Author: Finance Khabar
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…
New Delhi: In the latest measure to combat coronavirus, the government on Thursday (March 19) issued an advisory saying that no scheduled international commercial passenger flights shall be allowed to land in India from March 22. The Indian Railways and civil aviation shall suspend all concessional travel except students, patients and differently-abled, the circular said. “State governments shall issue appropriate directions so that all citizens above 65 (other than for medical assistance) except for public representatives/govt servants/medical professionals are advised to remain at home,” said the statement. The circular also mentioned that all children below 10 and senior citizens have…
New Delhi: Benchmark indices ended lower for the fourth consecutive session on March 19 but recovered some lost ground from the intraday low point with Sensex closed over 1,500 points off day’s low. The Sensex was down 581.28 points or 2.01% at 28288.23, while Nifty was down 205.35 points or 2.42% at 8263.45. About 574 shares have advanced, 1791 shares declined, and 153 shares are unchanged. ITC, Bharti Airtel, Kotak Mahindra Bank, HDFC Bank and Infosys were among major gainers on the Nifty, while losers were Bharti Infratel, Coal India, Zee Entertainment, Yes Bank and ONGC. All the sectoral indices…
New Delhi:The President of Confederation of Indian Industry – Vikram Shreekant Kirloskar – has expressed concerns about the survivability of small and medium-sized enterprises (SMEs) as supply chains have been disrupted for some time as the coronavirus pandemic takes hold. He was ‘very worried’ about the sector. He wondered if there could be a moratorium on the repayment of loans and suggested that the Reserve Bank of India (RBI) should cut rates and the cash reserve ratio (CRR). At the same time, the CII president requested the industry to pay SMEs as fast as possible and appealed to the government…
The Securities and Exchange Board of India (SEBI) on March 19 allowed listed companies to defer the disclosure of Q4 and annual earnings by 45 days to June 30. The move by the market regulator comes amid the fast-spreading novel coronavirus which has led to the shutdown of business establishments across the world. Like its global peers, India is also seeing a steady rise in cases. So far, it has reported three deaths and 166 confirmed cases. Apart from extending the date for filing results, SEBI also provided relaxation of 1 month on half-yearly compliance certificate on share transfer; relaxation…
New Delhi: Crisil on March 19 said that Arundhati Bhattacharya, the past chairman of State Bank of India, has submitted her resignation as independent director of the company effective April 15. In her resignation, Bhattacharya has indicated that the reason for her resignation is her decision to accept a full time role as chairperson and CEO in another company, the filing said. “Bhattacharya, an Independent Director of the company, has submitted her resignation as a director of the company, which will take effect on April 15, 2020,” Crisil Ltd said in a filing to BSE. She has confirmed that there…
Due to the ‘precipitous drop in revenues’ domestic airline IndiGo has announced that it will cut employee salaries, including that of the CEO Ronojoy, by up to 25 percent starting April 1, 2020, the airline’s CEO told employees in a mail. In the mail, Dutta said, “With the precipitous drop in revenues, the very survival of the airline industry is now at stake. We have to pay careful attention to our cash flow so that we do not run out of cash.” This, he added, means that there is a need to reduce costs in line with the drop in…
Mumbai: Due to the spread of corona virus worldwide, there is an atmosphere of chaos. Stock markets are bursting, crude oil is slipping, gold prices are falling and today the rupee reached all-time low in afternoon trade. The rupee was down more than 90 paise to 75.16 against the US dollar. Today, the rupee was seen falling 70 paise to 74.96 against the US dollar in early trade. In view of the growing cases of Corona virus in the country and its impact on the economy, foreign investors are selling in the stock market, which is seeing the effect on…
A couple of days ago, we were crying hoarse how nearly the entire Bajaj line is waiting to be BS6-fied. Now, news comes in courtesy Bikewale.com that the P220 with a BS6 engine has started reaching dealerships. The Bajaj Pulsar 220F has been priced at Rs 1.16 lakh, ex-showroom. The BS4 motorcycle was priced at Rs 1.08 lakh. Bajaj is yet to send an official release on the same though. There are no new features since Bajaj isn’t engaging in a full revamp of its motorcycles. The digital instrument console now gets a Fi indicator added to it. Bajaj has…
Moratorium lifted, full banking services resume New Delhi: The moratorium on troubled private sector lender Yes Bank has finally been lifted. The bank will now resume its full range of services and the withdrawal cap of Rs 50,000 will also cease to exist. “Our banking services are now operational. You can now experience the full suite of our services. Thank you for your patience and co-operation,” the bank tweeted via its official handle. Customers can now access their deposits with the bank and avail NEFT/IMPS/RTGS services as well. Yes Bank’s branches will open an hour earlier, at 8.30 am, from…
Lucknow: India’s largest online insurance marketplace and leading insurtech brand, Policybazaar.com has set up a dedicated special helpline number i.e. 0124-6372005 to support and guide people who have any insurance related queries regarding coronavirus. Our helpline number will be active for all 7 days a week from 10 am to 7 pm. This service would be available for everyone, irrespective of whether the policy has been purchased from Policybazaar.com website, or not. Yashish Dahiya, Group CEO & Co-founder said, “We are here to support you all the way. Testing times like these remind us to be kinder to one another and stand…
Hearing the Department of Telecommunications (DoT) plea in regard to the adjusted gross revenue (AGR) case, a bench of the Supreme Court of India on March 18 held that no further objections to its orders would be allowed against payable dues. In its order, the three-judge bench led by Justice Mishra, and comprising Justices S Abdul Nazeer and MR Shah held that no self-assessment can be done and no further objection would be entertained. The SC order directed that no exercise of self-assessment be carried out and no further objection would be entertained. “All dues as per our judgement will…