Author: Finance Khabar
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.
KEC International share price was marginally in the red in the afternoon trade on March 18 even though the electric power transmission towers manufacturer has bagged orders worth Rs 1,047 crore across businesses. The scrip, however, witnessed a spurt in volume by more than 1.28 times and was trading with volumes of 26,638 shares, compared to its five-day average of 23,742 shares, an increase of 12.20 percent. The company secured orders of Rs 669 crore for T&D projects in India, SAARC, Middle East and the Americas while the civil business bagged Rs 153-crore worth of orders for defence (setting up…
While a slew of companies are dealing with the coronavirus outbreak and the subsequent impact on sales, India’s largest insurer Life Insurance Corporation of India (LIC) said that it was well in line to meet its annual policy sale targets. LIC said that it had sold 21.42 million policies as of March 17, 2020 as against 21.40 million sold in FY19. “We are confident of crossing the target of 25 million policies well before March 31,” said LIC in a statement. However, it is to be noted that monthly business data showed that LIC had a 13.7 percent decline in…
The Reserve Bank of India (RBI) looks poised for a rate cut in the coming monetary policy review scheduled to be held from March 31 to April 3. The expectations of a rate cut have grown stronger as major central banks across the world have affected rate cuts to provide liquidity to their respective economies. In a press conference on March 16, RBI hinted that there is a possibility of a cut. “I’m not ruling out any possibility on the rate cut. We are estimating the impact of Covid-19 and we will give our growth estimates in MPC. India is…
New Delhi: The Indian economy hit by Corona has suffered another setback. S&P Global Ratings has reduced India’s global economic growth forecast to 5.2 per cent in 2020, saying the global economy is entering a recession amid the growing threat of the corona virus. Earlier, the agency had projected growth of 5.7 percent in India in 2020. S&P said in a statement, ‘the world is entering a recession’. Sean Roshe, head economist for Asia Pacific in S&P Global Ratings, said a major setback in China in the first quarter, shutdowns in the US and Europe and corona virus infection would…
Airline companies are beginning to be affected by the increasing cases of corona virus worldwide. The country’s budget airline company GoAir has asked some of its employees to go on leave without pay after international flights were suspended till April 15. Sources aware of the case have given this information. The airline said, “We are temporarily suspending our international flights from 17 March to 15 April. Go Air has launched a short-term and temporary rotational leave without pay program, which will not only help the company to cope with this capacity shortage, but also ensure some employees stay away from…
New Delhi: Renault has introduced a new version of its popular SUV (Sports Utility Vehicle) Duster vehicle based on BS-6 standards in India. Its starting price is Rs 8.49 lakhs. Reno India said in a statement on Tuesday that the Duster with BS-6 standards will be available in 1.5-liter engine and three versions of the manual gear switch. The most expensive model is priced at Rs 9.99 lakh. The company has already introduced Quid and Tribar with Bharat Stage (BS) -6 emission standards.
Mumbai: Prashant Kumar, the new CEO of Yes Bank, said on Tuesday that the entire functioning of the bank will return to normal from Wednesday evening. He also said that there is really no concern about the cash in the bank. In the last three days, deposits have come more than withdrawals in Yes Bank. He said that only one third of the bank’s customers withdrew Rs 50,000-50,000 from their accounts. The ban on the bank stuck in crisis will end on Wednesday evening. State Bank of India (SBI) and some other private banks have invested in the bank under…
New Delhi: The Reserve Bank of India has reduced the capital requirements for payment aggregators to Rs 15 crore at the time of application for the licence from Rs 100 crore it had proposed earlier. In the final regulatory note released on March 17, the central bank said that applicants need to have Rs 15 crore of net worth, which needs to be increased to Rs 25 crore within three years of operations. “Existing non-bank entities offering payment aggregation (PA) services shall apply for authorisation on or before June 30, 2021,” RBI said. This has been a major relief for…
Drug major Sun Pharmaceutical Industries on Tuesday said its board has approved Rs 1,700 crore share buyback offer at a maximum price of Rs 425 per share. In a regulatory filing the company said that the board of directors of the company, at its meeting held on Tuesday has approved the buy-back of its equity shares from the open market at a maximum price of Rs 425 per share for an aggregate maximum amount of up to Rs 1,700 crore. “At the maximum buy-back size and the maximum buy-back price, the indicative maximum number of equity shares to be bought…