Author: Finance Khabar
New Delhi : JSW Group, a part of the OP Jindal Group, decided to commit Rs 100 crore to the PM-CARES Fund. “As the Central and State governments continue with their heroic efforts to provide relief, the JSW Group is committing Rs 100 crore as a direct contribution towards the PM CARES Fund,” a release by the company read. The release added that to complement the Rs 100 crore contribution, “Each JSW Group employee has pledged a minimum of a single day’s salary to the PM CARES Fund and conversion of various facilities of the group into isolation wards limiting…
New Delhi :In the wake of coronavirus outbreak, the Central government has notified amendment to the Employees Provident Funds (EPF) Scheme to allow withdrawal of non-refundable advance by the members. The EPFO has directed its field offices to promptly process any applications for withdrawal so that relief reaches the worker and his family to help them fight with COVID-19. The notification GSR 225(E) amends the EPF Scheme 1952 to allow the withdrawal of non-refundable advance by EPF members in the wake of COVID-19 pandemic in the country. It also permits withdrawal not exceeding the basic wages and dearness allowance for…
New Delhi: Reckitt Benckiser, the makers of Lizol, Dettol, Harpic Reckitt Benckiser has announced a fund of £ 32 million globally and will distribute 10 million Dettol soaps in India. Globally, RB will distribute one million liters of disinfectant products such as Lizol and Harpic toilet cleaner to public health facilities and educational and community staff and will distribute 3.5 million N95 masks to health workers. “In India, under this initiative, we will donate 10 million bars of Dettol soap to the neediest, 3.5 million N95 (medical grade) masks to frontline health staff, as well as 1 million liters of…
New Delhi: The Indian Oil Corporation on Sunday assured people that there is no shortage of LPG amid the coronavirus lockdown. “We assure all our Indane customers that there is currently no shortage of LPG, and domestic cylinders are being supplied as per usual,” Indian Oil Corporation said in a statement. In his address to the nation on Tuesday, Prime Minister Narendra Modi had announced a 21-day lockdown in the entire country beginning midnight to deal with the spread of coronavirus, saying that “social distancing” is the only option to deal with the disease.
New Delhi : As the global medical technology continues to lead the fight against COVID-19, Pawan Goenka, Managing Director of Mahindra & Mahindra, on Saturday announced the production of ‘Face Shields’ for healthcare workers who are in the forefront in the fight against coronavirus. “With a design sourced from our partner Ford Motor, we are now ready to make this Face Shield for use of medical service providers. We are targeting to make 500 on Monday and then ramp up,” said Goenka on his Twitter handle. He further said an update on ventilators would be announced on Monday. Following this…
As the coronavirus pandemic is triggering fears of a global recession, foreign investors have started rowing back from the Indian capital markets by withdrawing a massive over Rs 1 lakh crore in March after remaining net buyers for six consecutive months. In order to contain the spread of coronavirus, lockdowns have become a norm world over and have led the FPIs to adopt a cautious stance, market experts said. The depositories data showed that a net amount of Rs 59,377 crore was pulled out from equities and Rs 52,811 crore was withdrawn from the debt segment by foreign portfolio investors…
New Delhi : Finance Minister Nirmala Sitharaman on Saturday made a one-to-one call with the Chairman and Managing Directors (CMDs) of all public sector banks and asked them to maintain adequate liquidity in the branch, ATM and at banking correspondent level amid coronavirus pandemic in the country. She also called up the representatives of private sector banks and requested them to ensure uninterrupted banking services are provided across the country while maintaining social distancing norms. Heeding to party president JP Nadda’s call, Sitharaman also contributed Rs 1 crore from her MPLAD fund for the measures being taken for the prevention…
New Delhi: State Bank of India, the country’s largest public sector bank, has cut interest rate on fixed deposits. The bank has cut the interest rate of FD by 0.20% -0.50% in retail segment and by 0.50% -1% in bulk segment. The new rates of interest on FD have come into effect from March 28, 2020. This month the interest rates have been cut for the second time. Earlier, the bank cut rates on 10 March. The SBI announcement comes after the Reserve Bank of India (RBI) cut the repo rate by 0.75%. For the first time in 15 years,…
New Delhi: The Reserve Bank on Friday cut the repo rate by a historic 75 basis points. The RBI had also asked the banks to reach the customers as soon as possible. Today State Bank of India gave great relief to its customers. SBI has announced a 75 basis point cut in the interest rate. The new interest rate will be applicable from April 1. The external benchmark linked lending rate (EBR) and repo linked lending rate (RLLR) have fallen by 0.75 per cent. Right now the EBR is 7.80 per cent which will come down to 7.05 per cent.…
New Delhi: Industrialists of the country are coming forward in the war against Corona. Tata Trust has announced 500 crores to deal with Corona. Ratan Tata, chairman of the Tata group, said that emergency resources should be supplied as soon as possible. After Tata group, Tata Sons has announced Rs 1000 crore. In total, Rs 1500 crore has been announced so far. Doctors, nurses and other medical personnel are working day and night in all the hospitals of the country to control the corona. They are engaged in this campaign, leaving care for their lives and family. The fear of…
Chennai : We are all in the midst of unprecedented times as we navigate the rapidly-evolving situation of COVID-19. Over 1.3 billion are under total lockdown till April 15, 2020 as India looks to contain the spread of coronavirus, we all need to support all actions that are being taken at national and local level in the interest of the entire community. At TVS Motor Company, we want to reassure that we are taking necessary and comprehensive actions to connect with our customers and support their well-being. TVS Motor Company has been synonymous with customer centricity. It will be our…
New Delhi: The Secretary of Corporate Affairs on Saturday addressed the concerns of Confederation of Indian Industry (CII), Federation of Indian Chambers of Commerce and Industry (FICCI), the Associated Chambers of Commerce of India (ASSOCHAM) and PHD Chamber in view of nationwide COVID-19 lockdown. “Secretary, Corporate Affairs, has held discussions with Confederation of Indian Industry, FICCI, ASSOCHAM, and PHD Chamber to hear and address their concerns. Ministry of Finance will continuously remain and respond to Industry’s inputs,” Finance Minister Nirmala Sitharaman tweeted. Meanwhile, the Finance Minister appreciated the service banks correspondents across the country and said that she will talk…
Pune (Maharashtra): With the new financial year on the horizon, the time is right for a re-assessment of your risk profile, given the volatility in the market today and the condition of the Indian economy. The Reserve Bank of India (RBI) announced on March 27, 2020 a whopping 75 basis points cut in the repo rate, bringing it down to 4.4 percent as a response to the ongoing coronavirus induced crisis. In these uncertain times, to maintain a healthy balance and ensure that your investment strategy for the coming financial year yields profitably, add to your portfolio instruments like a…
Mumbai: Cipla Limited today announced that it has received final approval for its Abbreviated New Drug Application (ANDA) for Esomeprazole for Oral Suspension 10mg, 20mg and 40mg from the United States Food and Drug Administration (US FDA). Cipla is the first company to file for the 10mg strength. Cipla’s Esomeprazole for Oral Suspension 10mg, 20mg and 40mg is AB-rated generic therapeutic equivalent version of AstraZeneca Pharmaceutical’s Nexium. It is a proton pump inhibitor indicated for the treatment of gastroesophageal reflux disease (GERD), risk reduction of NSAID-associated gastric ulcer, H. pylori eradication to reduce the risk of duodenal ulcer recurrence and…
Mumbai: Equity benchmark indices dithered in volatile trade on Friday as the Reserve Bank of India (RBI) reduced key repo rate by 75 basis points in line with central banks around the world to limit the economic slowdown amid rising coronavirus (COVID-19). The RBI unleashed an array of measures but also said that there is a rising probability that large parts of the global economy will slip into recession due to the outbreak. The BSE S&P Sensex closed 131 points or 0.44 per cent lower at 29,816 but the Nifty 50 edged higher by 19 points or 0.22 per cent…
The Reserve Bank of India on March 27 asked banks, NBFCs and other lending institutions to allow a three-month moratorium on payment of installments on term loans, as the central bank came out with a raft of measures to alleviate the pain and disruption caused by coronavirus. The deferment would not be classified as default and not impact the credit history of borrowers, it said. The decision was cheered by experts who said it will act as a “sedative” for real estate developers and ameliorate the immediate pain by providing relief on loan repayments and working capital management while homebuyers…
Mumbai: The Godrej Group stands in solidarity with the people of India and the Government’s efforts to overcome the unprecedented coronavirus pandemic, which is impacting the lives of millions of people, and countries across the globe. It will try to serve its customers, employees, communities and country to the best of its capabilities and especially support health personnel, government workers, and everyone working tirelessly to curb the spread of this pandemic. To start with, Godrej Group is earmarking a fund of INR 50 crore for community support and relief initiatives in India. This is an initial outlay and it hopes…
Mumbai: Private sector lender Yes Bank will raise up to Rs 5,000 crore as equity capital in the second round to meet regulatory requirements and support business. Early this month, the bank received an equity infusion of Rs 10,000 crore from eight domestic banks led by State Bank of India. The bank’s board of directors approved raising of funds for an additional amount aggregating up to Rs 5,000 crore in one or more tranches by issuing securities. The bank has kept options open to use routes like qualified institutional placement, public issue, rights issue, global depository receipts, American depository receipts,…
New Delhi: Hailing the decisions taken by the Reserve Bank Of India (RBI) to mitigate the economic slowdown triggered by the COVID-19 lockdown, NITI Aayog CEO Amitabh Kant called them progressive and timely measures. Taking to Twitter, Kant lauded RBI governor Shaktikanta Das and said he has provided much-needed relief to working capital with this announcement. Referring to the COVID-19 outbreak in the country, Kant called the decision a “timely measure.” “Way to go: Progressive and timely measures by @RBI @DasShaktikanta’s by giving 3-month moratorium on payments of term loan instalments (EMI) and much-desired relief on interest on working capital.…
New Delhi: As the nation battles the outbreak of novel coronavirus, the Confederation of Indian Industries (CII) has stressed the need for ensuring smooth supply of essential goods and continuity and sustainability of businesses during this challenging time. “It is crucial to ensure that the lockdown of the country is as painless as possible. We acknowledge a series of landmark initiatives being introduced by the government on a continuous basis to reduce the pain of society and the economy. We appreciate various measures undertaken by the government to facilitate the sustainability and continuity of businesses in the country. CII shall…