Author: Finance Khabar
New Delhi : The PHD Chamber of Commerce and Industry on Wednesday suggested a stimulus package of Rs 11 lakh crore from the government to mitigate the impact of pandemic COVID-19 on economy, trade and industry. “We expect a significant fiscal stimulus of at least 5 per cent of GDP or Rs 11 lakh crore,” said its President D K Aggarwal. “The government has already provided a stimulus of Rs 2 lakh crore. Therefore, our expectation is for the remaining Rs 9 lakh crore in terms of various relief measures and benefits to India’s trade and industry,” he said in…
Mumbai: Equity benchmark indices closed half a per cent lower in Wednesday’s volatile session with banking stocks sliding in the last hour amid weak global cues. The BSE S&P Sensex closed 173 points lower at 29,894 while the Nifty 50 edged lower by 43 points to 8,749. Sectoral indices at the National Stock Exchange were mixed with Nifty realty down by 1.3 per cent and bank by 0.6 per cent. Among stocks, ICICI Bank dipped by 2.6 per cent to Rs 317.65 per share while State Bank of India was down by 1.9 per cent. Tata Consultancy Services and Titan…
Mumbai: The Rupee on Wednesday heavily down by 74 paise to close at 76.37, one month low against the USD tracking a decline in other Asian currencies, dealer informed. The domestic unit fell by 21 paise to 75.84 in opening trade. Till the end of the session it lost by 74 paise to finish at 76.37 as compared to its last close.The Indian currency was seen under pressure on higher crude oil prices and weak global risk appetite too weighed on the Rupee.
New Delhi : The Confederation of Indian Industry (CII) has called for a fiscal support package during the current financial year 2020-21 limited to two per cent of the gross domestic product (GDP) in addition to the Rs 1.7 lakh crore provided under the Pradhan Mantri Garib Kalyan Yojana. The industry body undertook a massive contact programme with over 8,000 member companies directly and indirectly to assess the issues being faced by these organisations and the overall economic impact of coronavirus pandemic and the consequent shutdown. “It is our considered judgement that the impact is severely adverse and the best…
Geneva: The International Air Transport Association (IATA) has released a new analysis showing that some 25 million jobs are at risk of disappearing with plummeting demand for air travel amid the COVID-19 crisis. Globally, the livelihoods of some 65.5 million people are dependent on the aviation industry, including sectors such as travel and tourism. Among these are 2.7 million airline jobs. In a scenario of severe travel restrictions lasting for three months, IATA research calculates that 25 million jobs in aviation and related sectors are endangered across the world: 11.2 million jobs in the Asia Pacific, 5.6 million jobs in…
Data networks integrator Sterlite Technologies Limited (STL) has announced an increase of 34% in its global patent portfolio, taking the number of patents to 358 that includes 93 patent applications filed in FY20 in various countries like India, the US, Europe, and China for the company’s optical connectivity, network services, and virtual mobile edge solutions. “We have evolved from an optical fibre company to industry’s leading integrator of data networks. One of the key drivers and building blocks for this transformation has been our undivided focus on developing unique solutions for the evolving converged network. It has empowered us to deliver disruptive…
It covers costs associated with hospitalisation expenses, AYUSH treatment, mental illness, new treatments like stem cell therapy and robotic surgeries amongst othersThe premium of a new policy will start with Rs. 2,400 (excluding GST) and will vary depending on the age of the policyholder and sum insured opted. Pune: Bajaj Allianz General Insurance, India’s leading private general insurer announced the launch of its standard health insurance product – ‘Arogya Sanjeevani Policy, Bajaj Allianz General Insurance Company’. This product has been introduced as per guidelines issued by IRDAI on January 1, 2020 regarding Standard Individual Health Insurance Product. The idea behind…
Mumbai: Equity benchmark indices closed nearly 9 per cent higher on Tuesday due to firm global cues and value buying amid tentative signs that coronavirus may be levelling off in the United States and Europe. There was broad-based buying and most sectors traded with healthy gains. Pharma stocks rallied after the government lifted restrictions on the export of 24 pharmaceutical ingredients and medicines made from them. The BSE S&P Sensex closed 2,476 points or 8.97 per cent higher at 30,067 while the Nifty 50 jumped 708 points or 8.76 per cent up at 8,792. All sectoral indices at the National…
Stuttgart [Germany]: German engineering and technology company Bosch has said its rapid test can detect a SARS-CoV-2 coronavirus infection in patients within two-and-a-half hours. Developed in just six weeks, the test for COVID-19 can help medical facilities make fast diagnoses and play a part in containing the coronavirus pandemic. Another advantage of the rapid test is that it can be performed directly at the point of care. This eliminates the need to transport samples, which takes up valuable time. It also means patients quickly gain certainty about their state of health while allowing infected individuals to be identified and isolated…
Mumbai: JSW Steel, the flagship business of 14 billion dollar JSW Group, on Tuesday reported crude steel production of 16.06 million tonnes in 2019-20 which marked a 4 per cent decline from 16.69 million tonnes in the previous fiscal year. The production for flat rolled products totalled 11.35 million tonnes in FY20, down 3 per cent from 11.74 million tonnes in FY19 while production for long rolled products tumbled 4 per cent to 3.72 million tonnes from 3.87 per cent. “The slow down in economic activity due to unanticipated breakout of pandemic COVID-19 and consequent nationwide lockdown in the latter…
Mumbai: Tata Power Solar Systems said on Tuesday it has got a letter of award to build 300 megawatt plant for state-owned utility major NTPC at an all-inclusive price of Rs 1,730 crore. This follows a post-reverse auction held on February 21. The commercial operation date for the grid-connected solar photovoltaic project is set for September 2021. With this project, the order book of Tata Power Solar stands at Rs 8,541 crore including external and internal orders. “It is projects like these which demonstrate the trust in Tata Power’s project management and execution skills. This order is a motivation for…
Hyderabad: Pan America – a national brand of men’s fashions understands the social responsibility and to show solidarity with the nation has extended a small helping hand. Pan America salutes India’s Prime Minister Narendra Modiji for the efforts taken by him. “We are with you Prime Minister in this challenging time,” said the Directors. “It is not only 25 lakhs, but if our country is in trouble we are ready to contribute as much as we can in the coming times,” said Rajkumar Lalwani, Director. “A special thanks to our thousands of dealers and our customers for their continued patronage,…
New Delhi: PNB Housing Finance has signed an agreement with Japan International Cooperation Agency (JICA) to raise 75 million dollars (about Rs 568 crore) with co-financing of 25 million dollars (about Rs 190 crore) by Citibank to finance mortgage loans in the affordable housing segment. This will provide affordable housing to low-income households in India based on the Facility for Accelerating Financial Inclusion in Asia. “This will be JICA’s first debt funding in the housing finance sector in India. We look forward to having a long term relationship with them,” said PNBHF Managing Director Sanjaya Gupta. “In spite of the…
Mumbai: The coronavirus outbreak has resulted in unprecedented uncertainty and a worldwide disruption of customer service across industries. The general insurance industry in India is no exception. In these unforeseen circumstances, Liberty General Insurance Limited (Liberty), is leveraging a variety of digital channels to stay connected with customers during a time of social distancing.To minimize disruptions caused by the outbreak of the COVID-19 pandemic, Liberty is encouraging customers to connect with it and avail of a wide range of services including renewal of policies through its website- www.libertyinsurance.in, and the LivMobile app. As a responsible organization, LGI’s priority has been…
Bengaluru: HashedIn Technologies Pvt. Ltd, a Cloud expert, announced today that it has acquired Microsoft Gold-certified member status in the Microsoft partner program. As a Microsoft Gold-Certified partner, HashedIn has always collaborated and established a close working relationship with Microsoft. This recognition helps HashedIn strengthen its partnership with Microsoft, optimize and build its cloud-native solutions for enterprises, serve their clients seamlessly with the existing partnership, and facilitate them to adopt multi-cloud. Microsoft Gold Certified Partners are entitled to receive a wide range of benefits, including access, training, and support, giving them a favorable advantage in the Microsoft channel. By getting…
Mumbai: The Life Insurance Council has announced that all life insurers, both public and private, are committed to processing any death claim pertaining to COVID-19 at the earliest. The Council also confirmed that the clause of ‘Force Majeure’ will not apply in the case of COVID-19 death claims. The step was taken to reassure customers who had reached out to individual life insurance companies seeking clarity on this clause in their contract as well as to dispel rumours to the contrary. All life insurance companies have also communicated to their customers individually in this regard. SN Bhattacharya, Secretary-General, Life Insurance…
New Delhi: Max Group and its CSR arm Max India Foundation (MIF) have launched an online pledge campaign #StayHomeIndia to donate up to Rs.5 crores for the COVID-19 pandemic. Since social distancing is the most effective measure to deal with the pandemic, the two-pronged campaign encourages those not involved in delivery of essential services to stay home and will provide funds for testing of COVID-19 for the underprivileged section and for other relief efforts. For every online pledge taken through the campaign to stay at home during the lockdown, Max Group, through MIF, will donate Rs.500. The pledge can be…
Huizhou: TCL officially debuted its first series of own-branded smartphones, the TCL 10 Series, which are positioned as premium yet affordable Android devices. The TCL 10 Series includes devices with flagship features such as high-resolution displays and quad rear-camera setup, all under USD 500, the official release notes. The TCL 10 5G is the company’s first smartphone with 5G support, with 6.53-inch FHD+ display, Qualcomm Snapdragon 765 SoC with 5G support, quad-camera setup that includes a 64-megapixel main camera and a 118-degree ultra-wide-angle camera. It is priced at 399 euros or USD 431 approximately. The TCL 10 Pro features a…
Mumbai: Kotak Mahindra Bank said on Monday its customer deposits jumped 19.6 per cent in the financial year 2019-20 to Rs 2.58 lakh crore from Rs 2.16 lakh crore year-on-year. At the end of Q3 FY20, customer deposits were Rs 2.31 lakh crore. Current deposits totalled Rs 43,000 crore in FY20, up 10.5 per cent from Rs 38,901 crore a year ago. Savings deposits moved up dramatically to Rs 1.04 lakh crore, up 31.3 per cent from Rs 79,685 crore in the same period. At the end of Q3 FY20, savings deposits stood at Rs 91,729 crore. The CASA (current…
Mumbai : Bajaj Finance said on Monday that its assets under management (AUM) stood at Rs 1.47 lakh crore as of March 31 as compared to Rs 1.15 lakh crore in the year-ago period. The company continues to remain well capitalised with a capital adequacy ratio of 25 per cent. “The consolidated liquidity surplus stood at Rs 15,800 crore as of March 31. The company’s liquidity position remains very strong,” it said in regulatory filings at stock exchanges. The deposit book stood at Rs 21,400 crore as of March 31 compared to Rs 13,193 crore a year ago. The mix…