Author: Finance Khabar

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…

New Delhi: PSU Maharatna Steel Authority of India Ltd (SAIL) is making plans to boost production at all its plants once the COVID-19 lockdown is lifted and the economy springs back to near-normal levels, Chairman Anil Kumar Chaudhary said on Wednesday. “I strongly believe that the demand for steel will take off as the lockdown is lifted. Activities in manufacturing, construction and infrastructure sectors are bound to pick up substantially,” Chaudhary told media. “Since the government is concerned over a slowdown in economic growth, activities in steel-consuming industries are bound to pick up which augurs well for the steel sector,”…

New Delhi: PNB Housing Finance’s Managing Director and CEO Sanjaya Gupta has resigned from his post, less than a week before his term was scheduled to end on May 4. The board of directors has initiated a process to find his replacement. “During the search period, the board has appointed Neeraj Vyas, who until now was an Independent Director of PNB Housing Finance, to assume the role of interim Managing Director and CEO until a successor is appointed,” the company said in a statement.Vyas is a senior banking professional with over 36 years of experience in banking across a range…

Bengaluru: CSS Corp, a new-age IT services and technology support company, today announced that it has won the Outsource Partner of the year 2020 award by the Business Intelligence Group at their Excellence in Customer Service Awards. The company was named as the winner at Philadelphia on April 20, 2020. CSS Corp was awarded for emerging as the premier outsourcing partner of the year. Over the last few years, CSS Corp has significantly enhanced its capabilities in the customer service and technical support landscape through differentiated business models and customer support transformation from an effort-led to an intelligence-led ecosystem. The…

Coronavirus lockdown all over the country has made everything PAUSE. Due to the COVID-19 pandemic, people are facing lot of disturbances in their income flow. Delayed salaries, job cuts, layoffs have become the new talk of the town. Chief Financial Officers have no contingency plan to manage these unprecedented times, as per a report. Here we bring some options for you to explore your emergency cash: 1) EPF and NPS comes to rescue:Recently, the government has introduced certain rules for withdrawing from EPF and NPS, which can be used as emergency cash in this coronavirus pandemic. You can partially withdraw…

We all are going through the most unprecedented times. We are trying to work from home and earn our salary from our uncertain jobs. So far, all good but ‘what if’ worries keeps us haunting giving us disturbed sleep. Coming out of such difficult times needs patience and smart moves. Here we present some tips for millennials to manage their personal finance: 1) Check your medical insurance papers:When was the last time you read your medical insurance papers? It’s time to check if the insurance covers yourself and the needs of people depending on you like your children, spouse, parents…

Fitch Ratings has again revised down its economic growth forecast for India to 0.8 per cent in the fiscal year ending March 2021, reflecting the impact of the coronavirus pandemic and official efforts to contain it. “This is down sharply from our forecast of 5.6 per cent prior to the outbreak. We expect growth to rebound to 6.7 per cent in FY22 but there is a risk that the crisis could amplify fiscal and financial sector strains and hurt the country’s growth prospects over the medium term,” it said. Indian authorities have extended a nationwide lockdown designed to curb the…

Manila: The Asian Development Bank (ADB) on Tuesday approved a 1.5 billion dollar loan to India to help fund its response to the novel coronavirus disease (COVID-19) pandemic. This includes support for immediate priorities like disease containment and prevention as well as social protection for the poor and economically vulnerable sections of the society, especially women and disadvantaged groups. “ADB is fully committed to supporting India in its response to this unprecedented challenge,” said ADB President Masatsugu Asakawa. The quick-disbursing fund is part of a larger package of support that ADB will provide in close coordination with the government and…

Mumbai: Equity benchmark indices closed over one per cent higher on Tuesday with a dramatic spurt in private banks. At the closing bell, the BSE S&P Sensex was up by 371 points or 1.17 per cent at 32,115 while the Nifty 50 edged higher by 99 points or 1.06 per cent at 9,381. Sectoral indices at the National Stock Exchange were mixed with Nifty private bank moving up by 3.5 per cent but pharma dipping by 2.2 per cent. Nifty financial service too moved up by 3.3 per cent. Among stocks, IndusInd Bank was the star of the day by…

Mumbai: Private sector lender Axis Bank on Tuesday reported a loss of Rs 1,388 crore for the quarter ended March (Q4 FY20) compared to a profit of Rs 1,505 crore in the corresponding period of last year (Q4 FY19). It had reported a profit of Rs 1,757 crore in the October to December quarter (Q3 FY20). The net interest income in Q4 FY20 grew by 19 per cent year-on-year to Rs 6,808 crore while operating profit was up by 17 per cent to Rs 5,851 crore. On the asset quality front, gross non-performing loans as a percentage of gross advances…

Helsinki: In a bid to strengthen its 4G network and enhance 5G capabilities in India, Bharti Airtel has inked a $1 billion (nearly Rs 7,636 crore), multi-year deal with Nokia to deploy the Finnish majors 5G-ready solutions across nine circles in the country. Nokia, which is the largest 4G vendor in Airtel network, will help lay the foundation for providing 5G connectivity in the future by deploying 300,000 radio units across several spectrum bands in those circles expected to be completed by 2022 The deal size is approximately $1 billion. “We have been working with Nokia for more than a…