Author: Finance Khabar
New Delhi: Salaries of CEOs of the country’s top mutual fund companies increased during 2019-20. Milind Barve of HDFC Mutual Fund got the highest salary. These trends were seen due to strong growth in business. According to an analysis of data made public by mutual fund companies, CEOs in the top 12 fund houses are determined on the basis of asset increases under salary management. However, the remuneration of the CEOs of Aditya Birla Sunlife MF, Nippon India MF and DSP MF declined by 19 percent during the period under review. Salaries of Chief Investment Officers also increased in most…
New Delhi: Withdrawal from Indian capital markets by foreign portfolio investors (FPIs) continued for the second consecutive month in April. FPIs netted Rs 15,403 crore from Indian capital markets in April amid the Corona virus crisis. According to the depository data, during April 1 to 30, FPIs pulled out Rs 6,884 crore net from the shares. At the same time, he made a net withdrawal of Rs 8,519 crore from the bond or loan market. In this way, he pulled out Rs 15,403 crore from the Indian capital markets. In March, FPIs made a record Rs 1.1 lakh crore withdrawal…
New Delhi: After the closure of Punjab and Maharashtra Co-operative Bank, now another bank CKP Co-operative Bank has closed. RBI has canceled the license of this bank and stopped its functioning. Citing the reason for the cancellation of the license of the CKP co-operative bank, the RBI said, “The financial condition of this bank is very bad. No concrete plan of merger of this bank with any other bank has been revealed so far. The management has not made any credible commitment to bring the bank’s condition back on track. ‘ According to the DICGC Act, 1961, along with announcing…
New Delhi: Non-performing assets of Bank of Baroda soared more than six-fold to Rs 73,140 crore while those of Indian Bank surged four-times to Rs 32,561.26 crore in six years, according to a Right to Information reply. The NPA of Bank of Baroda (BoB) rose from Rs 11,876 crore at March-end 2014 to Rs 73,140 crore at December-end 2019, the RTI reply showed. The number of NPA accounts rose from 2,08,035 as on March 31, 2014, to 6,17,306 as of December 2019. The NPAs of Indian Bank surged from Rs 8,068.05 crore as on March 31, 2014, to Rs 32,561.26…
New Delhi: The government may soon provide much-needed relief to the MSME sector through a financial package that has been among the key demands from MSMEs to tide over current liquidity and cash flow challenges due to the Covid-19 lockdown. MSME Minister Nitin Gadkari in a webinar on Saturday said that the government is likely to announce a relief package for the MSME sector soon. “We have sent recommendations for a relief package to the Finance Minister and Prime Minister and I hope it will be announced soon. We will try to give relief to the extent possible,” the minister…
New Delhi: A Meeting of the Board of Directors of Godrej Agrovet Limited (‘the Company’) is scheduled to be held on Monday, May 11, 2020, to consider, approve and take on record the standalone and consolidated audited financial results of the Company for the Quarter and Financial Year ended March 31, 2020, after these results are reviewed by the Audit Committee. The board will consider recommendation of Final Dividend on the Equity Shares of the Company for the Financial Year ended March 31, 2020, if any.
After receiving necessary approvals and permissions from the concerned administrative authorities, The Indian Hume Pipe Company Limited has partially resumed some activities in its some of the Drinking Water Supply schemes, Irrigation projects and Drainage projects in Maharashtra, Gujarat, Madhya Pradesh, Chhattisgarh, Telangana, Karnataka, Andhra Pradesh and Uttar Pradesh. There are some challenges on availability of labour. The Company’s factories continue to remain temporarily closed due to lockdown directives in force as of date except some of the factories where pipe testing and dispatch activities have begun after taking necessary administrative approvals and precautionary measures. The Company’s factories would resume…
Berkshire Hathaway Chairman and billionaire value investor Warren Buffett said that the conglomerate has sold the entirety of its equity position in the U.S. airline industry. The prior stake, worth north of $4 billion dollars in December, included positions in United, American, Southwest and Delta Airlines. “The world has changed for the airlines. And I don’t know how it’s changed and I hope it corrects itself in a reasonably prompt way,” he said during Berkshire’s annual shareholder meeting Saturday, which was virtual this year. “I don’t know if Americans have now changed their habits or will change their habits because…
New Delhi: The recent decline in oil prices has given state governments an opportunity to hike duties on fuel to raise tax revenue sources amid increased expenditure and loss of tax income due to the nationwide lockdown to curb the spread of COVID-19. On Thursday, Haryana became the fourth state to hike duties on fuel. The state government decided to partially restore the VAT rate on the sale of diesel and petrol with an increase of Re 1.1 and Re 1 per litre, respectively. As per the proposed amendment, the rate of tax will be restored to 25 percent (effective…
In February, the agency downgraded the sector as it believed that the lockdown in parts of China due to the outbreak of coronavirus pandemic would affect the drug manufacturing companies in India which are dependent on the neighbouring country for raw material supplies. It considered the possible shortage or increase in prices of essential active pharmaceutical ingredients (API). APIs are the basic ingredients for manufacturing drugs. India, being the largest provider of generic drugs in the world, was expected to see a disruption in its supply chain, especially the smaller pharma companies that do not maintain large inventories. In its…
Mumbai: Bank of Baroda today conducted a ‘Mega MSME Outreach Programme’ in a unique initiative to connect with MSME borrowers across entire country at a time when the sector is passing through an extremely difficult phase on account of the COVID-19 pandemic and subsequent lockdown. A large number of MSME borrowers along with the Bank’s concerned General Managers, Zonal Managers, Regional Managers, Branch Managers and Heads of SME Loan factories participated in the live webinar, which was hosted by Executive Director Shri Vikramaditya Singh Khichi. It was an exercise to address the concerns of MSMEs and inform them about various…
New Delhi: Prime Minister Narendra Modi along with Home Minister Amit Shah, Finance Minister Nirmala Sitharaman and officials of economic ministries to give second relief package to industries affected by lockdown implemented across the country for prevention of corona virus infection had several meetings on Saturday. Sources gave information about this. Sources said that the Prime Minister held discussions with Shah and Sitharaman. He will also hold meetings with ministers of other major economic ministries like micro, small and medium enterprises (MSME) on related issues. Later on Saturday, the Finance Ministry will also give a detailed presentation to Prime Minister…
New Delhi: Polycab India Limited (PIL) announced today that it has signed an agreement with Trafigura Pte Ltd, Singapore (Trafigura) to acquire 50% stake in Ryker Base Private Limited (Ryker) thereby terminating the existing joint venture (JV). PIL had entered into a 50:50 JV with Trafigura in 2016 to incorporate Ryker with an aim to strengthen backward integration of its operations and improve quality of its key input i.e., copper. Post Trafigura’s global strategic decision to exit from value-add manufacturing businesses in India where it is a JV partner, PIL decided to acquire balance 50% stake in Ryker from Trafigura…
A meeting of the Board of Directors of Avantel Ltd is scheduled to be held on Saturday, 9th May, 2020 at Jubilee Heights, Plot No. 68 & 69, Survey No’s. 66 & 67, Madhapur, Hyderabad – 500 081, Telangana to consider and approve, the audited financial results of the company for the fourth quarter and financial year ended 31st March, 2020. The board will consider recommendation of the dividend, if any, for the financial year ended 31st March, 2020. The board will fix date for the 30th Annual General Meeting of the Company and consider the date for the closure…
The Board of Directors of Mahindra Logistics Limited (“the Company”), at their Meeting held today viz. Saturday, 2 May 2020, have, approved borrowing of funds including by way of availing additional working capital facilities, credit facilities, term loans, issue of listed/unlisted Commercial Papers through private placement, issue of Non-Convertible Debentures through private placement up to an aggregate amount of Rs. 250 Crores, in one or more tranches and subject to such regulatory approvals as may be required.
Washington: Amid the coronavirus pandemic, the US government has allowed a grace period of 60 days to green card applicants as well as H-1B visa holders who were earlier sent notices for submission of some documents. Accordingly, the US Citizenship and Immigration Services (USCIS) on Friday said the extension has been served in respect of continuation to request evidence (N-14), notices of intent for denying, notices of intent for revoking, notices of intent to rescind, request for evidence as well as for filing date requirements for Form I-290B, Notice of Appeal or Motion. “USCIS will consider a response to the…
Mumbai: Maharashtra’s Health Minister Rajesh Tope announced that all citizens of the state will be given a free health insurance scheme and will also become the first state in India to provide free cashless insurance to all its citizens. The announcement was made on the occasion of Maharashtra day. On Friday, Tope said that 85 percent of Maharashtra’s population was covered under the Mahatma Jyotiba Phule Jan Arogya Yojana (MJPJAY) at present and the cover will be extended to the remaining 15 percent. “A memorandum was signed to include government, semi-government employees and white ration cardholders in the scheme in…
New Delhi: In the latest sovereign gold bonds (SGB) issue that ended two days ahead of Akshaya Tritiya 2020 (26 April), the Government of India sold bonds worth Rs 822 crore. According to a Business Standard report that ascertained official sales data, the amount of SGBs sold was the third-highest ever since the government’s first issue in September 2016. In terms of quantity, of the underlying gold, at 1.77 tonnes, the sale in April was the highest since July 2017. While these numbers may have been a result of lesser gold investment venues for investors for the auspicious occasion of…
India : In light of the falsified news about Mr. Joy Alukkas that has been doing the rounds, Joyalukkas group would like to confirm that he is safe and healthy. The confusing messages, now viral on social media, reports the death of Dubai-based businessman, Mr. Joy Arakkal, who does not have any association with the Joyalukkas group. Joyalukkas mourns his demise and extends heartfelt condolences to the family in this trying time.
New Delhi: Billionaire industrialist Mukesh Ambani has stepped up efforts to make Reliance Industries completely debt free. Reliance Industries has a net debt of Rs 1.61 lakh crore. Ambani wants to make the company completely debt free by adding more strategic investors. Ambani, chairman and managing director of Reliance Industries, had set a target of completely debt-freeing by August 2021 in August last year. He has recently tied up with Facebook for $ 5.7 billion, or Rs 43,547 crore. Facebook will acquire 9.9 percent stake in Reliance Jio. Apart from this, Reliance Industries has announced a rights issue of Rs…