Author: Finance Khabar

Source:PTI New Delhi: Eight of the top 10 valued companies added Rs 1,57,270.8 crore to their total market valuation last week, led by Reliance Industries which gained Rs 31,981 crore, according to market data. Only two companies, Tata Consultancy Services (TCS) and Infosys, took a hit in their market capitalisation (m-cap) for the week ended on Friday. The m-cap of RIL zoomed Rs 31,981.45 crore to Rs 9,08,888.02 crore, emerging as the biggest gainer among the top-10 firms. HDFC Bank’s valuation jumped Rs 23,503.35 crore to Rs 6,80,391.85 crore and that of HDFC climbed Rs 23,385.05 crore to Rs 4,16,003.19…

Chinese electronics company Xiaomi is all set to launch Mi10 and MI10 Pro versions soon. Both the products will be launched on February 23 in Spain’s Barcelona, a day ahead of the Mobile World Congress (MWC). This was announced by the company on its official Twitter handle. In December last year, Xiaomi had announced that Mi10 will have the latest Snapdragon 865 mobile platform and also support 5G. Among other key features, the smartphone will include 108MP main rear camera sensor. After its launch, Xiaomi Mi10 will succeed Mi 9 that was launched by the company in 2019. The report…

New Delhi: Mahindra & Mahindra on Saturday posted a consolidated net profit of Rs 380.19 crore in the third quarter ended December 31, 2019, down by 72.76 per cent from Rs 1395.96 crore of the corresponding quarter of last year. The financials including numbers of its subsidiary, Mahindra Vehicle Manufacturers Ltd. The results of Q3 F2020 includes a net loss on account of exceptional and one-off items of Rs 554 crores as compared to a net gain on account of exceptional and one-off items of Rs 519 crores in Q3 F2019, the company said in a regulatory filing. The total…

New Delhi: Mahindra & Mahindra on Saturday said Anand Mahindra has acceded the request of the board to continue as executive chairman till November next year.The board of directors of the company have unanimously requested Anand Mahindra to continue as the executive chairman till his original term of appointment as approved by the shareholders of the company that is up to November 11, 2021, the company said in a BSE filing. “In deference to the wishes of the Governance, Nomination and Remuneration Committee (GNRC) and Board, Anand Mahindra has acceded to the request to continue as the Executive Chairman till…

Lucknow: Raksha Mantri Shri Rajnath Singh described DefExpo 2020 as an unprecedented success which not only witnessed participation of a large number of exhibitors but also forged new partnerships and attracted more than 12 lakh visitors.  Speaking at the valedictory ceremony on the fourth day of DefExpo 2020 at Lucknow today, Shri Rajnath Singh said UP stands for Unlimited Potential and DefExpo has succeeded in projecting a new identity of the state in defence sector and the Defence corridor received a huge boost for attracting new investments with the signing of 23 MoUs. He said DefExpo would also establish India as…

New Delhi: Prime Minister Narendra Modi and Sri Lankan Prime Minister Mahinda Rajapaksa, who is currently touring India, discussed ways to boost joint economic projects and increase economic, trade and investment relations in a meeting on Saturday. “We also talked about the need to step up people-to-people contact, encourage tourism between the two nations and improve connectivity,” Modi said in a press statement following his meeting with his Sri Lankan counterpart. The two also discussed defence and maritime security cooperation and concerns in the area of terrorism. Earlier in the day, Rajapaksa said in a tweet that he held broad…

New Delhi: Finance Minister Nirmala Sitharaman on Saturday told micro, small and medium enterprises (MSMEs) to make a complaint if banks deny loans without reason. Explaining the proposals in the Union Budget 2020-21 presented by her in Parliament recently to traders and industry here, Sitharaman said if the banks are denying loans without reason then the MSMEs can send a complaint to the special centre to be announced shortly. Sitharaman said a copy of the complaint should also be sent to the concerned bank manager. She said the foreign exchange reserves are at a high level as the fundamentals are…

New Delhi: Pharma company Cipla on Saturday announced the acquisition of nutrition products portfolio from Wanbury Ltd. The company has acquired 4 brands namely CPink, CDense, Productiv and Folinine to further strengthen its presence in women’s health portfolio. The nutraceutical products, to be sold under the 4 umbrella brands, would address various health needs for conditions arising due to nutritional deficiencies or insufficiencies, Cipla said in a regulatory filing. This includes supplements such as multivitamins, multimineral and antioxidants for adolescent girls, pregnant and lactating women, women going through menopause and for male and female reproductive health, it said. Through this…

Swedish telecom company Ericsson has withdrawn from the telecom industry event Mobile World Congress 2020 (MWC 2020), citing the outbreak of the Novel Coronavirus (nCov).This follows a similar move by South Korea’s LG Electronics, while Chinese telecom gear manufacturer ZTE Corp rubbished reports that it had dropped out of the world’s largest telecom event. “After an extensive internal risk assessment, Ericsson has decided to take further precautionary measures by withdrawing from MWC Barcelona 2020, the largest event in the telecom industry,” Ericsson said in a statement. “Ericsson appreciates that GSMA have done everything it can to control the risk. However,…

New Delhi: The Centre is working on the Financial Resolution and Deposit Insurance (FRDI) Bill, but there is no timeline for it to be tabled in Parliament, Finance Minister Nirmala Sitharaman said on Friday. Sitharman’s comments come on the back of an increase in deposit insurance from ₹1 lakh to ₹5 lakh and the recent changes in the insolvency laws that include insolvency solutions for financial institutions. The late Finance Minister, Arun Jaitley, had, in August 2017, introduced the FRDI Bill in the Lok Sabha. The Bill proposed a comprehensive resolution framework for revival or closure of financial institutions, including…

Panaji: Four public sector undertakings (PSUs) in Goa have recorded more losses than the capital investment, resulting in negative net worth of Rs 154.32 crore, a report by the CAG has revealed. The Comptroller and Auditor General (CAG) 2017-18 report, which was tabled in the state Legislative Assembly on Friday, said that despite fund infusion in the form of interest-free loans, the entire capital investment in the four PSUs has eroded. As per the report, the Goa Handicraft, Rural and Small Scale Industries Development Corporation (GHRSSIDC), Kadamba Transport Corporation (KTC), Goa Electronics Ltd (GEL) and Goa Auto Accessories Ltd (GAAL)…

New Delhi: Bank of India has reduced MCLR by 10 bps for maturities upto 6 months.The bank has reduced interest rates on housing loans, which will now be available from 8 per cent annually and vehicle loans will now be priced from 8.5 per cent from February 10, the bank said in a statement. Earlier in the day State Bank of India, the country’s largest lender by assets, had announced a reduction in its benchmark lending rates across all tenors. The bank said its marginal cost of funds-based lending rate (MCLR) will be reduced by 5 basis points (0.5 percentage…

New Delhi: Tata Steel on February 7 reported a loss of Rs 1,229 crore for the December quarter of FY20 against a profit of Rs 1,753 crore in the corresponding quarter of the previous financial year.The company had reported a profit of Rs 3,302 crore in Q2FY20. Consolidated EBITDA for the said quarter came at Rs 3,659 crore against Rs 6,726 crore YoY and Rs 3,893 crore QoQ. EBITDA margin came at 10.2 percent, down 710 bps YoY against 17.3 percent. EBITDA per tonne stood at Rs 5,003 crore against Rs 10,404 crore in Q3FY20 and Rs 5,963 crore QoQ.…

LUCKNOW: Paramount Group, the global aerospace and technology company and Bharat Forge (BFL), a leading Indian industrial group have announced the signing of a strategic, high level collaboration agreement to set up a joint venture to join the technologies, capabilities and expertise of both groups in the industrialisation and indigenisation of defence and aerospace systems, in response to emerging opportunities in the Indian market, such as ‘Make in India’ and globally. The companies have also signed two Memorandums of Understanding (MoUs) during DefExpo 2020 held in Lucknow, covering immediate opportunities in the aerospace and special protected vehicle sectors. The MoUs…

New Delhi: Corporation Bank’s shares on Friday zoomed nearly 10 per cent after the company reported a seven-fold increase in consolidated net profit in December quarter. The scrip climbed 9.68 per cent to close at Rs 25.50 on the BSE. During the day, it jumped 16.12 per cent to Rs 27. On the NSE, it advanced 9.89 per cent to close at Rs 25.55. Corporation Bank on Friday said its consolidated net profit increased seven fold to Rs 420.83 crore in third quarter ended on December 31, 2019, on higher interest income, albeit provisions for bad loans surged. The bank…

Mumbai: Low-cost carrier Spicejet has appointed Shilpa Bhatia as its new chief commercial officer. Bhatia will report to Ajay Singh, chairman and managing director and will look after revenue management, sales and network planning, the airline said in a statement on Friday. This is Bhatia’s third stint with Spicejet having had served as the chief sales and revenue officer in her last stint. Shilpa has worked with Indigo, Sahara Airlines, Amadeus and GMG Airlines in leading roles in the past.

Tokyo: Suzuki Motor Corp said on Friday it was considering sourcing vehicle components from outside China, as the spread of a new coronavirus in the country threatens to disrupt vehicle production in its biggest market, India. The Japanese firm is the latest auto maker bracing for disruption in production and supply chains, as the epidemic spreads fast, killing almost 640 people. Its bigger rival Toyota Motor Corp said on Friday that production at all of its China plants would remain suspended through February 16, while Fiat Chrysler Automobiles NV said a European plant could close within two weeks if Chinese…

New Delhi: YES Bank has called an extraordinary general meeting (EGM) on Friday to approve its fund-raising plans.The bank has proposed to increase the authorised share capital and consequently alter the capital clause of the memorandum of association. The board of directors had, in a meeting on January 10, outlined a modified capital-raising plan, where it intends to raise up to Rs 10,000 crore through a mixture of equity and debt. Earlier, the bank was in talks with several investors to raise capital. There had been offers from Erwin Singh Braich, Citax Holdings and Citax Investment Group. The bank decided…

SKF India declares its financial results for Q3 FY20 New Delhi: The Board of Directors of SKF India Limited, India’s leading technology and solutions provider of bearings, seals, lubrication systems and services, today approved the unaudited financial results for the thirdquarter ended December 31, 2019. The financial highlights are as given below: The Revenue from operations of the Company for the period was at Rs 7073.4 million as compared to Rs 7676.5 million in the previous year. The Profit After Tax for the period wasRs511.9 million compared to Rs 884.5 million during the previous year. Commenting on the occasion, Mr.…

Lucknow: Larsen and Toubro (L&T), India’s multinational engineering conglomerate and the largest private sector defence company, and ideaForge, India’s largest manufacturer of Unmanned Aerial Vehicles (UAVs) have entered an MoU to offer drones and allied systems for defence use. Both the companies will combine their strengths to offer hi-tech, integrated drone solutions to enhance security and surveillance. They will also offer anti-drone solutions to counter the threat of malicious or unintended usage of drones. The MoU involves collaboration on technology, products, deployment and go-to-market strategies. It will unlock the full potential of unmanned systems in security, surveillance and protection solutions.…