Economy News - Page 21

Coronavirus Outbreak: India’s tourism sector may lose Rs 5 lakh cr revenue, 4-5 cr jobs could be cut

The coronavirus pandemic would have a debilitating impact on India's tourism sector with the industry estimating an overall loss of Rs 5 lakh crore and job cuts for 4-5 crore people

Coronavirus Outbreak: Supply chain shock will have negative impact on Indian auto component sector: ICRA

Rating agency ICRA on Friday said the supply chain shock due to the coronavirus pandemic will have a negative impact for Indian auto component industry

Rupee settles 53 paise lower at 76.13 against US dollar on weak domestic equities

The rupee settled 53 paise lower at 76.13 (provisional) against the US dollar on Friday amid a significant rise in coronavirus cases in the country and weak domestic equities

Coronavirus Outbreak: India may post lowest GDP growth in post-reform period in FY21, says economist at NIPFP

Indian economy, which was already in slowdown phase for the last six quarters, could register the lowest growth in the post-reform period in 2020-21 despite strong monetary and fiscal stimulus measures, an eminent economist said on Friday

Brent crude reverses losses incurred in early European trading; hopes for a huge global supply cut deal

Benchmark Brent crude oil futures reversed losses incurred during Asian hours in early European trading on Friday to rise above $30 a barrel, with hopes of a huge global supply cut deal to support prices still alive

CIL arm WCL slashes coal auction floor price for specific mines by 10%; move will help consumers

Western Coalfields Ltd (WCL), a subsidiary of Coal India, has slashed the coal auction floor price of specific mines by 10 percent, a statement said

Indian rupee's coronavirus outbreak-induced weakness to linger in near-term: Poll

The Indian rupee will probably cut some of its losses against the dollar in the next year, according to strategists polled by Reuters, but it’s likely to stay weak with other emerging-market currencies until the coronavirus pandemic subsides

Bank shares tank after Moody's changes outlook on Indian banks to negative; RBL, Kotak, IndusInd top losers

Bank shares on Friday dropped up to 15 percent after Moody's Investors Service changed the outlook for the Indian banking system to negative from stable

Coronavirus Outbreak: ADB expects India's economic growth to slow down to 4% in FY21

India's economic growth is likely to slow down to 4 percent this fiscal on the back of the current global health emergency, Asian Development Bank said in its outlook for the financial year 2020-21 on Friday

World Bank approves $1 billion emergency funds for India to tackle coronavirus outbreak

The World Bank has approved $1 billion emergency funding for India to help it tackle the coronavirus pandemic, which has claimed 76 lives and infected 2,500 people in the country

Coronavirus Outbreak: India's top-level executives lead by example; donate entire salaries

As the coronavirus pandemic continues to hit businesses and the global economy, Indian businesses have put its best foot forward to solve this crisis and has come together like never before

Coronavirus Outbreak: S&P downgrades Tata Motors ratings, outlook stable; cites weaker-than-expected credit metric

S&P Global Ratings has downgraded Tata Motors to more vulnerable to non-payment grade 'B' citing weaker-than-expected credit metrics owing to the disruptions and economic impact from the coronavirus pandemic

Coronavirus Outbreak: COAI dials FM for telecom sector relief; says urgent measures must

Industry body COAI has written to Finance Minister Nirmala Sitharaman seeking urgent relief measures, including lowering of levies with immediate effect, for the telecom operators on account of the "adverse impact" of COVID-19

Coronavirus Outbreak: ICRA says credit quality of Indian firms worsened in FY20; warns increase in stressed assets in FY21

Domestic credit rating agency ICRA said credit quality of Indian companies worsened in the fiscal year 2019-20 as it downgraded Rs 7 lakh crore of debt and warned of "unprecedented strain" on credit profiles of corporates due to the coronavirus pandemic

Coronavirus Outbreak: Banks to commence remitting Rs 500 per month to women PMJDY account holders from tomorrow

Banks to commence remitting Rs 500 per month to women PMJDY (Pradhan Mantri Jan Dhan Yojana) account holders from tomorrow

ONGC to lose Rs 4,000 cr revenue as govt slashes gas prices by steep 26%; seeks freeing of price control

State-owned Oil and Natural Gas Corp (ONGC) will lose about Rs 4,000 crore in revenue and start making cash losses after the government slashed the natural gas prices by a steep 26 percent by benchmarking it against rates prevalent in gas-surplus nations

Coronavirus Outbreak: Indian farmers feed strawberries, broccoli to cattle as lockdown hits transport

Maharashtra:</strong> As hundreds of millions of Indians remain locked down to stem the spread of coronavirus, some of its cattle are getting treated to strawberries and broccoli that farmers are struggling to transport and sell in cities amid the three-week lockdown

Corporate India's credit ratio drops to 3-year low in second half of FY20; negative outlook for FY21: CRISIL

CRISIL on Thursday said India Inc’s credit ratio fell to an over three-year low for the second half of FY20, and gave a “negative” outlook for FY21 expecting downgrades to continue outpacing upgrades due to the COVID-19 pandemic

Coronavirus Outbreak: LinkedIn offers free job postings to accelerate hiring for critical roles

Global professional network LinkedIn on Thursday said it will offer free job postings to companies in healthcare, supermarket, warehousing, freight delivery and disaster relief nonprofits to accelerate the hiring process for critical roles to fight COVID-19

Coronavirus Outbreak: Air India suspends contract of around 200 pilots as almost all planes grounded

Air India on Thursday temporarily suspended the contracts of around 200 pilots, who were re-employed after retirement, as all domestic and international commercial passenger flights have been suspended in the country till 14 April to curb the COVID-19 pandemic, a senior official said

Coronavirus Outbreak: Anand Mahindra tells employees to take a relook at life, prepare for future

Terming the coronavirus pandemic as a "crisis of a magnitude that we have never faced before" Mahindra Group Chairman Anand Mahindra on Thursday asked employees of the conglomerate to use the lockdown period to relook at the personal and professional way of life to prepare for the future and to serve the "post corona world"

India's property prices face steep falls as coronavirus pandemic freezes real estate market

India’s real estate market is likely to see a significant price correction for the first time in a decade as the coronavirus pandemic stalls businesses across the country, according to a half-dozen industry insiders

Coronavirus Outbreak: TVS Motor Company's vehicle sales drop by 55% in March to 1,44,739 units

TVS Motor Company on Thursday reported a 55.5 percent decline in total sales in March at 1,44,739 units

Coronavirus Outbreak: Need to build manufacturing base for PPE, ventilators, says NITI Aayog CEO Amitabh Kant

NITI Aayog CEO Amitabh Kant on Wednesday said there is a need to build a manufacturing base for Personal Protective Equipment (PPE) and ventilators not only for the Covid-19 outbreak but for the future as well

Coronavirus Outbreak: Bank of Baroda offers refund of March EMI to home, auto loan customers

State-run Bank of Baroda on Wednesday said it is offering retail customers the option of getting a refund of the EMI that already has been deducted in March to meet any liquidity need during the disruption caused by COVID-19 pandemic

Union Bank becomes 5th largest PSB post-merger with Andhra Bank, Corporation Bank

Union Bank on Wednesday said it has become the country's fifth-largest public sector lender after amalgamating Andhra Bank and Corporation Bank into itself

Mega PSU bank merger marks new dawn for Indian banking space: Finance ministry

The biggest-ever consolidation exercise in the public sector banking space effected on Wednesday will mark a new dawn for the Indian banking sector, the Finance Ministry said on Wednesday

Global economy could shrink by almost 1% in 2020 due to coronavirus pandemic: UN

The global economy could shrink by up to one percent in 2020 due to the coronavirus pandemic, a reversal from the previous forecast of 2.5 percent growth, the UN has said, warning that it may contract even further if restrictions on the economic activities are extended without adequate fiscal responses

India's manufacturing activity weakens in March, business sentiment sinks to record low on coronavirus concerns: PMI

The country's manufacturing sector activity grew at the slowest rate in four months during March, hampered by softer rises in new business as international demand faltered owing to the coronavirus pandemic, a monthly survey said on Thursday