Author: Finance Khabar
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…
Mumbai: The Supreme Court’s tough stance on rising cases of Corona virus across the country and AGR outstanding on telecom companies had a major impact on the stock market on Wednesday and the Sensex closed below 29 thousand for the first time in three years. The BSE Sensex ended the day at 28,869.51, a drop of 1709.58 points (5.59%). The National Stock Exchange (NSE) Nifty slipped 425.55 points (4.75%) to close at 8,541.50. The Sensex touched a high of 31,101.77 and a low of 28,613.05 in day trading. At the same time, the Nifty touched a high of 9,127.55 and…
Senior tech industry leader Karan Bajwa has joined Google Cloud as the Managing Director for the India region. Bajwa will be responsible for driving revenue and go-to-market operations for Google Cloud’s extensive solution portfolio that includes Google Cloud Platform and G Suite. Google Cloud’s field sales, partner and customer engineering organizations in India will also report to him, and he will advise Google Cloud’s continued work with local developer ecosystem and India-based Global System Integrators (GSIs). Announcing about the appointment, Rick Harshman, Managing Director Google Cloud, Asia Pacific, said, “Karan is a veteran in the industry with a proven track…
Infosys might move out 7,000 trainees from its Mysuru training centre in the next one week and resort to virtual training as a precaution against the coronavirus spread, according to a source. As a precaution, the trainees are being sent back home, the source said, adding, “the training will happen through virtual classrooms.” However, it is not clear if the trainees will join the workforce right after the training is complete as most employees who can, are currently working from home. The source said the company is currently weighing the options. According to reports, Karnataka State Road Transport Corporation will…
Volkswagen first debuted the T-Roc at the 2020 Auto Expo and has now launched the SUV in India. The T-Roc will be Volkswagen’s second SUV in India after the recent launch of the Tiguan Allspace. The T-Roc, just like the Allspace, will come to India via the completely built up (CBU) route under the 2,500 car per year import rule. The company is however just offering a single, fully loaded variant of the T-Roc in India. The T-Roc gets a pretty distinctive look with a muscular stance and broad shoulder lines. The headlamp is an all-LED setup with LED DRLs…
Domestic air passenger traffic in February increased by 8.98 percent to 1.236 crore as compared to the same period last year, according to data released on Wednesday by aviation regulator DGCA. However, the rise in the number of domestic air passengers for January was just 2.2 percent when compared with January 2019 figures. According to the Directorate General of Civil Aviation (DGCA) data, passenger load factors of all major airlines — Air India, SpiceJet, GoAir, IndiGo, AirAsia India and Vistara — increased in February as compared to January. Passenger load factor measures the seat capacity utilisation of the airline.