Godrej Properties Ltd (GPL) has bought a 43.61-acre land parcel in Faridabad from real estate firm BPTP Ltd. This marks Mumbai-based GPL’s entry into the Faridabad property market, helping it expand its presence in the National Capital Region (NCR). GPL will develop a residential plotted project on the land, which offers around a million sq ft of development potential. Like most plotted projects, GPL will sell plots in various sizes along with certain amenities. The value of the land transaction was not disclosed. This is GPL’s first plotted development project in NCR. The real estate developer already has projects in Gurugram and Noida. ‘We are happy to add this new project in Faridabad, a key micro-market within NCR. This fits well with our strategy of deepening our presence in key markets across India

Spicejet said that it is forced to temporarily suspend the majority of international flights from 21 March to 30 April amid the ongoing novel coronavirus spread in the country. ‘In view of the unprecedented situation arising due to COVID-19, SpiceJet is forced to temporarily suspend the majority of its international operations from 21st March till 30th April 2020,’ a SpiceJet spokesperson stated on Thursday, media reported. Earlier this week, Vistara and GoAir also announced a temporary suspension of their international operations in view of the unprecedented decline in air travel as a result of the virus outbreak. India is currently seeing a surge in a number of positive virus cases. The total number of novel coronavirus cases rose to 166 today after a record number of fresh cases reported from the var

Prime Minister Narendra Modi will address the nation at 8 pm today regarding the ongoing coronavirus outbreak across the world and the efforts to combat it. The address comes after a high-level meeting the Prime Minister chaired in the evening to review the efforts to contain COVID-19. The country has seen 151 cases of coronavirus so far and three patients have died. Today at 8 PM, Prime Minister Narendra Modi will address the nation for ongoing coronavirus To control the spread of the virus, the government has drawn up a plan to sensitise people and spread awareness about the issue. Sources said the participants at the meeting discussed ways to further strengthen the preparedness against the virus. The plans discussed included further enhancing testing facilities. Though initially reluctant to involve private l

Today, the Board of FMCG major Emami has approved Rs 194 crore share buyback offer, at a price not exceeding Rs 300 per share, representing 1.43 per cent of the total number of equity share of the company. Promoters of Emami held 52.74 per cent stake in the company as of 13th March. Emami also announced the payment of a second interim dividend of Rs 2 per equity share. The record date for receiving this interim dividend is 27th March 2020. Emami shares were up 2 per cent at Rs 194 per share in afternoon trade. In February, the promoters had entered into an agreement to sell their cement business to Nirma to pare debt at the promoter level and the sale process is expected to be completed by June. Emami had reported a 5 per cent increase in its consolidated net profit at Rs 144.44 crore for the third quarter

Yes Bank remitted more than Rs 397 crore, including the interest, of the Shree Jagannath Temple Administration, Puri as instructed by the temple authorities. A letter written by Senior Vice President, Yes Bank, Jaydev Das read, ‘With reference to your instruction issued to us, we have remitted Rs 397, 23,27,636/-(Principal Rs 389 crore and Interest Rs 8,23,27,636) to the designated SBI Account of Jagannath Temple Corpus Fund.’ The Yes Bank official further said that two more fixed deposits (FDs) of the total value of Rs 156 crore of the temple administration are also with the bank and will be duly remitted on the date of maturity, which is March 30, 2020, to the same account. Yes Bank had resumed complete services on March 18 after the Reserve Bank of India placed it under a moratorium on March 5. The

On Thursday, the Indian rupee hit a record low of 75 against the Us dollar tracking a slump in equities and currencies globally. Investors were concerned that support measures from the government and central banks may be insufficient to halt the economic damage caused by the coronavirus pandemic. The rupee hit a record low of 75 a dollar after opening at 74.96. It had closed at 74.23 on Wednesday. Selling pressure from foreign investors also weakened sentiment. Foreign investors have sold nearly $10 billion in equity and debt markets so far this year. Traders were also worried India could become the next global hotspot for coronavirus infections that may further damage the economy which is already in trouble due to many reasons including banking bad debts and slowdown in various sectors. 'The spread of COVID-19,

To maintain the financial stability in the wake of coronavirus outbreak, Reserve Bank of India (RBI) today said that it will open market operation on March 20 in the form of the purchase of an aggregate amount of Rs 10,000 crore of government securities with tenor between two and five years. ‘With the heightening of Covid-19 pandemic risks, certain financial market segments have been experiencing a tightening of financial conditions as reflected in the hardening of yields and widening of spreads. It is important to ensure that all market segments remain liquid and stable, and function normally,’ RBI said. The benchmark 10-year bond yield slipped to 6.24 per cent after RBI announced it bond purchase decision. The central bank has in recent months used liquidity tools instead of rate cuts to bring down bor

Panasonic Life Solutions India has plans to open 130 exclusive brand stores across tier one and two markets by the financial year 2021-22 to cater to the growing need of the electrical and construction material industry. Vivek Sharma, MD at Panasonic Life Solutions India, said these stores will serve as experience centres for consumers and influencers. He said the stores will target customers as well as builders, contractors and architects. The company has opened the first such outlet in Hyderabad will be setting up these stores in a franchise owned and operated model. ‘This unique experience of sorts would help the Indian consumer move up the ladder of comfort and choice in a category which otherwise is largely driven by electricians and is associated with crowded electrical stores,’ said Sharma. The comp