Author: Finance Khabar

New Delhi: The spiraling crisis from resurgence of COVID-19 cases in India has dented support for the ruling BJP but voter support for Prime Minister Narendra Modi and his party will remain strong over the coming quarters and through this humanitarian crisis, Fitch Solutions said Thursday. The sudden and steep surge in the number of coronavirus cases – the highest-ever 4,12,262 new infections and a record 3,980 daily death toll in a day – has swamped the health system, which seemed to have collapsed. While containment measures will weigh on India’s ongoing economic recovery, the localised nature of restrictions means…

New Delhi: State-owned LIC will have five working days starting from May 10 since Saturdays have been declared as a holiday for the insurer. Pursuant to a notification on April 15, 2021, wherein the central government has declared every Saturday as a public holiday for Life Insurance Corporation of India, all policy holders and other stakeholders are informed that from May 10, all offices of LIC will work from Monday to Friday, it said in a public notice. “Starting May 10, 2021, office hours from Monday to Friday would be 10 AM to 5:30 PM,” it added.

The domestic stock market has seen an increase between RBI’s announcements and mixed global signals. Both the Sensex and the Nifty have closed strongly in the business. The Nifty has closed beyond the 14600 mark. The market has been boosted by the support of Pharma, Bank and IT shares. Currently, the Sensex has gained 424 points at the end of trading and has closed at the level of 48,678. At the same time, the Nifty has also closed 121 points strong at the level of 14618. Pharma stocks have gained a lot of momentum. Sun Pharma has closed 6 percent…

New Delhi: The banks had contended that the pleas for a recall of the judgment, instead of a review, is maintainable as there was a violation of the principles of natural justice in view of the fact that they were neither parties to the matter nor heard. In a major blow to banks, the Supreme Court on Wednesday refused to recall its 2015 judgment, which had held that the RBI will have to provide information about the banks and financial institutions (FIs) regulated by it under transparency law. Several FIs and banks, including the Canara Bank, the Bank of Baroda,…

Mumbai: Extending gaining streak for the third consecutive session, the BSE Sensex on Wednesday spurted 789.70 points to close at 49,733.84 following gains in Bankex, Finance, Telecom, Auto and Consumer Durable stocks. The Nifty too rose by 211.50 points to 14,864.55. The Sensex opened higher by 72 points to 49,066.64. During the day, it rallied by 857 points to 49,801.48, days high, before closing at 49,733.84, up 789.70 points from its previous close. The Sensex registered day’s high and low at 49,801.48 and 49,066.64 pts respectively. The Nifty recorded day’s high and low at 14,890.25 and 14,694.95 pts respectively. The…

Mumbai: HDFC Bank on Saturday said it has deployed mobile ATMs across India to assist customers during the lockdown. “At restricted, sealed areas, the ‘Mobile ATMs’ will eliminate the need for general public to move out of their locality to withdraw cash,” the bank said in a statement. “During the lockdown last year, HDFC Bank successfully deployed mobile ATMs in over 50 cities and facilitated lakhs of customers in availing cash to meet their exigencies.” Accordingly, customers can conduct over 15 types of transactions using the ‘Mobile ATM’, which will be operational at each location for a specific period. The…

New Delhi: ICICI Bank on Saturday reported more than three-fold jump in its standalone net profit to Rs 4,403 crore for the January-March quarter of 2020-21. The bank had posted a net profit of Rs 1,221 crore in the year ago quarter. Total income (standalone) of the bank rose to Rs 23,953 crore in January-March from Rs 23,443.66 crore in the year-ago quarter, ICICI Bank said in a regulatory filing. On a consolidated basis, the net profit of the private sector lender jumped to Rs 4,886 crore in the March quarter from Rs 1,251 crore in the last quarter of…

Keeping in mind the crisis arising from the coronaviruses, the government has made a big announcement for those trapped in controversial tax cases. It has increased the payment deadline from April 30 to June 30, 2021 under the trust scheme from the dispute made for direct tax. A statement has been issued by the Central Board of Direct Taxes (CBDT) to increase the payment deadline under the Vishwas Scheme. Accordingly, the deadline for payment under the Direct Tax Disputes Trust Act, 2020 has been increased keeping in mind the corona. The last date for grant of declaration was set as…

Increasing pollution in the country, especially air pollution, is hurting the health of people at large levels. But now research has revealed that air pollution is becoming a big threat not only to your health but also to Indian business. According to a recently released research, every year Indian businesses are losing more than $ 95 billion or 7 lakh crores due to air pollution. Which is about 3 percent of India’s total GDP. Research has also claimed that every year consumer-related businesses incur a revenue loss of US $ 22 billion. The research has been done by Dalberg Advisors…

Mumbai: The BSE Sensex on Friday dropped 202.22 points to settle at 47,878.45 on weak global cues. The Nifty too fell by 64.80 points to 14,341.35. Surging 374 points on Thursday, the BSE sensex opened on a weak note at 47,863.81, fell 217 points. During the day it plummeted 411 points to 47,669.55, day’s low before closing at 47,878.45, down 202.22 points from its previous close. While, it rose to 48,265.39, up 185 points, day’s high. The Sensex registered day’s high and low at 48,265.39 and 47,669.55 points respectively. The Nifty recorded day’s high and low at 14,461.15 and 14,273.30…

New Delhi: Twitter on Thursday announced to appoint Yu Sasamoto as Vice President for Japan, South Korea and Asia Pacific (JAPAC) region from May 1. Yu will succeed Maya Hari, who has been promoted to a global role as Twitter’s Vice President of Global Strategy and Operations (GSO). “I’m looking forward to bringing more people, communities, brands and partners to Twitter as we build on the incredible business momentum from Maya’s leadership across the region,” said Yu Sasamoto, VP of Japan and Asia Pacific, Twitter. Yu has led Twitter Japan and South Korea for the past seven years and will…

Mumbai: Automobile manufacturer MG Motor India has tied up with Devnandan Gases to increase the production of medical oxygen. MG Motor India will focus on assisting the overall oxygen gas production. In specific, the company will address specific areas of the manufacturing process such as infrastructure expansion and the elimination of major losses with lean principles. This will help in increasing the production capacity by 25 per cent in the next two weeks with the vision of increasing it further to 50 per cent in the near future. Founded in 2011, Devnandan Gases is one of the key medical oxygen…

London: British Airways owner International Airlines Group committed to powering 10% of its flights with sustainable aviation fuel by 2030, seeking to make progress towards its long-term goal of achieving net-zero carbon emissions by 2050. The group’s pledge comes on the same day as a U.S.-led climate change summit hosted by U.S. President Joe Biden, aimed at securing commitments from governments on cutting carbon emissions. IAG said on Thursday that it plans to purchase one million tonnes of sustainable jet fuel each year by 2030, which will be the equivalent of removing one million cars from Europe’s roads each year.…

New Delhi: Ola on Thursday unveiled the ‘Hypercharger Network’, a charging network for its upcoming two-wheeler products starting with the Ola Scooter to be launched in India in the coming months. According to the company, the charging network will be the widest and densest electric two-wheeler charging network in the world, with more than 100,000 charging points across 400 cities. In the first year alone, the company is setting up over 5,000 charging points across 100 cities in India, the company said in a statement. The company said that it will also be the fastest two-wheeler charging network. With this…

Mumbai: Out of fear of Corona virus, the stock market has made a good recovery today. In early trading, even after better global signals, the stock market saw a sell-off, but later recovery came. The Nifty closed back beyond 14400, while the SENSEX also closed 375 points stronger. Currently, the Sensex has fallen by 375 points at the end of trading and has closed at the level of 48081. At the same time, the Nifty also closed 110 points strong at the level of 14406. Let us know that the corona virus cases are steadily increasing in the country. More…

New Delhi: To scale up production of its Covishield vaccine, the Serum Institute of India (SII) had borrowed money from banks instead of waiting for the government’s aid to arrive. The company assumed that the funding from the government will reach them very soon, probably by this week. Covishield has been developed by the Oxford University and AstraZeneca, and manufactured by the Pune-based SII. To boost India’s vaccine production in wake of the huge surge in Covid-19 caseload, the government on Monday announced that it has given in-principle approval for credit to vaccine manufacturers, SII and Hyderabad-based Bharat Biotech. The…

Both Dilsher Singh Malhi, Founder and CEO, aged 24 and Siddhant Saurabh, CTO and Co-founder, aged 25, Zupee, feature in this year’s Forbes Asia 30 Under 30 list Bikaner: Dilsher Singh Malhi, Founder & CEO, Zupee, a leading skill-based online gaming start-up, has been featured amongst young tech entrepreneurs in the coveted Forbes Asia’s “30 Under 30”, 2021 list, in the Consumer Technology category. Dilsher, who hails from Bikaner, Rajasthan, founded Zupee in 2018 with the aim to engage, empower and entertain through tech-led innovations in gaming and gamification. Now in its fourth year running, Zupee has been steadily growing…

New Delhi: Looking to ramp up supplies ahead of the opening of Covid-19 vaccination to all citizens over 18 years of age, the government has approved a payment of about Rs 4,500 crore as advance to vaccine makers like Serum Institute of India (SII) and Bharat Biotech against future supplies, sources said. SII will supply 200 million doses and Bharat Biotech is to supply another 90 million doses to the government by July at a pre-agreed rate of Rs 150 per dose. Sources said the finance ministry has relaxed rules to allow advance payment without bank guarantee to help the…

Mumbai: The oxygen supply including transportation in special tankers at minus 183 degrees Celsius is being made free of cost to the beneficiary states/UTs as part of the RIL’s CSR initiatives. Reliance Industries Ltd (RIL) has tweaked its manufacturing process at the Jamnagar Refinery to produce and distribute around 700 metric tonnes of medical grade oxygen everyday to three states and a Union Territory, official sources said here on Tuesday. The 700 tonnes of oxygen is being ferried daily since the past two days to Gujarat, Maharashtra, Madhya Pradesh and Union Territory of Daman & Diu and Dadra & Nagar…

Mumbai: The BSE Sensex on Tuesday lost another 243.62 pts to close at 47,705.80 as selling was seen in IT, Technology, Finance, Materials and FMCG stocks. The Nifty too fell by 63.05 pts to 14,296.40. High volatility was witnessed during the day. Sliding over 800 pts on Monday, the sensex opened higher by 524 pts to 48,473.04. It surged 529 pts to 48,478.34 days high. Later, it was tanked nearly 511 pts to 47,438.50, days low, before closing at 47,705.80, still down by 243.62 pts from its previous close. The sensex registered days high and low at 48,478.34 and 47,438.50…