Author: Finance Khabar

New Delhi: Mini-ratna public sector unit RailTel said on Friday it registered a consolidated income of Rs 1,243 crore in the financial year 2019-20, marking 20 per cent growth in the year-ago period. “While the telecom market has been posing negative growth for the past few years, RailTel not only managed to stay profitable but also recorded significant growth over the years,” it said in a statement. The net worth of the company has also grown steadily and consistently. The company maintained a steady profit and has been consistently paying dividends to the Ministry of Railways. RailTel is also one…

Bengaluru: L&T-owned digital transformation company Mindtree on Friday reported 3.9 per cent growth in the fourth quarter net profit at Rs 206 crore over the same period in previous fiscal. The growth was 4.7 per cent quarter-on-quarter. Revenue during Q4 FY20 grew by 11.5 per cent at Rs 2,050 crore year-on-year and 4.3 per cent quarter-on-quarter. In dollar terms, the net profit was flat at 28.2 million dollars year-on-year and up 1.8 per cent quarter-on-quarter. The revenue moved up 6.3 per cent to 278 million dollars year-on-year and 1.2 per cent quarter-on-quarter. Mindtree said it closed FY20 with the highest…

Mumbai: Equity benchmark indices closed the week in negative zone amid weak global cues as investors opted for safer assets while awaiting another government stimulus package to revive economic activity in the wake of COVID-19 lockdown. Reports said Finance Minister Nirmala Sitharaman will soon meet Prime Minister Narendra Modi to finalise a second stimulus package for industry, the poor and farmers amid the COVID-19 lockdown. The BSE S&P Sensex closed 536 points or 1.68 per cent lower at 31,327 while the Nifty 50 slid by 160 points or 1.71 per cent at 9,154. Except for Nifty pharma which moved up…

Pune: Strengthening the fight against Covid-19, employees of Bajaj Finserv and its subsidiaries have voluntarily decided to contribute a part of their salary to the PM-CARES fund. The collective effort of around 32,000 employees resulted in an amount of Rs 5,07,66,716/- being contributed by employees of Bajaj Holdings & Investments and Bajaj Finserv, along with its subsidiaries – Bajaj Finance, Bajaj Housing Finance, Bajaj Allianz General Insurance, Bajaj Allianz Life Insurance, Bajaj Finserv Direct and Bajaj Finserv Health. The Bajaj Finserv companies have decided to match this contribution, thereby doubling the amount to Rs 10,15,33,432/-, which will be donated to…

Mumba: Motilal Oswal Asset Management Company (MOAMC) said on Friday it has successfully completed the new fund offer (NFO) of Motilal Oswal S&P 500 Index Fund, an open-ended scheme replicating and tracking S&P 500 Index. It is an index fund that helps investors invest in the world’s largest brands in the world’s largest index — the S&P 500 Index. It was the first time in India that a mutual fund NFO has been marketed and transacted exclusively through digital modes of transaction, said MOAMC. For the NFO, besides the company website and app, investments were received through various intermediaries transacting…

Washington: LG’s latest flagship phone, the Velvet, will be revealed in full on May 7th. The company has posted a teaser video clip on its Korean YouTube channel and the clip evokes raindrops and a catwalk which is a common reference to the phone’s camera layout, the Verge reported. LG had already announced the Velvet and the phone will have a “raindrop” triple-camera setup, a symmetrical curved-glass design, a Snapdragon 765 processor with built-in 5G, and a headphone jack. However, the price of the phone is still unknown and no release date outside of South Korea has been revealed.

Singapore: Airlines in India are likely to suffer a revenue loss of 11.2 billion dollars this year leading to 2.9 million jobs at risk as passenger demand falls by 47 per cent due to COVID-19 crisis, the International Air Transport Association (IATA) said on Friday. The latest estimates from IATA indicate a worsening of the country impact from coronavirus pandemic and travel restrictions in the Asia Pacific region. On April 14, IATA released an updated analysis showing that the COVID-19 crisis will see global airline passenger revenues drop by 314 billion dollars in 2020, a 55 per cent decline compared…

Mumbai: Infrastructure major Larsen & Toubro (L&T) said on Friday its railway strategic business unit of construction business in consortium with Kyosan Electric Manufacturing Company of Japan has won a significant order in the form of three packages from the Dedicated Freight Corridor Corporation of India Ltd (DFCCIL). The design and build orders involve 2×25 kilovolt overhead electrification, signalling and telecommunication, and associated works at the Dadri-Khurja and Sahnewal-Khurja sections of the Eastern Dedicated Freight Corridor (EDFC). The works are spread across 442 route km and 638 track km. Though L&T did not give the value of the contract, it…

Chennai: Hinduja Group flagship Ashok Leyland Ltd has acquired 1.57 crore shares of Rs 10 each constituting 3.36 per cent of the equity of its subsidiary Hinduja Leyland Finance Ltd (HLFL). The cost of acquisition was done at a price of Rs 119 per equity share. The proposed acquisition of equity shares of HLFL is at arm’s length basis. The acquisition is part of the 6.99 per cent acquisition approved by the board of directors at a meeting held on March 21. With this, the shareholding of Ashok Leyland in the finance company has gone up from 65.45 per cent…

Whitley: Tata Motors-owned Jaguar Land Rover (JLR) plans to gradually resume production from May 18 starting with manufacturing plants at Solihull in the UK as well as in Slovakia and Austria. “In China, we are beginning to see recovery in vehicle sales and customers are returning to our showrooms. Our joint venture plant in Changshu has been in operation since the middle of February,” JLR said in a statement. As countries are relaxing distancing guidelines and retailers are reopening around the world, the restart of production at our other plants will be confirmed in due course, it added. “The health…

New Delhi: India’s leading cybersecurity consulting, auditing and compliance company Panacea Infosec introduced a helpline for cybersecurity advice on data security and resolutions during remote working due to the COVID-19 lockdown. Any organization can approach Panacea Infosec and take guidance on data and information security and COVID-19 related cyber threats and attacks. Thousands of organizations and millions of individuals are required to work from home due to the current lockdown on the COVID-19 pandemic. Suddenly working from homes which are not sufficiently cyber protected place as working within a highly secured corporate network of organizations, has exposed individuals working from…

Chennai: WayCool Foods has leveraged its sourcing and supply chain network in more than 50 locations in South India including the cities of Chennai, Coimbatore, Hyderabad and Bengaluru through partnerships and collaborations to boost delivery of essentials during the current lockdown due to the COVID-19 crisis. In order to ensure the continued supply of essentials like staples, vegetables, and fruits, WayCool collaborated with multiple partners to reach customers directly, reaching both apartment complexes and individual homes. The company partnered with Zomato, Swiggy & Dunzo in Chennai, Coimbatore & Bengaluru, FreshCura & HESA in Hyderabad, and with Meesho in Chennai for…

DUBAI: Abu Dhabi and Dubai have announced preparations to reopen malls and shopping centers, issuing guidelines on Thursday for business owners and shoppers on the eve of the Muslim holy month of Ramadan. The exact dates and timing of reopenings have yet to be announced, but are highly anticipated not only by customers, but by business owners who have been hit hard by the lockdowns aimed at curbing the spread of the coronavirus in the United Arab Emirates, which has reported more than 8,200 cases. The guidelines, issued separately by Abu Dhabi’s Department of Economic Development and the Government of…

– Program to help Vodafone and Idea customers to stay connected – Empower individuals and small businesses to earn additional income – With easy registration process, anyone can start selling Vodafone and Idea recharges on Paytm app Meerut: India’s leading digital payments & financial services platform Paytm and Vodafone Idea, India’s leading telecom service provider, today announced an exclusive partnership enabling Paytm to exclusively power prepaid mobile phone recharges for Vodafone Idea under ‘Recharge Saathi’ program. As part of the program, any Paytm Customer including pharmacists, milk booth operators, newspaper vendors, even individuals such as security guards can recharge any Vodafone Idea number and…

Mumbai: Equity benchmark indices closed higher on Thursday in line with Asian peers amid a rebound in crude oil prices from historic lows. The BSE S&P Sensex closed 484 points or 1.54 per cent higher at 31,863 while the Nifty 50 edged higher by 127 points or 1.38 per cent at 9,314. Except for Nifty FMCG and PSU bank, all sectoral indices at the National Stock Exchange were in the green. Nifty IT was up by 4.4 per cent and private bank by 3.2 per cent. Among stocks, Kotak Mahindra Bank climbed by 8.3 per cent to Rs 1,247.90 per…

New Delhi: India’s economic growth is likely to hover between zero and 1.5 per cent in the current financial year as the extended COVID-19 lockdown slows down activity across most sectors, the Confederation of Indian Industry (CII) said on Thursday. “Given the extent of damage to the economy from disruption to business, the GDP growth in FY21 is likely to be the lowest in many decades,” said Director General Chandrajit Banerjee while releasing a paper with three scenarios. In the baseline scenario, the GDP is expected to grow at just 0.6 per cent on an annual basis as economic activity…

New Delhi : Faradion Ltd, world leader in sodium-ion battery technology, has announced its first order from ICM Australia. Sodium-ion batteries, owing to its exceptional superiority over lithium-ion batteries, are likely to revolutionise the automobile/mobility, storage and mobile sectors across the world. Faradion’s sodium-ion technology provides similar performance to conventional chemistries, while replacing expensive materials such as cobalt and lithium with the far more abundant sodium. Unlike lithium-ion batteries, Faradion’s sodium-ion batteries have exceptional thermal stability and safety. Further they can be safely transported and maintained at zero volts. India is one of the largest markets for mobile devices across…

Mumbai: India Ratings and Research (Ind-Ra) has affirmed Torrent Pharmaceuticals Ltd’s long-term issuer rating at AA with a stable outlook. Torrent’s consolidated operating EBITDA margins improved to 27.1 per cent in 9M FY20 led by the benefits of Unichem Ltd’s domestic business acquisition completed in December 2017. The consolidated leverage ratio (net debt/operating EBITDA) improved to 2.1x for the trailing 12 months ended December 2020 driven by an increase in its operating EBITDA and a reduction in consolidated debt to Rs 5,413 crore at end-December 2019. Ind-Ra said Torrent has successfully integrated the domestic businesses of Unichem, in line with…

Mumbai: The Reserve Bank of India (RBI) said on Thursday it will conduct simultaneous purchase and sale of government securities under open market operations (OMOs) for Rs 10,000 crore each on April 27. Eligible participants should submit their bids and offers in electronic format on the RBI core banking solution (E-Kuber) system between 10 and 11 am. The result of auctions will be announced on the same day and successful participants should ensure availability of funds and securities in their current account or SGL account by 12 noon on April 28. With the heightening of COVID-19 pandemic risks, certain financial…

London: Fitch Ratings has made further large cuts to global GDP forecasts in its latest Global Economic Outlook (GEO) in response to coronavirus-related lockdown extensions and incoming data flows, saying the Indian economy is expected to grow at below one per cent this year. “With China and India both now expected to see sub-1 per cent growth, we expect an outright contraction in emerging market GDP in 2020, a development unprecedented since at least the 1980s,” it said. Fitch expects supply responses and a relaxation of lockdowns to help oil prices to recover in 2H 20 from current lows, which…