India

Date

The fear of coronavirus falls on the stock market but investment pros advocate calm during the storm The World Health Organization (WHO) declaration of the coronavirus outbreak as a pandemic opened a Pandora’s Box for the global economy. As panic gripped world markets, the BSE SENSEX crashed to an all-time low this week, even as the rupee fell further against the dollar and gold traded flat. Investors lost nearly INR 11 Million crore in the…


The increasing number of coronavirus cases has become a crucial concern for people in India, and across the world. According to the latest figure on India’s health ministry website, the total number of cases in India has reached 1,965 and the death toll has reached 50 by Thursday. The governments in all the states are ramping up efforts to fight the crisis in whatever way possible. While the country is already under lockdown and emergency h…


With 437 new cases reported in 24 hours, the number of Covid-19 infected people rose to 1,834 on Wednesday, the health ministry website showed. This was the biggest single-day rise yet. The number includes 1,649 active cases and 41 deaths so far in the country.   However, the health ministry said the spike did not represent a “national trend” and was primarily because of travel by those who had attended the Tabligh-e-J…


Last week when the RBI permitted banks to allow a moratorium of three months on payment of instalments on all term loans, PSBs started announcing an automatic deferral of instalment for all "A bank is a place that will lend you money if you can prove that you don't need it." An American comedian Bob Hope, thus, describes the banking industry in a lighter vein. One may see a glimpse of it in the ongoing covid-19-led economic distress.....


Guillaume Cartier replaces Peyman Kargar, who is moving to a corporate role at Nissan Yokohama-headquartered Nissan Motor Company Ltd has appointed Guillaume Cartier as senior vice president and the new chairman for Africa, Middle East and India markets. Also appointed as the head of Global Datsun business unit, Cartier takes over both the roles effective immediately, the company said on 1 April. He replaces Peyman Kargar, who is moving to a c…


Covid-19 effect; dip in revenues from domestic transactions, imports to blame Gross GST (Goods & Services Tax) collection at ₹97,597 crore in March was 8 per cent lower compared to the same period last year. However, for 2019-20 as a whole, the gross GST collection was nearly 4 per cent higher than in 2018-19. Also, the total collection was higher than the revised estimate of over ₹11.26-lakh-crore and budget estimate of over&n…


Disney Plus, the much-awaited video streaming service from The Walt Disney Company is all set to make its debut in the Indian market on April 3rd, 2020. Running as an independent portal in various countries, they will be launching their streaming services via Hotstar.  Earlier, they were supposed to go live on March 29th, along with the Indian Premier League (IPL). However, the suspension of IPL made them stop the launch as well but it seems…


The Indonesian government has officially assumed the authority to tax digital companies operating in the country following the issuance of a new government regulation in lieu of law (Perppu) on Tuesday. The Perppu, which takes effect on Tuesday and aims to support the government’s efforts to fight the adverse economic impacts of the COVID-19 pandemic, states that the companies will be charged value added tax (VAT) on taxable intangible good…


NRIs who have over ₹15 lakh income from Indian sources will be deemed as Indian residents for the purpose of taxation if they had spent 120 days in India in the previous year Another key change is the taxation of dividends in the hands of shareholders, in contrast to the earlier system of levying a DDT on the company   Big changes in India’s direct tax regime will come into force on Wednesday, covering a host of stakeholders…


Extension of several time limits related to direct and indirect tax filings have been extended to June 30, so has the date for passing of order or issuance of notice by tax authorities under various direct taxes and Benami Law. The government issued an ordinance Tuesday to bring into effect compliance relief measures for taxpayers in the wake of Covid 19 that were announced by the finance ministry last week. The ordinance also allowed for 100% ex…


Pallonji Mistry and sons Shapoor Mistry and Cyrus Mistry, who together control the diversified SP Group, have tapped Canadian investor Brookfield for a mega $2-2.5 billion funding facility using part of its stake in Tata Sons as collateral. Tata Sons and its estranged minority shareholder Shapoorji Pallonji (SP) Group have clashed once again with the former objecting to cash-strapped SP Group’s plans to pledge a portion of its stake in the …


The idea of the project will be to respond and mitigate the Covid-19 threat and strengthen national systems for public health preparedness in India, as per the project document. The World Bank has offered $1 billion to the Indian government for a proposed India Covid-19 emergency response and health systems preparedness project. This four-year project aims to develop the preparedness of India’s health care systems in the time of the pandemi…


Vehicle makers are working out plans and support measures for the sustenance of their dealer partners to manage the crisis arising out of 21-day nationwide lockdown, announced to fight the Covid-19 outbreak. As retail sales have stopped completely due to the lockdown, automotive dealers are facing several challenges to sustain their business.......


Joining the fight against coronavirus, the All India Institute of Medical Sciences (AIIMS) has decided to convert its sprawling Trauma Centre building into a COVID-19 hospital. Several preparations are underway to convert hotels and hospitals into dedicated COVID-19 treatment facilities. The total number of coronavirus cases on Tuesday had climbed to 1,420, with the death toll at 41. Watch the video for more....


Online cosmetics and beauty products retailer Nykaa said on Tuesday that it has raised ₹100 crore from existing investor Steadview Capital.   However, on Tuesday, the company informed vendors on that it has suspended operations due to the lockdown to tackle the Covid-19 pandemic in India.....


Banks start giving options to avail loan moratorium Customers will either have to contact the bank or the bank will allow 3 months break on loan repayments by default Banks will mostly adopt one of two methods to honour the Reserve Bank of India’s call to allow borrowers to defer loan repayments for three months, according to people with knowledge of the matter. Read more at:https://economictimes.indiatimes.com/industry/banking/finance/bank…


Principal Scientific Adviser releases manual to make masks at home Considering the acute shortage of masks, the Principal Scientific Adviser to the Government of India, K VijayRaghavan, has come out with a manual for making re-useable masks at home, using cotton cloth.....


The report did not give a detailed explanation as to why and how India and China will be the exceptions as the world faces a recession and loss in global income that will impact developing countries The world economy will go into recession this year with a predicted loss of trillions of dollars of global income due to the coronavirus pandemic, spelling serious trouble for developing countries with the likely exceptio…


The traditional trade channel that serves over 1.3 billion people, compared to some 120 million by e-commerce, has fared significantly better when it comes to availability of essential goods Despite significant growth in e-commerce’s reach and sales during the Covid-19 crisis, the local kirana stores have emerged winners. The traditional trade channel that serves over 1.3 billion people, compared to some 120 million by e-commerce,…


The justification coming from the government sources is that while PMNRF is for all kinds of natural disasters, PM CARES fund is specially meant for COVID-19 similar pandemic situation The setting up of a special fund -- PM CARES Fund - for providing relief to those affected by COVID-19 has invited controversy after people questioned the need for a new fund when the Prime Minister's National Relief Fund (PMNRF) is already in e…


In a major relief to the Future group, the Bombay high court on Monday barred IDBI Trusteeship Services Ltd from invoking pledged shares of Future Retail on behalf of UBS AG till 4 May. The court’s order comes amid share prices of Future group companies plummeting because of extreme market volatility due to the Covid-19 pandemic and the restrictions put in place to contain it.The ruling may also help set a precedent for other courts on…


According to ministry, 92 new cases and 4 deaths have been reported in last 24 hours India may have flattened the Covid-19 curve with the strict lockdown, the first data crunching exercise by the government has revealed.The ministry of health and family welfare on Monday said India went from 100 cases to 1,000 cases in 12 days. In comparison, Covid-19 cases in other developed countries rose between 3,500 and 8,000 in the same time frame. Read mor…


The government on Monday said that it has released around ₹10,000 crore for making payments to employees of Bharat Sanchar Nigam Ltd (BSNL) and Mahanagar Telephone Nigam Ltd (MTNL) towards the VRS, leave encashment, EPF and other related payments. BSNL and MTNL are working diligently to make payments to their employees who have recently opted for VRS. BSNL has released ₹4,100 crore exgratia payment on Friday and ₹4,900 crore …


The Indian equity markets look set for a gap-up opening today, mainly on account of a rebound in global markets and a sizable improvement in Chinese manufaturing data for March.Although, the news on the coronavirus which remains grim. India’s cumulative coronavirus infections have reached 1,251, registering the highest single-day increase of 227 cases yesterday, while the death toll rose to 32. Worldwide, the n…


H-1B visa is a non-immigrant visa that allows the US companies to employ foreign workers in speciality occupations that require theoretical or technical expertise Fearing massive layoffs in America due to the coronavirus crisis that is hitting businesses around the globe, foreign technology professionals on H-1B visas, most sought after among Indians, demand the Trump administration extend their permissible post-job loss limit to stay in the US f…


The Shapoorji Pallonji Group, the heavily indebted construction empire run by billionaire Pallonji Mistry, has reached out to lenders to raise $1 billion by pledging its shares in the Tata group holding company, according to two people aware of the development.   The Shapoorji Group is seeking to pledge a part of its 18.4% stake in Tata Sons Ltd, one of the two people cited above said on condition of anonymity.......


Some lenders fear a huge pause could actually worsen their liquidity position How many borrowers will use the moratorium on loans? It’s a key question that many banks are grappling with.Some lenders, particularly private sector institutions, fear that if a large number of borrowers refuse to service loans, Reserve Bank of India’s measures to soften the blow from Covid-19 could fall short of requirement. In such a situation the morator…


Fewer than 20 Covid-19 patients are on ventilator support at this moment, the Ministry of Health and Family Welfare has stated. “As against this, over 14,000 ventilators have been identified in various hospitals across the country for treatment of Covid-19 patients,” the Ministry said in a statement. As on date, India has recorded 1,071 Covid-19 cases, of which 100 have been cured, and 29 have died.....


2020-03-31

Canberra has experienced very strong population growth over recent years. This growth has recently captured local media attention and has undoubtedly had a major impact on Canberra’s housing market. Over the last ten years, the ACT’s population has grown by 72,000 new residents to be 428,100 in September 2019, which is almost double the growth of the previous ten years (41,000 people).... Full report: https://bit.ly/3aHdb1…


Maruti is planning to make available as many as 10,000 ventilators per month India's largest carmaker has joined the battle against novel coronavirus even as the economic toll exacted by the nationwide lockdown rises amid hightening fear of what lies ahead.In a interview to ET Now today, Maruti chairman RC Bhargava gave a peek into the company's blueprint to strengthen India's hand in the fight against Covid-19. Making clear that Maruti has no ex…


An official statement released by the Centre on Monday stated that the 21-day lockdown will not be extended.....


The survey added that 75 per cent people were spending more time on Facebook, Twitter and WhatsApp compared to the week before Amid the lockdown, Indians have turned to social media to pass their time. In the first week of lockdown, Indians spent more than four hours every day on social media. This is a 87 per cent increase from a week before lockdown....


The first wave of the global coronavirus outbreak will probably end in the coming months, but the world should prepare for a second wave, Novartis AG Chief Executive Officer Vas Narasimhan told Swiss newspaper SonntagsZeitung.   “A pandemic comes in waves," Narasimhan said. “It’s therefore important to continue to test and collect data."His comments come as cases worldwide top 664,000. Data suggest the pace of new infection…


Swiggy, Zomato, others reach out to governments, offer last mile delivery assistance Paytm is planning to donate Rs 500 crore in PM-CARES Fund. The company said it will also contribute up to Rs 10 for every payment transaction using the Paytm app, and also give Rs 5 crore for innovators who are developing medical instruments or medicines to combat the virus. A clutch of top Indian startups, including online food delivery companies Swiggy, Zomato …


Indian diplomatic missions across continents are reaching out to various influential Indians to support those stranded in respective countries, ET has learnt. It is no secret that the Indian community has emerged as influential in several parts of the globe. With thousands of Indians stuck in different parts of the world following the travel restrictions imposed by India and lockdown situation in several countries to contain Covid-19, Delhi is re…


Is market entering the bear phase good news for investors? Market experts certainly think so While the country has gone into a lockdown to halt the march of the Covid-19 virus, the stock market crash triggered by the global panic may be good news for long-term investors. Valuations have crashed and could fall further over recession fears. Narendra Nathan tells investors what they should do in these circumstances.There might be a silver lining to …


Health ministry is studying data & identifying probable hotspots of Covid-19 which need to be better monitored The Centre is identifying emerging “hotspots” of Covid-19 infection and employing a rigorous cluster containment strategy which involves demarcating an area of 3 kilometre radius around epicentre, a buffer zone of additional 5 kilometre radius and ensuring all quarantine protocols are followed here.The health ministry is …


The Centre has set up 11 empowered groups for ensuring a comprehensive and integrated response to the Covid-19 pandemic. These groups have been set up under Disaster Management Act. According to officials in the know, each group has a senior representative from the PMO and the Cabinet Secretariat to ensure seamless coordination. The groups have been empowered to formulate plans and to take all steps for their time-bound implementation.....


The 21-day lockdown has put pressure on the logistics system and is a big hurdle in delivery of essential products The government has formed a ministerial level committee to mitigate supply chain problems as India undergoes one of the longest curfews in history. Headed by Defence Minister Rajnath Singh and Home Minister Amit Shah, the committee has been tasked with ensuring unhindered supply of essential items during the lockd…


Earlier today, Chairman Tata Trusts Ratan Tata had also committed Rs 500 crore towards manufacturing of personal protective equipment, respiratory systems, testing kits, setting up modular treatment facilities and training of health workers Tata Sons had announced an additional Rs 1,000 crore support towards coronavirus fund. This is in addition to the Rs 500 crore announced by the Tata Trusts. Chairman Tata Sons N Chandrasekaran, in a …


Digital payments company Paytm on Saturday said it aims to contribute ₹500 crore to Prime Minister's Citizen Assistance and Relief in Emergency Situations Fund (PM CARES). For every contribution or any other payment made on Paytm using the wallet, UPI and Paytm Bank debit card, the company will contribute an extra up to ₹10, Paytm said in a statement......


The government is hurriedly ramping up its medical infrastructure. But how much can we stretch? The robust healthcare infrastructure in Europe is overwhelmed. Images from the state-of-the-art hospitals in Italy and Spain — of elderly Covid-19 patients gasping for air and dying — are triggering alarm bells across the world. Italy, which has witnessed over 9,000 deaths by Saturday morning, the highest among nations, went a step further …


In India, deep-seated cultural prejudices about dining with “others” are likely to become exacerbated Life will hardly remain the same when we get to the other side of the Covid-19 pandemic. Economists and social scientists are predicting lasting changes in the way we live, work and eat.Some of these were already in the making but are expected to be fast-tracked as people change their habits to contend with the epidemic. It is likely …


Abbott Laboratories is unveiling a coronavirus test that can tell if someone is infected in as little as 5 minutes, and is so small and portable, it can be used in almost any health-care setting. The medical-device maker plans to supply 50,000 tests a day starting April 1, said John Frels, vice president of research and development at Abbott Diagnostics. The molecular test looks for fragments of the coronavirus genome, which can be detected in as…


‘Misuse of confidential information’ alleged Zoho Corporation on March 17 filed a lawsuit against Freshworks — promoted by former Zoho employees Girish Mathrubootham and Shan Krishnasamy — for ‘Trade Secret Misappropriation’ in the US District Court Northern District of California. Zoho accused Freshworks of violating the Defense of Trade Secrets Act; the California Uniform Trade Secrets Act; the Intentional I…


The court asked the automobile dealers to submit on affidavit the details of sold and unsold inventories, within one week In a relief to automobile dealers, the Supreme Court on Friday allowed the sale of BS IV compliant vehicles for 10 days, except in Delhi-NCR, after the ongoing countrywide lockdown over the coronavirus pandemic is lifted. The apex court, which had earlier fixed the deadline of March 31, 2020 for sale of BS …


Although the industry always records a strong growth in March, this year the growth is stronger compared to average 10 per cent growth logged in previous years The demand for life and health insurance policies has seen a huge spurt over the last 20-30 days as the number of coronavirus positive cases started growing. Online distribution portal Policybazaar says health insurance has seen a jump of 35-40 per cent on its platform, while life insuranc…


Amid a nationwide lockdown in the wake of Covid-19 breakout, American private equity giant Blackstone Group Ltd, on Friday, went ahead to pay Coffee Day Group Rs.1,800 crore -- the first tranche of the Rs. 2,700 crore deal to acquire Coffee Day Group’s Global Village Technology Park......