Top headlines: Debt schemes see worst outflow, govt to map migrants

South Korea dials up testing with hospital 'phone booth'
Debt schemes see worst ever outflows in FY20; liquid funds suffer most

Amid relentless selling by foreign institutional investors (FIIs) and redemption pressure from corporate treasuries seeking to conserve cash in view of lockdown, led to Rs 1.94 trillion of net outflows from debt schemes in March. The highest-ever outflow seen by mutual fund (MF) industry in any financial-year closing in 2019-2020. The MF industry saw an 18% decline in assets in March witnessing asset base shrinking nearly Rs 5 trillion across debt categories. Read More...

Cognizant withdraws FY20 revenue growth guidance amid coronavirus lockdown

Cognizant became the first-ever Indian IT firm to withdraw its FY20 revenue guidance provided on February 5 amid coronavirus due to uncertaintly in business outlook. The firm also said that it was making a war chest by increasing cash and investment balance. Cognizant was on track to exceed its first quarter guidance, the firm said, but the pandemic derailed its plans in March because of delays in project fulfillment, as the company moved to a work-from-home model apart from dip in demand, particularly in the travel and hospitality segment. Read More...

'Covid-19 hangs over future like spectre': RBI in Monetary Policy Report

In the Monetary Policy Report released on Thursday, the RBI said that Covid-19 came at a time when the economy was about to recover “but now hangs over the future, like a spectre,”. The report added that the pandemic will impact economy and the effects will be seen in global growth and trade too. Read More...

Covid-19 impact: Govt begins mapping of migrant workers for relief measures

The government has begun mapping migrant workers scattered across the country to create a database to ascertain whether a relief package could be announced for the most affected segment of the workforce due to the lockdown amid Covid-19. The Union Home Ministry has asked the chief labour commissioner’s (CLC’s) office to give a comprehensive data of all the migrant workers by April 11. Read More...

Coronavirus to derail affordable housing segment's growth momentum

According to Anarock Property Consultants, houses in the affordable segment (unit price less than Rs 40 lakh) will be the worst hit among the different categories due to coronavirus. The current situation has sparked fears around income generation and employment which are going to put further strain on the sales, the report added. Read More...

RBI admits GDP forecasts prior to coronavirus outbreak were off the mark

The RBI in its latest monetary policy report has admitted that it failed to assess the extent of the slowdown in India, even before the Covid-19 pandemic, due to continuing weak activity, especially in the rural areas. Read More...

Three weeks into coronavirus lockdown, NCR's export engine stands still

Up to 95 per cent of the units in the Noida-Greater Noida mega industrial zone are currently shut, according to the sub-divisional magistrate’s office, Noida. The Gautam Buddha Nagar district which accounts for the vast share of electronics, engineering and apparel exports from northern India is staring at huge losses as just 7 manufacturing units out of 274 in the Noida SEZ are running. Read More...

Manufacturing firms want partial lift on Covid-19 lockdown to reduce losses

Firms want the government to let them open their factories even if in phases so that they don’t lose huge money amid the Covid-19 lockdown. Garment exporters in Tirupur are worried that they might lose over Rs 25,000 crore worth of orders, putting them in serious trouble. Read More...

Tata companies told to conserve cash, go slow on capex

Tata Sons, the holding company of the $113 billion Tata Group has also directed the CEOs of all operating companies to go slow on spending and conserve cash to ensure liquidity. Group CEOs have been asked to become more agile and step up collaboration in businesses and get aggressive on digitalisation, N Chandrasekharan told the Economic Times.

Lockdown chokes ports amid shortage of labour

The ports are facing labour shortage to load and unload materials as the natiowide lockdown has posed a massive challenge to the nation's trade. The shipping ministry is  is closely monitoring the situation and trying to address the manpower shortage, Livemint reported.


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