Author: Finance Khabar

Mumbai: Food-led FMCG major Future Consumer Ltd has appointed Sailesh Kedawat as the Chief Financial Officer and key managerial personnel. Kedawat is a qualified chartered accountant with 22 years of experience in the areas of corporate accounts, project management, internal audit, finance and taxation. He has been associated with Future Group for about five years. Before that, Kedawat has worked for public sector and private companies and has also been associated with a leading group in Oman. Future Consumer procures 3.5 lakh of agri produce annually and sells 13 lakh products every day in 483 towns. Besides food, it markets…

Mumbai : Pharma major Lupin Ltd on Saturday announced a contribution of Rs 21 crore for relief efforts directed towards mitigating the COVID-19 crisis. Lupin’s Global Giving Programme comprises of three separate contributions made by its employees, the company and the promoter family. Lupin’s employees have contributed by giving two days of their individual salaries, together contributing a sum of Rs 5.5 crore to the Prime Minister’s Citizen Assistance and Relief in Emergency Situations Fund (PM CARES Fund). Lupin has matched an equal sum of Rs 5.5 crore for direct initiatives that the company will implement to support overburdened national…

New Delhi: Amid spreading coronavirus and subsequent lockdown, borrowers of a gold metal loan (GML) are facing excessive heat as the price of the yellow metal has risen astronomically, triggering margin calls that need to be fulfilled. The Reserve Bank of India (RBI) has prescribed the tenor of a GML to be of 180 days. “Contracts that have fallen due during this period or are due immediately after will create a flux in the business as these GML contracts will be forcibly converted by banks to higher interest-bearing working capital limits,” said Ajay Mehra, Managing Director of Mehrasons Jewellers. While…

New Delhi: Even as RBI and the government tried hard to push bank credit in order to maintain adequate liquidity into the system, the growth of bank credit fell to a more than a 50-year low in FY20. The bank credit grew at a mere 6.1 per cent in the last fiscal, according to RBI data. The growth rate could have been worse if almost 39 per cent of the annual bank credit was not disbursed in a fortnight of March 2020. The growth rate till 13 March was 3.8 per cent. In the fortnight to 27 March, the bank…

Boeing is considering a range of options to reduce its payroll by approximately 10%, no decision has been reached yet but the final reduction would likely include voluntary layoffs, early retirements, natural attrition and potentially mandatory layoffs. Boeing’s consideration of possible payroll cuts was first reported by The Wall Street Journal. Boeing has approximately 160,000 employees worldwide, but the payroll cuts are likely to focus on the commercial airplane division, which is facing major financial pressure. Boeing is not manufacturing any commercial airplanes due to the coronavirus pandemic. On Monday the company said it would suspend production of 787 Dreamliner…

Mumbai: HN Reliance Foundation Hospital said on Friday that it will protect and monetarily compensate its critical staff, which is working together as a team towards the war against COVID-19. “For our brave frontline staff deployed at the Seven Hills, ER and the two isolation rooms, we will be offering them an additional payout over and above the one-month CTC for their brave hearts and commitment to the cause,” said Chief Executive Officer Tarang Gianchandani. The hospital will also provide the best-available personal protective equipment, meals, grocery bags and transport free of cost.”In case, any of you or your family…

New Delhi: Godawari Power & Ispat Ltd has resumed partial operations by commencing mining operations in Ari Dongri iron ore mines and also restarted manufacturing activities in 0.6 million MTPA Iron Ore Pellet Plant situated at Siltara Industrial Area, Raipur from today i.e. 10.04.2020. The mining operations of our Boria Tibu Iron Ore Mines and manufacturing activities in all other divisions are still under shut down due to COVID-19 outbreak. The Company has taken necessary permission from local authorities and has also taken all necessary steps for safeguarding employees of the Company. Shares of GODAWARI POWER & ISPAT LTD. was…

New Delhi: Kotak Mahindra Bank has announced that the group’s leadership team has unanimously and voluntarily opted to take a 15% cut in compensation for the financial year 2020-21. Uday Kotak has personally opted to forgo his salary, and will receive Re 1/-. We are in the midst of a battle to protect both lives and livelihoods. The revival of the economy will depend on a healthy and robust financial sector. The bank is committed to work alongside the government, private enterprise, civil society and individuals in the tough times that lie ahead. To support the efforts of the government…

New Delhi: Bharat Dynamics Limited (BDL) has recorded a turnover of Rs.3095 Crore (provisional and unaudited) for the financial year ended on March 31, 2020 (corresponding figure for the previous year was Rs.3069 crore). The Order Book of the Company as on 01/04/2020 stands at Rs.7413 Crore (Provisional and Unaudited), which includes Akash (7 Sqdn) Order of Rs.1700 Crore received during the quarter ended 31 March 2020. Shares of Bharat Dynamics Ltd was last trading in BSE at Rs.215.4 as compared to the previous close of Rs. 218.3. The total number of shares traded during the day was 2639 in…

Mumbai (Maharashtra): Svatantra Microfin Private Limited, a microfinance institution headquartered in Mumbai offers micro-credits vis-a-vis other impactful financial services such as cashless mediclaim, accident and home structure insurance to its rural clients, with a vision to make clients financially included and economically protected. Amidst the current health concerns as a result of the COVID-19 pandemic, Svatantra Microfin’s cashless Mediclaim has provided great hope to the company’s more than a million rural women customers and their families. In the present scenario, income of many of the rural and semi-urban customers has been affected. The company reached out to its customers reiterating…

Creativity means the act of creating something new and innovative. In today’s ever-changing times, only those businesses survive which know to serve customers in the best innovative way possible. It’s a belief that the most creative people are highly successful entrepreneurs. So, let’s here look at the qualities of such creative startup founders: 1) Curiosity is good:When children used to ask a lot of questions, we tell them to shut up and discourage their curiosity. But in reality, entrepreneurs are those who are highly curious as it is one indication of the creative mindset. Curiosity is a boon to entrepreneurs…

A chief executive officer or CEO is the most senior corporate, executive, or administrative officer who is in charge of the company’s management. CEOs usually report to the organization’s board of directors and their main role is to achieve company’s objectives or outcomes. Typically, CEOs have a technical degree in management, science, engineering or law. Being a Chief Executive Officer or CEO of a startup company is not any rocket science. It means it is neither that complicated nor that easy. Here we share some top things you can do as a startup CEO: 1) Provide direction:Improvise your startup company’s…

Media and entertainment company Zee Entertainment Enterprises Ltd (ZEEL) has done an investment of Rs. 522 crore in technology startup Margo Networks Pvt. Ltd. (SugarBox). ZEEL already has an ownership of 80% stake in SugarBox and the extra investment will be utilized for the operational and financial work of the startup company. SugarBox is about setting up internet services in areas where there is no or poor network connectivity. SugarBox allows users to access internet even with a proper data connection. Using the platform, users can stream and download videos, learn online, pay important bills, play games and enjoy listening…

Coronavirus hasn’t spared anyone. It’s there all over the world. Sadly, coronavirus has affected the startup community as well. Many startup founders are hugely disappointed with the restrictions imposed by the lockdown, which is making them incur huge losses. If you are one of the early-stage startups who is reading this, let me tell you that we understand how you are struggling hard to make the ends meet in this pandemic crisis. However, looking at the larger picture, there is still scope for you to give back to the society as various funds are being provided to many startup companies…

We all are terrified and locked in our homes. Like you, even we are afraid about our health and economy in general. Living a life in the coronavirus crisis seems to be like a hell. Millions of people all over the world are out of work. This seems to be a tragedy for many out there. As we all are scared about the uncertain future, we discuss here some pointers to protect your financial wellbeing: 1) Should you withdraw all your cash from the bank and keep at home?Well, no. Your money is safe inside the bank and you should…

Mumbai: India Ratings and Research (Ind-Ra) has revised its outlook for energy infrastructure companies to negative from stable for FY21 as the COVID-19-driven lockdown is likely to affect liquidity level in all companies across the power sector value chain. It said power generation companies (gencos) will face an elevated counterparty risk due to steep fall in demand, under-recoveries compared to cost, possible lower subsidy payout by states and weakening economic outlook. Against the background of gloomy industrial demand and government’s limited resources, liquidity will be a critical driver for energy infrastructure special purpose vehicles (SPVs) until the effects of lockdown…

Bengaluru: E-commerce marketplace Flipkart, in partnership with ICICI Lombard and Go Digit General Insurance, has launched health insurance policies on its platform that distinctly cover COVID-19. Enabling health cover for consumers combating the global pandemic, the two health insurance policies come with instant claim benefits and do not require any medical tests at the time of purchase. According to industry estimates, about 56 per cent of the Indian population is not covered under any health insurance policy.The COVID-19 Protection Cover by ICICI Lombard provides an instant Rs 25,000 benefit plan paid to the customer on positive diagnosis of COVID-19. It…

New Delhi: With the Delhi Government making the wearing of masks compulsory while stepping out, dairy major Mother Dairy has also urged customers to adhere to the directive. “Face mask has been made compulsory in Delhi and few areas in UP. We are requesting all customers to comply for own safety and safety of our staff,” Mother Dairy tweeted. On Wednesday, wearing face masks was made compulsory, anyone stepping out will need to wear it or face action. Delhi Government has identified 25 hotspots in the battle to contain coronavirus and nobody will be allowed to enter or exit from…

Due to coronavirus, many companies have opted to work from home to help reduce the pandemic and safeguard their employees from health concerns. As the employees have set up their tech tools, defined their work procedures and logged into their video conference accounts, the next thing business leaders have to do is to ensure the employees stay motivated in the current work arrangement. Here are some tips to help your employees give their best through remote work: 1) Empower your employees to explore and solve work-related problems. For example, instead of you dictating them what work has to be done…

As the COVID-19 pandemic continues to affect every area of our life all over the world, there are going to be immense opportunities for organizations to start a new product / service or venture as new startup firms. Here we discuss some interesting startup ideas for aspiring entrepreneurs: 1) Cleaning services:As coronavirus has made it mandatory for everyone to stay clean and hygienic, there are going to many requests for cleaning service companies all over the world to look after the sanitisation and disinfection of all commonly-used areas, offices and places to curb the spread of virus now and forever.…