Stating that an economic recession gripped global economy following the lockdowns due to COVID-19 pandemic, Fitch Ratings on Friday said the initial disruptions to regional manufacturing supply chains in China have now broadened to include local discretionary spending and exports.
According to ICRA, even in a high-growth scenario, wherein the second half of FY20 sees the incremental bank credit rise to Rs 6.5-7 trn, there will still be a 40-45% year-on-year decline.
Tata Consultancy Services said quarterly consolidated net profit surged 49.6 percent, its fastest pace of increase in at least two-and-half years, helped by increasing demand for outsourcing services in the United States and Europe.
There would be no retrenchment of employees and that their services conditions would also not be affected post merger.
The death toll climbed to 20,642, the updated data at 8 am showed. Amid surging cases, the health ministry said it has roped in specialist doctors from the AIIMS here to provide expert guidance and knowledge support on COVID-19 to doctors manning ICUs in state hospitals, in an effort to reduce the fatality rate.
India has emerged as one of largest destinations in the world for investors keen to put their money into firms doing good. Nita Bhalla reports.
In Q1, India's GDP shrank by a staggering 24 per cent year-on-year amid the imposition of one of the most stringent global nationwide lockdowns.
The central bank has not set a deadline for banks to conclude the stress-test exercise, but senior bankers opine that some were already looking at this, and will now fast-track it by September-end, when they will have a better picture of their books after the moratorium on the servicing of loans and a 180-day view on the performance of borrowers' accounts.
Following the October 24 Supreme Court order, the department of telecom estimated that the total liability of 15 telecom companies, including penalties and interest, would be Rs 1.47 lakh crore.
Maharashtra, Tamil Nadu, Delhi, Telangana, Gujarat, Uttar Pradesh, Andhra Pradesh and West Bengal -- contribute 85.5 per cent of active caseload and 87 per cent of total deaths in India.
In a regulatory filing, Reliance -- the country's most valuable company - said, 'The 43rd AGM will be held on Wednesday, July 15, 2020 at 2 pm though video conferencing / other audio-visual means.'
Dairy companies in the organised sector are yet to state their stance on the proposed stir
Fitch had last upgraded India's sovereign rating from BB+ to BBB- with a stable outlook on August 1, 2006.
Moody's on Monday slashed India's growth forecast for 2020 to 5.4 per cent from 6.6 per cent projected earlier, on slower than expected economic recovery. In its update on Global Macro Outlook, Moody's Investors Service said India's economy has decelerated rapidly over the last 2 years and economic recovery is likely to be 'shallow'.
Slowdown in industrial production notwithstanding, a marginal increase in inflation raised the clamour for another round of rate cut by the Reserve Bank on April 4 to boost economic activity.
COAI seeks uniform 1% of AGR as license fee and to de-link USO levy from the revenue share license fee and to deal with USO separately
The highest domestic package, however, fell 10 per cent
According to Korn Ferry Global Salary Forecast, India's salary growth for 2020 stood at 9.2 per cent. down from 10 per cent last year, while real-wage after adjusting inflation may remain constant at 5 per cent in 2020.
Confidence had ebbed in the last few years due to default by some errant domestic retailers and exporters. Moreover, many jewellers are believed to have diverted the fund collected through monthly deposit schemes to pay 'mark-to-market' margins on various loans.
Clearly, the domestic market has taken sharp knocks in April, which is likely to be visible in May as well, said analysts tracking the market, as FMCG companies are grappling with improving capacity utilisation and dealing with labour shortage.
After a positive opening, the 30-share BSE Sensex suddenly faced selling pressure in late-afternoon trade. It finally settled just 5.67 points, or 0.01 per cent, lower at 39,586.41.
A figure above 50 indicates that the sector is expanding, while a figure below that level means contraction.
An official said the government is preparing the financial statements and getting the data room ready for the sales, suggesting that such aspects take time.
All the 27 public sector banks together have market share of about 70 per cent.
The biggest gainers on both the bourses were Reliance Industries, Infosys, NTPC, ONGC, HUL, PowerGrid, Asian Paints, ITC and HCL Tech, rising up to 2 per cent.
Starting August, various festivals are celebrated in different parts of the country leading to higher sales of commodities ranging from sweets, fruits and food items
The deregulation of fuel prices will mean a valuation re-rating for most stocks in the sector, Amar Ambani, vice-president, research, at IIFL, speaks to the Business Standard.
The flip side of decontrol is greater competition for oil PSUs, says Sunil Jain.
Bank had registered a standalone net profit of Rs 1,263 crore in the same period a year ago
Physical format stores are here to stay.
The Rs 250,000-crore (Rs 2.5 trillion) domestic jewellery sector is likely to be hit hard by frequent rises in gold import duty and the sustained depreciation of the rupee against the dollar.
India will soon make available many more COVID-19 vaccines to other countries after two Made-In-India jabs have already been introduced to the world, Prime Minister Narendra Modi said on Thursday while emphasising the country's global responsibility in fighting the pandemic.
'The fact that housing units worth a whopping Rs 4.5 lakh crore in top seven cities are stuck under various stages of non-completion indicates that there is a dire need to create stress-asset fund which will help bail out lakhs of distressed homebuyers,' says Anuj Puri, Chairman, Anarock Property Consultants, a real estate services company.
Data for the four largest emerging economies showed contrasting activity trends in November. China registered growth for the seventh month running, while India posted the fastest growth since June.
The index monitoring new business fell to a six-month low of 51.6 from March's 53.5, prompting some firms to cut jobs.
Monetary policy measures give temporary respite to rate-sensitive companies.
Services growth at 5-month low in Nov as confidence slumps.
According to sources the proposal has been scuppered by the British commerce ministry, which was not consulted, and which is the sectoral ministry for trade and investment.
BSE-real-estate, bankex, auto lead gains on BSE.
In a bid to gain a bigger share of the customer's wallet, banks are ramping up their cross-selling initiatives.
