Corporate News - Page 20

Rupee settles 9 paise lower at 75.72 on fears of renewed US-China trade war, stronger dollar overseas

The rupee depreciated 9 paise to close at 75.72 against the US dollar on Wednesday, following a strong American currency overseas and fears of a renewed trade war between the US and China

Companies need to be more diligent while choosing partners for implementing COVID-19 relief measures: EY report

With an increasing number of corporates mobilising resources to support the government address the COVID-19 threat, there is a greater need for due diligence by companies on the partners they choose to work with to implement the relief measures, consultancy firm EY said on Wednesday

Tata Housing to sell ready flats in 17 projects online; buyers can pay 10% now, rest in January next year

Leading realty firm Tata Housing on Wednesday launched an online campaign to sell completed housing units in its 17 projects, offering prospective buyers to book their flats by paying 10 percent now and rest in January next year

Chidambaram dubs imposition of taxes on fuel as 'cruel' in times of distress; says govt must borrow to meet deficits

Governments must borrow to meet their deficits and not impose higher tax burdens when economic activity has ground to a halt amid the coronavirus pandemic, senior Congress leader P Chidambaram said on Wednesday after the Centre and the Delhi government hiked taxes on petroleum products

Stung by virus, long-haul carrier Qatar Airways cuts jobs as pandemic largely grounds global aviation industry

Long-haul carrier Qatar Airways said on Wednesday that it will lay off staff as the coronavirus pandemic largely has grounded the global aviation industry

PM Garib Kalyan Package: Govt says Rs 34,800 cr financial help given to 39 cr beneficiaries

The government has provided Rs 34,800 crore financial assistance using digital payment infrastructure to about 39 crore beneficiaries under the Pradhan Mantri Garib Kalyan Package (PMGKP) to protect them from the impact of COVID-19 lockdown

Oil marketing companies shares drop up to 13% post govt hikes excise duty on petrol, diesel

Shares of oil marketing companies -- Indian Oil Corporation Ltd, Bharat Petroleum Corporation Ltd and Hindustan Petroleum Corporation Ltd -- on Wednesday plunged up to 13 percent, a day after a hike in excise duty on petrol and diesel

Rallis India shares plunge over 8% after company posts 50% decline in Q4 net profit

Shares of agriculture solutions firm Rallis India on Wednesday plunged over 8 percent after the company reported a decline of 49.62 percent in its consolidated net profit for the quarter ended March, 2020

Govt to gain Rs 1.6 lakh cr additional revenues this fiscal from record excise duty hike on petrol, diesel

The cash-strapped government will gain close to Rs 1.6 lakh crore in additional revenues this fiscal from a record increase in excise duty on petrol and diesel, that will help make up for revenue it lost in a slowing economy and shutting down of businesses due to coronavirus lockdown

Govt appoints Tarun Bajaj, Economics Affairs Secretary as director on RBI central board

The government has appointed Economic Affairs Secretary Tarun Bajaj as a director on the central board of Reserve Bank of India (RBI)

Coronavirus Outbreak: Services activity collapses, at all-time low of 5.4 in April as pandemic paralyses global economy, says PMI survey

India’s services activity suffered a shock collapse in April as the coronavirus lockdown crippled global demand, causing a historic spike in layoffs and reinforcing fears of a deep recession in Asia’s third-largest economy, a private survey showed

Around 93% of employees are stressed about returning to office post-lockdown, finds survey; 85% want safety guidelines enforced

Employees expect their employers to take responsibility to ensure a healthy and safe environment for them as they prepare to return to work post-coronavirus and lockdown.

Rupee slips 18 paise to 75.81 in early trade on sustained foreign fund outflows; dollar strengthens overseas

The rupee depreciated 18 paise to 75.81 against the US dollar in opening trade on Wednesday amid strengthening American currency overseas and sustained foreign fund outflows

Future of Indian luxury goods market uncertain in post-COVID-19 economy, says management expert

Global luxury sales could drop up to 35 percent by the end of 2020, according to a recent report by Bain & Company, a management consultant firm.

Adani Ports Q4 net profit falls 74% to Rs 340.41 cr; total income marginally declines to Rs 3,360 cr

Adani Ports and Special Economic Zone Limited (APSEZ) on Tuesday reported 74 percent decline in consolidated net profit to Rs 340.21 crore for the fourth quarter ended 31 March

NABARD disburses Rs 12,767cr to state cooperative banks, RRBs for onlending to farmers; loans offered at interest rate of 4.8%

NABARD said since the second half of March 2020, it has disbursed nearly Rs 30,021 crore to rural banks.

Wipro signs pact with Maharashtra govt to convert Pune facility to 450-bed COVID-19 hospital; to be handed over by 30 May

Wipro said it will provide the physical infrastructure, medical furniture and equipment besides appointing an administrator and skeletal support staff to help operationalise the hospital quickly.

SLBC fixes MSME disbursement target Rs 90,000 cr this fiscal; urges RBI to hike credit extension limit

In the last fiscal the MSME disbursement target was Rs 74,000 crore.

Investors' wealth tumbles Rs 6.98 lakh cr in two days of stock market fall; Sensex falls over 2,200 points

Investors witnessed a wealth erosion of Rs 6,98,419.77 crore in two days of market fall as benchmark indices failed to hold onto early gains on Tuesday and closed lower

Coronavirus Lockdown: Hero MotoCorp resumes manufacturing operations at three plants; product roll-out to begin from Wednesday

The country's largest two-wheeler maker Hero MotoCorp on Monday said it has resumed operations across three of its manufacturing plants with actual product roll-out expected to begin from Wednesday

Coronavirus Pandemic: Most firms across industries keeping salary hike budgets unchanged, says survey

With the unprecedented situation arising out of COVID-19 pandemic, companies across the world have re-evaluated their HR practices, and while 50 percent organisations across industries are keeping their salary hike budgets unchanged, 36 percent have opted for a decline, says a survey

FICCI suggests resuming operations of downstream industries to minimise COVID-19 impact on cement sector

Industry body FICCI on Tuesday suggested the government to resume operations of downstream industries like real estate and construction of roads and highways to minimise the impact of COVID-19 pandemic on the cement sector

Coronavirus Lockdown: India's unemployment rate soars to 27.11% for week ended 3 May, says CMIE

The COVID-19 crisis has led to a spike in the country's unemployment rate to 27.11 percent for the week ended 3 May, up from the under 7 percent level before the start of the pandemic in mid-March, the Centre for Monitoring Indian Economy (CMIE) has said

Coronavirus Outbreak: MCX turnover doubles to Rs 20,000 cr on restoration of regular trading hours; income to rise after return to normalcy

Last week, MCX announced it would charge up to 125 percent or Rs 1,95,000 per lot if price falls up to 90 percent.

SBI Life Insurance Q4 net profit rises 16% to Rs 531 cr for March quarter; premium income marginally up

SBI Life on Tuesday reported a nearly 16 percent rise in its net profit at Rs 530.67 crore for the quarter to March 2020

Bangladesh's Beximco to begin producing COVID-19 drug remdesivir; treatment may cost up to $781 per patient

The Institute for Clinical and Economic Review (ICER), which assesses the effectiveness of drugs to determine appropriate prices, put the cost of producing a 10-day course of remdesivir at $10.

Transporters demand rollback in diesel price hike; say increasing duties, taxes may disrupt supply of essential commodities

All India Motor Transport Congress (AIMTC) on Tuesday demanded the rollback of diesel price hike and said increasing duties and taxes may disrupt the supply of essential commodities

Madhya Pradesh constitutes committee to revive industries; Trident's Rajendra Gupta, HEG’s Ravi Jhunjhunwala among panel members

The industrial policy and investment promotion department has constituted a committee, which will advise the state government about ways to attract investments in the aftermath of the pandemic.

JSPL's crude steel output remains flat during April; export contributes 74% of total sales volume

JSPL said the outbreak of pandemic began impacting economic activity by the third week of March, leading to the announcement of the nationwide lockdown.

Coronavirus Lockdown: India's tourism sector loss doubles to Rs 10 lakh cr, says industry body FAITH

Apex sectoral body Federation of Associations in Indian Tourism & Hospitality (FAITH) on Monday doubled its loss guidance for India's tourism sector to Rs 10 lakh crore on account of the impact of COVID-19 pandemic