Author: Finance Khabar

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…

Pune: In order to strongly and rapidly fight a wide range of pathogens, Forbes Marshall and Swiss NeWater India are committed to provide the unique eco-friendly disinfectant solution, free of charge, in this critical period, to the health infrastructure like public and private hospitals, laboratories and pharmaceutical industries and also to public governing bodies like municipalities and local councils hospitals and public communities in Pune and Mumbai. The current COVID-19 pandemic that is ravaging nations across the world has created new challenges for the health infrastructure across the globe. From shortages of PPE to availability of adequate ventilators and hand…

New Delhi: PSU Maharatna Steel Authority of India Ltd (SAIL) said on Wednesday it produced 16.15 million tonnes of crude steel during FY 2019-20 to emerged as a leading producer in the country. The state-owned enterprise has also achieved the best ever annual sales of 14.5 million tonnes with a growth of 2.8 per cent over the corresponding period last year. Its strategies to expand its market portfolio too yielded the highest ever exports of 1.18 million tonnes during FY20, marking a year-on-year growth of 54 per cent. “SAIL has been continuously focussing on ramping up its steel production from…

Mahindra has launched its compact SUV KVU100 NXT with BS6 engine. The starting price of this new KUV100 NXT car is Rs 5.54 lakhs. The company has launched the car with four variants K2 +, K4 +, K6 + and K8. The initial model of this car which is K2 + comes with only 6-seater option while its three other variants are available in 5-seater and 6-seater option. The Mahindra KVU100 NXT has a 1.2-liter, 3-cylinder petrol engine based on the BS6 emission. This engine generates 82bhp of power at 5500rpm and 115Nm of torque at 3500-3600rpm. This new SUV…

By: Amit Chhabra, Health- Business Head, Policybazaar.com With each passing day, more and more people are testing positive for COVID-19 – popularly known as Coronavirus – globally. As per the data shared by World Health Organisation (WHO), as many as 1 million people across various parts of the globe are infected with coronavirus infection with maximum being infected in the USA followed by Italy and Spain. In India, the total number of confirmed cases stands at 20,000 of which over 645 people have lost their lives. Taking cue from the increasing panic amongst the people and rapid spread of the novel…

Mumbai: Equity benchmark indices rose by 2.4 per cent on Wednesday as index heavyweight Reliance Industries surged by 9.8 per cent with Facebook picking up nearly 10 per cent stake in India’s largest private sector company’s digital business for 5.7 billion dollars (about Rs 43,574 crore). Expectations of a fiscal stimulus bolstered the market sentiment even as Asian shares dipped and Brent oil futures plunged to a two-decade low amid damage done by the coronavirus pandemic. At the closing bell, the BSE S&P Sensex was up by 743 points or 2.42 per cent at 31,380 while the Nifty 50 edged…

Manila: The Asian Development Bank (ADB) returned to the US dollar bond market on Wednesday with the pricing of a 4.5 billion dollars five-year global benchmark bond issue proceeds of which will be part of ADB’s ordinary capital resources. “ADB recently tripled the size of its response to the COVID-19 pandemic that is affecting economies in Asia and the Pacific, and this transaction facilitates ADB’s capacity to support our clients in addressing the urgent challenges they are currently facing,” said ADB Treasurer Pierre Van Peteghem. “The order book we were able to garner for this five-year issue is ADB’s largest-ever…

Mumbai: Tata Steel said on Wednesday its production volume grew by 6 per cent year-on-year to 4.74 million tonnes during the fourth quarter (Q4) of previous fiscal (2019-20) compared to 4.48 million tonnes in Q4 FY19. It also achieved 8 per cent year-on-year production growth for the full year FY20 at 18.21 million tonnes as against 16.81 million tonnes in FY19. This was supported by ramp up of Tata Steel BSL and acquisition of Usha Martin Steel business by Tata Steel Long Products. Tata Steel BSL also recorded its best-ever annual performance. Tata Steel India witnessed highest-ever annual sales in…

Mumbai: Mukesh Ambani, Chairman of Reliance Industries Ltd (RIL), which signed a mega Rs 43,574 crore deal with Facebook giving the US-based social media giant a 9.99 per cent equity stake in homegrown mobile network Jio, said the partnership will prove to be a catalyst to make India into one of the world’s leading digital societies. “All of us at Reliance and Jio are delighted to welcome Facebook Inc. as our long-term and esteemed partner. At the core of our partnership is the commitment that Facebook founder Mark Zuckerberg and I share for the all-round digital transformation of India and…

Mumbai: Social media giant Facebook on Wednesday announced to invest Rs 43,574 crore into Jio Platforms, the investment will translate into a 9.99 per cent equity stake in Jio Platforms, the largest FDI in the Indian tech sector. This investment by Facebook values Jio Platforms at Rs4.62 lakh crore pre-money enterprise value ($65.95 billion, assuming a conversion rate of Rs 70 to a US Dollar). Commenting on the partnership with Facebook, Mukesh Ambani, Chairman and Managing Director, Reliance Industries Ltd, said, “When Reliance launched Jio in 2016, we were driven by the dream of INDIA’S DIGITAL SARVODAYA – India’s Inclusive…

Basel: Swiss multinational pharmaceutical company Novartis has reached an agreement with the US Food and Drug Administration (FDA) to proceed with a phase three clinical trial with about 440 patients to evaluate the use of hydroxychloroquine for the treatment of hospitalised patients with COVID-19 disease. The clinical trial drug supply will be provided by Sandoz, the generics and biosimilars division of Novartis. The large trial sponsored by Novartis will be conducted at more than a dozen sites in the United States. Novartis plans to begin enrollment for this study within the next few weeks and is committed to reporting results…