Author: Finance Khabar

New Delhi: Corona virus has caught countries around the world. The bullion market is closed due to the ongoing nationwide lockdown to prevent infection. At a time when investing in stocks and bonds does not seem to expect much return, investing in gold can be beneficial for you. Not only this, money can be doubled for those who invest in gold. There is a tremendous jump in the prices of gold and silver. The bullion market is witnessing a huge jump in the gold rate. Simply say that gold prices are continuously climbing. Currently the market situation is not able…

The Board of Directors of NHPC Limited in its meeting scheduled to be held on Wednesday, May 6, 2020 will consider the proposal for borrowing of Rs 2000 crore by raising of debt. Shares of NHPC LTD. was last trading in BSE at Rs.20.8 as compared to the previous close of Rs. 21.15. The total number of shares traded during the day was 590131 in over 1030 trades.

In accordance with the directives of the Government, and the complete lockdown in the country owing to COVID-19 pandemic, VE Commercial Vehicles Ltd. suspended operations and production across its factories in India, all company offices and dealerships in the country starting March 23, 2020. For the month of April, VECV’s manufacturing facilities across the country, and the entire supply chain including the company’s dealerships across India, remained affected in compliance with the Government directives. Due to this halt in operations, VECV has reported sales of 85 units in domestic and export for the month of April 2020. VECV will continue…

The company has reported total income of Rs.23.37 crores during the period ended March 31, 2020 as compared to Rs.23.14 crores during the period ended December 31, 2019. The company has posted net profit / (loss) of Rs.0.18 crores for the period ended March 31, 2020 as against net profit / (loss) of Rs.0.16 crores for the period ended December 31, 2019. The company has reported EPS of Rs.0.10 for the period ended March 31, 2020 as compared to Rs.0.08 for the period ended December 31, 2019. The company has reported total income of Rs.23.37 crores during the period ended…

New Delhi: The output of eight core infrastructure industries shrank by a record 6.5 per cent in March due to significant dip in production of crude oil, natural gas, fertiliser, steel, cement and electricity amid the coronavirus lockdown. The eight core sectors had expanded by 5.8 per cent in March 2019. In February this year, the sectors recorded a growth of 7 per cent. Production of crude oil, natural gas, refinery products, fertiliser, steel, cement and electricity contracted by 5.5 per cent, 15.2 per cent, 0.5 per cent, 11.9 per cent, 13 per cent, 24.7 per cent and 7.2 per…

New Delhi: Fitch has downgraded the viability ratings of ICICI Bank and Axis Bank. The agency has downgraded the bank’s Viability Rating (VR) by one notch to ‘bb’ from ‘bb+’. The rating actions come amid rapid deterioration in the operating environment for banks in India following the coronavirus pandemic and measures to contain the spread of the coronavirus, Fitch Ratings has said. “The downgrade of ICICI’s VR highlights heightened risks to its asset quality and earnings from the disruption in business and consumer activity that we expect to continue well beyond the lockdown in India. Uncertainty about how severely key…

New Delhi: Fuel retailers have slashed the price of a 14.2 kg non-subsidised LPG (liquified petroleum gas) cylinder for the third month in a row and the latest rates that come into effect from May 1. The move will benefit as many as 1.5 crore consumers who do not get subsidy amid the nationwide lockdown when demand for LPG has increased. Fuel retailers revise LPG cylinder prices on a month on month basis. Primarily, the domestic LPG price is dependent on the international benchmark rate of LPG and the rupee-US dollar exchange rate. Meanwhile, petrol and diesel rates have remain…

New Delhi: India’s largest passenger car maker, Maruti reported zero sales for the month of April, for the first time in its history. “Maruti Suzuki India Limited had zero sales in the domestic market, (including sales to OEM), in April 2020. This was because in compliance with the Government orders all production facilities were closed,” the company said in a filing to the BSE. Meanwhile, following resumption of port operations, the first export shipment of 632 units was undertaken from the Mundra port, ensuring that all guidelines for safety were followed. The sales number was largely on expected lines, though…

VIL’s Virtual Assistant, VIC, is now live on Vodafone Idea Websites, Apps and WhatsAppEmpowers customers to access service and support digitallyService built on cutting-edge AI from stealth mode start-up ORISERVE, in an exclusive partnership with VIL Meerut : Vodafone Idea, in an industry first move, today launched VIC – a revolutionary AI-powered digital customer service and support virtual assistant for its customers. It is now live on the Websites, My Vodafone and My Idea Apps, and on one of the most popular messaging app, WhatsApp. The service has been developed for Vodafone Idea on cutting-edge technology by ORISERVE, a start-up…

The company has reported total income of Rs.9475 crores during the period ended March 31, 2020 as compared to Rs.10208 crores during the period ended December 31, 2019. The company has posted net profit / (loss) of Rs.1515 crores for the period ended March 31, 2020 as against net profit / (loss) of Rs.1627 crores for the period ended December 31, 2019. The company has reported EPS of Rs.6.98 for the period ended March 31, 2020 as compared to Rs.7.51 for the period ended December 31, 2019. The company has reported total income of Rs.9475 crores during the period ended…

The Board of Directors of air conditioning and commercial refrigeration major Blue Star Limited, in its meeting held today, April 30, 2020, has approved issuance of Non-Convertible Debentures (NCD) up to Rs 500 crore through private placement on such terms and conditions to be agreed with the eligible investors. Based on this approval, the Company intends to issue NCD amounting to Rs 300 crore in the near term to primarily finance working capital and capital expenditure subject to the terms of the issue. Mr Vir S Advani, Vice Chairman & Managing Director adds, “We have always met our working capital…

The Board of directors of Reliance Industries Ltd, at its meeting held today, i.e., April 30, 2020 considered and approved, amongst others, the issuance of equity shares of Rs. 10/- each of the Company on rights basis to eligible equity shareholders of the Company as on the record date (to be notified later), of an issue size of Rs.53,125 crore (the “Issue”). The Board also approved the following terms of the Issue: Rights Issue Price: Rs. 1,257/- per fully paid-up equity share (including a premium of Rs. 1,247/- per equity share). Terms of payment of Issue Price: 25% on application…

Reliance Industries Ltd (RIL) on Thursday reported a fall of 37.2 per cent in its consolidated net profit on an year-on-year (YoY) basis for the January-March quarter of financial year 2019-20, due to an exceptional item. The consolidated net profit during the fourth quarter of FY 2019-20 declined to Rs 6,546 crore, against Rs 10,427 crore reported during the corresponding period of the previous fiscal. In a regulatory filing, RIL said: “Net Profit excluding exceptional items increased by 3.7 per cent to Rs 10,813 crore ($ 1.4 billion)… Net Profit including exceptional items decreased by 37.2 per cent to Rs…

New Delhi: Vistara Airlines has taken stern measures to tackle Coronavirus COVID-19 spread! Vistara has announced temporary modifications to in-flight services for health and safety reasons. These are applied to both domestic and international flights in order to ensure the health and safety of passengers and its staff after the resumption of flight services, Vistara said in a statement. In line with social distancing norms, the airline aims to introduce new operating procedures to minimize the touchpoints of human contact on board by up to 80%. The airline may make further changes in compliance with regulatory guidelines once they are…

MUMBAI: The domestic stock market continued its upward trend for the fourth consecutive day on Thursday due to gains in energy, information technology (IT) and banking stocks amid positive signals from global markets and the Sensex climbed 997 points. Traders said that the purchase of the April series futures and options contracts due to expire also reinforced the market sentiment. The 30-share sensitive index of the BSE finally gained 997.46 points, or 3.05 per cent, to end at 33,717.62, after rising 1,167 points during trading. During trading it had reached the day’s high of 33,887.25 points. Similarly, the NSE Nifty…

Mumbai: The rupee closed up 57 paise in early figures on Thursday due to the weakening of the dollar against major global currencies. It stood at 75.09 against the dollar. According to currency traders, the rupee gained due to positive start of domestic markets. Apart from this, after 4 May, the market took the hope of ending the lockdown in many areas of the country. The rupee closed on a sustained rise on Thursday. It saw an improvement of Rs 1.37 in four days. The rupee opened at 75.17 on the interbank foreign exchange market. During the day’s trading, it…

New Delhi: Reliance Industries has announced a cut in salary. Employees working in Reliance’s hydrocarbon business, whose salary is more than 1.5 million per annum, will be reduced by 10%. However, for those whose salary is less than that, there will be no cut in their salary. It is reported from the sources that the salary of senior executive can be drastically reduced by 30-50%. Apart from this, performance based bonuses have also been postponed. In fact, the demand for petroleum has come down considerably due to the lockdown, due to which the revenue of hydrocarbon business has come down…

Crude prices and GRM: Average Brent price fell 19.8/19.1% YoY/QoQ to USD 50.6/bbl in 4Q. Sharp correction in gasoil and jet kero cracks to USD 10.8/bbl and USD 8.5/bbl compared to USD 14.6/bbl and 14.8/bbl in 3Q has resulted in lower GRMs for Indian refiners. OMCs: We expect core GRM of USD 2.8/0.8/3.5bbl for IOCL/HPCL/BPCL, down from USD 2.9/1.5/2.2. Reported GRMs will be adversely impacted by inventory/forex losses as crude oil prices fell sharply in March. IOCL/HPCL/BPCL will report crude and product inventory losses of Rs 102.2/40.5/36.9bn. We expect OMCs to report negative EBITDA of Rs 53.1/24.1/12.8bn. Post the countrywide…

Pharma major Lupin Limited (Lupin) today announced the receipt of the Establishment Inspection Report (EIR) from the United States Food and Drug Administration (U.S. FDA) for its Pithampur Unit-1, India facility. The inspection for the facility was conducted by the U.S. FDA between February 3, 2020 and February 11, 2020 and concluded with two observations. Commenting on the receipt of the EIR, Nilesh Gupta, Managing Director, Lupin said, “We are very happy to have received the EIR for our Pithampur Unit-1 facility with Voluntary Action Indicated (VAI) status. Continuous improvement of our quality and compliance standards across all our manufacturing…

Morepen Laboratories Ltd. has received the prestigious ISO-13485 certification from BSI (British Standards Institution, U.K.) for its Stateof-the-art medical devices manufacturing facility at Baddi (Himachal Pradesh). The certification has been awarded for the manufacturing, distribution and after sales service of all point-of-care diagnostic medical devices and their accessories manufactured at the company’s facility in Baddi. The Manufacturing facility and its management systems were rigorously audited by experts and the company has been awarded the certification based on the comprehensive audit procedures undertaken by the notified body. The ISO-13485 standard is an international standard which specifies requirements for Quality Management Systems…