Corporate News - Page 25

Rupee surges 52 paise to close at four-week high of 75.66; dollar weakens in overseas market

The rupee surged by 52 paise to close at a four-week high of 75.66 against the US dollar on Wednesday, bolstered by gains in domestic equities and a weak greenback in global markets

CAIT backs Indian e-tailers conforming to local laws, helping digitise grocery stores; all set to launch national e-commerce portal

CAIT said India is one of the largest consumer markets of the world and up-gradation and modernisation of existing retail trade of India has always been the mission of CAIT.

Supreme Court asks Income Tax department to refund Rs 733 cr to Vodafone Idea within four weeks

The Supreme Court Wednesday granted partial relief to Vodafone Idea Ltd by asking the Income Tax department to refund Rs 733 crore to the telecom firm within four weeks, for the assessment year 2014-15

Sell unsold units at 'no-profit-no-loss' to save interest, boost liquidity: Nitin Gadkari to real estate developers

Union Minister Nitin Gadkari on Wednesday exhorted real estate players to sell unsold housing units, even at no-profit-no-loss, to boost their liquidity condition and save interest cost on loans

Coronavirus impact: SpiceJet says pilots will not get salaries for April, May; cargo flight staff will be paid

SpiceJet on Wednesday told its pilots that they will not be paid salaries for April and May, and said those who have been operating cargo flights will get paid for "block hours flown"

Hexaware Technologies Q1 net profit rises 26.3% to Rs 175 cr, revenue up 22%; suspends annual guidance for FY20

Hexaware said the company was early in transitioning to work from home (WFH) mode, much before the government-mandated lockdown.

Sensex rallies 606 points to end at 32,720, Nifty surges 172 points to 9,553; all indices except pharma, FMCG in green

Extending its gains for the third session, equity benchmark Sensex rallied 606 points on Wednesday, buoyed by banking and IT stocks amid positive cues from global markets.

RBI extends curbs on Mumbai-based The Needs of Life Co-op Bank for six months

The Reserve Bank on Wednesday extended restrictions imposed on city-based The Needs of Life Co-op Bank Ltd for another six months till 31 October

Time for action to make India global manufacturing hub in post-coronavirus world: Industry experts

India can be the destination of choice for global manufacturing in the post-COVID 19 world if it gets its acts together with the right policies as a lot of things are going for the country, say industry experts

S&P affirms BBB plus rating of Reliance Industries on disciplined spending, resilient earnings

Rating agency S&P Global has affirmed its 'BBB+' rating with a stable outlook on Reliance Industries (RIL), saying the company's leverage is poised to improve and stabilise over the next 12-24 months owing to disciplined spending, asset monetisation, and resilient earnings

Technical loan write-off route should not be applied for fugitives: Chidambaram to govt

Senior Congress leader P Chidambaram on Wednesday asked the government why it had taken the technical loan write-off route for fugitives like Nirav Modi, Mehul Choksi and Vijay Mallya

Wilful defaulters beneficiaries of 'phone banking' under UPA regime, Modi govt chasing them to recover dues: Nirmala Sitharaman

Hitting out at the Congress party, Finance Minister Nirmala Sitharaman has said that wilful defaulters were beneficiaries of 'phone banking' under the UPA regime and the Modi government is chasing them to recover the dues

RBI's liquidity support for MFs may struggle to be effective; Fitch says success will depend on banks' appetite to take up risks

The Reserve Bank of India's liquidity support for mutual funds may struggle to be effective, as its success will hang on banks' appetite to take up the risks involved, amid low capital headroom and a likely increase in fresh non-performing loans, according to Fitch

Samsung Electronics expects profit decline in April-June quarter as coronavirus pandemic hits sales

Samsung Electronics Co. said Wednesday its operating profit for the first three months of 2020 rose 3.4 percent from a year earlier driven by increasing demands for computer chips

Indians venture into US stocks as markets slump at home; pick up exposure to global technology giants

More Indian investors are turning to US stocks to escape tumbling markets at home and pick up exposure to global technology giants that are rising through the coronavirus-led market turmoil

Bharti AXA General ties up with PolicyBazaar for 'pay as you drive' motor insurance policy

The usage-based motor insurance, popularly known as ‘Pay As You Drive’, allows customers to pay the premium depending on how many kilometres the car has travelled

Axis Bank shares fall over 6% after lender reports Rs 1,388 cr net loss in January-March quarter

Shares of Axis Bank on Wednesday dropped over 6 percent in early trade after the company reported a standalone net loss of Rs 1,387.78 crore for March quarter of 2019-20

US Chamber of Commerce, lobbying group urged India to delay a new digital tax; say firms battling fallout of coronavirus

The digital tax, inserted into budget amendments passed in March, caught the industry off guard as it was not part of the main proposals finance ministry had presented in Parliament a month earlier

Rupee rises 34 paise to 75.84 in early trade; market sentiment improves as more countries announce lifting of lockdowns

The rupee appreciated 34 paise to 75.84 against the US dollar in early trade on Wednesday tracking positive opening of domestic equities and weakness in the American dollar

Stock markets open in green: Sensex surges over 300 points, Nifty advances in early session; HDFC rallies, Axis Bank falls

Sensex surged over 300 points led by buying in index-heavyweights HDFC twins and positive cues from Asian peers.

Coronavirus brews trouble for tea across global markets; labour lockdowns disrupt supply as demand spikes

India’s output is likely to drop by 120 million kgs or 9 percent in 2020 as the lockdown initially forced plantations to suspend plucking during the opening harvest

Breather for MFs: SEBI eases compliance norms for investment in unlisted NCDs; move aimed at increasing transparency

Mutual funds were required to comply with the highest investment limit of 15 percent and 10 percent in unlisted NCDs by 31 March and 30 June, respectively

PNB fraud: Nirav Modi remanded to custody, set for remote extradition trial from 11 May in UK court

Nirav Modi, the 49-year-old, who has been lodged at Wandsworth Prison in south-west London since his arrest last year, appeared before a UK court via videolink.

Air India sale: Govt extends deadline to bid for cash-strapped national carrier by two months till 30 June

The government has extended the deadline to bid for Air India by two months till 30 June, as the COVID-19 fallout has disrupted economic activity globally

Axis Bank, Max Financial Services shares gain up to 6.6% after lender raises stake in Max Life Insurance

Shares of Axis Bank and Max Financial Services on Tuesday gained up to 6.6 percent after the bank decided to raise its stake in Max Life Insurance to 30 percent

Over Rs 68,600 cr loans of wilful defaulters written off; Mehul Choksi, Vijay Mallya's firms among list: RBI in RTI reply

Outstanding loans amounting to Rs 68,607 crore of top 50 wilful bank loan defaulters in the country including firms of Mehul Choksi and Vijay Mallya have been technically written off till 30 September, 2019, the Reserve Bank of India said in a RTI reply

Nokia quarterly revenue to get 5G boost before coronavirus impact felt; eyes US telecom companies for growth

Nokia has been hampered by delays in its 5G system-on-chip (SoC) development, which allows a single chip to carry an entire computer system and should enable it to produce its network technology more cheaply.

Coronavirus Outbreak: US auto factories likely to stay closed another 2 weeks; Fiat Chrysler backs off planned 4 May restart

Ford, General Motors and Fiat Chrysler factories have been idled for over a month due to fears of spreading the coronavirus.

Axis Bank Q4 net loss at Rs 1,388 cr as provisions jump nearly 3 times; income increases to Rs 20,786 cr

Axis Bank said the extent to which the COVID-19 pandemic will impact the bank''s provision on assets will depend on the future developments, which are highly uncertain.

IndusInd Bank shares zoom 17% after Q4 earnings; lender posts 12% decline in consolidated profit

Shares of IndusInd Bank on Tuesday jumped 17 percent at the close of trade after the company reported its March quarter earnings