Author: Finance Khabar
New Delhi : Indigram Labs Foundation, a leading agri-tech focused incubator, has announced the winners of its smart village program – ‘Adhunik Gram’, an initiative to empower agribusiness in rural India. The winner was IndusTill FarmeTech Pvt. Ltd. which won a cash prize of Rs 1 Lakh. The 1st runner up was Urdhvam Environmental Technologies Pvt. Ltd. which won a cash prize of Rs. 50,000 and the 2nd runner up was Impagro farming solutions Pvt. Ltd. which won Rs. 30,000. The program which was launched in September 2019, received over 120 applications of which 14 start-ups were shortlisted and 11…
Mumbai: Tata Motors said on Wednesday its domestic sales last month crashed by 84 per cent to 11,012 units compared with 68,727 units in March last year. The sales in domestic and international markets during March 2020 stood at 12,924 vehicles compared with 74,679 units during March 2019. Commercial vehicle sales cracked by 90 per cent to 5,336 units from 50,917 units in March last year while commercial vehicle exports plunged by 68 per cent to 1,787 units in March 2020 from 5,619 units in the same month last year. “Cumulatively, commercial vehicle domestic sales for FY20 at 3.1 lakh…
Gurugram: The board of directors at Minda Industries Ltd has approved an investment of Rs 33.5 crore in TG Minda, a 49.9 per cent joint venture of Uno Minda and Toyoda Gosei of Japan. The proceeds of the investment will be used to consolidate Toyoda Gosei’s business in India by transferring the shares of Toyoda Gosei South India Ltd (TG SIN) to TG Minda. TG SIN is a 95 per cent subsidiary of Toyoda Gosei. The transaction is expected to be completed by September. TG SIN reported a turnover of Rs 377 crore in FY 2019. It is engaged in…
Mumbai: India’s largest fast-moving consumer goods company Hindustan Unilever Ltd (HUL) said on Wednesday it has successfully completed the merger of GlaxoSmithKline Consumer Healthcare Ltd (GSKCH) with itself. The merger was announced on December 3, 2018 and was subject to obtaining necessary approvals, which have now been secured. “This is one of the largest deals in the FMCG sector in recent times and will lead to significant value creation for all stakeholders,” HUL said in a statement. In addition, the board of directors on Wednesday approved HUL acquiring the Horlicks brand for India from GSK for a consideration of 375.6…
Mumbai: The Reserve Bank of India (RBI) on Wednesday extended realisation period of export proceeds as part of additional measures to deal with the economic disruption caused by coronavirus epidemic. The value of the goods or software exports made by exporters is currently required to be realised fully and repatriated to the country within nine months from the date of exports. “In view of the disruption caused by the COVID-19 pandemic, the time period for realisation and repatriation of export proceeds for exports made up to or on July 31 has been extended to 15 months from the date of…
Mumbai: Equity benchmark indices closed 4 per cent lower on the first day of new financial year (2020-21) as investors remained focused on rising coronavirus infections and its economic impact within and outside the country. At the closing bell, the BSE S&P Sensex was down by 1,203 points or 4.08 per cent to 28,265 while the Nifty 50 tumbled by 344 points or 4 per cent at 8,254. All sectoral indices at the National Stock Exchange were in the negative zone with Nifty IT down by 5.4 per cent, private bank by 4.8 per cent, financial service by 3.9 per…
Meerut: In the fight against COVID-19, around 2,56,000 employees of the country’s largest lender, State Bank of India (SBI) have decided to contribute two days’ salary to the Prime Minister’s National Relief Fund. With this collective effort and commitment of SBI employees, Rs.100 crore will be donated to the PM CARES Fund which is created to fight the coronavirus pandemic. Last Week, SBI had committed 0.25% of annual profit for FY 2019-20 as a part of its CSR activities to fight COVID-19. Rajnish Kumar, Chairman, SBI said “It is a matter of pride for State Bank of India that all our…
Ahmedabad: Adani Enterprises has bagged a Rs 867 crore hybrid annuity road project from the National Highways Authority of India (NHAI) under Bharatmala Pariyojana. The four-laning of 47 km Nanasa to Pidgaon section of NH-47 in Madhya Pradesh will be done in two years while the operation period is 15 years. Bharatmala Pariyojana is a government-funded road and highways project. With this project award, Adani Group will have a total of five NHAI road projects under hybrid annuity mode spanning in states of Chhattisgarh, Telangana, Andhra Pradesh and Madhya Pradesh. The company said it is focused on incubating successful businesses…
New Delhi: Maruti Suzuki India Ltd (MSIL), the country’s largest passenger car manufacturer, on Wednesday reported 47 per cent year-on-year fall in its total sales during March to 83,792 units. With this, the company ended FY 2019-20 with total sales of 15.63 lakh units, down 16.1 per cent from 18.62 lakh in the previous fiscal. The sales during March 2020 are not comparable with sales in March 2019 due to suspension of operations from March 22 in line with national policy, said the company. “Maruti Suzuki remains committed to the safety and well-being of its employees, business partners and customers.…
Mumbai: As coronavirus crisis deepens in the country, the Indiabulls Group on Tuesday pledged to donate 21 crore to the Prime Minister’s ‘Citizen Assistance and Relief in Emergency Situations Fund’ (PM-CARES Fund). The group, in a statement, said it hopes to keep supporting the exemplary work done by the Centre and State authorities in conjunction with healthcare professionals across the country. “This outbreak has spared no nation, and it will take the collective spirit of our entire country to best fight it. Indiabulls Group will aim to support every effort towards that objective” said Sameer Gehlaut, Chairman, Indiabulls Group, “We…
New Delhi : With the COVID-19 cases steadily rising and Government of India announcing sweeping measures to contain its spread with the lockdown, there has been a growing need for protective equipment like PPE kits, masks and sanitisers. Many states have reported erratic supply and sky- high prices which has further impacted the affordability of these items. Moreover, poor quality has been observed in items such as sanitisers reported to have insufficient alcohol amount. At this critical juncture, it has, therefore, been essential to ensure that “quality” preventive protection items are made available where they are needed the most. Up…
New Delhi: Some state-run banks have given huge relief to the borrowers facing problems with the nationwide lockdown by the government to prevent the corona virus epidemic. Banks have postponed the EMI of the loan of the borrowers for three months, so that they will not have to pay the loan installment for the next three months. The banks have taken this step following an RBI directive that asked all banks to approve a three-month moratorium on loan payments. Last Friday, the RBI announced the imposition of a three-month moratorium on all term loans and working capital payments, including retail…
Mumbai: Equity indices bounced back from yesterday’s decline and closed over 3 per cent higher on the last trading day of the financial year 2019-20 (FY 20) tracking gains in global markets. A sizable improvement in Chinese manufacturing data for March supported the market sentiment. Investors, however, continued to track development related to coronavirus and measures taken by the government to minimise its impact. The BSE S&P Sensex closed 1,028 points or 3.62 per cent higher at 29,468 while the Nifty 50 nudged higher by 317 points or 3.82 per cent to 8,598. All sectoral indices at the National Stock…
Bengaluru : Government-owned Hindustan Aeronautics Ltd (HAL) recorded a turnover of over Rs 21,100 crore for the financial year ended on Tuesday, up 7 per cent from Rs 19,705 crore in the previous fiscal. “The company posted a revenue growth of around 7 per cent during 2019-20 for the second year consecutively post listing as compared to 3.8 per cent during 2017-18,” it said in a statement. HAL said the performance has been achieved in spite of difficulties in cash flows, interruptions in operations due to workmen agitation and interruption due to COVID 19 lockdown which affected final tests and…
New Delhi: The eight core industries grew at 5.5 per cent in February against 1.4 per cent month-on-month, government data released on Tuesday showed. The eight core industries comprise 40.27 per cent of the weightage of items included in the Index of Industrial Production (IIP). “The combined index of eight core industries stood at 132.9 in February 2020, which increased by 5.5 per cent as compared to the index of February 2019,” according to an official statement released by the Ministry of Commerce and Industry. “Its cumulative growth during April to February 2019-20 was 1 per cent.” Coal production with…
Mumbai: Faced with an unprecedented crisis, police forces in Sangli, Maharashtra and Guwahati, Assam in India have turned to drone technology to enforce lockdown throughout their respective cities and mitigate the spread of Covid-19. The drones have been supplied by ideaForge, India’s largest manufacturer of Unmanned Aerial Vehicles (UAV) or drones for defence, homeland security and industrial applications. The drones have been deployed throughout various parts of Sangli and Guwahati for surveillance of public spaces. They provide real-time intelligence to the command & control centre, local patrol vans and ground forces. In case any anomalies are observed, the vans or…
Hyundai India has launched the updated Verna. Prices of the new Verna start from Rs 9.30 lakh, ex-showroom. The new Verna bookings started a few days ago. This mid-cycle facelift has indeed infused a freshness to the design. The older car has been soldiering on from 2017 with no change. The facelift also gets a new set of BS6 engines as well as a whole lot of transmission options. Speaking of engines and transmissions, there is a lot to choose from. Two 1.5-litre engines (petrol and diesel) are available. The petrol unit is naturally aspirated and makes 115hp of power…
New Delhi: BuyUcoin has announced its foray into the global crypto markets, when it was granted the Crypto trade and wallet license in Estonia. The Delhi based company plans to offer its platform into countries with legal framework and regulation for crypto currencies. The historic judgment by Supreme Court earlier this month rejuvenated the cryptocurrency industry and there is a shared optimism among the investors, traders, enthusiasts, experts related to the future viability of a supportive legal framework for the digital asset products and service providers. Experts have termed these events as the era of ‘Indian Crypto Renaissance.’ “Some call…
Bengaluru: Today, Vymo, the world’s leading provider of solutions for on-the-go sales teams announced a ‘Work From Home’ version of its personal sales assistant product for agents, relationship managers, and other frontline personnel. It is designed to provide 24/7 secure access to necessary data through a simple app for mission-critical customer engagement without desktop/on-prem dependencies. With the world experiencing an unprecedented crisis in the wake of the Covid-19 pandemic, banks and insurers are struggling to support their employees to ensure business continuity. But their customers want to be reassured of uninterrupted service during these challenging times, hence it is now…
New Delhi: Bharti Enterprises has committed over Rs 100 crore to support India’s fight against COVID-19, the company said in a statement on Tuesday. A large portion of the corpus will be immediately contributed to the PM CARES Fund. The balance amount is being directed towards sourcing of masks and other key equipment for the doctors, healthcare workers and essential services personnel who are at the forefront of the battle, the statement said, adding that over a million N-95 masks are being procured and will be made available on an immediate basis. “Bharti Enterprises and its companies Bharti Airtel, Bharti…