Business and Startup News
Coronavirus Pandemic to leave behind a global recession : Anand mahindra
Billionaire Anand Mahindra has said the coronavirus will eventually be conquered but will leave behind "a global recession". He said, "Costs of that are incalculably high..Most fearsome toll will be on small business,self-employed & those whose lives depend on meagre daily wages," adding the pandemic may cause deaths from stress, loss of livelihoods, growing homelessness and even civil unrest.
Fitch cuts India's GDP growth forecast to 5.1% in FY21 over COVID-19 Concerns
Fitch Ratings cut india's GDP growth forecast for 2020-21 to 5.1%. Saying the supply-chain disruptions amid coronavirus outbreak are likely to hit business investment and exports. Earlier, it projected the economy to grow at 5.6% in 2020-21 and 6.5% in 2021-22. "Indian manufacturers are heavily reliant on key Chinese intermedite inputs...especially electronics,machinery and equipment,"it said.
Indian advertising industry may lose ₹5,000 cr due to COVID- 19:Report
Indian advertising industry may suffer a ₹5,000-cr loss in the next three-four months if coronavirus continues continues to spread. media buyers reporedly said . This comes as ₹2,500-cr ad spending reportedly remains at stake with the IPL being postponed. Summer advertising, which pulls in over ₹2,000 cr in ad spending's on tourism and food and beverages, among others, also remains at risk.
Mukesh Ambani & Family raise stake in RIL; all members to have equal shares
Mukesh Ambani, his Wife Nita Ambani and three children have rasied their shareholding in Reliance Industries (RIL) by acquiring some shares from another promoter group. Post the transaction, the family members will hold an equal numbers of RIL shares at 75 lakh shares each Previously, the youngest son Ananl Ambani had the lowest shares among them at 2 lakh shares.
Apollo Tyres' top management to takes 15-25% pay cut amid coronavirus
Apollo Tyres has said its top management will take a 15-25% pay cut due to singificant decline in business amid the coronavirus outbreak in markets like Europe, North America and India. The company's Chairman onkar kanwar and MD Neeraj Kanwar have taken a pay cut of 25% each while the senior management may withness 15% resuction in their salaries.
Air India to cut employee allowances, Says 'insurmountable' dip in revenues
Air India is withessing an "insurrmountable" dip in its revenues amid the coronavirus outbreak, the carrier told its employees in an order accessed by PTI. The airline said it was consequently undertaking cost-cutting measure, including reducing allowances for all employees, except cabin crew, by 10% for three months, It will also seek to recover all pending dues from government department.
IRCTC sees 25% fall in railway ticket sales amid COVID- 19 pandemic
The Indian Railway catering and Tourism Corporation (IRCTC) saw ticket sales fall by 25% on average in march amid the coronavirus pandemic. IRCTC CMD Mahadra Pratap Mall told BloombergQuint that ticket sales fall to 5.5lack per day compared to 8.5 lakh earlier. The ticketing segment contributes to 85% of the company's earnings before interest, Taxes, depreciation and amortisation (EBITDA).
Apple's m-cap briefly falls below $1 trillion level it held since October
In the last few minutes of Friday's session. Apple's market value briefly fell below $1 trillion, a level it has stayed above since October. However ,Apple shares pared their loss by the close, finishing the week again valuing above the $1 trillion-mark at $1,003 trillion.The technology company has been hampered by supply-chain worries in china amid the coronavirus outbreak.
Soap makers reduces prices, increase production amid coronavirus
FMCG companies like Hindustan Unliever, Godrej Consumer and patanjali have said they are reducing prices of soap and hygiene product and increasing production amid coronavirus Pandemic. Unilever committed ₹100 cr to help fight coronavirus.
Yes Bank to raise ₹20,000 cr through certificate of deposits
Yes Bank is planning to raise ₹20,000cr through certificate of deposits from institutional investors, including banks, This comes after the Reserve Bank of India opened and emergency line of credit of around ₹60,000 cr to Yes Bank to meet its obligations to depositors.
Investors gain ₹7 lakh cr as Sensex, Nifty trade in green after 4 days
Investors gained ₹7 lakh cr on Friday as Sensex raillied over 2,100 points after PM Narendra Modi announced formation of 'COVID- 19 Economic Response Task Force'. Stock benchmarks ended four-day losing streak with Sensex touching intra day high of 30,418 and Nifty rising 620 points intra day to 8,883. Sensex closed 1,627 points higher at 29,916 while Nifty closed at 8745,45.
Airlines need $200 bn in emergency aid due to coronavirus IATA
"The public health emergency has now become a catastrophe for economies and for aviation, "IATA chief Alexandre de Juniac said.Airlines are fighting for survival and millions of jobs are at stake,he added.
IndiGo cuts salary of all employees due to coronavirus, CEO takes 25% pay cut
IndiGo is cutting all employees Salaries due to coronavirus pandemic. IndiGo CEO Ronojoy Dutta will take 25% pay cut while senior vice president and above will take 20% pay cut and vice president and cockpit crew will take 15% pay cut. "It's Impossible for us to fly throught this economic strom without all of us making some sacrifices,"Dutta said.
We will make ventilators if there is a shortage : Tesla CEO Elon Musk
Days after calling the coronavirus panic "dumb", Tesla CEO Elon Musk has said that his company will make ventillaors for the patients if there is a shortage."Tesla makes cars with sophisticated HVAC system . SpaceX make spacecraft with life support system."tweeted Musk."Ventilators are not difficult, but cannot be produced instantly,"he added.
I will not take my salary for two months: Paytm CEO amid coronavirus Pandemic
"I commit that money to any needs of Paytm office-help-staff in these testing times,"he added.Sharma said he was inspired by Marriott International President and CEO Arne Sorenson who won't take a salary for the rest of 2020.
Coronavirus-infected employee recovered fully, discharged: Paytm
"He has been Prescribed self-quarantine at home for the next 14 days,"Paytm announced work from home for all employees till March 31.
Uber supends taxi services throughout Saudi Arabia amid coronavirus.
Walmart India limits purchase of hand sanitisers amid COVID-19.
India's first global AI summit postponed due to coronavirus pandemic.
DGCA gives approval to Dunzo, Throttle to carry out drone experiment.
SpaceX plans its 1st manned flight to space in May despite COVID-19 outbreak.
Fitness startup cure.fit raises ₹832 cr led by Temasek.
OYO offers to turn hotels into quarantine centres amid COVID-19 outbreak.
OYO raises $807 mn from SoftBank and RA Holding:Report.
Apollo Tyres' top management to takes 15-25% pay cut amid coronavirus
Apollo Tyres has said its top management will take a 15-25% pay cut due to singificant decline in business amid the coronavirus outbreak in markets like Europe, North America and India. The company's Chairman onkar kanwar and MD Neeraj Kanwar have taken a pay cut of 25% each while the senior management may withness 15% resuction in their salaries.
Air India to cut employee allowances, Says 'insurmountable' dip in revenues
Air India is withessing an "insurrmountable" dip in its revenues amid the coronavirus outbreak, the carrier told its employees in an order accessed by PTI. The airline said it was consequently undertaking cost-cutting measure, including reducing allowances for all employees, except cabin crew, by 10% for three months, It will also seek to recover all pending dues from government department.
IRCTC sees 25% fall in railway ticket sales amid COVID- 19 pandemic
The Indian Railway catering and Tourism Corporation (IRCTC) saw ticket sales fall by 25% on average in march amid the coronavirus pandemic. IRCTC CMD Mahadra Pratap Mall told BloombergQuint that ticket sales fall to 5.5lack per day compared to 8.5 lakh earlier. The ticketing segment contributes to 85% of the company's earnings before interest, Taxes, depreciation and amortisation (EBITDA).
Apple's m-cap briefly falls below $1 trillion level it held since October
In the last few minutes of Friday's session. Apple's market value briefly fell below $1 trillion, a level it has stayed above since October. However ,Apple shares pared their loss by the close, finishing the week again valuing above the $1 trillion-mark at $1,003 trillion.The technology company has been hampered by supply-chain worries in china amid the coronavirus outbreak.
Soap makers reduces prices, increase production amid coronavirus
FMCG companies like Hindustan Unliever, Godrej Consumer and patanjali have said they are reducing prices of soap and hygiene product and increasing production amid coronavirus Pandemic. Unilever committed ₹100 cr to help fight coronavirus.
Yes Bank to raise ₹20,000 cr through certificate of deposits
Yes Bank is planning to raise ₹20,000cr through certificate of deposits from institutional investors, including banks, This comes after the Reserve Bank of India opened and emergency line of credit of around ₹60,000 cr to Yes Bank to meet its obligations to depositors.
Investors gain ₹7 lakh cr as Sensex, Nifty trade in green after 4 days
Investors gained ₹7 lakh cr on Friday as Sensex raillied over 2,100 points after PM Narendra Modi announced formation of 'COVID- 19 Economic Response Task Force'. Stock benchmarks ended four-day losing streak with Sensex touching intra day high of 30,418 and Nifty rising 620 points intra day to 8,883. Sensex closed 1,627 points higher at 29,916 while Nifty closed at 8745,45.
Airlines need $200 bn in emergency aid due to coronavirus IATA
"The public health emergency has now become a catastrophe for economies and for aviation, "IATA chief Alexandre de Juniac said.Airlines are fighting for survival and millions of jobs are at stake,he added.
IndiGo cuts salary of all employees due to coronavirus, CEO takes 25% pay cut
IndiGo is cutting all employees Salaries due to coronavirus pandemic. IndiGo CEO Ronojoy Dutta will take 25% pay cut while senior vice president and above will take 20% pay cut and vice president and cockpit crew will take 15% pay cut. "It's Impossible for us to fly throught this economic strom without all of us making some sacrifices,"Dutta said.
We will make ventilators if there is a shortage : Tesla CEO Elon Musk
Days after calling the coronavirus panic "dumb", Tesla CEO Elon Musk has said that his company will make ventillaors for the patients if there is a shortage."Tesla makes cars with sophisticated HVAC system . SpaceX make spacecraft with life support system."tweeted Musk."Ventilators are not difficult, but cannot be produced instantly,"he added.
I will not take my salary for two months: Paytm CEO amid coronavirus Pandemic
"I commit that money to any needs of Paytm office-help-staff in these testing times,"he added.Sharma said he was inspired by Marriott International President and CEO Arne Sorenson who won't take a salary for the rest of 2020.
Coronavirus-infected employee recovered fully, discharged: Paytm
"He has been Prescribed self-quarantine at home for the next 14 days,"Paytm announced work from home for all employees till March 31.
Uber supends taxi services throughout Saudi Arabia amid coronavirus.
Walmart India limits purchase of hand sanitisers amid COVID-19.
India's first global AI summit postponed due to coronavirus pandemic.
DGCA gives approval to Dunzo, Throttle to carry out drone experiment.
SpaceX plans its 1st manned flight to space in May despite COVID-19 outbreak.
Fitness startup cure.fit raises ₹832 cr led by Temasek.
OYO offers to turn hotels into quarantine centres amid COVID-19 outbreak.
OYO raises $807 mn from SoftBank and RA Holding:Report.
by Arshad Ansari
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