Author: Finance Khabar

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…

Mumbai:The Reliance Industries Limited (RIL) on Monday announced a donation of Rs 500 crore to PM CARES Fund to support the nation’s fight against the COVID-19. In a statement, the RIL said that it has also provided contributions of Rs 5 crore each to Maharashtra and Gujarat governments to support their fight against the deadly virus. Mukesh Ambani, Chairman and Managing Director of Reliance Industries Limited, said, “We are confident that India will conquer the coronavirus crisis sooner rather than later. The entire Reliance Industries Limited team is with the nation in this hour of crisis and will do everything…

Mumbai: As part of its focus on premiumization of locking solutions, Godrej Locks, the 122-year-young leader in the locks segment, launched Spacetek, a new age 100% ‘Made in India’ digital lock. Spacetek is the latest hi-tech and aesthetically designed home safety solution from Godrej Locks. It is packed with technologically advanced features like 360-degree finger print recognition, spy code, privacy mode, low battery indicator, external power bank charging, volume control, break in alarm among others. As per Kenneth research, smart door locks market in the country is predicted to reach USD 652.04 million by 2023, rising its way up from…

Ahmedabad: Intas Pharmaceuticals Ltd., the largest supplier by volume of generic medicines to the UK NHS, is collaborating on a World Health Organisation endorsed study into the prevention of COVID-19 infection using hydroxychloroquine, a drug that may have an effect in preventing and/or reducing symptoms of COVID-19. The global COPCOV (chloroquine / hydroxychloroquine prevention of COVID-19 in the healthcare setting; a randomised, placebo-controlled prophylaxis) study involves 40,000 frontline healthcare workers who are caring for COVID-19 patients and is due to start shortly. COPCOV will be led by scientists from the University of Oxford and funded by the Wellcome Trust; the…

Noida: HCL Technologies said on Monday that the impact of coronavirus (COVID-19) pandemic on fourth quarter (January to March) results is not expected to be significant. “While the impact on this quarter’s numbers is yet to be quantified, we do not expect it to be significant. Our exposure to the more impacted verticals is not significant. Booking during this quarter has largely been on track as significant part of closures happened in January,” it said in a statement. The company said its business model is a healthy mix of recurring product revenues, managed services and discretionary spend led professional services.…

New Delhi: Navaratna public sector mining company NMDC Ltd said on Monday it will contribute Rs 150 crore to the PM CARES Fund to help in the fight against COVID-19. It is the biggest support yet offered by any public sector enterprise for the initiative, it said in a statement. NMDC has already rolled out various preventive measures at the headquarters, manufacturing plants and offices to protect its employees and their families against the spread of COVID-19. The company with operations in remote parts of India has also implemented steps in villages and hamlets adjacent to its facilities and townships.…

Mumbai: Equity benchmark indices traded weak on Monday as market mood remained sombre with most investors believing that the stimulus package announced by the government and Reserve Bank of India will have limited effect until the actual impact of coronavirus is known. But with the number of infections rising, the extent of lockdown, pace of return to normalcy and further fiscal responses will remain key monitorables. The BSE S&P Sensex closed 1,375 points or 4.61 per cent lower to 28,440 while the Nifty 50 edged lower by 379 points or 4.38 per cent to 8,281. Except for Nifty pharma and…

New Delhi: Punjab National Bank (PNB) has unveiled a new logo as it merges with United Bank of India and OBC with it, with effect from April 1. The new logo will bear distinct signages of all the three public sector lenders. With this, PNB is set to become the second largest lender in the country. “#PunjabNationalBank is here with #OrientalBankofCommerce & #UnitedBankofIndia in an all new avatar. Be a part of the #TogetherForTheBetter journey with us and experience a smoother and smarter way of banking,” PNB said in a tweet on Monday. Assuaging concerns regarding the merged entity, PNB…

Pune: Working capital management remains a critical part of an SME’s operations, either contributing to growth or causing a slump. While you monitor cash conversion cycles in your business, it is important to consider the fact that most SMEs in India receive payments only after 90 days of providing goods or services, as per an IFC report. This can cause severe gaps in working capital, leading to delayed payments to staff, reduced raw material and inventory purchase, machinery or equipment shortfalls, and other restrictions that can stunt the growth of your enterprise. By bridging this gap in time with a…

Beijing: China’s manufacturing sector has steadily advanced production resumption, with 98.6 per cent of major industrial firms resuming work amid the coronavirus pandemic, the Ministry of Industry and Information Technology (MIIT) said on Monday. Around 89.9 per cent of employees in industrial companies with an annual revenue of more than 20 million yuan ($2 million) have returned to their workplaces, Xinhua news agency quoted Xin Guobin, Vice Minister of the MIIT, as saying at a briefing here. In Hubei, where the pandemic originated in its capital Wuhan last December, the average work resumption rate of industrial firms have surpassed 95…