approved the appointment of Mr. Mahesh Kumar Sharma currently Deputy CEO, as the Managing Director & CEO of the Company with effect from May 9, 2020, subject to IRDAI approval. The current Managing Director & Chief Executive Officer of the company, Mr. Sanjeev Nautiyal, has been posted as Deputy Managing Director in SBI and accordingly will be relieved of his duties as Managing Director & Chief Executive Officer of the Company from the close of business hours today. Mr. Sharma joined…

The Board of Directors of Oracle Financial Services Software Ltd at its meeting held today, has approved an Interim Dividend for the financial year 2019-20 of Rs. 180 per equity share of face value of Rs. 5/- each. The board has fixed Wednesday, May 20, 2020 as the Record Date for the purpose of said Interim Dividend and decided that the Interim Dividend be paid on or before Saturday, June 6, 2020. Shareholders whose names appear on the list of members of the Company as at close of business on Wednesday, May 20, 2020 shall be entitled to the said…

SBI General Insurance launched the standard health insurance policy – Arogya Sanjeevani Health Insurance Policy SBI General Insurance. The policy provides hospitalisation cover anywhere in India with sums insured ranging from Rs. 1 lakh to Rs. 5 lakhs. Pushan Mahapatra, MD & CEO, SBI General Insurance said, “The introduction of Arogya Sanjeevani is a welcome development as this is a product which has been designed at the instance of Insurance Regulatory and Development Authority of India (IRDAI) with standard coverage and affordable premiums. We are confident that it will help in achieving the regulatory aim of improving the penetration of…

On Friday, Mahindra announced the launch of its end-to-end online car owning solution called “Own-Online.” The SUV maker’s network of 270 plus dealers and 900 plus touchpoints have been integrated into the website for real-time assistance, hygienic home test-drives and vehicle delivery. The company said that in 4 steps, a customer can avail of online exchange, finance and insurance, personalize and own their chosen Mahindra vehicle. The customer will be able to personalize the vehicle, choose finance and insurance assistance and make payment online. He/she can then get contactless delivery of the vehicle at their preferred location. “Own Online allows…

If your food cravings have piled up through the quarantine, it is time to unleash the fried chicken one! McDonald’s India now has an all new McSpicy Fried Chicken on its menu that brings you the goodness of chicken and a spicy treat all at once. This newbie on the menu boasts of flavours and spiciness till the last bite. The new McSpicy Fried Chicken is rich in protein, has no added flavours, colours or preservatives. McDonald’s India uses the best quality chicken and does not administer any growth promoters to it. As a part of the McDonald’s quality and…

Indian tyre industry major and the pioneer of radial tyre technology in the country, JK Tyre & Industries Ltd, today announced partial resumption of operations after adhering to the guidelines issued by the Ministry of Home Affairs, Government of India and permissions granted by the respective state governments and local authorities. JK Tyre has commenced production in a graded manner at its manufacturing facilities in Chennai (Tamil Nadu), Kankroli (Rajasthan) and Laksar (through Cavendish industries Ltd.- subsidiary company, in Uttarakhand). The Company has also resumed operations at its global Research & Development hub, Raghupati Singhania Centre of Excellence, Mysore, Karnataka.…

Pharma major Lupin Limited (Lupin) today announced the successful close out of the inspection carried out by the Medicines and Healthcare products Regulatory Agency (MHRA), the regulatory agency of the United Kingdom (UK), at its three manufacturing units in Pithampur (India). The inspection for the three units at Pithampur (Unit I, Unit II and Unit III) was conducted in January 2020. Commenting on the positive outcome, Nilesh Gupta, Managing Director, Lupin said, “We are committed to maintaining truly global quality standards at all our manufacturing facilities. The successful close out of the inspection at Pithampur, and release of the inspection…

SBI Cards and Payment Services Ltd has reported financial results for the period ended March 31, 2020. The company has reported total income of Rs.2510.39 crores during the period ended March 31, 2020 as compared to Rs.2563.20 crores during the period ended December 31, 2019. The company has posted net profit / (loss) of Rs.83.54 crores for the period ended March 31, 2020 as against net profit / (loss) of Rs.434.66 crores for the period ended December 31, 2019. The company has reported EPS of Rs.0.89 for the period ended March 31, 2020 as compared to Rs.4.66 for the period…