Author: Finance Khabar
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.…
New Delhi: Tata Teleservices on Thursday said the Department of Telecom (DoT) has approved the merger of its consumer mobile business with Bharti Airtel. Tata Teleservices listed arm said in a regulatory filing said the DoT through its letter dated February 6, 2020 has conveyed approval of the competent authority in DoT for taking on record demerger of consumer mobile business undertaking of the company into Bharti Airtel Limited (BAL). “The DoT approval is without prejudice to the rights and contentions of the DoT till the telecom petition No. 22 of 2019 filed by BAL which is pending before Hon’ble…
New Delhi: French energy major Total Gas & Power Business Services will invest $510 million to acquire a 50 per cent stake in Adani’s solar business, thereby giving a push to its renewable energy portfolio. As part of the deal, a joint venture company will house 2,148 MW of operating solar projects which are now 100 per cent owned by Adani Green Energy Ltd (AGEL). The balance 50 per cent stake in the JV will be held by AGEL. The solar portfolio is spread across 11 States in India. This development follows a deal in October wherein Total acquired a…
New Delhi: PTC India, the power trading company on Thursday said its consolidated net profit during December quarter 2019 dipped 30 per cent to Rs 63.49 crore. The company had logged a profit of Rs 90.20 crore in the year-ago period, a statement said. “Net Profit decreased by 30 per cent to Rs 63.49 crore (in third quarter) from Rs 90.20 crore (year ago) on account of subsidiaries,” it said. Total income rose to Rs 3,834.42 crore from Rs 3,309.58 crore in October-December 2018. The power trading volume of the company in the quarter increased 5 per cent to 54329…
New Delhi: The broader NSE Nifty closed at 12,133.65, with a jump of 44.50 points or 0.37 per cent. Except for FMCG, IT and realty, all the other sectoral indices were in green leading with PSU Banks and Pharma. The top gainers here were: Zee Entertainment (4.26 per cent) and IndusInd Bank (4.25 per cent). The laggards were: Tata Motors (2.69 per cent) and Cipla (2.02 per cent). Around 1021 stocks advanced, 756 declined, and 369 remained unchanged. The 30-pack BSE Sensex closed on good positive note. It ended at 41,292.15, a jump of 149.49 points or 0.36 per cent.…
Lucknow: Kalyani Strategic Systems Ltd. (KSSL), The Defense Arm of Kalyani Group and Arsenal Joint Stock Company, Bulgaria signed a Memorandum of Understanding (MOU) to form a strategic alliance in India for manufacturing small arms and ammunition. KSSL and Arsenal will be aggressively developing a manufacturing capability in India for the “AR” 7.62 x 39mm Assault Rifle and “MG” 7.62 x 51mm Machine Gun series. The Strategic Alliance is also actively participating in the projects for meeting the Army’s requirement of certain types of ammunition over a ten-year program. Arsenal small arms have been in active operations in India for…
New Delhi: The Income-Tax Department has launched an e-calculator for individuals to estimate their tax liability if they opt for the new tax slabs, without claiming deductions and exemptions, for ITR filing as announced in the recent Budget, officials said on Thursday. The calculator, with a comparative table to compare taxes in the old and the new tax regime, for resident individuals (financial year 2020-21) has been hosted on the official e-filing website of the department–https://www.incometaxindiaefiling.gov.in. The web portal is used for filing of electronic income tax returns (ITRs) by individuals and various other categories of taxpayers. Taxpayers in three…
New Delhi: Indian Oil Corporation Ltd (IOCL) today (February 6, 2019) signed a contract for importing Russian crude oil to India with Rosneft. The contract was signed in the presence of Minister of Petroleum and Natural Gas Dharmendra Pradhan, Rosneft CEO Igor Sechin. The Minister of Petroleum & Natural Gas and Steel, Shri Dharmendra Pradhan and Mr Igor Sechin, CEOand Chairman of Rosneft, held the bilateral meeting here today. Both leaders also witnessed the signing of the first-ever Term Contract between IOCL and Rosneft for importing 2 Million Metric Tonnes of Urals grade crude oil during the year 2020 to…
New Delhi: State-owned Andhra Bank on Wednesday reported a consolidated net profit of Rs 174.76 crore in the third quarter ended December 31, 2019. The bank had posted a net loss of Rs 573.52 crore in the corresponding quarter of the previous financial year. Its total income during the October-December 2019 quarter rose to Rs 5,913.14 crore as compared with Rs 5,609.43 crore a year ago, Andhra Bank said in a regulatory filing. Gross non-performing assets (NPAs) worsened to 17.26 per cent of the gross advances at the end of December 2019, compared with 16.68 per cent a year ago.…
New Delhi: The Reserve Bank of India monetary policy committee meeting has announced big relief for the real estate sector as it has announced that the delay in delivery with proper reason won’t lead to the downgrading of the real estate loans. Apart from that, Governor Shaktikanta Das said that the Repo Rate will remain unchanged at 5.15 per cent. The RBI MPC Meeting came out with a consensus that the Repo Rate should be left unchanged maintaining the accommodative stance of India’s apex bank. In a written press statement issued by the RBI it was informed that on the…
New Delhi: World Bank chief economist Pinelopi Koujianou Goldberg on Wednesday announced she will be leaving the institution. Calling it a “difficult decision,” Goldberg wrote that she will step down from her post on March 1 to return to teaching at Yale University. “This has been a rewarding experience, to work with you on the issues that we care deeply about and ensure that development economics serves to create opportunities for the poor,” she told her colleagues in the letter. In a separate letter, World Bank President David Malpass said research director Aart Kraay would take over for Goldberg until…
New Delhi: The Reserve Bank of India has kept the repo rate change in its first Monetary Policy Committee meeting following the Union Budget. After the announcement, the repo rate remains at 5.15 per cent. All six members of Monetary Policy Committee vote in favour of maintaining status quo on interest rate. The committe pegged the GDP growth rate for 2020-21 at 6 per cent. The Reserve Bank has also maintained its stance as accommodative. It said that the stance will remain as as long as it takes. “Economy continues to be weak, output gap remains negative,” the Shanktikandas Das-led…
New Delhi: The government aims to complete merger of PSU general insurance companies — National Insurance Co Ltd, United India Insurance Co Ltd, and Oriental Insurance Co Ltd — by the end of March, Finance Secretary Rajiv Kumar said. “Merger of PSU general insurers is at an advanced stage. We can see that happening quite soon. It is already before the Cabinet,” Kumar told in an interview. Though the merger process was in the works, the government would take a call on listing the merged entity after the merger, he said. To facilitate the merger, the Budget has announced a…
Lucknow: Lack of proper policy initiative in last several decades made India the biggest importer of defence platforms, he said. India is eyeing defence export of $ 5 billion in the next five years, Prime Minister Narendra Modi said on Wednesday, highlighting the measures taken by his government to boost manufacturing and woo investors to set up a base in the country. Inaugurating the 11th edition of DefExpo here, Modi said a country of the size of India cannot entirely depend on imports and added the number of defence licenses issued in the last five years has risen to 460…
New York: Companies in the United State of America ramped up hiring at the start of the year, taking on the most workers since May 2015 and indicating the labor market remains robust, a report on private payrolls showed Wednesday. Employment at businesses increased by 291,000 in January after a revised 199,000 gain in the previous month, according to data from the ADP (NASDAQ:ADP) Research Institute. The surge in hiring, which partly reflected the benefits of warmer weather, exceeded all economists’ forecasts in a Bloomberg survey that called for a 157,000 gain. The dollar strengthened and Treasury yields rose after…