No fuel crisis in India; enough stock of petrol, diesel, LPG available to last lockdown, says Indian Oil Corp

30/03/2020
NEW DELHI: India, the world’s third largest energy consumer, has enough petrol, diesel and cooking gas (LPG) in stocks to last way beyond the three-week nationwide lockdown as all plants and supply locations are fully operational, Indian Oil Corp (IOC) Chairman Sanjiv Singh said. Singh, who continued to oversee the mammoth operations of ensuring that fuel reaches every nook and corner despite bereavement of his father on the day 21-day lockdown was declared, said there is no shortage of any fu...

Contributions to PM relief fund will help cos meet CSR obligations, says govt official

30/03/2020
NEW DELHI: Corporates have spent Rs 52,000 crore towards social welfare activities in the last five financial years and now making contributions to the Prime Minister's relief fund will further help them meet their obligations under the companies law, according to a senior government official. As the country fights the outbreak of coronavirus, which has so far infected nearly 1,000 people, the government has initiated a slew of measures to deal with the situation. The corporate affairs minist...

Labour Min allows EPF withdrawal amid lockdown

30/03/2020
NEW DELHI: The labour ministry has allowed over 6 crore subscribes of retirement fund body EPFO to withdraw an amount not exceeding their three months basic pay and dearness allowance from their EPF account in view of the lockdown to fight COVID-19. The ministry has issued a notification in this regard on March 28, 2020 to amend the Employees' Provident Fund Scheme 1952, a labour ministry statement said. The decision is taken in view of lockdown across the country to fight COVID-19. The notifi...

USFDA classifies Sun Pharma’s Halol facility as official action indicated

30/03/2020
NEW DELHI: (PTI) Drug major Sun Pharmaceutical on Sunday said the US health regulator has classified its Halol facility in Gujarat as Official Action Indicated (OAI). The United States Food and Drug Administration (USFDA) had inspected the facility from December 03-13, 2019 and had issued eight observations, the company had earlier said in a regulatory filing in December. "The company has received a communication from the USFDA indicating that the Halol facility has been classified as OAI," S...

10 state-run banks to merge on April 1, says RBI

30/03/2020
Mumbai: The schemes for the merger of ten state-run banks into four lenders are coming into force from April 1, according to the Reserve Bank of India. The banking regulator in separate releases announced that the branches of merging banks will operate as of the banks in which these have been amalgamated. The government on March 4 had notified the amalgamation schemes for 10 state owned banks into four as part of its consolidation plan to create bigger size stronger banks in the public secto...

Toll collection period in contracts to be extended to compensate operators

30/03/2020
NEW DELHI: With toll collection on national highways suspended across the country amid the Covid-19 crisis, the operators will be compensated through extension of their collection period by the same number of days for which the non-tolling is in force. The government has also invoked the “force majeure” clause the term for an unforeseeable circumstance or incident that prevents someone from fulfilling a contract. It is included in contracts to remove liability for natural and unavoidable cat...

NTPC converts its hopitals into COVID-19 units

30/03/2020
NEW DELHI: State-owned power giant NTPC Ltd said it has has stepped up vigil against global coronavirus pandemic by converting its hospitals into dedicated Covid-19 units. NTPC has already utilised its 45 hospitals/health units to make isolation facilities and procured requisite number of equipment for the medical staff to handle such cases effectively, an NTPC statement said. According to the statement, as many as 121 beds, with all facilities, have been turned into isolation wards in these ...

Discoms get 3 months for payment to gencos to ensure 24X7 power supply

30/03/2020
NEW DELHI: To assure uninterrupted power supply in the middle of the countrywide lockdown to contain the coronavirus outbreak, the Union Power Ministry has relaxed payment norms for electricity distribution companies (discoms). The central government has asked the state-run power generating companies such as NTPC and Power Grid Corporation of India Ltd (PGCIL) to not curtail supply to the states even if the discoms do not clear payments to them on time. The lockdown is seen to take a toll on...

World has entered recession, says IMF

29/03/2020
Washington: The world is in the face of a devastating impact due to the coronavirus pandemic and has clearly entered a recession, the International Monetary Fund said, but projected a recovery next year. "We have reassessed the prospects for growth for 2020 and 2021. It is now clear that we have entered a recession as bad or worse than in 2009. We do project recovery in 2021," IMF Managing Director Kristalina Georgieva told reporters at a news conference. Georgieva was addressing the press af...

Maruti Suzuki mobilizes production of ventilators, masks to fight coronavirus

29/03/2020
NEW DELHI: Maruti Suzuki on Saturday officially announced that it has entered into an arrangement with AgVa Healthcare to augment the production of medical equipment required in the fight against coronavirus pandemic in India. Maruti Suzuki Chairman RC Bhargava had met government officials and had been requested to examine how the country's largest car maker could help in production of medical equipment critical in the fight against coronavirus, officially called Covid-19. In a press stateme...

Two Indian refiners declare force majeure as demand for fuel dips amid lock down

29/03/2020
NEW DELHI: Two Indian refiners declared force majeure on crude purchases from the Middle East after fuel demand plummeted due to a nationwide lockdown to stem the spread of coronavirus and the companies' tanks are full, sources said. Prime Minister Narendra Modi has asked India's 1.3 billion people to stay indoors for three weeks in the world's biggest lockdown, shutting down Asia's third-largest economy and leaving millions of economically vulnerable people without work. This has led to a sha...

Mother Dairy doubles supply of fruits, vegetables in Delhi-NCR amid lockdown

29/03/2020
NEW DELHI: Mother Dairy has doubled its supply of fruits and vegetables in Delhi-NCR at over 300 tonne per day to meet the rising demand amid the nationwide lockdown even as it faces some logistics challenges, a senior company official said. “Before the lockdown, we used to supply 160-180 tonne of fruits and vegetables per day in Delhi-NCR through our Safal retail stores. Now, we are supplying more than 300 tonne every day,” said Pradipta Sahoo, business head of Safal. On Friday, Mother Dairy ...

Alphabet to donate $800 mn in response to coronavirus outbreak

29/03/2020
NEW DELHI: Alphabet Inc will donate more than $800 million (645 million pounds) in funds towards producing medical supplies used to fight COVID-19, and in ad credits to government and health organizations and businesses, Chief Executive Officer Sundar Pichai said. The company is working with Magid Glove and Safety to produce 2 million to 3 million face masks, and will financially support efforts to boost the production capacity for lifesaving medical devices and personal protective equipment, ...

Will speak to banks to facilitate cash flow amid lockdown: FM Sitharaman

29/03/2020
NEW DELHI: Lauding efforts of bankers in this difficult time, Finance Minister Nirmala Sitharaman on Saturday said that she will speak to all banks to facilitate cash flow and enable timely access to all. She also assured that she will talk to states and ensure that there are no restrictions in the movement of cash, bankers, vendors or bank mitra. "Appreciate the service Bank Mitra/Banking Correspondents are undertaking across the country. Will talk to states - request no restrictions in thei...

Shuttl plans salary cuts and lay-offs amid coronavirus lockdown

29/03/2020
NEW DELHI: Shuttl, the app-based bus aggregator, is headed for salary cuts and probably lay-offs, as the Sequoia-backed start-up stares at business losses amid the lockdown. In mail to employees, co-founder and CEO Amit Singh stated that he and co-founder Deepanshu Malviya were taking a 50 per cent salary cut, adding that the company would have to forgo bonuses in the current financial year. The mail, reviewed by Business Standard, also stated that the firm was considering interim pay cuts, an...

SBI employees in branches to get extra pay during 21-day lockdown

29/03/2020
NEW DELHI: The State Bank of India (SBI) has announced special payments to its staff working in bank branches during 21-day shutdown to battle coronavirus. In a circular, SBI announced that it has been decided to pay 'one-day's salary' (Basic Pay DA) for every six working days on which an employee has worked, starting from 23 March up to 14 April or till the end of the lockdown period, whichever is earlier. "In recognition of the selfless service being rendered by our employees to the custom...

Government announces relief package for power sector amid lockdown due to coronavirus COVID-19

29/03/2020
NEW DELHI: The union government has approved a financial relief package for the power sector. The relief was announced because the government admitted that electricity consumers will not be able to pay the electricity bill for the next three months which will lead shortage of money to the power supply companies. The govt statement read, ''Directions have been issued to the Central Electricity Regulatory Commission to provide a moratorium of three months to Discoms to make payments to generat...

Vedanta’s Venkatakrishnan resigns; Sunil Duggal appointed interim CEO

29/03/2020
NEW DELHI: Vedanta Ltd said its Chief Executive Officer Srinivasan Venkatakrishnan has resigned citing personal reasons. The resignation will be effective April 5, Vedanta Ltd said in a BSE filing. "The board of directors of the company in their meeting held on March 27, 2020, have...taken note of resignation of S Venkatakrishnan from the position of the whole-time director and CEO of the company w.e.f. close of business hours on April 5, 2020, on account of personal reasons," Vedanta Ltd sai...

Coronavirus COVID-19 crisis: Indian banking sector safe and sound, don’t resort to panic withdrawal from private banks: RBI

28/03/2020
NEW DELHI: While reassuring that the Indian banking sector is safe and sound, the Reserve Bank of India on Friday appealed to the general public not to resort to panic withdrawal from private banks amid country's fight against the coronavirus pandemic. "The Indian banking sector is safe & sound. Depositors of commercial banks including the private banks need not worry about the safety of their funds,’’ RBI Governor Shaktikanta Das said. “Depositors should not resort to panic withdrawal of the...

EMIs put on hold, big-bang interest rate cut as RBI joins fight against coronavirus

28/03/2020
Mumbai: The RBI on Friday put on hold EMI payments on all term loans for three months and cut interest rate by steepest in more than 11 years as it joined the government effort to rescue a slowing economy that has now got caught in coronavirus whirlwind. The Reserve Bank of India (RBI) cut repo to 4.4 per cent, the lowest in at least 15 years. Also, it reduced the cash reserve ratio maintained by the banks for the first time in over seven years. CRR for all banks was cut by 100 basis points to...

Rate cut fails to hold up markets; Sensex dips 1,310 pts from day’s high

28/03/2020
NEW DELHI: Equity market ended Friday's highly volatile session on a subdued note even as the Reserve Bank of India (RBI), in an emergency move, slashed the repo rate by a huge 75 basis points (bps) to arrest the potential downturn in the economy due to coronavirus (Covid-19) pandemic. In addition, the RBI imposed a moratorium on principal and interest payments for three months and told banks and non-banking finance companies that that non-payment won’t be considered as non-performing assets ...

Slashed interest rate needs quick transmission: FM

28/03/2020
NEW DELHI: Finance Minister Nirmala Sitharaman on Friday asked banks for "quick transmission" of slashed interest rate as the RBI cut the key lending rate sharply by 75 basis points to boost liquidity in financial system to deal with the COVID-19 pandemic. In a tweet, the Finance Minister also welcomed RBI Governor Shaktikanta Das' statement that the macro economic fundamentals of the Indian economy are sound, and in fact stronger than what they were in the aftermath of the global financial cr...

Moody’s slashes India GDP growth in 2020 to 2.5 pc

28/03/2020
NEW DELHI: Moody's Investors Service on Friday slashed its estimate of India's GDP growth during 2020 calendar year to 2.5 per cent, from an earlier estimate of 5.3 per cent and said the coronavirus pandemic will cause unprecedented shock to the global economy. The estimate for 2020 compares to 5 per cent economic growth in 2019. In its Global Macro Outlook 2020-21, Moody's said India is likely to see a sharp fall in incomes at the estimated 2.5 per cent growth rate, further weighing on domes...

Govt eases controls, taps auto makers to produce medical ventilators

28/03/2020
NEW DELHI: India has lifted controls on producing medical ventilators, as it seeks to plug the growing shortage of this critical equipment in the battle against Covid-19. According to a government communication reviewed by Mint, the Centre plans to ask all interested manufacturing companies, including automakers, to start producing ventilators. “It is to inform that presently, no permission is required for manufacturing of ventilators under the Drugs and Cosmetics Act and Medical Device Rule...

Daimler clears BS-IV stocks at Orgadam facility despite headwinds

28/03/2020
Chennai: Daimler India Commercial Vehicles (DICV) said on Friday that it has successfully cleared the remaining BS-IV stocks. No BSIV units are left at the company's Oragadam facility and less than a handful of vehicles are left at dealers across the country. Despite considerable headwinds in the market including the ongoing slump in the CV industry and the challenges presented by the recent Covid-19 lockdown, DICV was able to beat the March 31 deadline for final registration of BS-IV vehicl...

Coronavirus pushes Zimbabwe to re-introduce use of US dollar

28/03/2020
Harare: Zimbabwe has re-introduced the use of foreign currency for domestic transactions in what was seen as a bid to tap into private forex savings as the country gears up for the battle against the novel coronavirus. In a statement the central bank governor John Mangudya said the move is part of "measures to mitigate the devastating impact of COVID-19 on the Zimbabwean society and the economy". The government outlawed the use of foreign currency as legal tender last June after having used a...

Yes Bank shares zoom 25 pc after board approves fund raising plan

28/03/2020
NEW DELHI: Shares of Yes Bank on Friday gained sharply by 25 per cent after the board of directors of the lender approved a proposal to raise Rs 5,000 crore. The scrip zoomed 23.26 per cent to a high of Rs 32.85 on the BSE. At the NSE, it advanced 25 per cent to Rs 33.25. The board meeting held on Thursday cleared this proposal. With this, the new board also came to force with Prashant Kumar formally becoming the MD and CEO of Yes Bank. This fund raising will be over and above the Rs 10,00...

COVID-19: Centre announces Rs 1.7 lakh crore package for poor, Rs 50 lakh medical cover for coronavirus fighters

27/03/2020
NEW DELHI: Finance Minister Nirmala Sitharaman on Thursday (March 26, 2020) announced Rs 1.7 lakh crore financial package for the poor to help them deal with the ongoing crisis due to the coronavirus pandemic. Addressing a press briefing, the FM said, ''A package is ready for the poor who need immediate help like migrant workers and urban and rural poor. No one will go hungry. The package is worth Rs 1.7 lakh crore.'' The Rs 1,70,000-crore scheme, dubbed the "Prime Minister Gareeb Kalyan sc...

Jan second-worst month for job creation in FY 20

27/03/2020
NEW DELHI: Job creation in India is expected to slow down further after growing at the slowest pace in three months in January as the Covid-19 pandemic forces businesses to temporarily close their operations. At least 750,441 people joined the formal workforce in January, the government payroll data released on Wednesday showed. It was the lowest monthly addition in this financial year so far except in October when the payroll additions were fewer than January as recorded by the government t...

Bengaluru-based Flipkart to resume e-commerce sales of essential products

27/03/2020
NEW DELHI: Walmart Inc`s Flipkart will resume e-commerce services for essential products after receiving central and state government assurances on the safety of its delivery staff and a hassle-free supply chain. Bengaluru-based Flipkart halted all shopping on its website and mobile app early on Wednesday, only hours after Prime Minister Narendra Modi ordered a 21-day nationwide lockdown to counter the spread of the coronavirus. Though people worldwide have increasingly turned to online reta...

Steel firms bear the brunt of Covid-19 impact, to scale down production

27/03/2020
NEW DELHI: Steel companies, including those under public sector, are considering to scale down production amid coronavirus outbreak, according to sources. Sajjan Jindal's JSW Steel has already announced its decision to cut production at its plants. The industry sources said top management of major players like Tata Steel, JSPL, ArcelorMittal Nippon Steel India (AMNS India) and state-owned SAIL and RINL are also discussing similar move. In many states, movement of raw material needed for Stee...

EPF rules changed for getting non-refundable advance

27/03/2020
NEW DELHI: To help tide over hardship caused by the coronavirus lockdown, Employees' Provident Fund (EPF) rules will be relaxed, finance minister Nirmala Sitharaman announced today. EPF subscribers can now withdraw 75% of their PF balance or 3 month wages as a non-refundable advance, whichever is lower. This will benefit about benefit 4.8 crore employees. Experts have welcomed the move. "The proposal to permit non-refundable advance to employees out of their PF balances will help employees ...

Banks launch special emergency loans for customers amid Covid-19 crisis

27/03/2020
NEW DELHI: In a bid to help people and businesses affected in the wake of coronavirus outbreak, state-owned lenders including Indian Bank, Union Bank of India and Bank of Baroda announced special emergency loan products. Besides, other public sector lenders Canara Bank, UCO Bank and Indian Overseas Bank too announced emergency credit line for customers. Public sector banks with about 80 per cent of banking operation have taken steps to ensure the safety of its staff and uninterrupted banking ...

Housing sales dip 42 % in Jan-Mar at 45,200 units amid Covid-19 concerns: Report

27/03/2020
NEW DELHI: Housing sales fell by 42 per cent during January-March period at 45,200 units across seven major cities on poor demand amid concerns over spread of coronavirus infections, according to housing brokerage firm Anarock. Housing sales stood at 78,510 units in the year-ago period across seven cities Delhi-NCR, Mumbai Metropolitan Region (MMR), Kolkata, Chennai, Bengaluru, Hyderabad and Pune, as per sales data till March 25. Sales declined by 24 per cent on a quarter-on-quarter basis. A...

China’s factories reopen, only to fire workers as coronavirus shreds global trade

27/03/2020
Beijing: Shi Xiaomin, who used to export suits and blazers by the thousands to South Korea, the Netherlands and the United States, was luckier than many other Chinese factory owners. When his factory in the eastern city of Wenzhou reopened last month after an extended shutdown due to the coronavirus outbreak, the local government sent a bus to a nearby province to ferry back more than 20 of his stranded workers. Staff with cars volunteered to fetch colleagues. In the past week, requests to can...

Japan’s economy has worst outlook since 2009 amid lockdown fears

27/03/2020
Tokyo: Economists are slashing forecasts for the Japanese economy as exports are hit from overseas lockdowns and rising domestic virus cases force the Tokyo governor to request residents to stay home. The economy is heading for its weakest period since the financial crisis, according to the latest economist projections. Goldman Sachs Group Inc on Wednesday cut its 2020 expectations for gross domestic product to a 3.1% contraction from a 2.1% drop. Barclays Plc said Thursday its latest projecti...

Banks asset quality may take further hit due to coronavirus: Report

27/03/2020
Mumbai: The outbreak of COVID-19 and continued slowdown in the economy are likely to have an impact on banks asset quality and may trigger a surge in gross non-performing assets (GNPA) ratio to 9.6 to 9.9 per cent by the second or third quarter of the next fiscal, says a report. The global pandemic has stalled the economic activity which is going to severely impact sectors such transport, travel and tourism, aviation, among others. The Reserve Bank and the government may announce a regulatory...

Govt bans export of anti-malarial drug hydroxycloroquine

26/03/2020
NEW DELHI: Amid coronavirus outbreak, the government on Wednesday banned export of anti-malarial drug hydroxycloroquine with immediate effect to ensure sufficient availability of the medicine in the domestic market. Indian Council of Medical Research (ICMR) Director General Balram Bhargava had on Monday recommended the use of hydroxychloroquine for treating healthcare workers handling suspected or confirmed coronavirus cases and also the asymptomatic household contacts of the lab-confirmed cas...

Covid-19 lockdown: Flipkart suspends operations temporarily

26/03/2020
NEW DELHI: Walmart-owned Flipkart on Wednesday said it was suspending its operations temporarily as India entered into a 21-day lockdown to contain the spread of Covid-19 pandemic. "Consequent to the order issued on March 24 by the Ministry of Home Affairs announcing a 21-day lockdown across India to contain the spread of the novel coronavirus causing Covid-19, we are temporarily suspending our services," Flipkart said in a blogpost. The blog further said "we will be back to serve you as soon...

Microsoft will overcome Covid-19 crisis ‘pretty strong’: Satya Nadella

26/03/2020
New York: Asserting that Microsoft is financially strong despite the challenges posed by the coronavirus pandemic, its India-born CEO Satya Nadella has voiced confidence that the company will come out of the crisis "pretty strong". In an interview to CNBC on Tuesday, Nadella, however, said the big question would be whether the demand holds up in the US and Europe and other developed markets badly hit by the pandemic. We feel good about how we are able to meet the demands of work from home kit...

Coronavirus: Banks brace for payment defaults, missed targets

26/03/2020
Kolkata: Banks are likely to face significant defaults in payment and miss internal targets as more and more states announce lockdowns in the wake of the coronavirus pandemic, senior officials of a number of lenders said. Bankers are also expecting the Reserve Bank of India (RBI) to come out with a forbearance package so that accounts are not classified as NPAs for the next few years. "There should be some forbearance on account of cash flow mismatch. There will be many defaults in the MSME, r...

Walmart India elevates Sameer Aggarwal as CEO

26/03/2020
NEW DELHI: Walmart India on Wednesday said it has elevated Sameer Aggarwal as its CEO and the appointment will be effective from April 1. Aggarwal succeeds Krish Iyer who is set to retire on March 31. Iyer, would get into advisory role from full-time management of Walmart India after leading the retail major for eight years. Aggarwal, who was elevated as Deputy CEO earlier in January this year, has now been promoted to Chief Executive Officer of Best Price, Walmart India, effective from April ...

Asian shares jump after Dow sees biggest gain since 1933

26/03/2020
NEW DELHI: Shares opened sharply higher in Asia on Wednesday after the Dow Jones Industrial Average surged to its best day since 1933 with Congress and the White House nearing a deal on injecting nearly $2 trillion of aid into an economy ravaged by the coronavirus. Japan’s Nikkei 225 index jumped 5.3%, while Hong Kong added 3% and Sydney climbed 3.6%. Markets across Asia were all up more than 2%. The Dow burst 11.4% higher, while the more closely followed S&P 500 index leaped 9.4% as a wave o...

Experts peg India’s Covid-19 lockdown cost at $120 bn, call for relief plan

26/03/2020
Mumbai: Pegging the cost of the Covid-19 lockdown at $120 billion (approximately Rs 9 trillion) or 4 per cent of the GDP, analysts on Wednesday sharply cut their growth estimates and stressed on the need to announce an economic package. The Reserve Bank of India (RBI), which is scheduled to announce its first bi-monthly policy review on April 3, is set to deliver a deep rate cuts and it should also be assumed that the fiscal deficit targets will be breached, analysts said. Prime Minister Nare...

Covid-19: Air India to incur Rs 30-35 cr loss per day after flying ban

26/03/2020
NEW DELHI: Flag carrier Air India is expected to incur losses to the tune of Rs 30-35 crore per day following the suspension of operations in the wake of coronavirus pandemic, according to a source. With stringent border controls across the countries to restrict movement of people, many countries have barred international flights in their territory amid COVID-19. India has also announced a temporary ban on flying. "We will not be operating a single commercial flight along with other domestic ...

Moody’s downgrades ONGC rating on uncertain oil prices, Govt guidelines on dividend

26/03/2020
NEW DELHI: Moody’s Investors Service downgraded state-owned Oil and Natural Gas Corporation’s (ONGC) rating in view of the uncertain oil price environment, depleting cash reserves of the government and government guidelines constraining its ability to lower dividends. The rating agency downgraded ONGC’s local and foreign currency issuer ratings to Baa2 from Baa1. It also downgraded the ratings of the unsecured bonds issued by ONGC and those issued by its subsidiary ONGC Videsh Ltd. The outloo...

Oil prices rally on hopes for US stimulus

26/03/2020
Singapore: Oil prices rallied in Asia Wednesday on signs the US Congress was nearing an agreement on a massive stimulus package to help the coronavirus-ravaged American economy, tracking record Wall Street gains. International benchmark Brent crude was up 2.9 per cent to trade at nearly USD 28 per barrel, while US benchmark West Texas Intermediate rose 3.5 per cent to nearly USD 25 per barrel. Both contracts have hit multi-year lows in recent weeks as lockdowns and travel restrictions to fight...

Coronavirus: Experts urge India Inc to avoid layoffs, pay cuts for faster recovery

25/03/2020
NEW DELHI: With the coronavirus pandemic threatening a sharp economic slowdown, experts are suggesting companies to adopt a humane approach in rationalising their expenses without going for across-the-board pay cuts or freezing of hikes to ensure a faster recovery from the slump. While contract employees in many sectors, especially those in the manufacturing space, are already losing their daily wages due to a lockdown of plants and various other commercial establishments, several companies ar...

Covid-19: Govt announces waiver of minimum balance charges for savings bank account

25/03/2020
NEW DELHI: The government has allowed free of charge cash withdrawal from any other bank ATM for debit card holders for three months in the wake of the coronavirus pandemic. The measure was announced by Finance Minister Nirmala Sitharaman at a press conference on Tuesday. She also announced complete waiver of minimum balance charges for savings bank account. The steps taken by the government are going to help customers as the country is locked down to check the spread of coronavirus disease...

Covid-19 relief: Aadhaar-PAN linking deadline extended to Jun 30: FM

25/03/2020
NEW DELHI: "We have come up with a comprehensive plan about statutory and regulatory compliance matters, said Finance Minister Nirmala Sitharaman during a press conference on Tuesday. She also said, "The lockdown has been done with an intention of flattening that curve of coronavirus’ spread. Therefore, I must appreciate you all for joining us today. We are close to coming up with an economic package, which will be announced soon." Last date for filing March, April and May 2020 GST returns ext...

Sensex ends 693 points higher, Nifty settles at 7,801; IT, Pharma stocks rally

25/03/2020
MUMBAI: The benchmark equity indices on BSE and National Stock Exchange (NSE) ended with over 2.5 per cent gains on Tuesday tracking a rise in the global markets which climbed as the Fed offered to buy unlimited amounts of assets to steady markets and expanded its mandate to corporate and muni bonds. The S&P BSE Sensex rose 692.79 points (2.67 per cent) to end at 26,674.03, while the Nifty 50 climbed 190.80 points (2.51 per cent) to settle at 7,801.05. During the intraday, Sensex had risen as ...

Government opens door to raise excise duties on petrol, diesel

25/03/2020
NEW DELHI: The Union government on Monday moved an amendment to the Finance Bill, 2020 to keep the option of raising additional excise duty on petrol and diesel by another Rs 10 per litre, signalling its intent to mop up any gains from falling international oil prices as pump prices of the two fuels are frozen since March 16. To be sure, this will not mean any increase in retail price of the fuels, but that the gains of falling crude prices will accrue to the government instead of the refiner...

Gold rises as Fed bonanza stalls cash rush

25/03/2020
NEW DELHI: Gold rose 2% on Tuesday, extending gains from a near 4% surge in the previous session, after the US Federal Reserve’s unprecedented measures to help an economy reeling from the coronavirus pandemic halted a rush for cash. Spot gold rose 1.3% to $1,572.45 per ounce by 0637 GMT. The metal rose 3.7% on Monday, its highest percentage gain since June 2016. US gold futures climbed 1.9% to $1,596.70. “Gold is surging higher after the Fed went above and beyond in unveiling measures to supp...

Coronavirus impact: Small grocery outlets see rise in transactions

25/03/2020
NEW DELHI: The world has been reeling under the coronavirus (Covid-19) pandemic and its impact on the global economy. In India, though the outbreak happened comparatively later than China and Europe, the number of infected people has risen significantly in the past few days leading to lockdowns across most parts of the country. Before the imposition of strict lockdowns by the respective state governments, many people got into a phase of panic buying of essential commodities such as groceries...

Coronavirus impact: As data usage jumps, telcos ask govt for more spectrum

25/03/2020
NEW DELHI: Telecom operators have demanded additional spectrum urgently on a temporary basis in order to cope with the unprecedented spurt in data usage as a result of “work from home” and “self-quarantine” at homes across the country due to the coronavirus (Covid-19) outbreak. In a letter to the department of telecommunications (DoT), the Cellular Operators Association of India (COAI) has demanded additional spectrum both for “access and backhaul microwave” for a short term and temporarily as...

COVID-19: Companies’ recruitment strategy shift to virtual platforms

24/03/2020
NEW DELHI: Following the unforeseen disruption of the coronavirus pandemic, companies are now resorting to intelligent automated systems that offer virtual screening environment and interviewing experience, instead of conducting in-person interviews. Companies have taken the rising global health crisis very seriously and are concerned about the health of their employees and until this public health emergency is contained, corporates are shifting their entire recruitment strategy to virtual pla...

Sensex plunges over 2,700 pts as lockdowns spook investors

24/03/2020
Mumbai: Equity benchmark Sensex plummeted over 2,700 points in opening session on Monday as global stocks resumed their free fall amid coronavirus-led lockdowns across the world stoking fears of a massive recession. The rupee too plunged 92 paise against US dollar to 76.12. After sinking over 2,718 points, the BSE barometer was trading 2,430.57 points or 8.12 per cent lower at 27,485.39. Similarly, the NSE Nifty was trading 682.35 points, or 7.80 per cent, down at 8,063.10. All Sensex compo...

CII seeks relief measures from govt: Rs 2L crore direct income transfer, removal of LTCG

24/03/2020
NEW DELHI: In light of the economic disruption caused by the coronavirus, the Confederation of Indian Industry (CII) has suggested a series of measures to the government to alleviate stress, including Rs 2 lakh crore of direct income transfer to poor and elderly citizens, 50-basis point reduction in repo rate and easing of Non Performing Asset (NPA) classification norms among others. Additional liquidity to the markets by the Reserve Bank of India and removal of long-term capital gains (LTCG) ...

Covid-19: Airtel urges uninterrupted internet in outreach to other telcos

24/03/2020
NEW DELHI: Bharti Airtel on Monday asked Vodafone Idea, Reliance Jio Infocomm, Bharat Sanchar Nigam Ltd and Mahanagar Telephone Nigam Ltd join hands and pave the way for intra-circle roaming (ICR) pacts to ensure uninterrupted mobile and wireless internet services amid the surge in data consumption. The spike is the outcome of the near lock down in the country in its battle against Covid-19, forcing people to work from home to contain spread of the coronavirus. In a letter to all the companie...

Rupee tanks 95 paise, falls below 76 level against US dollar amid coronavirus scare

24/03/2020
Mumbai: The Indian rupee slipped further by 95 paise to 76.15 against the US dollar in opening trade on Monday amid sharp rise in coronavirus cases in the country and heavy selling in domestic equities. Forex traders said market participants are concerned that the sharp rise in coronavirus cases, with nearly 400 cases in the country, could weigh on the economy. The rupee which opened on a weak note at 75.90 at the interbank forex market, lost further ground and touched a low of 76.15 against ...

Securities transaction tax collection up 5% on higher derivatives trade

24/03/2020
NEW DELHI: The weak markets have not had an impact on the government’s securities transaction tax (STT) kitty, which went up about 5 per cent year-on-year (YoY) in the current fiscal year to date. According to an official in the Income Tax Department, STT collection stood at Rs 11,247 crore for fiscal year 2019-20 (FY20), until March 15, against the targeted Rs 12,500 crore. The department is hoping that the target will be crossed. The reason for the higher STT is heightened volumes in the fu...

Airbus cancels 2019 dividend, 2020 forecasts due to coronavirus

24/03/2020
Paris: European aviation giant Airbus said Monday it would cancel the planned dividend payment for 2019 and also abandon its earnings forecasts for the current year because of the economic uncertainty sparked by the coronavirus pandemic. "We have withdrawn our 2020 guidance due to the volatility of the situation," Airbus chief executive Guillaume Faury said in a statement. And as part of measures to bolster the group's liquidity and balance sheet in response to the COVID-19 pandemic, Airbus w...

Ferrari’s Agnelli family donates 10 million euros, 150 ventilators to help Italy

24/03/2020
NEW DELHI: At a time when Italy is widely believed to be the worst-hit country from coronavirus, the family behind Ferrari has reportedly donated 10 million euros and 150 ventilators to help the country fight the pandemic. Over 5,000 people have died from coronavirus - officially termed Covid-19 by World Health Organisation - across Italy with several cities here in complete lock down mode. The country's health infrastructure is believed to be under tremendous pressure and almost every estab...

Coronavirus impact: Hyundai, Toyota halt manufacturing operations

24/03/2020
NEW DELHI: Hyundai Motor and Toyota Kirloskar Motor (TKM) have announced the suspension of manufacturing operations at their respective plants amid coronavirus outbreak. Hyundai has decided to halt production at its Chennai plant while TKM has put brakes on manufacturing at its Bidadi facility in Karnataka. "The company will be taking the preventive counter-measure of suspending its manufacturing operations at the Chennai facility from March 23 till further notice to stop the spread of corona...

Hyundai Motor India halts manufacturing amid coronavirus COVID-19 outbreak

24/03/2020
NEW DELHI: The Hyundai Motor India has suspended its manufacturing operations in Chennai from Monday (March 23, 2020) till further notice due to the the spread of the coronavirus COVID-19. In a statement issued on Sunday, the car manufacturers said: "Hyundai Motor India is a responsible and caring brand. The safety, health and hygiene of its employees, customers, business partners and the communities is of utmost priority in every situation. Keeping this in mind, Hyundai Motor India Ltd wil...