Author: Finance Khabar

New Delhi: Sridhar Venkatesh has been appointed as Managing Director and Vice President of GSK India by pharmaceutical company Glaxo SmithKline Pharmaceuticals. His appointment will come into effect from April 1, 2020. Glaxo SmithKline Pharmaceuticals said in a statement on Tuesday that it will replace Annaswamy Vidhish. He will retire on 31 March 2020. Venkatesh has 24 years of experience in the field of medicine and health.

MUMBAI: The gains in shares of big companies like Reliance Industries, ICICI Bank and Kotak Bank on Tuesday amid a positive trend in the global markets put the brakes on the decline in the stock markets for seven trading sessions and the Sensex jumped by 480 points. In a highly volatile business, the 30-share Sensex closed at 38,623.70 points, a gain of 479.68 points or 1.26 per cent on the Bombay Stock Exchange. 28 of the 30 Sensex shares were profitable. Similarly, the National Stock Exchange’s Nifty gained 170.55 points or 1.53 percent to 11,303.30 points. Among the Sensex companies,…

Mumbai: The Reserve Bank said on Tuesday that it is monitoring the global as well as domestic situation regarding the effects of the dreaded corono virus. He also said that he is ready to take necessary steps to ensure that the financial markets function properly. The RBI said in a statement that financial markets have seen significant fluctuations globally with the outbreak of the corona virus. This has affected the perception and investors are withdrawing money from the market to invest in a safe place. The central bank said, “The Reserve Bank is closely and constantly monitoring global and domestic…

New Delhi: The government has banned the export of many medicines amid the rising outbreak of Corona virus. The stock of many essential medicines is about to run out and the supply of raw materials used to make medicines from China is disrupted. In view of this, the government has decided to ban the export of 26 medicines, so that there is no shortage of medicines in the country at present. The government has identified important and essential medicines that may run out of stock. These include antibiotics like amoxicillin, moxifloxacin, doxycycline, and the TB drug rifampicin. The raw material…

New Delhi: Due to the ongoing economic slowdown in the country, banks already struggling with NPAs can now incur a huge loss of Rs 2.55 lakh crore. If economic activity does not pick up in the coming three years, then corporate houses may lose 4 per cent of the bank’s total outstanding, which is close to Rs 2.54 lakh crore. In fact, if the business does not expand due to the recession, then the companies will not be in a position to repay the loan and in the end the banks may have to bear the consequences. According to a…

Vodafone Idea has introduced three new double data offers for its customers. The company has doubled the data on some of its recharge plans. All these plans of Vodafone Idea will get 1.5 GB data daily. The company is now offering 3GB data every day on recharge plans of Rs 249, Rs 399 and Rs 599. Earlier, 1.5GB data was available on these recharge plans every day. The validity of the Rs 249 plan is 28 days. While the validity of the plan of Rs 399 is 56 days. At the same time, the validity of Vodafone Idea plan of…

Mumbai: Vodafone Idea may pay about Rs 3000 crore of spectrum fee dues to the government this week. The company may take this step to prevent the bank guarantee from being redeemed. Its purpose may also be to indicate that the company has no intention of intentionally not repaying government liability. Deadline for this payment is on Tuesday and telecom companies get a grace period of 10 days. Notices are then sent and the bank guarantee is redeemed. A person aware of the matter told, “Vodafone Idea can pay spectrum dues this week. May be this payment is made on…

Mumbai: Due to the outbreak of Corona virus, important sectors of the country are unable to get raw material, the GDP growth rate in the fourth quarter of the current financial year could be as low as 0.2%. A foreign brokerage company said this on Monday. The country’s economy is already experiencing heavy sluggishness and according to government estimates, the economic growth rate could be 5% in FY 2019-20, which will be a decade low. Growth in the third quarter was 4.7%, a seven-year low. On Monday, two cases of corona virus have been confirmed in India, whereas earlier three…

New Delhi: The global body Organization for Economic Co-operation and Development (OECD) on Monday reduced India’s gross domestic product (GDP) growth rate to 5.1 percent for 2020 as against the earlier estimate of 6.2 percent. This step has been taken in view of the impact of the dangerous corona virus on the domestic as well as the global economy. The OECD said that in view of confidence, financial market, adverse impact on the travel sector and disrupting supply chain, the growth rate for all G20 countries for 2020 has been reduced. The rate of economic growth has been reduced, especially…

Xiaomi is ready to launch its new smartphone on March 12. Xiaomi India head Manu Kumar Jain tweeted, “The answer to the biggest question of 2020 has been found, on March 12 the next phone of Redmi Note is coming.” In the tweet it also wrote that the phone is like Pro Camera and Pro Performance Will come along, which will never be seen before. Xiaomi has created a dedicated page for the new phone, where the information of the phone can be seen. Although no information has been given about the name of the phone, but the ‘9’ written…

New Delhi: Initial public offering (IPO) of SBI Card subscribed for 39 per cent shares on Monday, the first day of the bid set for general investors. As per the data available on the National Stock Exchange, bids for 3,94,54,754 shares were received on the first day of this IPO. 10,02,79,411 shares are to be sold in this issue. According to merchant banking sources, 62 percent was subscribed to the account of shares reserved for retail investors while 12 percent was subscribed in the category of non-institutional investors. A total of 8.52 lakh applications were received prior to the bid.…

New Delhi: Local government oil marketing companies announced a 10 percent cut in jet fuel prices on Monday amid the fall in the global oil market. With this, the price of non-subsidized LPG cylinder has also been reduced by Rs 53. Due to this, one-third effect of increase in its prices has been done last month. Last month, the companies had made an exempt gas cylinder costlier by Rs 144.50. The price notification issued after the monthly review by the oil companies stated that the price of aircraft fuel in Delhi has been reduced by Rs 6,590.62 per kg liter…

New Delhi: Public sector company NBCC said on Monday that it has received an order of Rs 64.83 crore from Bharat Heavy Electrical Limited (BHEL) in Jharkhand. Giving information about this in the regulatory information sent to the Bombay Stock Exchange, NBCC has said that the company will fulfill this order from BHEL under engineering, procurement and construction format. The company has said that as part of the order, it will make chimneys for three units of 660 MW each at North Karanpura STPP in Jharkhand. The cost of this entire project is 64.83 crores.

NEW DELHI: To commemorate its 19th foundation day, Bureau of Energy Efficiency (BEE), Ministry of Power, Government of India organized a Stakeholder Consultation here today to develop a vision towards building an energy efficient India. Launching the programme, Sanjeev Nandan Sahai, Secretary (Power) said, “I appreciate the hard work of BEE for contributing towards an energy efficient economy and at the same time, I also expect BEE to come up with more such programs in future. Such interaction would pave a way forward for initiatives to be taken by BEE in the sphere of energy efficiency. Deep freezer and LCAC are major…

New Delhi: RBL Bank and Zomato on Monday introduced co-branded credit with the help of MasterCard. Keeping in mind the possibilities of the online food delivery market, this card has been introduced. According to a joint release of these companies, this cardholder will be offered several benefits on online or off-line food booking from Zomato. This includes facilities such as Zomato Credits, Zomato Gold Global Membership and lounges at all major domestic airports. This is expected to help RBL Bank to expand and strengthen its operations in the rapidly growing credit card business. Utkarsh Saxena, head of RBL Bank’s credit…

New Delhi: Lundmark, who will succeed Rajeev Suri as Nokia chief executive will team up with Sari Baldauf, the incoming chairman, in a move that reunites two figures from the era when the Finnish company dominated the mobile handsets business. The company said in a statement on Monday that its board of directors has approved the new appointment. Lundmark will take over new responsibilities from September 1 this year and until then Suri will continue in this position. He is currently the chairman and chief executive of the oil company Fortum . Suri lived with Nokia for 25 years and…

New Delhi: The impact of the corona virus spread was seen on manufacturing activities in India during the month of February. During this period there was some moderation in the activities of the manufacturing sector. This has been said in a monthly survey released on Monday. The Manufacturing Managers Index (PMI) of the manufacturing sector of IHS Market India stood at 54.5 in February 2020. This figure is down from the January 55.3 mark. In January, it was the highest in the past eight years. This is the 31st consecutive month when the PMI of manufacturing sector in India remains…

Mumbai: Indian Hotels Company (IHCL), South Asia’s largest hospitality company, today announced the signing of a Taj hotel in Jaipur. This will be a management contract with Kanha Hotels & Spa Pvt. Ltd. Commenting on the signing of this agreement, Suma Venkatesh, Executive Vice President – Real Estate & Development, IHCL said, “Jaipur has evolved into a dynamic business, leisure and MICE destination. Taj Jaipur, along with IHCL’s diverse portfolio of authentic Palaces and hotels, is well poised to capture the growing demand of the city. We are delighted to partner with Kanha Hotels & Spa Pvt. Ltd., for this…

MUMBAI: The news of corona virus case in Delhi caused huge panic in the stock market on Monday. The condition was that the Bombay Stock Exchange’s Sensex fell to 939 points from its upper level during trading. However, the Sensex later fell 153.27 points (0.40%) to close at the level of 38,144.02. At the same time, the Nifty lost 69.00 points (0.62%) to close at 11,132.75. The global stock markets are already in decline due to the outbreak of the Corona virus. In day trading, the Sensex touched an upper level of 39,083.17 and a low of 37,785.99, while the…

Bengaluru: Muthoot Finance Ltd, India`s #1 gold loan company, has plans to expand its gold loan portfolio in the state of Karnataka. Currently the company has 549 branches in Karnataka with 262 number of branches in Bengaluru. Mr. George. M. Alexander, Executive Director, Muthoot Finance said, “We are delighted to announce that in Karnataka our gold loan assets under management (AUM) has increased by 17.5% to Rs.4837 cr in Q3FY20 from Rs.4120 cr in FY19. The gold loan business increased by Rs.717 crs as on Q3FY20 from FY19. He further added, “Through our 549 branches, we serve on an average…