Business
Indian Economy May Contract 0.4% in FY21 on Coronavirus Pandemic, Say Two Foreign Brokerages
Japanese brokerage Nomura warned of a likely downgrade of the sovereign by global ratings agencies while American brokerage Goldman Sachs (GS) said RBI will cut rates by another 1 percentage point to arrest the economic slide.
Rupee Slips 18 Paise to 75.81 Against US Dollar in Early Trade
Forex traders said the weakness in the rupee was largely due to the strengthening US dollar. Besides, rising coronavirus cases in the country also weighed on the local unit.
India Firms up Plan to Lure Companies Who May Leave China Post-Covid: Report
The PM’s Office, Niti Aayog and the Department for Promotion of Industry and Internal Trade are firming up a plan to offer incentives in order to attract companies looking to shift manufacturing units out of China.
India's Factory Activity Fell to Record Low in April as Lockdown Hit Demand, Disrupted Supply Chains
With new orders and output shrinking at the steepest pace since at least early 2005 factories cut jobs at the fastest rate in the survey's history, signaling a high chance of recession.
Warren Buffett's Berkshire Hathaway Posts Nearly $50 Billion Loss as Coronavirus Hits Hard
A year earlier, the conglomerate reported profits of $15.5 billion.
Lockdown Period, Global Recession & Changes in Consumer Behaviour to Shape Economic Activity: Report
According to Dun & Bradstreet's latest report, changes in consumer behaviour will determine the segments that are likely to flourish after the pandemic comes under control.
Partial Relief for Vodafone Idea as SC Asks Income Tax Department to Refund Rs 733 Crore
Vodafone Idea, formerly known as Vodafone Mobile Services Ltd, had however sought Rs 4,759.07 crore in tax refund from for AYs - 2014-15, 2015-16, 2016-17 and 2017-18.
Sensex Jumps over 300 Points in Early Trade; Nifty Reclaims 9,400
HDFC was the top gainer in the Sensex pack, rallying nearly 5 per cent, followed by Bajaj Finance, HDFC Bank, Tech Mahindra, M&M, Reliance Industries and NTPC.
Banks Have Done Nothing to Help Retailers, Says RAI
The retail industry body claimed that despite the Reserve Bank of India (RBI) circulars to banks to lend support to businesses, on the ground retailers are finding it difficult to access funds from banks for various reasons.
India's Holding of US Govt Securities Hits Record High of $177.5 Bn in Feb
Continuing to increase its exposure, India's holding of US government securities jumped by over USD 13 billion in a month to record high of USD 177.5 billion at the end of February.
RBI Allows Banks to Issue Electronic Cards for Overdraft Accounts
The electronic card for overdraft accounts in the nature of personal loans should be allowed to be used for domestic transactions only, the RBI said.
SBI Cards Reports Outstanding Borrowing Worth Rs 17,363 Crore at FY20-end
Stock of SBI Cards and Payments Services was trading 1.76 per cent up at Rs 541.40 on BSE.
UP Govt Exempts Interest on Amount Payable By Industrial, Commercial Institutions for 3 Months
The lockdown for the prevention of coronavirus has resulted in the temporary closure of industrial, commercial and institutional units located all over the world, India and the state.
Softbank-backed OYO to Cut Pay of All Employees in India as Lockdown Brings Travel to a Halt
Some employees of OYO will also be placed on leave with limited benefits from May 4 and until August, the company's Chief Executive Rohit Kapoor said.
HDFC Cuts Home Loan Rate by 15 bps Amid Decline in Cost of Borrowing Across system
The move comes after a few lenders, including the country's biggest lender State Bank of India, trimmed their lending rate.
Oil Price Collapse in US Not to Lead to Any Big Drop in Fuel Prices in India
With storage capacity already overflowing amid coronavirus-induced demand collapse, traders rushed to to get rid of unwanted stocks triggering the collapse of US West Texas Intermediate (WTI) crude for May delivery.
