Business

Fitch Solutions on Monday cut India's economic growth forecast for the financial year 2020-21 to 1.8 per cent saying private consumption is likely to contract due to large-scale loss of income in the face of worsening domestic outbreak of COVID-19.

Hindustan Organic Chemicals Ltd and Deepak Phenolics Ltd. had said the jump in phenol imports have negatively impacted domestic players in India.

The new terms, offered to at least four refiners in Asia and Europe, is seen as part of Saudi Arabia's efforts to increase its market share.

Among the measures meant to aid in the welfare of employees, the firm is also providing up to Rs 10,000 as cash allowance to those who do not have a paying guest accommodation.

Sun Pharma was the top gainer in the Sensex pack, rallying up to 5 per cent, followed by L&T, HUL, Axis Bank, UltraTech Cement, ICICI Bank.

The IMF said that it expects the global economy to shrink 3% this year far worse than its 0.1% dip in the Great Recession year of 2009

Spot gold gained 0.6% to $1,724.72 per ounce by 0804 GMT, having touched its highest since Nov. 2012 at $1,726.85 earlier in the session. US gold futures rose 0.6% to $1,772.20.

According to new conditions, the applications for import authorisation should be accompanied with pre-purchase agreement and details of the import for past three years.

The government has asked the National Agricultural Cooperative Marketing Federation of India Ltd, a farmers' cooperative, to supply wheat to Afghanistan and Lebanon under a government-to-government deal.

All major financial markets will remain closed

HDFC was the top gainer in the Sensex pack, surging up to 5 per cent, followed by Maruti, Bharti Airtel, Bajaj Finance, Tata Steel, Hero MotoCorp and ICICI Bank.

According to IRDAI's new guidelines, all exclusions in a health insurance cover will be completely standardised in accordance with the policy terms and conditions.

The coming two to three weeks would be a testing ground on how supply chains are able to keep pace with this temporary rise in consumption, said KPMG in its report titled 'Potential impact of COVID-19 on the Indian economy'.

The base issue size of non-convertible debentures (NCDs) is Rs 2,500 crore with the green shoe option of Rs 5,000 crore.

In a report, energy analysts have said that a situation like global oil storage reaching its maximum capacity in a few weeks can arise. Reasoning it they said the COVID-19 crisis has hugely reduced the consumption.

The credit ratio, or the number of companies upgraded to those downgraded, slipped to 0.77 for the September 2019-March 2020 period, down from 1.21 in the preceding six months.