Author: Finance Khabar
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…
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…