Several may lose jobs amid coronavirus outbreak, says CEO Snap Poll

Business-standard Further, most firms (80 per cent) have claimed that their inventory was lying idle at present The coronavirus pandemic and the subsequent nationwide lockdown have deeply impacted the domestic economy, with a majority of firms expecting a significant decline in their top line and bottom line in the current and previous quarters, demand declining […]

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What lessons has India Inc learnt as it prepares for life after lockdown

Business-standard What’s worked during the lockdown and what hasn’t? Can what’s worked become a permanent feature of the workplace? Are there any unexpected positive outcomes? What lessons can be extrapolated and applied in future? As the corporate world tries to answer these questions, it’s clear that one feature — working from home — has been […]

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Coronavirus fear: Govt raises issue of layoffs, salary cuts with companies

Business-standard The Central government is scrambling to address distress calls of workers across the country, with the authorities intervening with employers to address concerns on layoffs or unpaid leave during the nationwide lockdown, which is aimed at minimising the spread of Covid-19. The office of the chief labour commissioner, under the Union Labour and Employment […]

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Covid-19 relief: Staggered 180-day bad-loan breather on cards for banks

Business-standard RBI may allow relaxation in delinquency period, go easy on additional collateral requirements Raghu Mohan  |  Mumbai  Last Updated at April 6, 2020 00:44 IST The Reserve Bank of India (RBI) and the finance ministry may take up the issue of relaxation in the delinquency period for the classification of banks’ non-performing assets (NPAs) […]

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Coronavirus impact: States can now borrow up to 50% of limit in April

Business-standard Centre’s resource crunch owing to dwindling revenues prompts move In an unprecedented move necessitated by the coronavirus (Covid-19) pandemic, the Centre has allowed states to avail of up to 50 per cent of their 2020-21 (FY21) borrowing requirements in April itself, Business Standard has learnt. The move became imperative because of the Centre’s resource […]

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It'll be a positive surprise if earnings grow in FY21, says Jigar Shah

Business-standard Further fall will depend on whether the coronavirus (Covid-19) situation lasts beyond May-June 2020 With the country mid-way through the lockdown triggered by the rampant spread of coronavirus, Jigar Shah, chief executive officer, Maybank Kim Eng Securities, tells Puneet Wadhwa that industry expects a gradual opening up after April 14. Slowly, supply chains would […]

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Brokerages prefer realty firms with annuity assets amid stable cash flows

Business-standard At beaten down valuations, annuity developers offer favourable risk-reward, it said. DLF, Prestige Estates, Phoenix Mills and others have large office properties Brokerages are recommending stocks of real estate companies with annuity assets because of stable cash flows. They believe that demand for office properties will bounce back faster than others. “While slowing global […]

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With no income and food, Dharavi gasps for air as Covid-19 cases increase

Business-standard Overcrowding, unsanitary conditions in Asia’s largest slum pose big challenges to containment The roads are empty, the shops closed, and some areas are cordoned off. Dharavi, Asia’s largest slum, is locked down like the rest of Mumbai. However, the rising number of coronavirus (Covid-19) cases in thisteeming shantytown, where people live in huts and […]

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Relief for farmers: Centre eases agri produce sale rules amid Covid-19

Business-standard Allows farmers to sell produce directly to retail chains, bulk buyers for 3 months A series of central government notifications and letters to states in the past two days will enable agri and food products to reach consumers in a timely and efficient manner. The measures include limiting jurisdiction of APMCs (Agricultural Produce Market […]

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Businesses likely to face challenges in preparing financial reports in FY21

Business-standard The spillover of compliance requirements from FY20 to FY21 makes experts wary of the ripple effect on business financials On April 1 every year, businesses unroll their budgets and targets for the new financial year. This financial year — FY21 — is different. As a relief from the pandemic situation, some compliance requirements of […]

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Market volatility challenge to PNB HFC's equity plans, says ICRA

Business-standard Further delay in fundraising will postpone the expected improvement in the leverage profile and limit the cushion available for absorbing contingencies Abhijit Lele  |  Mumbai  Last Updated at April 6, 2020 01:25 IST The capital market bloodbath due to the Covid-19 outbreak poses a challenge to PNB Housing Finance’s plan to raise Rs 1,700 […]

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Competitors join hands to tide over supply-chain challenges amid lockdown

Business-standard Towards the end of last week, at least three such tie-ups were announced Businesses, much like everything else, continue to reel under the impact of Covid-19 and the resultant preventive lockdown. Tie-ups among brands and corporations operating in seemingly unrelated or even competitive sectors seem to be one way of getting around the supply-chain […]

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New defence procurement policy gets mixed reaction from industry

Business-standard The MoD has invited suggestions and recommendations by April 17. After that, DPP-2020 will be promulgated and will govern all acquisitions initiated thereafter Ajai Shukla  |  New Delhi  Last Updated at April 6, 2020 01:22 IST The defence industry has expressed mixed reactions to the proposed Defence Procurement Procedure of 2020 (DPP-2020), which the […]

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Covid-19: Gartner revokes job offers at IIMs; IITs too witness cancellation

Business-standard Several students from Indian Institutes of Management (IIMs) in Ahmedabad, Bangalore and Calcutta have found their job offers revoked by US-based research and advisory firm Gartner, Inc. amidst the Covid-19 (coronavirus) pandemic. With countries closing borders and entering into lockdowns, recruiters, especially multinationals, are revisiting their hiring plans with their businesses taking a hit […]

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Substantial recovery likely against IL&FS Rs 94k cr debt: Injeti Srinivas

Business-standard With multi-pronged strategies in place for IL&FS resolution, the government expects “substantial recovery” against the group’s Rs 94,000 crore external debt and the recovered amount could be much more than the sum realised under the insolvency law so far. Apart from the exercise of recasting the financial statements, an SFIO probe report regarding an […]

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Life insurance policyholders get 30 days more to pay premium amid lockdown

Business-standard Irdai has already provided additional time for payment of renewal premium in case of health insurance policies and motor third party insurance. . Regulator Irdia has provided an additional 30-day grace period for policyholders to pay the premium on life insurance policies, whose renewal date fall in March and April amid the lockdown to […]

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Govt tightens export ban on anti-malarial drug amid coronavirus outbreak

Business-standard On March 25, the government banned export of anti-malarial drug hydroxychloroquine with immediate effect to ensure sufficient availability of the medicine in the domestic market. The government has tightened the export ban norms on anti-malarial drug hydroxychloroquine by including special economic zones (SEZs) under its prohibition ambit to ensure there is no shortfall during […]

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Lockdown would have deeper impact, 52% foresee job losses: CII CEOs Poll

Business-standard “The expectations of this sharp decline in both revenue and profit growth by domestic firms could foretell the significant impact of this outbreak on GDP growth,” CII stated. The coronavirus outbreak and the subsequent country-wide lockdown has deeply impacted India’s economy, with a majority of the firms expecting a significant decline in revenues, falling […]

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Covid-19: DRDO designs special chamber, face mask for healthcare workers

Business-standard The walk through enclosure is designed for personnel decontamination, one person at a time. Joining efforts to fight COVID-19, the Defence Research and Development Organisation (DRDO) has designed a full-body disinfection chamber and a special face protection mask for healthcare professionals, officials said. The special chamber called ‘PSE’ has been designed by Vehicle Research […]

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As coronavirus shatters dreams of studying abroad, students look for plan B

Business-standard Check the spread of the coronavirus pandemic across states in India in this interactive map BS Web Team  Last Updated at April 5, 2020 13:42 IST email this article Message: Recipients’ Email: Type address separated by commas Your Email: Enter the characters shown in the image. Send me a copy:   https://mybs.in/2YMN3Q4 Read our […]

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Britain unlikely to lift coronavirus lockdown until end of May: Govt expert

Business-standard The government has put Britain into a widespread shutdown, closing pubs, restaurants and nearly all shops, while ordering people to stay home unless absolutely essential to venture out. Reuters  Last Updated at April 4, 2020 19:59 IST Britain is unlikely to lift its stringent lockdown rules until the end of May, a leading government […]

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Migration will resume when urban economy restarts: India Migration Now

Business-standard India Migration Now founder Varun Aggarwal says the frantic reverse migration at present is not because of harvesting needs (still a month away) but because of the income shock Varun Aggarwal, founder of India Migration Now — a migration data, policy, and advocacy organisation based in Mumbai — has studied migration in India extensively. […]

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Flat or negative growth for IT sector in 2020 due to Covid-19: Infosys CFO

Business-standard The Coronavirus pandemic is like a force majeure, and no amount of business continuity planning will help in this situation, he claimed India’s information technology sector is expected to post either flat or negative growth in 2020 due to the impact of the Coronavirus pandemic globally, an IT industry veteran said onSaturday. “Look at […]

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Covid-19 lockdown may be a boon for gig workers with unusual partnerships

Business-standard Over the past week, several unusual partnerships among start-ups, traditional businesses and hospitals have been announced, and several more are likely to materialise soon As the lockdown to contain the spread of coronavirus (Covid-19) progresses, companies, especially those employing gig workers, are looking at innovative partnerships to keep their businesses going. They also letting […]

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Covid-19 crisis: ICMR calls for rapid tests in hotspots as infections zoom

Business-standard Daily tests doubled to 10,000; about 1,000 cases with Tablighi links reported, the govt said Sohini Das & PTI  |  Mumbai/New Delhi  Last Updated at April 5, 2020 00:41 IST As the number of coronavirus deaths and active cases rose sharply on Saturday, India’s apex health research body issued an advisory saying containment centres […]

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OYO suspends payment of monthly revenue to hotels; invokes force majeure

Business-standard This abrupt, extra-ordinary and unprecedented drop in your hotel’s revenue as a result of the Covid-19 can hardly be considered to be in the ordinary course of business. Hospitality firm OYO said it is suspending payment of monthly benchmark revenue to its hotel partners as it is finding impossible to discharge its obligations under […]

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