India's biggest firm, Reliance Industries, has decided to cut salaries by 10 per cent in its oil and refining divisions. Several smaller companies like Kajaria Ceramics have followed suit with cuts as high as 40 per cent for those earning more than Rs 50 lakh.
The collection of mostly small and medium sized businesses is a hotchpotch of ventures and include design schools, schools, villas for hire in Goa and a country club in Gurgaon.
Now they are reinventing their strategies to stay afloat, as they see no sign of recovery for at least six months.
Developers are cautious about the timing of launches in the near term, given the relative uncertainty in demand pick-up and logistical challenges during the lockdown. However, affordable housing projects slated for the first quarter (Q1) of 2020-21 (FY21) may get launched this quarter itself.
Several on-site labourers in the city want to take special trains being run to transport workers back home. The rising number of COVID-19 cases in the city has caused anxiety among them.
'The challenge will be making sure its efficacy is high.' 'If a vaccine is only 50 to 60 per cent efficient, it's a double-edged sword.'
Experts say that the lockdown and its aftermath will further quicken the consolidation in the real estate sector, which has been taking place since 2012, with more small players going out of the business and bigger, branded players dominating the market.
The German luxury automaker has already seen its online traffic increase 10-fold this year. Though that has not always translated into sales, Mercedes-Benz says it is continuing to build on what it calls its "touch-free" experience to stay plugged into its consumer base. Under the used car business, more than 150 cars were sold online in January and February.
'High-value homes are designed and built on slum lands and slums are given residue. They do not have access to free air and live in close proximity of others.'
The newly-formed entity which will list on the NYSE as Eros STX Entertainment Corp, will remain listed on the New York Stock Exchange, with headquarters in both Mumbai, India, and Burbank, California, and has also got $125 million in fresh funding. The merger will not change the structure of Eros's Indian arm which is also listed on Indian stock exchanges.
CREDAI-MCHI, a body of developers in Mumbai, has pegged the drop in sales booking at around 80 per cent in the February-March period this year. This is the second highest fall in residential sales in the past five years, after Q1, 2017, when the decline, due to the note ban, was 37 per cent.
Shutting of stores had not stopped alcohol sales. On the contrary, it had increased black market operations and peddling of illicit hooch, which could cause death/serious injury.
The test - called the Truenat Beta CoV test - effectively enables same-day testing, reporting, and patient isolation initiation.
The strident support from the hotels comes at a time when the industry is itself caught off guard with a sharp dip in both in-bound traffic from foreign markets, reduced domestic traction as well as a total shut-down of MICE business that has led the country top players by market cap to lose over half their value in just a little over a month.
Many firms have asked those joining on April 1 to delay their on-boarding by 2-3 months. The outlook for the airline, tourism, hotel, and media industries is bleak too.
Investors say they see large companies going through the grind, as their promoters struggle with liquidity because they are levered up at the holding company level and are starting to get margin calls thanks to the crashes in the stock market, and in the next six months, the targets that will come up for PE companies will make for a harvest season like never before.
'There will be two to three months of containment, and when there is normalcy, the risk is a relapse and a return to lockdowns.'
The analyst said since servicing of principal and interest on loans will beome challenging for mall operatos in the next couple of months.
Retailers and multiplex operators want mall owners to either forgo rent for the period of the shutdown or lower rent in the event the mall is open but footfalls are low.
Any concerned citizen ought to start practicing hygiene by washing their hands properly and be aware of the brands that are certified.
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