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28.05.2020 / 11:14

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Covid-19 impact aside, debt reduction key for Aditya Birla Fashion

MUMBAI: Aditya Birla Fashion and Retail Ltd (ABFRL) is grappling with two things primarily. On one hand, it has to deal with the adverse consequences of covid-19 and on the other hand, it has high debt.

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Covid-19: Fitch says Indian banks' asset quality to worsen on lending pressure

MUMBAI: Indian banks will see their asset quality deteriorate by 200-600 basis points (bps) for at least the next two years due to increased lending pressure to revive the credit flow in the economy, Fitch Ratings said on Thursday.

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Fake Aarogya Setu apps carrying spyware spotted

MUMBAI : Cyber security researchers have found fake malicious versions of Aarogya Setu, the Indian government’s coronavirus contact tracing mobile application. The app gained immense popularity across the country and crossed five million downloads within the first three days from its launch, becoming a target for cybercriminals.

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Quarantine diaries: Travellers narrate how they spent weeks shut in a hotel room

MUMBAI: One of the biggest highlights of Aditi Khosla's two-week mandatory quarantine has been the unhindered view of the sea, the sunset and the deserted looking Gateway of India from her room's balcony.

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Asian shares mixed after Wall Street rally; Hong Kong lower

BANGKOK – Asian stocks were mixed after an upbeat open on Thursday, as investors pinned their hopes on an economic rebound from the coronavirus crisis.

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Mumbai hotel fire under control after 3 hours: 24 doctors rescued

Mumbai: Twenty four doctors and three others staying in a south Mumbai hotel were rescued after a major fire broke out in the five-storey building, officials said on Thursday.

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Just Dial realigns costs, business recovery key now

MUMBAI: Just Dial Ltd’s March quarter results show steady traction in its listings business before the covid-19 disruption. Revenue grew 1.2% from the year ago quarter. Thanks to lower costs, operating earnings grew at a faster pace of 26.4%.

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Specialty products ramp-up key to Sun Pharma's fortunes

MUMBAI : MUMBAI: Dragging on Sun Pharmaceutical's otherwise decent Q4 results was the impact of cost increases. While the pharmaceutical major's specialty business has picked up, a further squeeze on margins may dampen investor sentiment for the stock in coming quarters.

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India takes 109 days to reach 1 lakh COVID-19 cases. Next 50,000 added in just 9 days

The coronavirus cases in India inched towards 160,000 today. The states continued to report over 6,500 case even on Wednesday. While the country took 109 days to record one lakh coronavirus case, the next 50,000 cases were added in just 9 days.

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Online exams are ready to start with social distancing armour

MUMBAI : While the coronavirus outbreak and subsequent lockdown have put examination schedules on hold across the country, stakeholders in the online training and assessments space are slowly resuming business after taking into consideration the health and safety requirements.

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Mumbai to add 40 ICU beds at Worli jumbo facility as covid-19 tally rises to 34,018

Presently, there are over 1,000 isolation beds at the BKC Modular Hospital, while the Racecourse Modular Hospital at Mahalaxmi has 300 beds and 650 beds are operational at NSCI dome in Worli

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Banks may need to raise $20 bn in additional capital: Credit Suisse

MUMBAI : Indian banks may need to raise $20 billion in additional capital for increased provisioning over the next 12 months as credit quality weakens, Credit Suisse said in a report on Wednesday.

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Mumbai Police's 'gag order' challenged in Bombay High Court

The political scene in Maharashtra is hot after a BJP leaders demanded imposition of the President's rule in the state citing the present government's failure in handling the coronavirus situation

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Google’s Pay Nearby Stores is now available in 35 Indian cities

Merchants listed on Nearby Stores can now indicate their business hours, what measures are being taken to maintain social distancing inside the store and which essential goods are in stock

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Maharashtra says Centre is not helping it to fight covid-19

MUMBAI : Maharashtra government, following a meeting of the chief minister Uddhav Thackeray with the state’s other key ministers, on Wednesday, refuted all the claims that were made by the state’s former chief minister Devendra Fadnavis and said the state government has not yet received most of the benefits that it is ought to receive from the central government.

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From loss of Akshay Tritiya sales, loss of migrant work force to zero revenues India Inc discloses pain points

MUMBAI : After the regulatory rap by Securities and Exchange Board of India (Sebi) over a dozen companies have disclosed the financial impact of covid-19. Majority of the listed companies so far had just been disclosing lockdown and related shut down of operations but financial assessment was missing. Companies such as D-Mart, Trent, Cochin Shipyard, Titan, Leela Hotels have disclosed the challenging times ahead due to the pandemic.

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India's GDP growth may rebound to 5% in FY22: Former RBI chief Subbarao

Rating agency Crisil on Tuesday had said the Indian economy may shrink by 5% in fiscal 2021, adding this recession could be the country's fourth since Independence and perhaps the worst to date

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Patanjali to hit bond markets, to issue NCDs

MUMBAI : Haridwar-based ayurvedic food and personal care products manufacturer Patanjali Ayurved Ltd.-promoted by yoga icon Baba Ramdev is looking to raise up to Rs. 250 crore via sale of non-convertible debentures (NCDs), primarily to aid its working capital needs and tackle supply chain constraints caused by the lockdown.

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Falling promoter equity may throw a spanner in loan recast of companies

MUMBAI : Inability of promoters to bring in fresh equity could significantly hamper loan restructuring of companies across the board hit by sharp fall in revenues due to extended lockdowns. While the government and RBI have announced several key measures to aid liquidity flow into stressed companies, bankers who spoke to Mint on condition of anonymity, maintained that the increasingly lopsided debt-equity ratio of many companies could become a major impediment for any potential loan recast, without which the survival of many businesses will be in question.

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SBI to automatically extend moratorium by another three months

MUMBAI : State Bank of India (SBI) on Wednesday said it has decided to automatically extend the moratorium by another three months for all eligible borrowers without waiting for their request.

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MUMBAI: Shares of Kotak Mahindra Bank gained around 6% on Wednesday after the lender launched its qualified institutional placement (QIP) offering to raise up to ₹7,500 crore.

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In need of covid-19 capital, PSU banks hit the hardest

MUMBAI: Financial stocks have been one of the worst hit in recent tines as the covid-19 pandemic has not only snuffed out potential balance sheet growth but also increased the risk of delinquencies.

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Indian banks may need $20 billion of capital over next 12 months: Credit Suisse

MUMBAI : Indian banks may need to raise $20 billion additional capital over the next 12 months as credit quality weakens, resulting in increased provisioning, according to a report by securities firm Credit Suisse.

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Mumbai lockdown: Flight passengers moving to or from airport don't need to carry e-pass

Mumbai: The Mumbai Police today clarified that flight travellers moving to or from the Mumbai airport don't need to carry e-pass. "All flight travellers moving to/from the Mumbai Airport can do so without an e-pass. Please carry a valid boarding pass for the journey and other details handy," Mumbai Police tweeted.

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Locust attack may be beneficial for agrochemical companies in India

MUMBAI: Locust attack in India has triggered concerns over the Indian agriculture sector in the financial year 2021, even as challenges to tackle covid-19 related issues stay.

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India won’t see a V-shaped recovery, steel demand will stay weak: Seshagiri Rao, JSW Steel

MUMBAI : JSW Steel, one of India’s largest steel producers, is turning to exports to compensate for the lack of domestic demand for steel, given the extended national lockdown. In an interview with Mint, MVS Seshagiri Rao, Joint MD and Group CFO, JSW Steel, said that while the covid-19 pandemic has pushed back expansion and profitability plans in the first quarter, the company is fairly confident of catching up in the second half of this year. Edited excerpts:

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United States	Cases: 46 252 513 Deaths: 750 423 Recovered: 0
India	Cases: 34 321 025 Deaths: 459 652 Recovered: 0
Brazil	Cases: 21 835 785 Deaths: 608 235 Recovered: 0
United Kingdom	Cases: 9 215 683 Deaths: 141 607 Recovered: 0
Russia	Cases: 8 494 589 Deaths: 237 619 Recovered: 0