Author: Finance Khabar
Mumbai: The world is in the midst of a major health crisis as the Coronavirus pandemic has affected more than 110 countries now.Madhavbaug, India’s leading chain of multidisciplinary cardiac care clinics and hospitals, urges all the readers to stay home and stay safe, especially those with weakened immunity. People with weak immune systems and chronic conditions are more susceptible to getting infected by the coronavirus. The mortality rate for people with heart diseases is 10.5 per cent, diabetes is around 7.3 per cent, respiratory disease is nearly 6.3 per cent, and that of blood pressure and cancer is about 6…
New Delhi: Former RBI governor Raghuram Rajan has suggested to the government to call people with proven expertise and capabilities, including from opposition parties, to deal with perhaps the greatest emergency being faced by the country since Independence following the coronavirus outbreak. He also cautioned that driving everything from the Prime Minister’s Office, with the same overworked people, may not be of much help. “There is much to do. The government should call on people with proven expertise and capabilities, of whom there are so many in India, to help it manage its response. It may even want to reach…
New Delhi: The officers and staff of the Finance Ministry including the officials of Financial Institutions and Public Sector Banks/Enterprises (PSB) have contributed Rs 430 crore towards PM-CARES Fund to combat the coronavirus pandemic. “The officers and staff of Ministry of Finance including the officials of financial institutions and Public Sector Banks/Enterprises under the Ministry have come forward to donate a day’s salary including under Corporate Social Responsibility (CSR) with an amount of Rs 430.13 crore to PM-CARES Fund for providing assistance to those impacted by the COVID-19 pandemic,” a Finance Ministry release said. The Prime Minister’s Citizen Assistance and…
New Delhi:The regional airline Air Deccan is not able to withstand the pressure created due to the Corona virus crisis and has announced its closure. Also, he has sent all the employees on leave without pay. To deal with the Corona virus crisis, the government has imposed a 21-day ‘ban’ in the country. The aviation sector has been badly affected by this nationwide shutdown. Air Deccan has become the first airline that has not been able to withstand this pressure. Air Deccan Chief Executive Officer (CEO) Arun Kumar Singh said in an e-mail to employees that “the Directorate General of…
New Delhi: Japan’s automobile company Toyota has stopped selling Etios series and Corolla Altis in India. The company has taken this step to empty production capacity at its plants to bring new products with better technology. The Etios sedan was introduced in 2010 by Toyota Kirloskar Motor (TKM), a joint venture between the Japanese automobile major Toyota and the Kirloskar Group. In 2011, the company launched its hatch version Etios Liva. The company has sold 4.48 lakh vehicles of the Etios series in the domestic market. Apart from this, 1.31 lakh units have been exported. The Corolla Altis was launched…
Mumbai: HDFC Bank Ltd has received the mandate to collect donations for the PM CARES Fund, which was created with the primary objective of dealing with any kind of emergency or distress situation posed by the COVID-19 pandemic and to provide relief to the affected. The bank in a statement said that individuals can now donate from their homes using debit cards, credit cards, UPI and digital banking channels. The donors can also use official UPI handle pmcares@hdfcbank to make donations, stated the bank. The Prime Minister’s Citizen Assistance and Relief in Emergency Situations Fund (PM-CARES Fund) was created on…
New Delhi: The coronavirus outbreak, and the subsequent countrywide lockdown, has deeply impacted the domestic economy with a majority of firms expecting a significant decline in their topline and bottomline in the current and previous quarters. This will lead to job losses, according to a CII CEOs Snap Poll on Impact of COVID-19 Lockdown on Industry. The survey was done with 200 CEOs across sectors. The survey results indicate that a significant majority of the firms expect revenues to fall more than 10 per cent and profits to decline more than 5 per cent in the current quarter (April-Jun 2020)…
New Delhi: With the successful merger of Oriental Bank of Commerce and United Bank of India with itself, Punjab National Bank has started focussing on growth and planned a series of capital raising initiatives, including rights issue and FPO, in the third quarter this fiscal. At the moment, the bank is adequately capitalised with the capital adequacy ratio of 14.04 per cent at the end of December 2019, PNB Managing Director S S Mallikarjuna Rao told PTI. The government provided Rs 16,091 crore to PNB and Rs 1,666 crore to United Bank of India in September for enhancing the capital…
New Delhi: ICICI Bank has donated as many as 16,000 masks and 1000 gloves to the Central Industrial Security Force (CISF) personnel deployed at metro stations in Delhi. “I would like to place on record our sincere thanks, appreciation and valuable support rendered by ICICI Bank by providing much-needed masks and gloves to our personnel deployed in DMRC during this hour of need (16,000 masks and 10,000 gloves approximately),” the letter by Sudhir Kumar, Inspector General read. “The @ICICIBank has donated 16000 masks & 10000 gloves for CISF personnel deployed at DMRC Delhi. We are incredibly thankful to ICICI Bank…
Ahmedabad: A Rajkot based firm, Jyoti CNC, held a successful trial of ventilator ‘Dhaman 1’ manufactured by them, on Saturday.The firm will give 1000 ventilators free of cost to the Gujarat government. The cost of one ventilator is around Rs 1 lakh. While speaking to ANI the Chairman and MD of the company, Parakramsinh Jadeja said, “We are not experts in producing ventilators but looking at the current demand in the country, we planned and designed this equipment. Around 150 engineers worked on this design.” “When the country is under lockdown, the State government and Central government helped us to…
New Delhi: The Income Tax Department on Saturday extended the deadline for individuals to submit forms 15G and 15H for the current fiscal by three months to claim exemption from Tax Deducted at Source (TDS) on interest income amid the COVID-19 crisis. The forms are filed by people whose income is below the taxable threshold. They are usually submitted by taxpayers to banks and financial institutions in April. The Central Board of Direct Taxes (CBDT) said the 15G and 15H forms submitted in last fiscal year will remain valid till June 30 as the coronavirus pandemic has caused severe disruption…
Recent announcement by Prime Minister Narendra Modi to completely lockdown the country has made people stay at home and work from home. Coronavirus pandemic has affected lakhs of people all over the world and has killed many. This has led to panicky situation among the people as their health and finances are not in good condition. Coronavirus or COVID-19 has taught some important lessons about personal finance to mankind. Here are some points that can help you learn and grow in this tough time: 1) Having an emergency fund is utmost vital:Financial planners always suggest in their financial plan to…
We are living right now in a very uncertain period. Yes, it is completely challenging as the lockdown has imposed a lot of restrictions on us. But remember you are not alone as the entire world is going through the coronavirus crisis. COVID-19 might have also affected your income but don’t feel sad. As you are at home, utilize this time to start a new business. Wondering howcome you will setup a business with no money or high-qualification? Here we help you out: 1) Teach a skill:As schools and colleges have been closed throughout India, children are feeling bored doing…
Mumbai: Crisil has revised its rating outlook on non-convertible debentures and long-term bank facilities totalling Rs 40,302 crore of Vedanta Ltd to negative from stable while reaffirming the rating at AA. The rating on commercial paper and short-term bank facilities has been reaffirmed at A1-plus. The operating profitability (earnings before interest, tax, depreciation, and amortisation) for fiscal 2020 has moderated due to weaker aluminium and zinc prices, and slower-than-expected ramp-up in volumes across the zinc and oil and gas businesses. For fiscal 2021, despite the weaker outlook for commodity prices, operating profitability is expected to improve, mainly led by volume…
New Delhi: PNB Housing Finance Ltd said on Saturday that investment information firm ICRA has downgraded the rating of its non-convertible debentures and tier two bonds worth Rs 1,675 crore to AA negative from AA-plus negative. “The revision in rating factors in the weakening of PNB Housing Finance asset quality, especially in the wholesale loan portfolio, and the delays in its capital-raising programme along with the lower-than-expected planned equity infusion,” said ICRA. The company recently took the board’s approval to raise up to Rs. 1,700 crore of equity, which is lower than the previously envisaged amount. Moreover, given the current…
New Delhi: Government-owned Punjab & Sind Bank said on Saturday it will soon approach the Central Bureau of Investigation (CBI) to conduct a probe against Hyderabad-based Saptarishi Hotels for committing fraud involving Rs 76.58 crore. “It is informed that a non-performing asset (NPA) account namely Saptarishi Hotels Pvt Ltd with amount outstanding as on date of NPA that is April 30, 2016 of Rs 76.58 crore has been declared as fraud and reported to RBI as per regulatory requirement,” it said in filings at stock exchanges. “The bank is in the process of filing of complaint and first information report…
Mumbai: Mahindra and Mahindra (M&M) board of directors has refused to inject 406 million dollars (about Rs 3,078 crore) as fresh equity in SsangYong Motor Company (SYMC) in light of the COVID 19 impact. The board noted that large parts of the global economy are under shutdown. India particularly is under an unprecedented 21-day complete lockdown. Only emergency services are operating while everything else is closed. “After lengthy deliberation given the current and projected cash flows, the M&M board took a decision that M&M will not be able to inject any fresh equity into SYMC and has urged SYMC to…
Mumbai (Maharashtra): Private sector lender HDFC Bank has said its advances aggregated to Rs 9.93 lakh crore as of March 31, marking a growth of about 21 per cent as compared to Rs 8.19 lakh crore a year ago and Rs 9.36 lakh crore on December 31, 2019. The bank’s deposits aggregated to Rs 11.46 lakh crore, clocking a growth of 24 per cent as compared to Rs 9.23 lakh crore as of March 31, 2019 and Rs 10.67 lakh crore on December 31, 2019. The CASA (current account saving account) ratio stood at 42 per cent as of March…
Mumbai: Sunil Alaric D’Souza on Saturday assumed charge as Managing Director and Chief Executive Officer of Tata Consumer Products. The new company was formed in February following the merger of Tata Global Beverages and the consumer products business of Tata Chemicals. D’Souza, an engineering graduate and an alumnus of Indian Institute of Management Calcutta (IIM-C) brings in nearly three decades of experience working with some of the marquee brands in the country. “Tata Consumer Products has an impressive portfolio of brands which play in categories with huge headroom for growth, and there are clear plans to further strengthen their position…
Hyderabad: Bharat biotech is developing a one drop COVID-19 intranasal vaccine ‘CoroFlu’ using a proven safety platform. The vaccine, ‘CoroFLu’ is built on a flu vaccine “backbone”, which has already proved to be safe and well tolerant when given to humans, in Phase I and II of the clinical trials. The medicine is being developed by Bharat Biotech is an international collaboration with virologists at the University of Wisconsin-Madison and the vaccine companies FluGen CoroFlu will build on the backbone of FluGen’s flu vaccine candidate known as M2SR. It is based on an invention by UW-Madison virologists and FluGen co-founders…