Author: Finance Khabar
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…
New Delhi : In order to further facilitate exim trade in the COVID-19 lockdown period, the Central Board of Indirect Taxes and Customs (CBIC) on Tuesday extended relaxation for submission of a bond to the customs. Now importer and exporter will be able to submit an undertaking in lieu of a bond till May 15. “In the background of the recent announcement by the government extending the lockdown till May 3 and taking into consideration that it might take sometime after the end of the lockdown for the situation to normalise, the Board has decided to further extend the facility…
New York: Oil prices continued to crash on Tuesday after a stunning collapse a day earlier that saw US crude futures plunge below zero for the first time in history as reports said the United States could run out of storage for a glut caused by the coronavirus lockdown. Global benchmark Brent crude also fell sharply in response to the collapse of demand following reduced economic activity. US oil futures for May delivery were last trading below zero dollar a barrel again after briefly rising above one dollar a barrel. The May contract which expires later today finished regular trading…
New Delhi: The magnitude and speed of collapse in economic activity that India has seen over the last few weeks due to COVID-19 pandemic are unprecedented and there is tremendous uncertainty about what the future holds for businesses and enterprises, according to a recent survey by FICCI and Dhruva Advisors. Almost 72 per cent of the respondents to the survey reported that COVID-19 is having a ‘high to very high’ level of impact on their business. Further, a substantial majority of the respondents do not foresee a positive demand outlook for their business in this fiscal with 70 per cent…
Car manufacturer Jeep officially launched the BS6 version of its SUV compass. With the launch, the price information of this SUV was also revealed. However, compared to the BS4 model of this car, the price of the BS6 version of the compass has been increased from Rs 89,000 to Rs 1.38 lakh. The new BS6 Jeep Compass comes with 1.4-liter turbo-petrol and 2.0-liter diesel engines. It has options such as 6-speed manual, 7-speed dual-clutch automatic and 9-speed automatic gearbox. Talking about its price according to the model, its ex-showroom price in Delhi starts from Rs 16.49 lakh, which goes up…
Mumbai: Equity benchmark indices plunged by over 3 per cent on Tuesday after US oil prices slipped below zero dollar a barrel in overnight trade and President Donald Trump’s announcement that he will sign an executive order to temporarily suspend immigration. US crude futures turned negative for the first time in history following a collapse in oil demand as coronavirus pandemic derails the global economy. A rapidly rising number of COVID-19 infections in India and the resultant deaths also put pressure on bourses. At the closing bell, the BSE S&P Sensex was down by 1,011 points or 3.2 per cent…
Hyderabad : A strategic business unit of Tata Consultancy Services (TCS) has partnered with the Telangana State Council of Higher Education (TSCHE) to prepare college students for future job readiness. Under the partnership, a set of curated courseware will be made available free of cost to four lakh students across 1,500 institutions of higher education in the state effective this academic year. The courses cover a plethora of topics that will improve the employability quotient of students and equip them to compete in the job market after they graduate. The learning will be self-paced and the courses are accessible anytime,…
Bengaluru: Design-led technology services provider Tata Elxsi said on Tuesday its revenue from operations jumped by 8.3 per cent at Rs 438.9 crore in the January to March quarter, marking a growth of 3.6 per cent quarter-on-quarter and 8.3 per cent year-on-year. While the embedded product design (EPD) division grew by 4.1 per cent quarter-on-quarter and 10.6 per cent year-on-year, the industrial design and visualisation (IDV) division grew by 7.6 per cent quarter-on-quarter and 5.4 per cent year-on-year. Within the EPD vertical, the media and communication vertical grew by 8.6 per cent quarter-on-quarter and 25.5 per cent year-on-year. The transportation…
New Delhi: Morepen Laboratories Ltd is all set to be a frontrunner in India’s fight against novel coronavirus disease, known as COVID-19. The company has launched a wide range of essential products being required to combat the growing menace of COVID-19 and to prevent further spread of the disease in the country. These include non-contact infrared thermometers, alcohol-based hand sanitizers, hand wash, hand rubs and face masks, all under its umbrella brand – Dr Morepen. The company has also received license to manufacture Hydroxychloroquine (HCQ) from State Drug Controller (HP) last week for its Baddi plant in Himachal Pradesh and…
Washington: US President Donald Trump on Monday said that his administration will look into halting oil imports from Saudi Arabia after oil prices in the United States plummeted into negative. “We’ll look at it,” Trump said on Monday when asked if the United States will block Saudi oil shipments into the United States after prices went negative earlier in the day. Trump also announced that he is planning to add as much as 75 million barrels of oil to the nation’s strategic petroleum reserve as the oil prices crashed due to the coronavirus pandemic. United States oil prices plunged to…
Washington: United States oil prices on Monday plunged to negative for the first time in the history as the demand for energy collapsed in the backdrop of coronavirus pandemic. According to The New York Times, the concerns have grown that storage tanks in the United States were near capacity and unable to hold all the unused crude. Following the unprecedented crash in oil prices, US stocks also plunged 592 points. The May benchmark fell into negative territory, suggesting people who had oil to sell were willing to pay to have it taken off their hands. The problem is that the…