Moody’s Investors Service has slashed India growth forecast for calendar year 2020 to 0.2 per cent, from 2.5 per cent projected in March. Axis Bank is looking to purchase around 556 million shares of Max Life Insurance at a price of Rs 28.61 per share. Here are the top 10 headlines this Wednesday morning:
India Inc wants govt to shift focus to economy amid Covid-19 outbreak
As the Centre remains undecided about its strategy to exit the lockdown, chief executive officers (CEOs) of top Indian companies have warned the government of an imminent depression in the economy and suggested that firms must learn to work in “new normal” conditions, with a Covid-19 vaccine still some time away. Read more here
Moody’s slashes India’s growth estimate to 0.2% for 2020 from 2.5%
Moody’s Investors Service on Tuesday slashed India growth forecast for calendar year 2020 to 0.2 per cent, from 2.5 per cent projected in March. For 2021, the rating agency expects India’s growth to rebound to 6.2 per cent. Read more here
Govt’s second stimulus likely this week, may keep industry waiting
After multiple rounds of discussions within the government, Finance Minister Nirmala Sitharaman is likely to announce this week a second round of stimulus package, for the most affected sections of society. Read more here
Covid-19 impact: Tanker rates boom as demand for oil storage surges
With onshore oil storage facilities being exhausted and companies resorting to floating storage, hiring rates for very large crude carriers have gone up about seven times since February.
Shipping firms say the rates are likely to go up further as the availability of such vessels has dropped sharply. Read more here
Covid-19 lockdown: Airlines go for cuts again as grounding may extend
The aviation sector is going for a second round of cuts during the nationwide lockdown. Domestic airlines such as GoAir and SpiceJet are doing away with allowances and reducing work hours as they plan to minimise operations. Read more here
Realty of coronavirus: Big developers to gain, small ones may go bust
Bengaluru-based real estate developer Avinash Reddy was in talks with a landowner to seal the deal on one of the biggest projects of his life. But once the lockdown kicked in, Reddy’s much wished-for five-acre villa project near Bengaluru airport vanished into uncertainty. “We wanted to fast-track the project as it is near the airport and we saw a lot of potential in it,” says Reddy, who has been in the real estate business for 13 years. Read more here
Axis Bank set to acquire 29% stake in Max Life Insurance for Rs 1,592 crore
Private sector lender Axis Bank on Tuesday said it would acquire an additional 29 per cent stake in Max Life Insurance for an estimated price of Rs 1,592 crore, raising its total holding in the life insurer to 30 per cent after the completion of the deal. Read more here
Nokia strikes 4G network deal with Bharti Airtel for Rs 7,500 crore
Finnish telecom gear maker Nokia on Tuesday announced signing a deal worth Rs 7,500 crore with Bharti Airtel to enhance the mobile operator’s network capacity in nine circles across the country.
The agreement is expected to give a fillip to customer experience, particularly in 4G. Read more here
IT and BPO firms to get work from home exemption for staff till July 31: Ravi Shankar Prasad
Union Minister for Electronics and IT Ravi Shankar Prasad on Tuesday said the IT and BPO firms will get the work from home exemption for staff till July 31, the Economic Times reported.
Hyundai, Maruti to resume production in May
According to Livemint report, Maruti Suzuki India Ltd and Hyundai Motor India Ltd plan to resume production from May, more than a month after a covid-19-induced lockdown forced the country’s top two automakers to suspend operations.