Author: Finance Khabar

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…

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…