Author: Finance Khabar

India Ratings and Research (Ind-Ra) has downgraded HPL Electric & Power Limited’s (HPL) Long-Term Issuer Rating to ‘IND BBB+’ from ‘IND A-‘. The Outlook is Stable. Ind-Ra continues to take a consolidated view of HPL and its subsidiary, Himachal Energy Private Limited (‘IND BBB+’/Stable), to arrive at the ratings, due to the strong operational, legal and strategic linkages between the two companies. The downgrade reflects HPL’s sustained elongated working capital cycle and continued spending on capex leading to higher-than-expected net leverage (net debt/EBITDA) on trailing 12-month (TTM) basis of 4.1x for 9MFY20 (FY19: 3.7x, FY18: 4.4x) and gross interest coverage…

SoftBank Group CEO Masayoshi Son said he has secured a monthly supply of 300 million face masks for Japan from May after reaching a deal with Chinese electric vehicle maker BYD Co, which has also started producing masks. SoftBank will supply two different kinds of mask, initially for medical staff, in cooperation with the Japanese government’s “mask team,” set up to tackle shortages due to the coronavirus outbreak, Son said on Twitter. Addressing the supply crunch is a priority for the Japanese government, which will begin delivering two washable masks to households next week — a move that has been…

Rishabh Srivastava Financial Inclusion is the process ensuring financial access to vunerable farmers and avail them with credit facilities to carry out thier activities. Census 2011 shows that India is having only 58.6% of population getting access to formal banking sectors. Financial services includes bank saving account, insurance and credit availability. Financial access to lower strata of society will not only boost and robust oureconomy but also prevent vulnerability of our farmers to exploitative money lenders and mediators. Thus cheaper loans and insurance via various government programmes like PMFBY and MUDRa yojana. Once account when linked to thier aadhar cards…

New Delhi: Innovative Financial Advisors Pvt Ltd (Fiinovation) and SMS India Pvt Ltd, Gurugram (SMS group Germany subsidiary), a leading plant supplier to the metallurgical industry, have joined hands and designed a community level CSR project for fostering awareness for COVID-19 and aiding the marginalized section of the society. The project will be implemented in Ward Slum No 38 in Kolkata which include areas such as, Gas Street, Nakibulla Lane, Antony Bagan Lane, Ramnath Biswas Lane, Kali Shome Street, Patwar Bagan Lane, Harshee Street, Canal East Road, Canal West Road, Chamru Singh Lane, Harinath Dey Road and Ward Institution Street.…

Praj recognizes the extraordinary courage and efforts of all those who put themselves in harm’s way to combat the pandemic. This includes medical and health care professionals, sanitation workers, the police force and personnel in essential services such as utilities, food and agriculture, telecommunications, etc. As a corporate citizen, Praj understands the need of the hour to show its solidarity to the major initiative undertaken by the government by way of setting up PM CARES Fund to help combat Covid 19. The company is honoured to respond positively to PM’s appeal by contributing Rs. 1.01 cr. to the fund. “While…

New Delhi: The Employees Provident Fund Organisation (EPFO) has deployed an electronic mechanism for crediting EPF and EPS accounts of subscribers as per a recent package announced by the government under PM Gareeb Kalyan Yojna for helping poor fight corona pandemic. The relief announced by the government can be claimed by eligible organisations and establishments by filing electronic challan-cum-return (ECR). The due amount on behalf of employers and employees reflected in the ECR (24 per cent of wages) will be credited by the Central government for three months in UANs of contributory EPF members earning a monthly wage of less…

The country’s leading two-wheeler manufacturer TVS Motors has officially introduced its commuter bike TVS Radeon with a new updated BS6 engine in the domestic market. The company has made several major changes to the newly updated TVS Radeon, which improves both its performance and mileage. The starting price of this bike has been fixed at Rs 58,992 while the top model is priced at Rs 64,992. In the new BS6 TVS Radeon, the company has made the biggest change in its fuel injected system. This bike has replaced the carburetor used in the previous model with new fuel injection technology.…

So far the total corona patients in the country have reached 7447, out of which 6565 are active cases, 643 patients have recovered from this disease and 239 people have died, 40 people have died in the last 24 hours and 1035 new cases. Have surfaced. Corona infection continues to increase. Countrymen are very concerned about this new type of disease. People are worried about their health and do not want to fall prey to this infection. The biggest problem is financially when one is hit by any disease. Recently many companies have launched health insurance plans to cover corona…

Ahmedabad: With the surge in demand for hydroxychloroquine, an anti-malarial drug deemed to be useful in dealing with COVID-19, the pharmaceutical industry has produced 20 crore HCQ tablets this month, said Pankaj Patel, CEO of Zydus Cadila in Ahmedabad, on Saturday. “The pharmaceutical industry has significantly increased the production of hydroxychloroquine (HCQ). To meet the domestic and foreign demand for hydroxychloroquine, Cadila will produce 30 tonnes of active pharmaceutical ingredient (API) equivalent to 15 crore tablets next month. “We have sufficient stock available, not only for the domestic market, but we would be able to supply to the world if…

Bengaluru: E-commerce marketplace Flipkart and Tata Consumer Products said on Saturday they are coming together amid COVID-19 global pandemic and subsequent lockdown enabling Indian consumers access to essential food and beverage products. Tata Consumer Products distributors will list as marketplace sellers on the Flipkart platform. Consumers can use the Flipkart platform to buy different combo packs of essential products such as beverages (tea and coffee) and foods (spices, pulses and nutri mixes). The partnership leverages combined strengths of both companies to solve consumer needs for access to essential commodities as they stay indoors and practice social distancing. The tie-up is…

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…