Author: Finance Khabar

Mumbai: The equity market got a brake on Thursday, after rally of eight sessions as the BSE Sensex slipped by 236.48 pts to settle at 43,357.19 as selling was seen in Bankex, Finance, Utilities and Energy stocks amid weak Asian Market. The Nifty of national stock exchange too fell by 58.35 pts at 12,690.80. The day opened on a weak note at 43,291.89, sliding by 302 pts. During the day it was nosedived by 466 pts to 43,127.55, days low before closing at 43,357.19, down by 236.48 pts from its previous close. The sensex registered days high and low at…

New Delhi: In yet another setback for the struggling Indian economy, the Reserve Bank of India has projected that the economy is likely to enter into a technical recession for the first time in history at the end of the first half of 2020-21. India has already witnessed a worrying decline of 23.9 per cent in the GDP for April-June quarter which was a result of nationwide lockdown induced due to the coronavirus pandemic. However, before the pandemic too, the World Bank had projected India’s economy to grow a mere 4.5 per cent. The RBI also said that the NSO…

Gland Pharma issue subscribed over 2.05 times Meerut: The biggest issue of the pharma industry became oversubscribed. The Rs 6480 crore issue of Gland Pharma has become the biggest issue in the pharma industry so far. The company has raised Rs 1943.86 crore from Anchor Investors. Gland Pharma has allotted 12,959,089 equity shares to anchor investors at an upper price band of Rs 1500 per equity share. 70 global and domestic funds have joined Gland Pharma as anchor investors. The price band of the IPO was fixed at Rs 1490 to Rs 1500 per equity share. It is being told…

ndian Banks’ Association (IBA) along with four unions in the banking sector on Wednesday jointly announced that their three-year wage talks finally resulted in a written agreement. In a joint circular issued to their members the four unions – All India Bank Employees’ Association (AIBEA), National Confederation Bank Employees (NCBE), National Organisation of Bank Workers (NOBW) and Indian National Bank Employees Federation (INBEF) said the 11th Bipartite Settlement on revision of wages and improvement in service conditions of bank employees has been signed today (Wednesday) with IBA at Mumbai. The increase in the wage bill will be about Rs 3,385…

New Delhi: The company had posted a loss of Rs 28.25 crore for the year-ago period, Nalco said in a filing to BSE. The company”s income during July-September period declined to Rs 2,399.05 crore from Rs 2,420.11 crore in the year-ago period, the filing said. “The year began with unforeseeable challenges, which has affected the entire world. NALCO collective rose to the challenge and braved all odds to overcome the sluggishness in the market and get the business operations back on track amidst the pandemic. “The company is geared up to take all necessary actions to remain competitive, deliver world-class…

New Delhi: The company had registered a consolidated net loss of Rs 22.32 crore in the corresponding quarter of the previous financial year, according to a BSE filing. Its total income during July-September 2020 rose to Rs 917.80 crore, compared with Rs 545.43 crore in the year-ago period. The consolidated results include the results of GE Power India Ltd (GEPIL) and its subsidiary GE Power Boilers Services Ltd. The group’s business activity falls within a single operating segment — power generation equipments and related services. In a statement, GE Power India Managing Director Prashant Jain said, “We have achieved positive…

Mumbai: Its profit in the year-ago period stood at Rs 772.20 crore. On a consolidated basis, the company reported about 3 per cent rise in net profit at Rs 789.67 crore for September quarter of this fiscal year. “Our portfolio growth was muted. In April and May, there was no business and it got spilled over to this quarter. With competitive interest rates in the market, we received many applications for re-writing, which also had some bearing on our total profitability,” Managing Director and CEO Siddhartha Mohanty said. During the quarter, total disbursements were Rs 12,443 crore as against Rs…

New Delhi: The Cabinet Committee on Economic Affairs on Wednesday approved the continuation and revamping of the scheme for financial support to the Public Private Partnerships (PPPs) in Infrastructure Viability Gap Funding (VGF) Scheme till 2024-25, with a total outlay of Rs 8,100 crore. Addressing a press conference after the Cabinet meeting, along with Union Finance Minister Nirmala Sitharman, Information and Broadcasting Minister Prakash Javadekar said the revamped scheme is mainly related to introduction of two sub-schemes (Sub scheme -1 and Sub scheme -2) for mainstreaming private participation in social infrastructure. The Cabinet meeting, chaired by Prime Minister Narendra Modi,…

Lucknow: Spread across an area of nearly 50,000 square feet, the facility will support Flipkart’s ability to deliver a wide selection of grocery products to consumers in the cities of Lucknow, Kanpur and Allahabad. This is the e-commerce major’s first grocery centre in Uttar Pradesh. According to the company’s official spokesman, the new centre will create more than 500 direct and thousands of indirect job opportunities as the company establishes its supply chain working with a host of local transport contractors, staffing vendors, security agencies, consumable suppliers and other administrative and housekeeping agencies across the state. This new fulfilment centre…

Kolkata: The miner had posted a net profit of Rs 3,523 crore in the year-ago period. The company’s revenue from sales was at Rs 19,484 crore during the quarter under review as against Rs 18,986 crore registered in the corresponding period last year, the miner said in a regulatory filing in the stock exchanges. Contractual expenses jumped sharply by about Rs 1,000 crore to Rs 3,311 crore in three months ended on September 30, 2020. The company also said its board of directors approved an interim dividend at a rate of Rs 7.50 per share for 2020-21 fiscal. The Maharatna…

New Delhi: The Cabinet Committee on Economic Affairs has approved continuation and revamping of the scheme for financial support to public-private partnerships (PPPs) in infrastructure VGF scheme till 2024-25, Information and Broadcasting Minister Prakash Javadekar told reporters here. The revamped scheme will provide financial support to PPP projects in the infrastructure sector spread over a period of five years ending 2024-25. Of the total amount of Rs 8,100 crore, Rs 6,000 crore has been earmarked for PPP projects in the economic infrastructure segment and remaining Rs 2,100 crore for social infrastructure projects, said an official release after the Cabinet meeting.…

New Delhi: The consolidated net profit for the year-ago period was Rs 1,457.68 crore, the company said in a BSE filing. Total income in the September quarter declined to Rs 3,086.03 crore from Rs 3,360.35 crore in the same period last year. The company’s primary source of revenue is from generation and sale of hydroelectricity. According to NHPC, “Power supply being an essential service and their must-run status for Run-of-the-River (ROR) projects and scheduling to the extent possible by RLDCs (regional load dispatch centres) in case of ROR with pondage and storage projects.” Citing these factors the company said, “No…

The stock markets closed at record highs on Wednesday. The Sensex gained 316.02 points to end at 43,593.67 and the Nifty closed at 12749.15, showing a gain of 118.05 points. Tata Steel shares were the biggest gainers on the Sensex by 7.39 per cent. Axis Bank shares rose more than 4 percent. Shares of 25 out of 30 Sensex companies closed in the green mark. IndusInd Bank shares fell the most by 5.62 per cent. All other sectoral indices, except PSU bank shares, closed in the green mark on the Nifty. The maximum gain of 3.59 percent was recorded in…

New Delhi: The company had posted a net profit of Rs 19.47 crore in the year-ago period, Hindustan Copper said in a filing to BSE. Revenue from operations during the quarter under review increased to Rs 294.67 crore from Rs 287.65 crore a year ago, the filing said. Hindustan Copper, a public sector undertaking under the Ministry of Mines, is a vertically integrated copper producing company as it manufactures copper right from the stage of mining to beneficiation, smelting, refining and casting of refined copper metal into downstream saleable products.

Mumbai: “Reserve Bank of India (RBI) has, by an order dated November 10, 2020, imposed a monetary penalty of Rs 50 lakh” on the bank for non-compliance with certain provisions contained in the circular on ”Housing Sector- Innovative Housing Loan Products – Upfront disbursal of housing loans” dated September 3, 2013, it said in a statement. Giving details, it said an off-site examination of the records pertaining to some housing loans disbursed by the bank was conducted by RBI. The examination and related documents revealed non-compliance with the directions issued by RBI, it said. A notice was issued to the…

New Delhi: The 200-cc model comes with complimentary roadside assistance (RSA), valid for one year, the two-wheeler major said in a statement. “The new Xtreme 200S showcases our focused approach to the premium segment. Our premium products like the Xtreme 160R and XPulse 200 BS-VI are receiving an overwhelming response from the customers. I am confident that the Xtreme 200S will build on their success,” Hero MotoCorp Head – Sales and Aftersales Naveen Chauhan said. Hero MotoCorp Head of Strategy Malo Le Masson said the company”s horizontal strategy catering to all customer categories has worked really well and has allowed…

Mumbai: Pitching for increased digital payment modes, including adopting Unified Payment Interface (UPI), Sitharaman urged banks to discourage non-digital payments as much as possible. Addressing the 73rd annual general meeting of the Indian Banks” Association (IBA), she also said that banks should ideally make sure that all accounts are linked with Aadhaar number of respective customers by December. If it is not complete, then the linking should be done by March 31, 2021. Against the backdrop of entities pushing for digital and contactless payment options, especially amid the coronavirus pandemic, Sitharaman said that when RuPay is becoming global, she would…

New Delhi: “The executive committee of the central board of directors of State Bank of India approved the divestment of 8,510 equity shares constituting 8.51 per cent of the bank”s stake in UTI Trustee Company Pvt Ltd,” SBI said in a regulatory filing. The divestment, it said, has been approved to comply with Regulation 7B of the Securities and Exchange Board of lndia (Mutual Funds) (Amendment) Regulation, 2018. According to the regulation, no sponsor of a mutual fund, its associate or group company can have 10 per cent or more of the shareholding or voting rights in the asset management…

New Delhi: Revenues of the company, however, increased by 6 per cent to Rs 11,590 crore in the second quarter as against Rs 10,935 crore in the same period last fiscal, M&M said in a regulatory filing. The Mumbai-based firm said it sold 87,332 units in the second quarter, down 21 per cent from 1,10,824 units in the year-ago period. Tractor sales, however, increased by 31 per cent to 89,597 units in the July-September period as compared to 68,359 units a year ago, it added. M&M shares were trading 0.37 per cent up at Rs 618.60 apiece on the BSE

New Delhi: Consolidated net profit of Rs 1,068.16 crore, or Rs 2.47 per share, in July-September is compared with Rs 1,167.58 crore, or Rs 2.59 a share, net profit in the year-ago period, GAIL said in a filing to stock exchanges. Turnover slipped 23.7 per cent to Rs 14,104.80 crore largely due to lower gas prices during the quarter. GAIL reported a pre-tax loss of Rs 334.55 crore on its natural gas marketing business as the pandemic impacted demand. The loss was however lower than Rs 614.06 crore pre-tax loss in April-June. The business had Rs 241.72 crore of pre-tax…