Author: Finance Khabar
New York: Morgan Stanley on Thursday posted first-quarter profit that missed analysts’ expectations and warned that a sole bright spot for the industry, robust trading results, may prove to be fleeting. The bank said earnings dropped 30% to $1.7 billion, or $1.01 a share, compared with the $1.14 estimate of analysts surveyed by Refinitiv. Companywide revenue of $9.49 billion was also below the $9.73 billion estimate. Morgan Stanley shares dipped less than 1%. Morgan Stanley said the coronavirus pandemic impacted each of its major businesses, creating turmoil in financial markets that hit the value of loans, investments and some trading…
OPEC on Thursday again slashed its forecast for global oil demand this year due to the coronavirus outbreak and said the reduction may not be the last. The Organization of the Petroleum Exporting Countries now expects global demand to contract by 6.9 million barrels per day, or 6.9%, in 2020, it said in a monthly report. Last month, OPEC expected a small increase in demand of 60,000 bpd. “Downward risks remain significant, suggesting the possibility of further adjustments, especially in the second quarter,” OPEC said of the demand forecast. “The oil market is currently undergoing historic shock that is abrupt,…
Reaching out to customers to familiarize and access assistance through digital platformsHas enabled recharge through Bank ATMsHelping 2G users to do Quick Recharges through SMSVodafone customers can now recharge at Idea retail outlets and Idea customers can avail recharge at Vodafone retail outlets Meerut: To ensure customers in UPW remain connected during the lockdown, Vodafone Idea is enabling its customers to avail services and recharges on the digital platform. With retail outlets being inoperational during the lockdown, Vodafone Idea is helping its 2G customers using feature phones, to access Quick Recharge through SMS and Missed call. The process is simple…
Mumbai: With the COVID-19 lockdown being extended till May 3 and simultaneously government providing some relaxations from April 20, a report by State Bank of India’s economic research department on Thursday estimated the overall loss for FY21 at Rs 12.1 lakh crore or 6 per cent of nominal gross value added (GVA), taking the nominal GVA growth for the entire year to be 4.2 per cent. Nominal gross domestic product (GDP) for current fiscal can be closer to 4.2 per cent as there is a strong possibility of subsidies out-stripping tax collections. “However, taking nominal GDP growth at 4.2 per…
Pune (Maharashtra): With medical costs often running to the tune of several lakhs, there is a huge need for financial solutions which will ease the burden of paying such hefty bills at one go. Bajaj Finance Limited, the lending and investing arm of Bajaj Finserv is offering a Digital Health EMI Network Card that allows customers to fund medical treatments easily on EMIs. With a pre-approved limit of up to Rs 4 lakh, customers can conveniently pay for their healthcare and wellness bills in monthly installments. With over 5,500 healthcare partners that include multispecialty hospitals, diagnostic centres and wellness institutes,…
Mumbai: With COVID-19 crisis playing havoc on the economy and real estate sector, the 24th Knight Frank-FICCI-NAREDCO Real Estate Sentiment Index Q1 2020 Survey shows that current sentiment of real estate stakeholders in India has dropped to an all-time low of 31 in the first quarter (January to March) 2020. The survey conducted in the first week of April further indicates that the future sentiment score outlining the industries’ market expectations has also dipped well into the pessimistic zone at a score of 36 in Q1 20 against the score of 59 in Q4 2019. “The real estate sector that…
New Delhi: The Federation of Indian Chambers of Commerce and Industry (FICCI) has called for interest-free and collateral-free loans to support micro, small and medium enterprises (MSMEs) which form a vital component of India’s economy and are suffering due to the COVID-19 lockdown. An alternate mechanism should be worked out for MSME companies which are within the Goods and Services Tax (GST) network and having a turnover of less than Rs 500 crore for a period of up to 12 months to enable them to cover fixed costs, salaries and other operational expenses, said the industry body. For non-GST paying…
Mumbai: Equity benchmark indices ended higher in a volatile session on Thursday but the gains were capped by losses in IT and FMCG stocks. The overall investor sentiment remained fragile amid concerns over the impact of coronavirus outbreak on the domestic and global economy. The BSE S&P Sensex closed 223 points or 0.73 per cent lower at 30,603 while the Nifty 50 ticked up by 68 points or 0.76 per cent at 8,993. Most sectoral indices at the National Stock Exchange were in the green except for Nifty IT which was down by 1.8 per cent and FMCG which edged…
Mumbai : Vakrangee feels proud to share that during a lockdown situation due to Covid-19 pandemic, they have successfully launched the mobile van in MMR region which is fully equipped to provide key essential services to citizens. Mobile van facility will operate between 10.00 AM to 8.00 PM daily including Sunday and will also maintain complete safety protocols, proper hygiene and social distancing for people queuing up for the services. This service would eliminate the need to travel for citizens for key essential services such as ATM, Business Correspondent (BC) Banking, Tele Medicine, and Online Pharmacy & Mobile Recharges. Citizens…
Iss Baar #BadonKeLiye #JaagoRe initiative aimed at helping senior citizens, the most affected with lockdown and COVID-19 Over the years JaagoRe, has become a clarion call for social awakening and Tata Tea has always used this platform to facilitate genuine change in a social Cause that has been the need of the hour. Tata Tea has announced thatin the wake of unprecedented COVID-19 situation and extendedlockdown period in the country, they will work towards spreading awarenessand facilitating change for the cause of the Elderly, who are the most vulnerable during these times,through their social initiative,Iss baar #BadonKeLiye #JaagoRe JaagoRe. World…
Singapore: Moody’s Investors Service has placed under review for downgrade Tata Steel Ltd’s Ba2 corporate family rating (CFR).At the same time, Moody’s has downgraded Tata Steel’s wholly-owned subsidiary Tata Steel UK Holdings Ltd’s (TSUKH) CFR to B3 from B2 and placed the CFR under review for further downgrade. The outlooks have been revised to ratings under review from stable. The rapid and widening spread of coronavirus outbreak, deteriorating global economic outlook, falling oil prices and asset price declines are creating a severe and extensive credit shock across many sectors, regions and markets. Moody’s said the combined credit effects of these…
New Delhi: Reacting to the highest-ever double-digit decline in monthly exports during March by 34.57 per cent at USD 21.41 billion, the Federation of Indian Export Organisations (FIEO) president Sharad Kumar Saraf on Wednesday said the spread of COVID-19 across the globe has not only pulled down the world sentiment to its lowest but has also affected the global supply chain and brought economies in recessionary condition. The FIEO chief said that at least during the first quarter of the current financial year 2020-21, the sector will see a similar growth trend, which will be a global trend. However, from…
• VIL customers experience highest Download Speeds in 32 cities including Metros• Top Upload Speeds across 29 cities including Metros• VIL records highest improvement in video experience; Tops in 24 cities across, No. 2 in 16• VIL ranks No.1 in 4G voice app experience Meerut : As per the latest biannual mobile network experience report by OpenSignal, Vodafone Idea Limited has emerged as the leader across key parameters such as Download speed, Upload speed and Video experience. With 91% Districts in India already integrated, the strength of the integrated network and combined spectrum assets under Vodafone Idea TurboNet 4G have…
New Delhi: The Central Board of Direct Taxes (CBDT) said on Wednesday it has issued over 10.2 lakh refunds totalling Rs 4,250 crore as on April 14. These refunds are over and above the 2.5 crore refunds already issued in FY 19-20 till March 31 totalling Rs 1.84 lakh crore, it said in a statement. CBDT about 1.75 lakh more refunds are in the process of issuance this week. These refunds will get credited directly to the taxpayer bank account in five to seven business days from issuance. However, in about 1.74 lakh cases, e-mail responses are awaited from taxpayers…
Mumbai: Equity benchmark indices erased all early gains on Wednesday and closed nearly one per cent lower as the government eased some restrictions after extending the COVID-19 lockdown till May 3. A day earlier, the International Monetary Fund (IMF) slashed this year’s growth projection for India to 1.9 per cent from 5.8 per cent projected in January. The BSE S&P Sensex closed 310 points or 1.01 per cent lower at 30,380 while the Nifty 50 edged lower by 69 points or 0.76 per cent at 8,925. Sectoral indices at the National Stock Exchange were mixed with Nifty financial service down…
Bengaluru: IT major Wipro on Wednesday reported a 6 per cent year-on-year fall in profit at Rs 2,345 crore for the January to March quarter as compared with Rs 2,494 crore in the year-ago period. Revenue for the quarter rose by 4.7 per cent in Q3 FY20 to Rs 15,711 crore from Rs 15,006 crore in Q3 FY19. The company has not provided revenue guidance for the April-June quarter on account of uncertainty over COVID-19. Chief Financial Officer Jatin Dalal said the quarters ahead seem challenging and require a tremendous response on costs. “We also anticipate our working capital to…
Mumbai: The Aditya Birla Group metals flagship company Hindalco Industries Ltd has announced the completion of acquiring Aleris by its wholly-owned subsidiary Novelis Inc. The acquisition of the US-based rolled products major Aleris Corporation positions Hindalco as one of the world’s largest aluminium companies with a global footprint spanning 49 modern manufacturing facilities in North America, Europe and Asia. The closing purchase price of 2.8 billion dollars consists of 775 million dollars for the equity value as well as two billion dollars for the assumption or extinguishment of Aleris’ current outstanding debt and a 50 million dollars earn-out payment. Legacy…
Mumbai: Following in the large footsteps of the recently announced contribution by Tata Trusts and Tata group towards the management of COVID-19 pandemic in India, Tata AIA Life Insurance today announced additional benefits for its Policyholders and Agents. As part of Tata AIA Life’s initiative, its individual policyholders will get COVID-19 related additional benefit up to Rs 500,000 at no additional cost. Further, to extend the Circle of Protection to its own Agents, all ‘active’ Agents of Tata AIA Life Insurance along with their spouse and children will be reimbursed up to Rs 25,000 in case of hospitalisation due to…
Mumbai: Leading alcoholic beverages manufacturer, Tilaknagar Industries Limited today announced the completion of its One Time Settlement (OTS) with Bank of India (BOI) as it paid the compromise amount of Rs 95 crore to BOI against its outstanding debt of Rs 264.85 crore. Tilaknagar Industries, maker of the famous Mansion House brandy, has settled its dues as per the terms of settlement contained in BOI’s sanction letter issued in March 2018. On completion of the payment of the full compromise amount as per the terms of the OTS, the company has received the No Dues Certificate from BOI. Earlier, in…
New Delhi: The annual rate of inflation based on monthly wholesale price index (WPI) stood at 1 per cent in March over the same month last year, data released by the government on Wednesday showed. The official WPI for all commodities (base 2011-12=100) for March 2020 declined by 0.9 per cent to 121.1 from 122.2 for the previous month, said a statement issued by the Ministry of Commerce and Industry. “The annual rate of inflation based on monthly WPI stood at 1 per cent for March 2020 (over March 2019) as compared to 2.26 per cent for the previous month…