Author: Finance Khabar

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…

Glenmark Pharmaceuticals, a research-led, integrated global pharmaceutical company, today announced that it has received approval from the DCGI (Drug Controller General of India), the regulator in India to conduct clinical trials on Favipiravir Antiviral tablets on COVID-19 patients. The product is a generic version of Avigan® of Fujifilm Toyama Chemical Co. Ltd., Japan, a subsidiary of Fujifilm Corporation. Favipiravir has demonstrated activity against influenza viruses and has been approved in Japan for the treatment of novel influenza virus infections. Recently in the past few months, post the outbreak of COVID-19, multiple clinical trials have been initiated on COVID-19 patients in…

The Board of Directors of Fortis Healthcare Ltd at their meeting held today, considered and recommended to the Shareholders of the Company the candidature of Ms. Shailaja Chandra (DIN: 03320688 and aged 75 years) to be appointed as an Independent Director of the Company for a period of five years, not liable to retire by rotation, subject to approval of the shareholders of the Company. The appointment of Ms. Shailaja Chandra will be effective from the date of approval of the Shareholders of the Company by way of special resolution. Ms. Shailaja Chandra has spent over 15 years in the…

New Delhi: Cyient, a global engineering and technology solutions company, today announced that it has been recognized by Esri as a Release Ready Specialty partner. The Release Ready Specialty designation is awarded to organizations that have the industry expertise and solutions, services, or content offerings for ArcGIS, and are ready to help leverage the latest capabilities. This recognition supplements Cyient’s existing partnership with Esri, offering additional confidence to its customers and enhancing the company’s capabilities to deliver world-class, innovative geospatial solutions using Esri technology. Speaking on the occasion, Paul Barron, Associate Vice President for Global Partners and Alliances at Cyient,…

Mumbai: GP Petroleums Ltd (GPPL) said on Wednesday it has resumed operations at its Vasai plant and will prioritise supply to essential services like sugar and power generation industries in trying times arisen out of the spread of global pandemic COVID-19.The operations have commenced basis importance of lubricants to help major manufacturing plants to run smoothly. The company plans to operate the 80,000 tonnes Vasai lubricant plant at required capacity as per permissions received. It will be managing daily functioning as per government guidelines with a 50 per cent headcount as most of the workers reside near the plant. Certain…

Mumbai: IndiGrid, India’s first power sector infrastructure investment trust (InvIT), said on Wednesday that India Ratings and Research (Ind-Ra) has assigned AAA rating to its market-linked debentures (MLDs) with a stable outlook. “The affirmation reflects the stable operations of IndiGrid’s asset portfolio till March and adequate liquidity to tide over the disruptions caused by the nationwide lockdown imposed to tackle the COVID-19 spread,” said Ind-Ra. IndiGrid is continuing the operations of its assets as transmission assets are declared as essential services. “The ratings reflect IndiGrid’s strong ability to meet external senior financial obligations, including those of the entities under it…

Noida: Specialised automotive component maker Motherson Sumi Systems Ltd (MSSL) said on Wednesday that more than 80 out of its 152 manufacturing facilities across the world are now operational. While 30 per cent of them are now running at more than 80 per cent capacities, rest of them are at up to 50 per cent capacities, and slowly and steadily gearing up. The company said that it has obtained necessary approvals from the concerned authorities in respective regions in relation to plant operations. “Rest of the plants are being prepared to be in a ready state as per post-COVID requirements…

Singapore: The official support measures announced for mutual funds in India may struggle to be effective as under-capitalised banks are unlikely to be tempted to extend liquidity to the sector without capital relief on the facilities, according to Fitch Ratings. The announcement follows the implementation of support facilities in multiple jurisdictions in 2020 to date, highlighting global regulators’ focus on providing liquidity support to financial markets during the coronavirus pandemic. The Reserve Bank of India’s (RBI’s) Rs 50,000 crore Special Liquidity Facility for Mutual Funds (SLF-MF) will provide 90-day repo funding to banks, to extend liquidity to — or purchase…

Mumbai: Domestic equity market benchmarks BSE Sensex and Nifty 50 index ended the session with nearly 2 per cent gains on Wednesday. The 30-share index Sensex rose 726 points from day’s low during the trade and settled at 32,720, up 605 points. While the broader Nifty 50 index hit day’s high of 9,599 in the intraday session. It ended the session at 9,553, up 173 points or 1.84 per cent. As many as 23 Sensex stocks finished the trade in green with HDFC as the top gainer, up 6.55 per cent, followed by HCL Tech, M&M, HDFC Bank and State…

Singapore: Standard & Poor’s (S&P) Global Ratings has affirmed BBB-plus long-term corporate credit rating on Reliance Industries Ltd (RIL) with a stable outlook. The rating company has also affirmed BBB-plus long-term issuer credit rating on the company’s outstanding debt. “The stable outlook reflects our expectation that RIL’s strengthening cash flows amid disciplined spending will improve its debt-to-EBITDA ratio toward 2.0x over the next 12 to 24 months,” said S&P. “We assume the company will primarily use proceeds from the 9.99 per cent stake sale in Jio Platforms for deleveraging,” it said in a research update. S&P said it expects the…

Mumbai: Reliance Strategic Business Ventures Ltd (RSBVL), a wholly-owned subsidiary of Mukesh Ambani-led Reliance Industries, has increased its stake in US-based SkyTran Inc, a venture-funded technology company developing modern transport modes including personal rapid transit system. RSBVL had acquired convertible notes in two tranches, the first one on November 29 last year and the second one on March 23 this year which got converted into shares of SkyTran Inc on April 27 upon certain conditions being satisfied. “Consequent upon this, the shareholding of RSBVL in SkyTran Inc stood increased to 26.31 per cent on a fully diluted basis,” Reliance Industries…