Author: Finance Khabar
CRISIL has revised its outlook on the long term debt instruments of Shriram City Union Finance Limited (Shriram City) to ‘Negative’ from ‘Stable’ and reaffirmed the rating at ‘CRISIL AA’. The rating on commercial paper has been reaffirmed at ‘CRISIL A1+’. The outlook revision reflects expected pressure on Shriram City’s asset quality due to the nation-wide lockdown and challenging economic environment. The company largely caters to borrowers with modest credit profile and relatively under-banked customers. The non-regular income pattern and lack of financial flexibility of these borrowers may lead to higher delinquencies. CRISIL believes that the company’s MSME loan segment…
On Thursday, the Indian stock benchmark indices ended lower after a volatile session. BSE’s Sensex closed 242.37 points or 0.76 percent lower at 31,443.38 and Nifty closed 71.85 points or 0.78 down at 9,199.05. Bharti Infratel was the biggest gainer for the day among Nifty stocks, up by 7.1 percent. On the other hand, NTPC, Kotak Mahindra Bank and ONGC were among the losers that dragged the indices lower. NTPC closed 4.3 percent lower and Kotak Mahindra Bank fell as much as 4.5 percent during trade after it announced that it has decided to make 10 percent reduction in salaries…
Kotak Mahindra Bank in an internal e-mail communication has informed its employees that it will be cutting CTC (cost-to-company) of all employees earning over Rs 25 lakh per annum, a Moneycontrol report said. “We have decided on a 10 percent reduction in CTC for all colleagues with a salary of more than Rs 25 Lakh per annum, with effect from May 2020 for FY21. Employees earning less than Rs 25 lakh p.a. will not be impacted,” the report quoted the email saying. The decision has been reportedly taken in light of the impact of COVID-19 on Kotak Mahindra Bank’s business.…
On Thursday, the State Bank of India (SBI) introduced a new scheme for senior citizens called “SBI Wecare Deposit” for senior citizens in its retail term deposit segment. The scheme aims at safeguarding the interest of senior citizens in fixed deposits amid falling rate of return. Under this scheme, those aged over 60 years will get an additional 30 basis points (0.30 percent) premium on term deposits (also known as fixed deposits) with tenure of 5 years and above. The lender said that the scheme will be effective till 30 September 2020. For retail term deposits (FDs) of ‘below 5…
The country’s leading public sector bank State Bank of India (SBI) has yet again slashed its lending rates by 15 basis points across tenure. 1 bps is one-hundredth of a percentage point. The new lowered rate shall come into effect from May 10. 1-year lending rate now becomes 7.25% from the earlier 7.40%. Also, on the sidelines the bank has lowered interest rate on retail term deposits by 20 bps for tenures up to 3 years. The new rate on term deposits shall come into force from May 12. India’s largest public sector bank has cut interest rates on retail…
Bajaj Consumer Care the well-known Indian FMCG company, has launched Bajaj Nomarks Hand Sanitizers in April’20. The new launch marks the entry of Bajaj Consumer Care in the Personal Hygiene Segment. The launch is aimed at serving our fellow countrymen in this time of COVID-19 where personal Health and Hygiene is essential. The new range of Hand Sanitizers, have more than 70% alcohol which is required to give the user protection against germs. Use of alcohol does make the hand dry and hence we have added Neem and Aloe-Vera extracts to moisturize the hands. A distinct Lemon perfume makes the…
Zydus Cadila has received final approval from the USFDA to market Deferasirox Tablets for Oral Suspension (US RLD: Exjade™ Tablets for Oral Suspension) in the strengths of 125 mg, 250 mg and 500 mg. Deferasirox binds to iron and removes it from the bloodstream. It is used to treat iron overload caused by blood transfusions in adults and children who are at least 2 years old. It is also used to treat chronic iron overload syndrome caused by a genetic blood disorder (non-transfusion dependent thalassemia) in adults and children who are at least 10 years old. The drug will be…
ICICI Securities Ltd has reported financial results for the period ended March 31, 2020. Financial Results (Q4 FY19-20) – QoQ Comparison The company has reported total income of Rs.481.94 crores during the period ended March 31, 2020 as compared to Rs.422.67 crores during the period ended December 31, 2019. The company has posted net profit / (loss) of Rs.155.88 crores for the period ended March 31, 2020 as against net profit / (loss) of Rs.137.23 crores for the period ended December 31, 2019. The company has reported EPS of Rs.4.83 for the period ended March 31, 2020 as compared to…
New Delhi: After two days of losses in which the Sensex and the Nifty lost almost 7 per cent, the indices ended the day marginally higher. Good gains in HDFC Bank, HDFC and ICICI Bank managed to help the market break the two day losing streak. The Sensex ended the day with gains of 232 points, while the Nifty closed higher by 65 points. Shares in Oil Marketing Company stocks, including those of Indian Oil, BPCL and HPCL fell sharply, following a hike in petrol and diesel excise rates. The central government had hiked the excise duty by Rs 10…
New Delhi: Amid tax revenue loss from the ongoing lockdown, the central government will stand to gain close to Rs 1.6 lakh crore in additional income this fiscal year after a record increase in excise duty on petrol and diesel, a PTI report said. The hike in duties will help the government make up for a decline in tax collections due to in a slowing economy and closure of some businesses due to the pandemic. Govt Will Gain Around Rs 1.6 Lk Cr More From Steepest Hike In Fuel Excise DutyLate on Tuesday evening, the central government hiked excise duty…
New Delhi: Shares in Oil Marketing Company stocks, including those of Indian Oil, BPCL and HPCL fell sharply, following a hike in petrol and diesel prices. Shares in BPCL fell nearly 8 per cent, while HPCL was locked at the lower end of the circuit filter with a drop of 10 per cent. Indian Oil Company saw its shares fall by 5 per cent. The central government had hiked the excise duty by Rs 10 per litre on petrol and Rs 13 per litre on diesel, late Tuesday night. This is largely to mop-up revenue at a time when economic…
New Delhi: The government is reportedly looking to raise Rs 22,000 crore by selling its entire stake of 7.94 pecent in ITC Ltd and 4.69 percent in Axis Bank, through the Specified Undertaking of the Unit Trust of India (SUUTI) in a bulk deal on the stock exchanges. An Economic Times report citing sources said that the government is hoping to complete the transaction by the end of this week or early next week. Shares of ITC Ltd were trading 6 percent lower on Wednesday, Axis Bank fell over 3 percent before recovery. Sources told ET that various mutual funds…
New Delhi: On Wednesday, leading realty firm Tata Housing launched an online campaign to sell completed housing units in its 17 projects. Prospective buyers can make a booking by paying 10 percent now and rest in January next year. The campaign comes amid a decline in demand for real estate due to the COVID-19 outbreak. Real estate developers and brokers are adopting digital marketing tools to sell residential apartments to limit the impact of the crisis. Tata Housing Opens Bookings Online To Sell Ready FlatsTata Housing Development Company said in a statement that the company has launched the “Happy Place…
New Delhi: Dr. Reddy’s Laboratories Ltd. (BSE: 500124, NSE: DRREDDY, NYSE: RDY, along with its subsidiaries together referred to as “Dr. Reddy’s”) today announced the launch of Desmopressin Acetate Injection USP, 4 mcg/mL Single-dose Ampules, a therapeutic equivalent generic version of DDAVP (desmopressin acetate) Injection , 4 mcg/mL, approved by the U.S. Food and Drug Administration (USFDA). The DDAVP (desmopressin acetate) Injection USP brand and generic market had U.S. sales of approximately $20.9 million MAT for the most recent twelve months ending in March 2020 according to IQVIA Health*. Marc Kikuchi, CEO, North America Generics, Dr. Reddy’s Laboratories, commented, “The…
New Delhi: Sustaining its commitment of contributing towards the well-being of healthcare workers during the COVID-19 pandemic, with the able guidance of the Principal Scientific Advisor’s (PSA) Office to the Prime Minister, GoI, PNB Housing Finance Limited (PNBHFL) signed a Memorandum of Understanding (MoU) with IIT Delhi (Indian Institute of Technology). The initiative will support critical research and development (R&D) of a unique prototype material to be used in manufacturing sustainable (washable and reusable) PPE (Personal Protective Equipment) surgical gowns and masks. These will then be supplied to notable government hospitals. In managing patients afflicted with the highly-contagious COVID-19, healthcare…
A private survey that tracks India’s services activity recorded “an extreme decline” last month following a nationwide lockdown to curb the spread of the coronavirus. The IHS Markit India Services Business Activity Index came in at 5.4 in April — markedly lower than a Reuters poll forecast of 40, and the previous month’s 49.3, according to a statement by IHS Markit. A reading above 50 indicates expansion, while below 50 represents contraction. “According to panellists, activity fell severely as a result of the nationwide lockdown, leading businesses to shut down their operations as demand collapsed,” the statement read.
New Delhi: TVS Motor Company, a reputed manufacturer of two-wheelers and three-wheelers in the world, has commenced its operations in India across all factories in Hosur, Mysuru and Nalagarh. The safety of employees and community is of paramount importance to TVS Motor Company. A comprehensive preparedness manual has been designed for employees to ensure complete adherence to necessary safety guidelines to help minimise the spread of the virus. At all its manufacturing facilities, the company has undertaken exhaustive measures to ensure safe workplace for employees with appropriate social distancing and highest standards of hygiene. Work from Home option also continues…
The Board of Directors of Kansai Nerolac Paints Ltd in its meeting held on May 06, 2020, has recommended a dividend of 315% (Rs. 3.15 per equity share of the face value of Re. 1 each), for the financial year ended March 31, 2020. This compares with a dividend of 260% (Rs. 2.60 per equity share of the face value of Re. 1 each) declared for the financial year ended March 31, 2019. Shares of KANSAI NEROLAC PAINTS LTD. was last trading in BSE at Rs.389.8 as compared to the previous close of Rs. 388.75. The total number of shares…
Extension of lockdown has raised fears of prolongation in economic recovery in the current fiscal year for India. Banking stocks have been seeing severe corrections on concerns over deteriorating asset quality on a possible rise in NPAs (non-performing assets) as businesses, especially small and medium scale, are expected to make losses due to the lockdown. In a recent report, Bank of America Merill Lynch (BofAML) further downgraded its outlook on the Indian banking sector “as the various stakeholders remain hamstrung.” It said that RBI’s liquidity injections are not having the desired effect due to various bottlenecks and risk aversion at…
Virgin Atlantic announced Tuesday it will cut 3,150 jobs, becoming the airline to announce a reduction in headcount because of the coronavirus crisis. The airline said it was entering a consultation period of 45 days, during which time it will work with trade unions BALPA and Unite on the restructuring. “We have weathered many storms since our first flight 36 years ago, but none has been as devastating as Covid-19 and the associated loss of life and livelihood for so many,” CEO Shai Weiss said in a statement. “However, to safeguard our future and emerge a sustainably profitable business, now…