Author: Finance Khabar
New Delhi: Industry bodies and market experts on Friday complimented the Reserve Bank of India (RBI) on the decision to reduce repo rate by 75 basis points and introduce a host of other measures to boost liquidity the financial system on account of COVID-19 outbreak and the consequent lockdown. “These steps will infuse fresh liquidity of Rs 3.74 lakh crore into the system by unleashing a staunch arsenal support,” said Niranjan Hiranandani, President of ASSOCHAM and National Real Estate Development Council (NAREDCO). “In the crucial time when Indian economy is battling an exponential contagion, a fresh liquidity pumped in the…
New Delhi: For over a decade, monuments, historical buildings and landmarks across the country have celebrated Earth Hour by switching off non-essential lights for an hour on the last Saturday of March. Earth Hour and Lights Out became the global symbol of a binding resolve to protect and conserve our planet. As world grapples with Covid19 pandemic, forcing nationwide lockdowns across the globe, Earth Hour 2020 is set to be celebrated digitally. From social media challenges to adding Voice for the Planet, Earth Hour 2020 is urging people to come together to pledge to protect the planet and it’s amazing…
New Delhi: Moody’s Investors Service on Friday slashed its estimate of India’s GDP growth during 2020 calendar year to 2.5 percent, from an earlier estimate of 5.3 percent and said the coronavirus pandemic will cause unprecedented shock to the global economy. The estimate for 2020 compares to 5 percent economic growth in 2019. In its Global Macro Outlook 2020-21, Moody’s said India is likely to see a sharp fall in incomes at the estimated 2.5 percent growth rate, further weighing on domestic demand and the pace of recovery in 2021. “In India, credit flow to the economy already remains severely…
Mumbai: Reserve Bank of India Governor Shaktikanta Das announced a reduction in the repo and reverse repo rate on Friday. “The repo rate has been reduced by 75 basis points to 4.4 per cent. The reserve repo rate has been reduced by 90 basis points to 4 per cent,” Das said addressing the media. The decision for “a sizeable reduction” in the policy repo rate, according to the RBI Governor was taken to “revive growth and mitigate the impact of COVID-19 and ensure financial stability.” This decision comes a day after Union Finance Minister Nirmala Sitharaman announced a special Rs…
Vodafone Idea’s pan India telecom network reaches over 1.1 bn Indians. During the current lockdown due to Corona pandemic, connectivity is the most important service for people to connect with their loved ones and work from home. Our engineers are working tirelessly over the last few weeks to support millions of customers to stay safe at home by ensuring Vodafone Idea’s 4G+ network availability. A comprehensive pandemic response plan with requisite risk mitigation protocols has been activated while ensuring continuity of mission critical processes for keeping our networks working as telecom is an essential service. Our Business Continuity Plans are…
New Delhi: Today, Finance Minister Nirmala Sitharaman announced a corona special fund of Rs 1.7 lakh crore. In this announcement, the government has made a big announcement for the medical personnel fighting the war against the virus. The Finance Minister said that the government will provide insurance of 50 lakhs to the medical professionals who are fighting this battle. All medical personnel including doctors, Asha workers, nurses will be covered in it. It is believed that about 20 lakh people will get its benefits. In the press conference, Nirmala Sitharaman said that we hope that the corona virus will be…
Atlanta : The COVID-19 pandemic is an ongoing global crisis. NIIT Limited is first and foremost concerned for the victims of the disease, their families, and anyone else who is being adversely affected by this tragic outbreak. As the situation continues to evolve, businesses around the world find themselves in uncharted territory as they scramble to manage through the crisis. This includes learning and development organizations that will have to make major changes in their delivery approach almost overnight. In response to this unprecedented pandemic, NIIT Limited and its subsidiary, Eagle Productivity Solutions Inc have developed a set of actionable…
New Delhi: With the rising number of coronavirus cases in India, there has been an explosion of conversations related to Covid-19, largely centered on how to treat, contain and suppress it. The volume and the velocity through which these messages are shared can sometimes lead to uncertainty, stress, and panic. To address this, it becomes even more important that information shared should be verified and comes from a reliable source. In a mission to share best practices and knowledge related to the global pandemic, Pristyn Care – a healthcare company that specializes in elective surgeries through the latest technologies -…
Mumbai: Equity benchmark indices closed over 4 per cent higher on Thursday as Finance Minister Nirmala Sithamran announced a Rs 1.7 lakh crore stimulus package to provide various relief measures for the poor amid downturn caused by the coronavirus outbreak. Market sentiment also improved after the US Senate unanimously passed a two trillion dollar stimulus package meant to cushion the economic blow of COVID-19 for American workers and businesses. Besides, value buying in banking stocks lifted the benchmark indices higher. The BSE S&P Sensex closed 1,411 points or 4.94 per cent higher at 29,947 while the Nifty 50 edged higher…
New Delhi: Finance Minister Nirmala Sitharama on Thursday stated the government is planning to provide a relief package of Rs 1.7 lakh crore to the underprivileged, poor and migrant workers affected by the lockdown amid COVID-19 outbreak. The scheme has been named Pradhan Mantri Garib Kalyan Scheme. She also said that workers – like nurses, paramedics and sanitation staff – who were in the frontline of the war against the disease, will be provided medical insurance cover of Rs 50 lakh per person. Prime Minister Narendra Modi had on Tuesday announced a 21-day lockdown in the entire country effective from…
New Delhi: In an urgent move towards expanding the coronavirus diagnostics in India, the Indian Council of Medical Research (ICMR) has invited quotations from manufacturers for supply of kits for the testing of COVID-19. The move comes in the wake of the number of coronavirus cases crossing the 600 mark in the country with 13 deaths recorded so far. According to the apex health research body, it will procure seven lakh US FDA-EUA/CE-IVD/ICMR-NIV Pune-approved RNA extraction kits. Any manufacturer with an Indian-based supplier can submit quotations by Thursday 2.30 pm, the ICMR said. The kits have to be supplied to…
Facebook and Apple have announced they have donated emergency reserve masks to help frontline healthcare workers stay protected during the novel coronavirus outbreak. Apple CEO Tim Cook tweeted on Sunday how the company was donating “millions of masks for health professionals in the US and Europe”. “Our teams at Apple have been working to help source supplies for healthcare providers fighting COVID-19.” he said. Similarly, Facebook chief executive Mark Zuckerberg said that the social media company has donated 720,000 masks. “Health workers urgently need more protective gear. To help, Facebook donated our emergency reserve of 720,000 masks that we had…
New Delhi: Mukesh Ambani’s Reliance Industries stock rose nearly 15 percent on Wednesday. Subsequently, Reliance Industries overtook TCS to regain the title of the Indian company with the highest market capitalization. The Reliance Industries stock closed at Rs 1,081.25, up 14.65 percent on the BSE. At one time during the business it had climbed 22.25 percent to Rs 1,152. On the NSE too, its stock closed up 13.84 per cent at Rs 1,074. The market capitalization of Reliance Industries increased by Rs 87,576.98 crore to Rs 6,85,433.30 crore. TCS had a market capitalization of Rs 6,57,492.85 crore at the close…
Yes, you are in the most difficult phase of your personal and professional life. It is quarantine period, wherein social distancing is a must to reduce the coronavirus spread. They say every sunset is a sign that the day has ended but every sunrise means there is going to be a new day with new hopes and lots of possibilities. If we believe in the quote, we will realize that your small business can also survive and sustain in this crisis. All you need to do is ‘Have Faith that This too shall Pass’. Here are some creative tips to…
Mumbai: IndiGrid, India’s first power sector infrastructure investment trust (InvIT), has announced the acquisition of another transmission asset, East North Interconnection Company Ltd, from Sterlite Power at a value of Rs 1,020 crore. With this acquisition, IndiGrid’s assets under management will increase by 10 per cent to about Rs 12,184 crore. IndiGrid’s asset portfolio will increase to nine power transmission projects with a total network of 20 power transmission lines spanning across more than 5,800 circuit kilometres across 13 Indian states. ENICL is a part of the Inter State Transmission System (ISTS) network developed by Sterlite Power. It consists of…
Startup is nothing but an initial set-up with a group of people trying to put their entire efforts to make an idea work. As per research, 90% of startups fail. Shocked? But that’s the fact. Many startups fail due to hell lot of reasons. Here I list only some of the common reasons for startup failure: 1) Lack of a good team:A team can make or break a company. Many startup founders don’t realize the same and hire and fire their employees based on their requirements. This leads to a lot of bad reputation of the startup in the market.…
Mumbai: Suburban Diagnostics has been appointed by the Indian Council of Medical Research (ICMR), Department of Health Research as one of the private labs to test for COVID-19. Suburban Diagnostics is accredited by NABL and CAP and is ready to serve the community in this crisis. With utmost credibility and all requisite lab provisions in place, Suburban Diagnostics is ensuring reporting within 24 hours, by running two batches daily at 10 am and 2 pm. Moreover, their PCR facility is equipped with Class 2 Biosafety cabinets with BSC level 2 compliance, a unidirectional workflow with a five-room concept with a…
New Delhi: The Cabinet Committee on Economic Affairs (CCEA) on Wednesday approved Rs 1,340 crore recapitalisation of regional rural banks to improve their capital to risk-weighted assets ratio. Union Minister Prakash Javadekar said the CCEA approved the utilisation of Rs 670 crore as the Central government’s share for the scheme. The decision will provide minimum regulatory capital to regional rural banks for another year beyond 2019-20, that is up to 2020-21 for those which are unable to maintain minimum capital to risk-weighted assets ratio (CRAR) of 9 per cent as per regulatory norms prescribed by the Reserve Bank of India…
Singapore: Moody’s Investors Service on Wednesday downgraded Delhi International Airport Ltd’s (DIAL’s) corporate family rating and senior secured ratings to Ba3 from Ba2. At the same time, Moody’s downgraded DIAL’s baseline credit assessment to Ba3 from Ba2. The ratings have also been placed on review for further downgrade. The outlook has been changed to rating under review from stable. “The rating action reflects the worsening coronavirus outbreak and the increasingly stringent travel restrictions imposed both in India and globally, including ongoing measures introduced by the government,” said Moody’s. “The downgrade to Ba3 reflects our expectation of a sharp decline in…
Mumbai: : Shares of Yes Bank dropped by 14.41 per cent on Wednesday afternoon even as ICRA upgraded its commercial papers and placed them on rating watch with developing implications. ICRA said the ratings upgrade factors in removal of the moratorium from March 18 which was earlier imposed on Yes Bank Ltd (YBL) by the Central government, thereby restricting payments to its depositors and creditors. The government has also approved the reconstruction scheme for the bank, based on which YBL has received equity of Rs 10,000 crore from State Bank of India (SBI) which is now holding 48.2 per cent…