Export of mango, especially alphonso, to European countries has been negligible this season; shipments to the Gulf fell 40-50 per cent.
During his interaction with the chief ministers, Prime Minister Narendra Modi assured that more economic activities would resume; he also said that zone identification may be left to the states.
Top Indian IT services companies - TCS, Infosys, Wipro and HCL Tech - have said that they would continue to hire freshers through campus interviews, though lateral hiring will be mostly on exception basis.
Except for laws pertaining to the payment of minimum wages, following safety norms and adequate compensation for workers in case of industrial accidents, no other provisions of the labour law would apply to all new companies that wish to operate in the state for at least 1,200 days, and for those that have already been operational for that period.
Though exports to Hong Kong, a major destination for India's polished diamonds, have resumed, the industry is currently sitting on an inventory worth around $2.3 billion.
Diamond industry expects revenues to drop by 20-25% in the current financial year.
However, the company says it will suspended promotions and salary increments this year.
While industry leaders Tata Consultancy Services and Wipro have announced deferring wage-hike plans, other players such as Infosys and HCL Technologies are expected to follow suit, according to industry insiders.
In the mid-tier space, clients with weak balance sheets are likely to ask for price revision apart from delay in payment.
With the government asking the companies to operate with only 50 per cent staff strength, and exports dipping to almost zero, the truck and bus drivers idling at the petrol pump say they hardly have any work now. At a petrol pump on the deserted Bavla-Changodar highway near Ahmedabad in Gujarat, several trucks and buses are neatly parked in a row.
While Wipro will announce its fourth quarter (Q4) results along with annual financial statements on April 15, market leader TCS will hold its board meet the next day (April 16) for approval of its financial statements. Infosys is yet to inform investors the date it will announce its Q4 earnings.
What will happen to the job placement and summer internship plans of India's management and IIT students? Many campuses are stepping in to help students hang on to their placements, in spite of the lockdown.
Edtech brands are offering discounts, adding fresh content and engaging more frequently with users during the lockdown, reports Vinay Umarji.
In the past one week alone, Rajasthan, Madhya Pradesh, Chhattisgarh, and Andhra Pradesh have issued orders to take over private hospitals in some districts. Sohini Das, Vinay Umarji and Gireesh Babu report.
Though there have been no cancellations of contracts by invoking the force majeure clause, a number of clients - especially in the worst-affected sectors like travel and hospitality, oil and gas, as well as manufacturing - have started asking for reducing level of IT support.
Though a weak dollar will lend some support to revenues and margins in FY21, the demand environment will outweigh any gain.
A joint venture of Synbiotics, a wholly owned subsidiary of Ambalal Sarabhai Enterprises (ASE), and CoDiagnostics, CoSara Diagnostics is the first and only Indian company so far to receive a licence from the Central Drugs Standard Control Organisation (CDSCO) to manufacture coronavirus diagnostic test kits.
According to experts in human resources, even joining of new graduates is likely to be staggered as companies are expected to onboard staffers after gauging the demand scenario.
Stock market crash: TCS sheds $21 billion in market capitalisation, Infosys $7 billion and Wipro around $3 billion
While discretionary spend by global enterprises is likely to negatively impact all Indian IT firms, more revenues from products and less exposure to financial services segment are likely to lessen the impact for HCL Technologies and Tech Mahindra.
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