Top 10 biz headlines: Next stimulus package, weak auto sales and more

The Centre may provide incentives to companies to maintain their labour force in its next stimulus package. Meanwhile, auto industry trade body has told government that sales of cars and trucks could decline by 45 per cent. Here are the top ten business headlines that made on Monday morning:

Rahul Bhatia-owned InterGlobe Enterprises eyes failed Virgin Australia

InterGlobe Enterprises has shown interest in Australian aviation company Virgin Australia after it entered bankruptcy administration two weeks ago as lawmakers refused financial aid. Read more here

Bad bank may start with Rs 60K-crore NPAs; govt may put in Rs 10K crore

Banks are likely to move bad loans amounting to over Rs 60,000 crore to an asset reconstruction company which will help the NPAs and enhance their value. Read more here

Govt changes tack with plans for bigger stimulus rivaling G-20 peers

Government may announce a bigger package than Finance Minister had declared in late March and could total Rs 3 trillion or more. Read more here

India’s mobile device market entry a worry for China and Vietnam

If government’s new incentive scheme for mobile device exports gets kicked in, top countries which dominate the global market might have something to worry as it could help India grab over 7 per cent share of the export market by 2025. Read more here

Covid-19 impact: TDS revenue collection in first 10 days of May down 22%

Revenue collection from tax deducted at source dropped 22 per cent from May 1 to May 10, the last day for TDS payment, indicating large layoffs and salary cuts in April, besides stagnant rental activity. Read more here

Yields jump 20 bps on borrowing target hike, banks stem free fall

rose 20 basis points on Monday in response to the steep hike in government’s borrowing programme, but banks chipped in to arrest a free fall in bonds. Read more here

Covid-19 impact: Demand collapse derails infra, services sectors’ growth

While a slowing economy had led to deceleration in demand, the lockdown has increased the pain. Read the the second of a three-part series here to look at the impact of the Covid-19 pandemic on the infrastructure, capital goods, cement, and services sectors.

Automakers warn of up to 45% sales drop as economy slumps amid pandemic

Automakers have warned that total automobile sales could fall as much as 45 per cent in the current fiscal year in a worst-case scenario as economic growth slumps due to the Covid-19 pandemic. Read more here

Indians hooked to games during lockdown; highest ever sales and gaming app downloads

According to Economic Times report, sales of board games in India have soared like never before after the government allowed the sale of non-essential items in certain areas earlier this month.

Economy bears burden as goods trains travel light

In April, the amount of freight moved by Indian Railways was 65.4 million tonnes, down 35.3 per cent from a year ago, showing the depressed economic activity during the lockdown, the Livemint reported.

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