Today's Paper - 02/04/2020+ Print Archive

Gas sales by Petronet LNG, GAIL dip by a quarter, firms to invoke force majeure with foreign companies

Given the 21-day lockdown, the two firms may also face issues in lifting the contracted cargoes arriving at ports in the near future and ask foreign suppliers for rescheduling of the shipments.

Gas sales, Petronet LNG, GAIL, foreign companies, CGD sectors, GAIL India, petrochemicals, natural gas News

Corona crisis: India VIX declines but market experts say worst not over

The VIX measures the fluctuations expected in the underlying index, which is Nifty in the near term

Corona crisis, India VIX, market experts, foreign portfolio investors, Indian Volatility Index, indian markets, Kotak Securities, sebi, Nifty News

Analyst Corner: Thermax: ‘Neutral’,TPat Rs 855

TMX has significant operations in Pune, and even prior to the nationwide lockdown, it had started implementing work-from-home and other precautionary measures due to early detection of Covid-19 patients in the city.

Analyst Corner, Thermax, Covid-19, FY20-22 earnings, FY19 sales, capex plans News

Clix Capital debuts AI-enabled Bot ‘Maya’

Maya will help customers avail instant loans as well as check their eligibility and credit score

Clix Capital, NBFC Clix Capital Services, Maya,  Bot Maya, Clix platforms, artificial intelligence, WhatsApp News

Economics vs Covid-19: The question of how to get cash to the intended recipients is not as straightforward

The more that economic thinking advances to meet changing realities, the better will be the analysis that informs the policy response.

coronavirus, Covid-19, developing economies, modern economies, economic survey, direct bailout programs, indian economy News

Farm health in times of corona: Govt must ensure the agri supply-chain remains uninterrupted

What could be the possible fall out on the agriculture sector—50% of population still depends on it—is indeed a cause of concern.

Farm health, coronavirus, cornavirus pandemic, Indian economy, PM-KISAN, MGNREGS,  unorganised sector, migrant workers, PDS items News

Government permits import of 7 lakh tonne of pulses

A production target of 26.30 million tonne for pulses and grains was set by the Union government for the year 2019-20.

down prices of pulses, All India Dal Millers Association, Nafed, covid 19 outbreak, APMC, pulses import News

Covid-19 & CSR: Time for India Inc to step up

In war time, as is the case now, CSR needs to acquire a new sense of urgency and responsibility

Covid-19, CSR, India Inc, Anand Mahindra, CSR funds, Anil Agarwal, World Health Organisation, CSR spend, Covid-19 pandemic News

DBT transfers decline sharply in FY20?

The website on Wednesday showed cut in transfers under some of the key schemes including MGNREGA and PMAY-Gramin.

DBT transfers, direct benefit transfers, MGNREGA, PMAY-Gramin News

Sensex starts FY21 with 1,203-point plunge; banks, IT stocks hammered

The daily turnover in the futures and options (F&O) segment for the Nifty was Rs 12.4 lakh crore.

Sensex, Indian equities, Nifty50, FPI, IT stocks, cash market, global equity markets News

ALTBalaji’s Divya Dixit on how Indian content is picking up

Recently launched popular shows like ‘Mentalhood’, ‘Code M’, ‘Class of 2020’, ‘Ragini MMS 2’, ‘Broken 2’ and ‘Hum Tum and Them’ have seen a spike

Divya Dixit, Senior Vice-President, Marketing, AltBalaji, video OTT platform, indian orginals, content viewers, AltBalaji subscription, subscription-video-on demand News

Orchid Pharma resolution: Banks will be able to show recovery in Q4

Lenders to Orchid Pharma have received close to Rs 1,100 crore from Gurgaon-based Dhanuka Laboratories on the last working day of the financial year 2020.

Industry News

Nykaa enters unicorn club with fresh Rs 100-crore funding

Nykaa has entered the unicorn club with its fresh Rs 100 crore ($13 million) funding from existing backer Steadview Capital.

Industry News

HUL completes merger with GSK Consumer Healthcare; buys Horlicks brand for Rs 3,045 crore

Hindustan Unilever (HUL) said that it had acquired the Horlicks brand from GlaxoSmithKline Consumer Healthcare (GSK CH) for Rs 3,045 crore

Industry News

Investors are still apprehensive of Covid impact on businesses, sentiment: Amit Khurana, head of equities, Dolat Capital

If Covid-19 impact is minimal and does not deteriorate from what we see today, we could have a potential to move towards mean valuations – that will imply a return of up to 17% from here.

Amit Khurana, head of equities, Dolat Capital News

Promoters buy shares in Edelweiss Financial Services

Shares of Edelweiss Financial Services hit the upper circuit of 5% after promoters increased their stake in the company.

Markets News

Moving on moratorium: Repay if you can, else take a break, say top banks

SBI has specified that interest shall continue to accrue on the outstanding portion of the term loan during the moratorium period.

They also pointed out that in case if banks have to absorb the NPV impact of the deferred payments, which was unlikely, it could lead to an impact of 7-10 bps on net interest margins (NIMs). News

Restaurants in a soup, may cut staff pay but no layoffs yet

However, most proprietors are hesitant to let go of employees for the moment, even though they feel it could be a good six to seven months before business picks up.

By one estimate, restaurants employ some seven million people and earn annual revenues of Rs 4 lakh crore. News

Adani Transmission raises $90 million on private placement basis

Adani Transmission (ATL) has raised $90 million, or Rs 686.61 crore, on a private placement basis to cater to the growing demands for power by expanding its transmission network.

Industry News

Companies want interim dividend rule relaxed

Another relaxation sought is on Section 134 of the Companies Act, which deals with the report by the company board.

Generally, dividend is paid for a financial year after the final accounts have been prepared and the amount of distributable profits is available. News

SBI clarifies loan payment deferral will come at a cost

The bank’s management clarified that the facility would be a deferral of payments, rather than a waiver, and would consequently come at a cost.

The payments deferral will apply on payments due between March 1 and May 31. News

RBI announces three more measures to fight Covid-19

In view of the disruption caused by the pandemic, the time period for realisation and repatriation of export proceeds for exports made up to or on July 31, 2020, has been extended to 15 months from the date of export.

For banks, RBI has decided to put on hold the activation of the framework on countercyclical capital buffer (CCyB) for a period of one year or earlier. News

Fitch revises outlook on IDBI Bank’s IDR to ‘negative’

The rating agency said that IDBI Bank's financial profile remains weak and its performance is not immune to the worsening operating environment due to the novel coronavirus pandemic.

The government directly owns 47% of IDBI Bank and holds another 51% indirectly through LIC. News

Yes Bank raises Rs 7,000 crore through certificate of deposits in a week

Former Punjab National Bank chairman Sunil Mehta is non-executive chairman and Prashant Kumar, who was the private lender’s administrator during reconstruction, assumed charge as MD and CEO of the bank.

Yes Bank’s new eight-member board took charge on March 26. News

After initial surge, mobile data consumption flattens

Industry body COAI said on Wednesday no additional spectrum is required to maintain quality and stability of networks.

Regarding the data growth in smaller towns and cities, the DoT official said the issue there was of coverage and not capacity. News

India after the virus passes

There is no doubt that the coronavirus is a seminal turning point in human history, and like all countries, India, too, will be definitively changed.

With millions of working Indians unable to survive for more than a few days of no work, it is an insult to humanity to call India even a developing country. (AP Photo) News

Diseased View: Now withdrawn Malaysian govt lockdown advisory to women: wear make-up and don’t nag husbands

Interestingly, when Malaysia announced the movement restrictions, it allowed “the head of the family” to step out for essentials.

Social media users—unsurprisingly, overwhelmingly women, given most men are blind to a social order that favours them—made the government’s shame go viral. (Representative image) News

Better over-prepared: States must create or carve out Covid-19 treatment capacity

Odisha was the first state to announce two dedicated hospitals for Covid-19—both private sector ones that are partnering with the state to create a 1,000 bed-capacity for treatment—while local governments in the state have created 7,200-bed capacity f

Opinion News

Exodus of migrant workers: Media is not the problem, it is part of the solution

It is unfortunate that govt should try and blame media for the worker exodus and that the SC should believe this.

On the face of things, it is possible to argue that this is not a gag order, but merely the SC asking journalists to be responsible. News

MNRE tells discoms to clear renewable energy bills on time

Renewable energy plants which supply power to Punjab and Madhya Pradesh are owned by firms, including NTPC, Acme Solar, ReNew Power, Mahindra Renewables and Adani Power.

As FE recently reported, state-run Solar Energy Corporation of India (SECI) had refuted Uttar Pradesh’s claim that there would be ‘no cause for breach or liability’ under the force majeure clause if the state’s discoms fail to clear the renewable energy bills on time. (Representative image) News

Govt, RBI must not stop here, more steps needed: Pronab Sen

The problem is companies won’t be able to repay their loans for some time, and the RBI seems to have addressed this situation through the three-month moratorium.

Given the inability of companies and individuals to service loans and the moratorium on repayment, the RBI has to be vigilant about the stress building in the banking system. News

GST collection in March at Rs 97, 597 crore, down 8.4 %

Also, the weighted average GST rate is significantly below the revenue neutral rate estimated before the tax's launch, with a series of tax rate cuts by the GST Council widening the gap.

Gross GST collections during the whole of FY20 (April-March) were Rs 12.2 lakh crore, up just 3.8% year-on-year. News

Singareni Collieries Company declares temporary layoffs in underground mines

Incidentally, social distancing cannot be maintained in the coal mining activities and miners are forced to work in groups for excavations in the underground mines.

“The layoff may not result much in irregular coal supplies to thermal power stations as the total production from the laid off mines contribute around 10% of total company production only,’’ the statement added. (Representative image) News

Andhra govt to start health survey as COVID19 cases surge

Pensions were distributed to 52.49 lakh pensioners by the volunteers, taking the total number of such beneficiaries to 93%.

The state witnessed a massive jump in count as 47 fresh cases were reported since last night. At present, there are 87 coronavirus patients in the state, Reddy said. News

Maharashtra eases power payment norms for industrial consumers

The ongoing lockdown in seen to take a toll on the finances of the state-run discoms which are finding it difficult to continue meter reading exercises and collect payments from consumers.

“The commission will take an appropriate view on the additional expenses that are likely to be incurred by the distribution licensees on account of additional interest on working capital” while reviewing tariffs, MERC said. News

Safety at work: 6-step guide to work from home securely

Business continuity and disaster recovery programs require a teleworker strategy that can support a remote workforce with little or no notice, without compromising network security.

They also require access to software-as-a-service (SaaS) applications in the cloud, such as Microsoft Office 365. News

PM Kisan : Rs 5,125 crore already transferred of April-July tranche

The total number of farmers expected to be covered by the current scheme may be around 11 crore by the end of FY21.

The PM-Kisan benefit should also be raised to Rs 12,000/year by the Centre and additional equal contribution by states. (File image) News

Steel companies slash production in view Covid-19 epidemic

SAIL had produced 11.84 million tonne in the first three quarters of 2019-20 and posted a net profit of Rs 704 crore.

All steel stocks ended in the red in the Bombay Stock Exchange (BSE) between 1.22% and 14.42%. News

A new breakthrough: Honeywell steps up its quantum computing play

The tech company plans to release the world’s most powerful quantum computer within the next three months.

Honeywell chairman and chief executive officer Darius Adamczyk News

Wipro, Premji Foundation to give Rs 1,125 crore for fight against Coronavirus

These sums are in addition to the annual corporate social responsibility (CSR) activities of Wipro, and the usual philanthropic spends of the Azim Premji Foundation, a statement said.

Wipro Ltd's commitment is Rs 100 crore, News

iQOO 3: Smart, sleek and packed with high-end specs

The all-new iQOO 3 looks great and works well; the best part is its speed. Its great all-round performance will have a lasting impression on you.

The iQOO 3 also comes with the latest 55W Super FlashCharge technology that can charge 50% of battery in just 15 minutes. News

Coal India bucks trend, reports 0.8% annual decline in output in FY20

Data reviewed by FE shows that the coal behemoth hasn't reported a decline in production at least over the last 15 years.

About 80% of the country's coal output comes from CIL mines. News

Tenon invests Rs 40 crore to fight covid-19 pandemic

The first week of April also raises issues of paying the security people at far flung places in currency and even relieving the the more taxed ones of duty.

The first week of April also raises issues of paying the security people at far flung places in currency and even relieving the the more taxed ones of duty. News
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