Author: Finance Khabar
New Delhi: Cheaper jet fuel made air travel more affordable in July, data from travel websites showed, aided by new flights, last-minute sales and the opening up of the Pakistani airspace. Average one-way fares during July on domestic trunk routes were up to 40% lower from a year ago, data from online travel portal Ixigo showed, with Mumbai-Hyderabad fares down 39%, Mumbai-Chennai 62% and Mumbai-Bengaluru 33%. Aloke Bajpai, Ixigo founder and chief executive officer, said average July fares for domestic and international flights were also 40-45% below the fares seen in the June quarter. “Normalization of fares can be attributed…
New Delhi: With Maharashtra recording the highest number of confirmed coronavirus (COVID-19) cases in India, Tata Motors is preparing for one-week complete shutdown of its Pune plant. Tata Motors is the biggest automotive sector employer in Maharashtra with two manufacturing plants, a research centre and multiple offices in Mumbai and Pune. If it goes ahead with its shutdown from the indicated March 24 date, Tata Motors will become the first Indian automotive company to declare a lock down of manufacturing operations due to the pandemic. Several automotive companies such as Volkswagen and BMW have already shut their Europe plants. In…
In view of the increasing infection of corona, insurance companies are also providing insurance cover for the treatment of corona in their policy. This policy can carry people who are not infected with Corona. ICICI Lombard has provided this insurance to cover coronavirus. According to the company, at any government authorized center, corona will pay the entire amount when the test is positive. According to the plan, as soon as the patient is diagnosed with corona infection, he will be provided a lump sum amount of insurance during the policy period. In this policy with a tenure of one year,…
Mumbai: The country’s largest state-run State Bank of India (SBI) has prepared a scheme for additional funding to businessmen affected by the corona virus. The Covid-19 Emergency Credit Line (CECL) will remain in force till June 30 and will be equivalent to 10% of the capital limit. Under this, a maximum loan of 200 crores will be available. The loan interest rate under CECL will be 7.25% and no processing fee or prepayment penalty will be charged for it. SBI is the first bank to launch this scheme and it is expected that other government banks will also look after…
New Delhi: In the midst of the Corona virus crisis, taxi services Ola and Uber have temporarily shut down their shared travel services ‘Ola Share’ and ‘Uber Pool’ respectively. Using these shared travel services of both the company, many passengers traveling on the same route can travel together. “In an effort to stop the spread of the corona virus, the company is temporarily shutting down the Ola Share” facility until further notice, Ola said in a statement. The company said that its micro, mini, prime, rental and outstation services will continue. Uber said, “We are committed to helping reduce the…
New Delhi: Amid the growing threat of Corona virus, the Tata Group has said it will pay full wages to temporary employees and daily wagers working at its offices and manufacturing sites across the country amid the threat of loss of jobs and wage cuts. Some Tata companies, such as Tata Projects, have a large number of temporary employees involved in construction activities. Other companies are also taking some initiative on their part to reduce the impact of the corona virus. Rajiv Bajaj of the Bajaj Group has said that he will not take his salary himself before coming to…
New Delhi: The demand for masks and hand sanitizers has increased significantly in the country in view of Corona. Due to increasing demand, its black marketing has started and the price has increased manifold. In such a situation, Consumer Affairs Minister Ram Vilas Paswan tweeted that the retail price of a 200 millimeter bottle of hand sanitizer will not exceed Rs 100. Other sizes of bottles will also be priced in the same proportion. These prices will be applicable throughout the country till 30 June 2020. The tweet said that under the Essential Commodities Act, the fabric used in 2…
New Delhi: Indian pharmaceutical company Cipla may introduce a medicine to treat corona virus in the next six months. If this happens, Cipla could become the first Indian company to invent the Corona virus drug. For this, the company is working on developing corona drugs in collaboration with government laboratories, as well as on the use of medicines related to breathing problems, asthma, anti-viral drugs and HIV drugs. Corona virus cases are increasing in the country. So far, 259 cases have been reported. Cipla promoter Yusuf Hamid said, “We are considering our national duty to dump all our resources for…
New Delhi: The Reserve Bank of India (RBI) will inject liquidity of Rs 30,000 crore through open market operations next week to maintain financial stability in the system in the wake of the coronavirus outbreak. The RBI has decided to conduct purchase of government securities under open market operations (OMOs) for an aggregate amount of Rs 30,000 crore in two tranches of Rs 15,000 crore each in March, the central bank said in a statement. The auctions would be conducted on March 24 and March 30, it said. It said, “With the COVID-19 related dislocations, stress in certain financial market…
New Delhi: All efforts are being made by the government to minimize the damage to the country’s economy due to corona virus. On Thursday, PM Modi in his address spoke of the covid-19 Economic Response Task Force headed by Finance Minister Nirmala Sitharaman. Today, the Finance Minister held a meeting with top officials of the concerned departments and assessed the damage from Corona. The Finance Minister said that the impact of the Corona Virus epidemic on tourism, aviation, animal husbandry, MSME was assessed with the concerned ministries. The meeting held in New Delhi was attended by Finance Secretary, Secretary of…
New Delhi: The RBI on Friday appointed two additional directors on the board of Yes Bank — former deputy governor of the central bank R Gandhi and Ananth Narayan, an associate professor at SP Jain Institute of Management and Research. The appointment, effective March 26, will be for two years, the Reserve Bank said in a statement which comes a day after the private sector bank resumed full operations. March 26 is the day when the new management will take over after the administrator’s term ends. Under the reconstruction scheme, which came into effect from March 14, RBI can appoint…
Nobel Prize-winning economist Joseph E. Stiglitz has a chilling warning for world leaders as they scramble to respond to the novel coronavirus. COVID-19, he says, could lead to a worse economic crisis than that of 2008. “The current crisis is more complicated. It is not a financial crisis, but a real crisis affecting the supply and demand system. Monetary policy alone will not be enough because interest rates in Europe are already low, close to zero. It’s the same thing in the United States. The pandemic, said the Columbia University professor, will deliver a shock to both supply and demand,…
Mumbai: Insurance company Star Health and Allied Insurance has offered special insurance for people infected with Corona virus on Friday. The company said in a statement that under the ‘Star Novel Corona Virus’ insurance policy, people who have been found infected during the investigation and need to be hospitalized will also be covered. The company has said that people between 18 and 65 years of age can avail this policy. The company said that under this, there is a facility of cover of Rs 21 thousand and Rs 42 thousand, whose premium is Rs 459 and Rs 918 respectively. Customers…
New Delhi: The country’s largest car company Maruti Suzuki India on Friday introduced a new version of its compact sedan Dzire. It is priced between Rs 5.89 lakh and Rs 8.8 lakh in the showroom of Delhi. The company said in a statement that the price of its manual version is Rs 5.89 lakh to Rs 8.28 lakh while the automatic gear version is priced from Rs 7.31 lakh to Rs 8.8 lakh. Company executive director (marketing and sales) Shanshak Shrivastava said, “Dzire has a trust of over 2 million customers with a market share of over 55 per cent…
The government has declared the rate of interest on deposits made under the Senior Citizens Welfare Fund for the year April 2019 to March 2020. As per the gazette notification of the Ministry of Finance (Department of Economic Affairs, the Senior Citizens Welfare Fund deposits will with effect from 1st April 2019 to 31st March 2020, bear interest at 6.85 per cent. The new interest rate will be in force with effect from 1st April 2019. For the period, 1st April, 2018 to 31st March 2019, the rate of interest was 7.90 per cent. The Senior Citizens’ Welfare Fund Rules,…
TVS Motor Company today launched the 2020 Apache RTR 180 and with this, the entire Apache is now compliant with BS6 emission standards. Almost all automobile manufacturers are nearly finished with upgrading their product lineup which has also brought about a hike in prices. Now that the RTR series and the RR 310 are up to date, here are the changes that have come about compared to their older outgoing versions in terms of power, price and feature upgrades. The Apache RTR 160 4V and its 2020 BS6 model are both powered by the same 159.7cc four-stroke oil-cooled engine. While…
New Delhi: Domestic equity market benchmarks Sensex and Nifty bounced back from four-day losing streak to end higher on Friday led by gains in index heavyweights such as RIL, HDFC, TCS and HUL. However, weakness in HDFC Bank share price capped the gains. Sensex jumped nearly 2,000 points from day’s low while Nifty 50 index touched 8,883 points in intraday trade. “Tracking positive sentiments in the global markets, Indian indices closed up by around 6%. It was in sync with Asian and European markets and was more of a relief rally driven by technicals rather than any fundamental change in…
New Delhi: Struggling private sector lender Yes Bank is looking to raise Rs 20,000 crore via certificate of deposits from institutional investors, mostly banks, media reports suggest. On March 19, rating agency CRISIL assigned a A2 rating to Yes Bank’s Rs 20,000 crore Certificate of Deposit programme. “Instruments with this rating arc are considered to have strong degree of safety regarding timely payment of financial obligation. Such instruments carry low credit risk,” the rating agency said in a statement. The fundraising comes shortly after the Reserve Bank of India formed a rescue plan for Yes Bank. State Bank of India…
New Delhi: The Serious Fraud Investigation Office has arrested four officials of Rotamac and Frost International, in cases related to manipulation of bank statements and fraudulent round-tripping of funds. While Rotomac former director Rahul Kothari and son of Rotomac promoter Vikram Kothari have been arrested for their alleged involvement in the manipulation of bank statements to obtain bank funds, the managing director of Frost International Uday Desai and CEO Sujay Desai have been taken into custody for fraudulent round-tripping of funds and manipulating financial statements to get funds from banks. At present, there is a loan default of Rs 4,000…
Fitch Ratings on March 20 cut India’s growth forecast to 5.1 percent for FY 2020-21, saying the coronavirus outbreak is likely to hit business investment and exports. Fitch in December 2019 projected India’s growth at 5.6 percent for 2020-21 and 6.5 percent in the following year. In its Global Economic Outlook 2020, Fitch said the number of people affected by coronavirus will keep rising in the coming weeks but the outbreak will remain contained. However, there are downside risks to this scenario. “Supply-chain disruptions are expected to hit business investment and exports. We see GDP growth to remain broadly steady…