Author: Finance Khabar
During his annual general meeting, ace investor Warren Buffet advises credit card not be used as a piggy bank. This he iterated while providing outlook for the credit card industry when responding to one of the queries. This is when the world is facing such hard times due to coronavirus infection and is confronting job loss, salary cuts as well as delay. Then he recalls his discussion with one of his women friend who sought his advice on what to do with the money she owns. Then Warren Buffet asked if she owes anything to the credit card and the…
Benchmark indices dropped in trade, despite reasonably good global cues as investors worried over a sudden spike in Covid 19 cases. On Monday, Coronavirus cases jumped by near 4,000, even as lockdown was eased. At one stage the Sensex touched a high of as much as 32,264 points, but, gave up all gains to end 811 points lower from the day’s high. Reports that more than a quarter of India’s labour force is without a job post the nationwide lockdown to combat Covid-19 also impacted sentiments. The Sensex ended the day lower by 261 points at 31,453 points, while the…
On Tuesday, Mumbai-based think-tank CMIE’s (Centre for Monitoring Indian Economy) estimates showed that the unemployment rate in India had surged to 23.52 percent in April, the highest since the survey began in 2016. It is also the first time that the percentage of unemployment is in double digits. As per CMIE’s unemployment data, 24.95 percent of the labour force was without work in urban India and 22.89 percent in rural India. In comparison, the unemployment rate in March stood at 8.74 percent, with 9.35 percent in urban India and 8.45 percent in rural India. The spike in numbers comes due…
Tata Consultancy Services (TCS), (BSE: 532540, NSE: TCS), a leading global IT services, consulting, and business solutions organization, announced the launch of TCS WaferWise™, a cloud-based wafer anomaly detection solution that harnesses the company’s contextual knowledge of the semiconductor industry and the power of deep learning technology, to help chip makers digitally reimagine their product quality assurance process. Sophisticated quality inspection of wafers during the semiconductor manufacturing process is essential to detect and classify defects early and accurately, as well as improve quality. Several companies still run manual inspections that rely heavily on human expertise. This makes the process prone…
India Ratings and Research (Ind-Ra) has placed the Shriram Transport Finance Company’s Long-Term Issuer Rating of ‘IND AA+’ on Rating Watch Negative (RWN). The Outlook was Stable. The Short-term Rating has been affirmed at ‘IND A1+’. The RWN reflects limited near-term visibility on the impact of the measures taken by the authorities to contain the spread of the COVID-19 pandemic on STCF’s asset quality and credit costs. The agency believes the loss of income over an extended timeframe because of the lockdown will have a detrimental impact on the borrowers’ cash flows and disrupt collections of non-banking finance companies (NBFCs),…
In view of the unprecedented COVID-19 situation and the ensuing lockdown, Tata Steel, as a responsible corporate, introduced an e-learning initiative to help students and working professionals leverage the time available during the lockdown to upskill and upgrade their knowledge on various relevant topics. A total of 27 e-learning courses from across disciplines were availed as part of the initiative. While the portal hosting the e-learning modules witnessed a traffic of over 3.6 lakh users, more than 8 lakh course licenses were issued. Prakash Singh, Chief, Capability Development, Tata Steel said: “The current COVID-19 situation offers a window of opportunity…
The Rating Committee of ICRA, after due consideration, has reaffirmed the long-term rating of Archies Limited for the Line of Credit (LOC) of Rs. 33 crores at [ICRA]BBB- (pronounced ICRA triple B minus). The Outlook on the long-term rating has been revised to Negative from Stable. Shares of ARCHIES LTD. was last trading in BSE at Rs.11.4 as compared to the previous close of Rs. 11.15. The total number of shares traded during the day was 10605 in over 27 trades.
Stove Kraft Ltd, the manufacturer of kitchen appliances, has received permission from markets regulator SEBI to float its initial public offering (IPO). The public offer will comprise a fresh issue of equity shares aggregating up to Rs 145 crore and an offer for sale of up to 71.63 lakh equity shares, according to the draft red herring prospectus (DRHP). The offer for sale (OFS) comprises about 6.40 lakh shares by promoter Rajendra Gandhi; up to 2.50 lakh shares by promoter Sunita Rajendra Gandhi, up to 13.11 lakh shares by Sequoia Capital India Growth Investment Holdings and up to 49.61 lakh…
The ongoing economic disruption across the world, due to Covid-19 has highlighted the dangers of manufacturing activities being concentrated in a single location and thrown up the need for diversification of supply chains and manufacturing. This has thrown up a huge opportunity for India – one of the fastest growing economies of the world and an attractive investment destination which offers strong democratic governance, a well-established judicial system, a young work force, one of the largest domestic markets and favourable investment policies. In order to further promote Make in India and support international companies for setting up manufacturing in India,…
New Delhi: For the first quarter of FY21 as the lockdown remains in force from March 25 to now May 17 CEA K V Subramanian said the GDP will contract to meager 1-2%.And thereafter in the second quarter ending September some growth can be expected as migrant labor may return to job and industries resume operations and there is seen streamlining in logistics and supply chain. Further as told to the agency, he said that job losses due to continuing uncertainty can be hard to predict. Also on the sidelines he said that as the global sentiments remain weak there…
Mumbai: A cocktail of bad news, including rising tensions between US and China, poor corporate results and increasing Covid-19 cases, dragged the Indian markets lower with the Sensex ending the day more than 2,000 points lower. Global markets were extremely weak with all round selling seen in the European markets and Asian markets. Dow Futures also pointed to lower openings for the US Markets. The Sensex ended the day with losses of 2002 points, while the Nifty closed the day with losses of 566 points. Banking stocks saw some massive selling pressure with the Bank Nifty closing the day almost…
BharatPe, the Delhi-based startup, launched two voice-based applications on Monday that will help accountholders access transactions and balance without having to touch their phones amid COVID-19 outbreak. BharatPe Launches Voice-Based Feature On Its UPI App To Avoid Touching PhoneThe merchant payment and lending network provider launched ‘Paisa Bolega,’ a voice alert function that instantly reads aloud confirmations of all payments received through their BharatPe QR to shopkeepers, without touching the phone. BharatPe Balance will give information about the total money available to the shopkeeper across deposits, loans and daily collections through quick response (QR). During the lockdown, the company has…
Castrol India Ltd had announced regarding temporary suspension of all plant operations of the Company during the nation-wide lockdown, we hereby inform you that based on the permissions received from the local Government authorities, the Company has safely and partially resumed operations at its Silvassa plant. The operations at Silvassa are being carried out in complete compliance with the precautionary measures, conditions and directions as mentioned in the guidelines / orders from respective Government authorities regarding the COVID-19 safety advisories. Castrol is taking all necessary measures to support its employees, support staff, distributors and suppliers during these difficult times as…
Aurobindo Pharma Limited has received final approval from the US Food & Drug Administration (USFDA) to manufacture and market Flucytosine Capsules, 250 mg and 500 mg. Flucytosine Capsules are generic version of Bausch Health’s Ancobon® Capsules. The product will be launched in June 2020. The approved product has an estimated market size of US$ 43 million forthe twelve months ending March 2020, according to IQVIA. Flucytosine Capsules are indicated for the treatment of serious infections caused by susceptible strains of Candida and/or Cryptococcus. This is the 3 rd ANDA to be approved out of APL Healthcare formulation facility in Hyderabad,…
Hero MotoCorp, the world’s largest manufacturer of motorcycles and scooters, is rapidly gearing up to commence operations, as per the guidelines stipulated by the Ministry of Home Affairs of the Government of India. The decision by the Company comes in the wake of the relaxations put in place by the government on the countrywide lockdown and the necessary permissions granted by the local authorities. To begin with, Hero MotoCorp is commencing operations in a graded manner at three of its manufacturing plants – Gurugram and Dharuhera (both in Haryana), Haridwar (Uttarakhand) and additionally the Global Parts Center (GPC) at Neemrana…
Nava Bharat Ventures Ltd has resumed its operations (Power and Ferro Alloys) situated at Paloncha, Telangana and Dhenkanal, Odisha, after receiving the permissions with restrictions from the respective State Governments. However, the operations of our subsidiary, Nava Bharat Energy India Limited (150 MW Unit) at Paloncha, Telangana continue to be under shut down, as there is no bilateral contract and there being no alternative viable market on the power exchange.
A meeting of the Board of Directors of L&T Technology Services Ltd is scheduled to be held on Friday, May 15, 2020, to consider and approve the Audited Standalone and Consolidated Financial Results of the Company for the quarter & year ended March 31,2020 along with the Auditors Report thereon and to recommend Final Dividend, if any, for approval of the shareholders at the ensuing Annual General Meeting. The trading window for dealing in the securities of the Company has been closed for the Directors/Officers & KMP and Designated Persons from Wednesday, April 1,2020 till 48 hours after the declaration…
The Financial Resources and Management Committee of the Board of Directors of Manappuram Finance Ltd will be held on Friday, 08th May, 2020, to consider the proposed allotment for the issue of the Private Placement of Rated, Secured, Redeemable Non-Convertible Debentures for Rs.100 Crores (Rupees One Hundred Crores Only) with an option to retain oversubscription upto Rs.400 Crores (Rupees Four Hundred Crores Only) aggregating to Rs.500 Crores (Five Hundred Crores). Shares of MANAPPURAM FINANCE LTD. was last trading in BSE at Rs.134.3 as compared to the previous close of Rs. 125.85. The total number of shares traded during the day…
A meeting of the Board of Directors of Healthcare Global Enterprises Limited is scheduled on 07/05/2020, to consider and approve a proposal for raising capital by issue of equity shares / warrants / any other equity linked securities, through preferential basis, subject to such approvals, as may be required under applicable laws. Shares of HealthCare Global Enterprises Ltd was last trading in BSE at Rs.70.55 as compared to the previous close of Rs. 75.15. The total number of shares traded during the day was 34537 in over 1696 trades.
New Delhi: The Confederation of Indian Industry (CII) has said that economic activity has been severely affected by the lockdown implemented due to the corona virus. CII released a survey of CEOs (CEOs) on Sunday. 65 percent of the companies surveyed believe that their income will fall by more than 40 percent in the April-June quarter. The findings of the survey conclude that the sluggishness in the country’s economy is going to be long. 45 percent of CEOs surveyed said that it would take more than a year to bring the economy back to normal after the nationwide shutdown. More…