Author: Finance Khabar

New Delhi: The government’s initiative to boost women entrepreneurship – Women Entrepreneurship Platform (WEP) – has invited women-owned startups and small businesses that can procure, supply raw materials for masks and provide it to home-based women workers to make masks as an alternate source of income. NITI Aayog, which houses WEP, tweeted the initiative ‘Masking it up with WEP’ to support women workers hit hard due to Covid-19. “Home-based women workers have been hard hit and are struggling to make ends meet in this uncertain climate,” the initiative said inviting women-led businesses to join it. Making masks would help women…

London: US West Texas Intermediate crude oil fell to $ 10.34 a barrel on Monday in the international market. This is its lowest level since 1986. Due to the Corona virus crisis, worldwide demand for oil has been falling continuously. Later, it showed some improvement as per Global Standard Time (Greenwich Mean Time) at 3 pm (Indian time at 8.30 pm) and saw a slight improvement and was running at $ 10.82 per barrel. Still it was 41 percent lower than Friday. Traders said the price drop was worrisome as the May delivery contracts were to be settled by Monday…

Bengaluru: IT major Infosys on Monday reported a net profit of Rs 4,335 crore for the quarter ended March 2020, up 6.3 per cent from Rs 4,078 crore in the corresponding period of previous fiscal. Revenue during Q4 FY20 stood at Rs 23,267 crore as compared to Rs 21,539 crore in Q4 FY19, clocking a growth of 8 per cent year-on-year and 0.8 per cent quarter-on-quarter. The operating profit was Rs 4,927 crore, showing an increase of 6.7 per cent year-on-year but a decrease of 2.7 per cent quarter-on-quarter. The company said considering the business uncertainty emanating from COVID-19, it…

Mumbai: Equity benchmark indices moved in a narrow range on Monday to end flat as traders chose to stay on sidelines in the absence of any clear signs on COVID-19. Falling crude oil prices and weak global markets also dented investor sentiment. At the closing bell, the BSE S&P Sensex was up by 59 points or 0.19 per cent at 31,648 while the Nifty 50 inched up by 0.2 points or 0.04 per cent at 9,267. Sectoral indices at the National Stock Exchange were mixed with Nifty metal down by 3.2 per cent and auto by 1.7 per cent. But…

Bengaluru: ABB Power Grids said on Monday it has been awarded a project worth Rs 165 crore by IndianOil Corporation Ltd (IOCL) to ensure reliable grid connection at its Barauni refinery in Bihar. The state-owned refiner aims to expand its crude oil processing capacity at the plant by 50 per cent to 9 million tonnes per annum in the next three years. This project will ensure power quality for its future operations there. The technology pioneer is delivering its 220/33 kilovolt gas-insulated switchgear (GIS) substation which will assimilate power from the Bihar State Power Transmission Corporation Ltd and IOCL’s captive…

Bengaluru: CSS Corp, a new-age IT services and technology support company announced that it has divested Glow Networks to Altruist Technologies Private Limited, a multinational provider of telecom and business process optimization solutions. The sale was concluded in March 2020. Glow Networks is a network design and deployment services company which was acquired by CSS Corp in 2010. “Over the last decade, Glow Networks has been integral to CSS Corp’s strategy of providing end-to-end network solutions in complex technology environments. With the upcoming 5G revolution underway, we felt that Glow needed to align with a telecom solutions ecosystem to capitalize…

Mumbai: Reliance Foundation said on Monday it will provide over three crore meals to marginalised communities and frontline workers across the nation amid the COVID-19 pandemic. Mission Anna Seva will be the largest meal distribution programme ever undertaken by a corporate foundation anywhere in the world. The beneficiaries of this programme include daily wage earners, slum dwellers, urban service providers, factory workers, and residents of old-age homes and orphanages. “As India enters this extended period of lockdown, our hearts go out to all our fellow citizens who depend on daily wages for their survival,” said its Chairperson Nita Ambani. “Whenever…

Ahmedabad : Pharma major Zydus Cadila said on Monday its biological therapy Pegylated Interferon alpha-2b can emerge as one of the pathways to treat COVID-19. The treatment has emerged after the publication of two non-peer reviewed research articles at bioRxiv and medRxiv, the COVID-19 pre-print servers hosted by Cold Spring Harbor Laboratory. The first one by the University of Texas Medical Branch in Galveston showed evidence of a direct anti-viral effect of Interferon alpha against novel coronavirus in vitro. The study demonstrated around 10,000 fold reduction in virus titre in cells that were pre-treated with Interferon alpha 48 hours earlier.…

New Delhi: The Apparel Export Promotion Council (AEPC) said on Monday stated that an overwhelming majority of exporters are facing a severe liquidity crisis due to COVID-19 and the government should pay their workers from funds available in the Atal Bimit Vyakthi Kalyan Yojana which has huge reserves of about Rs 91,000 crore. “Our members are not only facing an acute fund crunch like many other industries but also incurring huge losses due to cancellation of orders and hefty discounts being asked by buyers,” said AEPC Chairman A. Sakthivel. This, coupled with the fact that there is no revenue generation…

Mumbai: Tata Motors Group said on Monday its global wholesales in the fourth quarter (January to March 2019-20) including Jaguar Land Rover totalled 231,929 units, down 35 per cent as compared to Q4 FY19. Global wholesales of all Tata Motors’ commercial vehicles and Tata Daewoo range in Q4 FY20 were at 72,608 units, lower by 49 per cent over Q4 FY19. In the same period, global wholesales of all passenger vehicles were at 159,321 units, lower by 26 per cent, the company said in a statement. Global wholesales for Jaguar Land Rover (JLR) were 126,979 vehicles (JLR number for Q4…

New Delhi: In order to enable taxpayers to avail full benefits of various timeline extensions granted by the Government of India due to COVID19 pandemic situations, the Central Board of Direct Taxes (CBDT) is revising the return forms for the Fiscal Year 2019-20 (Assessment Year 2020-21) which will be notified by the end of this month. “In order to facilitate taxpayers to avail full benefits with various timeline extensions up to June 30, 2020, granted by the government, CBDT has initiated necessary changes in the return forms so that taxpayers could take benefits of their transactions carried out during the…

Abu Dhabi: Abu Dhabi said on Sunday that he had sold bonds worth $ 7 billion. This is the third time in the Gulf countries this month that bonds have been sold. These countries are raising funds by issuing bonds after softening oil prices. Saudi Arabia, which holds a significant position in the Organization of the Oil Exporting Countries (OPK), raised $ 7 billion through bond sales last week. In the case of gas, the rich Qatar raised $ 10 billion by selling the bond two weeks ago. The Finance Department of Abu Dhabi said in a statement that the…

During the existing lockdown period, between March 24 – April 17, over Rs 36,659 crore has been transferred using Direct Benefit Transfer (DBT) through Public Financial Management System (PFMS) in 16.01 crore beneficiaries’ bank accounts by the Controller General of Accounts (CGA) office, the Ministry of Finance said in a statement on Sunday. The amount transferred included Rs 27,442 crore under centrally sponsored schemes (CSS) and central sector (CS) schemes and another Rs 9,717 crore from the state governments. In terms of beneficiaries, 11.42 benefitted under CSS/CS during the said lockdown period, the ministry said Moreover, Rs 500 each was…

Volkswagen has announced that the Tiguan was most successful VW SUV in Europe in 2019. The Volkswagen Tiguan in Spring 2020, reached a milestone of 6 million unit production since it was first introduced. In 2019 alone, VW manufactured 9,10,926 units of the Tiguan. Volkswagen has also ramped up production of the SUV and is now the best selling model sold by the entire Volkswagen Group. VW claims that it manufactured 2,495 units of the Tiguan every day in 2019. A new Tiguan rolled off the production line every 35 seconds cumulatively from its factories in Germany, Russia, China and…

New Delhi: Fourth largest private sector lender in India Kotak Mahindra Bank, which has revised interest rates on daily balances in its savings account multiple times over the past year or so, has again made a change. Effective April 20, daily balances above Rs 1 lakh in savings account will now earn 4.5 per cent interest per annum. For daily balances up to Rs 1 lakh, the bank has now revised the rate to 3.75 per cent per annum. “The interest rates mentioned are applicable for Resident Accounts only,” the bank said in a notification on its website. This comes…

New Delhi: Insurance sector regulator IRDA has asked insurance companies to take a decision on health insurance claims within two hours. The initiative aims to reduce the pressure on the country’s health sector infrastructure due to the corona virus epidemic. The Insurance Regulatory and Development Authority (IRDA) said in a circular that the current situation due to the corona virus coupled with pressure on health infrastructure Increased. Considering the need to reduce this, all insurance companies decide fast on health insurance claims. According to IRDA, to ensure that all health insurance claims will be disposed of expeditiously, insurance companies will…

New Delhi: Will the lockdown due to Corona come to an end on May 3 and the plane service will start from May 4? Everyone wants to know the answer to this question, but till now there was a situation of unease. Despite the tweet by Civil Aviation Minister Hardeep Singh Puri, all the airlines were offering ticket booking for some domestic flights from May 4, although a new circular has been issued by the DGCA. According to the circular issued by DGCA today, a directive is issued to all airlines to stop ticket booking immediately. They will be given…

New Delhi: After e-commerce companies were banned from delivering non-essential items, Amazon India on Sunday called it a disappointment for small businesses and customers. However, the company has said that it will follow the government guidelines and will continue to deliver essential goods. The company said that people are forced to work from home due to lockdown (bandh) across the country. At the same time, children’s education is also going on from home. In such a situation, the products related to them have also been included in the list of essential items of the customers. The new government guidelines will…

New Delhi: The supply of non-essential goods by e-commerce companies will remain prohibited during the countrywide lockdown, said the Union Ministry of Home Affairs (MHA) on Sunday. The nationwide lockdown in India meant for a period of 21 days, was extended till May 3 by the government. And only the delivery of essential goods was allowed under the first phase of lockdown between March 24 and April 14. The Union Minister for Commerce and Industry Piyush Goyal also welcomed the decision saying that the move will create a level playing field for small retailers. The ministry had said that vehicles…

Walmart and Sam’s Club will require their approximately 1.5 million U.S.-based associates to wear masks or other face coverings beginning on Monday, according to a memo sent by the CEOs of Walmart U.S. and Sam’s Club, a Walmart division. The retailers will also encourage customers to wear face coverings, according to the memo, which is dated Friday. Walmart is the largest private employer in the United States. The memo was sent by John Furner of Walmart and Kath McLay of Sam’s Club to associates in the United States, and comes as an increasing number of states and cities, including New…