Author: Finance Khabar

New Delhi: State-owned Coal India has distributed 1.2 lakh cooked food packets as well as more than 50,000 packets of ration to the needy, besides donating funds to run a community kitchen amid the coronavirus lockdown. “Coal India (CIL) and its subsidiaries are working full throttle to combat the effects of Covid-19,” an official said. The PSU has distributed 1.2 lakh cooked food packets to the needy. “More than 50,000 packets of ration have been distributed to the underprivileged by the Maharatna firm,” the official added. CIL arm Bharat Coking Coal Ltd has donated Rs 2.88 crore to the Dhanbad…

New Delhi: The Covid-19 pandemic will lead to a deterioration in asset quality for Indian lenders, global ratings agency Standard & Poor’s (S&P) said on Friday, cutting its outlook on private sector lenders Axis Bank and ICICI Bank to “negative”. The agency said the economic recovery will be U-shaped, the risks for the banking sector remain on the downside and also warned of some rating downgrades because of the pandemic. It can be noted that since late 2014, with the asset quality review, the going has been difficult for the Indian banks which are now saddled with toxic debt of…

Saudi Arabian oil exports to the U.S. more than doubled from February to March as oil prices crashed and American shale producers reeled over demand destruction from the coronavirus pandemic, data from analytics firm TankerTrackers.com shows. Saudi crude shipments to American ports went from an average of 366,000 barrels per day (bpd) in February to 829,540 bpd in March a multiple of 2.27. For the last month, that means Saudi Arabia shipped around 25 million barrels of crude to the U.S., a level not seen since December 2018. And data from TankerTrackers.com shows that figure is on track to be…

Meerut: In an endeavour to ensure that low income, prepaid customers using feature phones remain connected amidst these troubled times, Vodafone Idea Limited (VIL), has announced the extension of incoming services for these users till 3rd May 2020. This free of cost extension of incoming service validity will enable millions of feature phone users of both Vodafone and Idea to continue to receive incoming calls, even if the validity of their plan expires earlier. This incoming validity extension is being credited in the accounts of all eligible customers, as fast as possible, over the coming days. With this special…

Mumbai: Infrastructure major Larsen & Toubro (L&T) said on Friday said its buildings and factories business has bagged significant orders worth up to Rs 2,500 crore from domestic clients. It has secured an order from a leading cement maker to execute and commission a plant with a production capacity of 9,500 tonnes per day at Ametha in Katni, Madhya Pradesh. Another order has been secured from a Bengaluru-based developer for constructing a residential complex with a total built-up area of 5 million square feet. The scope of work includes design and construction of the entire civil structure, water-proofing, masonry and…

Mumba: Equity benchmark indices jumped over 3 per cent on Friday as the Reserve Bank of India unveiled measures to ease liquidity and bank credit as part of economic relief to offset the fallout of coronavirus lockdown. The BSE S&P Sensex closed 986 points or 3.22 per cent higher at 31,589 while the Nifty 50 moved up by 274 points or 3.05 per cent at 9,267. Except for Nifty FMCG and pharma, all sectoral indices at the National Stock Exchange were in the green Nifty private bank up 7.7 per cent, financial service by 5.7 per cent each, auto by…

Gurugram: BMW Group India delivered 2,482 units of BMW and MINI cars in the first quarter of calendar year 2020, i.e January to March. BMW India registered sales of 2,365 units and MINI India of 117 units. BMW Motorrad has continued its unabated growth in the premium motorcycle segment with 1,024 motorcycles delivered to customers. “The coronavirus pandemic presents a mammoth challenge to public health, industry, economy and our business. With the strength of its admired brands and superior products, BMW Group India will remain resilient and responsive in every way. The current situation has brought many operational difficulties and…

Mumbai: Industry experts said on Friday that further revision in reverse repo rate by the Reserve Bank of India (RBI) should add to spurring liquidity in the system and is a positive measure. “Additionally, the move to allow extension of NBFC loans to delayed commercial real estate projects by a year without restructuring brings about some much-needed relief for the developers,” said Ram Raheja, Director at S Raheja Realty. “COVID-proofing the economy is the need of the hour. We further hope to see some stimulus package from the government as well to help relieve the stress in the residential real…

China reported Friday that its first quarter GDP contracted by 6.8% in 2020 from a year ago as the world’s second largest economy took a huge hit from the coronavirus outbreak, data from the National Bureau of Statistics of China showed. The contraction in the first quarter is the first decline since at least 1992, when official quarterly GDP records started, according to Reuters. China’s government figures are frequently doubted by analysts. Analysts polled by Reuters had predicted China’s GDP would shrink by 6.5% in the January to March quarter, compared to a year ago. The forecasts from 57 analysts…

Mumbai: : The Reserve Bank of India (RBI) today reduced the reverse repo rate by 25 basis points from four per cent to 3.75 per cent in a bid to inject liquidity in financial markets. However, the repo rate remains unchanged. This comes amid the COVID-19 pandemic and the subsequent countrywide lockdown. RBI Governor Shaktikanta Das said the liquidity injection has been 3.2 per cent of GDP since February 6 to March 27. “The RBI has been taking pro-active measures and monitoring the situation closely. The contraction in exports at 34.6 per cent has been much worse than 2008-09 global…

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…