TCS is expected to see revenue drop by 6%, Infosys by 5% and Tech Mahindra by 9%.
Based on assessments made by different analysts and industry body Ficci, here is an impact analysis in healthcare sector.
The Indian pharma industry has been a world leader in generics both globally and in domestic markets.
As lockdowns have shut banks and money-transfer offices, marooned migrants couldn't send money home.
Bajaj Auto manufactures vehicles for exports at a facility in the district’s Waluj industrial area. At present, 1,700-1,800 employees work at the Waluj factory where the company is operating at half the capacity in two shifts. It restarted operations at the plant on April 23.
The hike of up to 8 per cent is for the fiscal year 2020-21 and applicable from July onwards, the sources said. An e-mail sent to the bank did not elicit any response. The sources said these employees are from M1 and grades below, who are frontline staff mostly in customer-facing roles. They ensure the functioning of branches and other operations of the bank.
Over the last three months, the Centre has actively encouraged companies to start manufacturing products that they had never produced before, or scale up production manifold. If the products were not made in India, the science and technology department encouraged its institutes of eminence to innovate and develop the knowhow.
There has been no significant adverse impact on the company's financial position for the financial year ended March 31, 2020, as both of its manufacturing plants located at Uttarpara (West Bengal) and Pithampur (Madhya Pradesh) were already under "suspension of work/layoff" prior to imposition of lockdown, it added.
In a statement, Yediyurappa said, "I am going to discharge my duties from home from today for the next few days in view of some of the staff in the office-cum-residence Krishna testing positive for coronavirus."
Covid-19 hits the economy. Growth to slow. Check the sector-wise impact and the ratings by various agencies.Sector-wise impact of Covid-19 given by various ratings agencies
With the pandemic and the ensuing lockdown, demand for horticultural produce is likely to be impacted more than that of food grains. Food grains have the government's minimum support price (MSP) and procurement support, the report explained.
The virus can cause neurological complications like headache, dizziness and confusion.
COVID-19 led to supply chain disruptions and production halt in the latter half of March 2020.
Emkay Global says the fall in crude prices and moderating agri-input prices should drive margin gains for most staples.
Consumption growth in rural India is outpacing the rate of expansion in cities and has already reached 85% of pre-Covid average sales underpinned by higher farm income, minimal retail disruption during the lockdown and migrant workers returning home. In comparison, urban market sales were relatively lower at 70% in May, according to Nielsen’s latest data. In the next nine months, the overall fast-moving consumer goods (FMCG) segment is expected to grow at around 5% but rural will expand at double the rate of urban, reversing the trend of the past two years when slowing demand in the hinterland dragged the entire market down.FMCG demand in rural India robust, consumption growth reaches 85% of pre-Covid average sales
In 2008 also, when the world was hit by the global financial crisis following Lehman Brothers going insolvent, the RBI had announced a one-time loan restructuring for several sectors to help them tide over the economic woes.
The company is expected to undertake cash preservation measures such as reduced capital expenditure (capex) and limited dividend payout in FY21, which shall support liquidity. Additionally, to preserve liquidity, Vedanta has availed moratorium on its term debt obligation as per RBI guidelines after approval from respective banks.
While the government is set to allow more flights, airlines have not been able to utilise the existing approvals. Data available with ET shows that airlines together operated 749 flights on Tuesday, much lower than the approved figure of 1,200 flights.
Women bear the brunt of Covid outbreak at the workplace, more likely to be furloughed and lose jobs as compared to men
School closures during lockdown have exacerbated the situation because more women than men tend to care for children.
PM-KISAN ensures 100% funding from Government of India.Under the Scheme an income support of Rs.6000 per year is provided to all farmer families across the country in three equal installments of Rs 2000 each every four months.
54% of parents state that their kids are spending upto 5 additional hours on an average online in front of a screen. The biggest concern a majority - 57% of parents have is that the kids may unknowingly access inappropriate information online and use studying as an excuse to access non-educational content.
Coronavirus lockdown took a massive toll on the wedding industry in Gujarat’s Vadodara. Marriage decorators are facing hardships to revive their businesses in market. They are suffering loss due to COVID-19 outbreak. There are 12,905 confirmed cases of coronavirus in Gujarat. According to the Ministry of Health and Family Welfare, the total number of COVID-19 active cases are 66,330 and 3583 deaths in India.Covid-19 impact: Lockdown takes toll on wedding industry in Vadodara
Since April 20, 2020, onshore operations have been restarted and are near normal at present.
While about 9 per cent of the company's natural gas output was impacted by inability of customers to take supplies due to the coronavirus lockdown, lower oil and gas prices had impacted its revenues, the company said.
The Galwan valley face-off with China is unlikely to affect India's COVID-19 fight as - medical experts say - all the essentials, from safety gears to testing products, are now being manufactured indigenously, reducing the dependence on Chinese imports to almost nil. They say from polyester swab sticks and viral transport medium (VTM) to testing kits and personal protective equipment (PPE) – India is now self-sufficient. ET's Nidhi Sharma has more details. Watch now. (Text: ET Bureau)Why China face-off unlikely to impact 'atmanirbhar' India's coronavirus fight
The current crisis should be leveraged to undertake reforms for strengthening the banking sector. This can be achieved by bringing in more competition and redesigning the incentive structure to improve risk assessment and credit management capacities in SCBs. Developing bond markets should be prioritised to enable long-term financing.
"The airline has taken a decision to withdraw job offers for about 180 trainees who were to join as cabin crew after completing their training as the aviation sector has been hit hard due to the coronavirus pandemic," said an airline official.
"70 per cent of start-ups stated that their businesses have been impacted by COVID-19. 12 per cent of the start-ups have shut operations and 60 per cent are operating with disruptions", Ficci said.
The findings are based on responses from 14,444 MSMEs. The survey, conducted in the second half of May 2020, focussed on the financial impact of the pandemic on MSMEs and their outlook towards the earnings.
As a fast rising power, China is growing more assertive and jostling with many countries.
As the coronavirus pandemic rages across the world, jobs across the spectrum have been lost, with little good news coming in about new hiring as well. But with work from home becoming the new way of life, and mankind accepting the new contours of a post-COVID world, some job sectors are poised to do well.
Some marquee brands are looking at moving back to streets from malls because of Covid-19.
TCS, Infosys and HCL will be hit by the reduced technology spending by clients in the US and Europe.
Nestle India continues to witness demand for most of its products and its focus in the immediate period is to make sure that its products are available to consumers. It has also resumed operations at all its eight plants and distribution centres/warehouses.
The anticipated applications and integration of robotic technology will require leaders of the future to carefully consider the balance between the roles of service robots and human employees in the guest experience, according to the paper published in the International Journal of Contemporary Hospitality Management.
For a battered auto sector, the need for social distancing may prove to be a silver lining. In an environment where people are wary of taking public transport, investing in a personal vehicle may be the only choice left.Wary of public transport, Covid-19 may drive up demand for entry level vehicles, 2-wheelers
Many employees are reluctant to travel by public transport due to the fear of community spread of Covid-19 and hence are in search of a suitable accommodation.
'The Elder Story: Ground Reality during Covid 19' was released on the occasion of the World Elder Abuse Awareness Day on Monday. It was conducted by HelpAge India, which surveyed 5,099 elders across 17 states and four Union territories.
The ratings agency said this is over and above the Rs 2.54 trillion anticipated prior.
Our cost of production was one of the lowest due to low coal prices and input costs, says Satish Pai. Hindalco MD on improving margins and Covid impact on Q4 earnings
In the last 24 hours, a total of 19,235 people were cured of the coronavirus infection. This has resulted in the cumulative total number of recovered cases among COVID-19 patients rising to 5,34,620 on Sunday.
In partnership with J P Morgan, TRRAIN, a not for profit organisation, has launched a rapid response program with the aim to assist 3000 COVID-19 impacted women employees in the retail sector
The Sharjah-based airline, which has about 2,000 employees, did not say how many employees had been affected. It laid off 57 employees in May. The latest job cuts were a "last alternative" after the airline took a series of steps in past months to protect jobs, the spokesman said, without elaborating.
The movie industry's biggest night is currently scheduled for February 28.
The impact of COVID-19 is different in different territories, based on its severances and category of zone such as Red, Orange or Green, Bank of India said in a disclosure to bourses.
The next few months for the insurance industry will be difficult in returning to the high speed market growth highways they are used to for long, and they have to find innovative solutions to stay profitable and resilient.
Industry body Bus & Car Operators Confederation of India (BOCI), which claims to represent 20,000 operators with 15 lakh buses and maxi-cabs and 11 lakh tourist taxis providing direct employment to 1 crore people, said these private operators need government support in the form of waiver of taxes and interest on loans as many of them are facing closure.
India is already the pharmacy of the world, Kiran Mazumdar-Shaw said, and hoped for more engagement of the government’s imagination with the sector. “Sixty per cent of the vaccines that are produced for the world come from India, why are we not really thinking about vaccine diplomacy for the world?” she asked.
As per HVS, demand has not yet revived because corporate travel is on a standstill. Leisure travel has also not seen any uptick in states which have eased restrictions because of increasing COVID cases in the country. Occupancy rates in May 2020 were in the range of 13-15% compared to 60-62% in May 2019.
As China emerges from its Covid-19 lockdown, it is becoming clear that many of the challenges they faced are here to stay - and that some of the changes they introduced should be, as well. We identified 11 lessons to help inform business leaders throughout the rest of the world.
The number of coronavirus cases in India rose to 29, including 16 Italians touring through Rajasthan, the government said on Wednesday. The trade impact of the coronavirus epidemic for India is estimated to be about $348 million. The country now figures among top 15 economies most affected by the manufacturing slowdown in China, says a UN report. This is how Confederation of Indian Industry put forth the impact analysis for various sectors:-
It said no sector is untouched with the impact of COVID-19 and subsequent lockdowns even after opening up will prolong the economic pain.
In our second BFSI special, we spoke to Jahid Ahmed, VP and Head- Digital, Content and Social Media Marketing at HDFC, to understand how digital as a channel helps a brand to respond quickly in a crisis. From building powerful ORM strategies to tips for marketing effectively in Covid, Jahid emphasized on the importance, and difficulty, in extracting positive consumer sentiment, a metric close to a marketer's heart.ET Catalyse Virtual 05: HDFC Bank's Jahid Ahmed on digital marketing and Covid communication
There is a weak linkage between buoyant markets and economic recovery, economists at SBI said.
The prolonged lockdown along with rain and hailstorm in many regions has heightened rural distress, pushing anxious villagers to moneylenders — a situation which farm leaders say can trigger agitations and suicides unless farmers get quick relief.
Uttar Pradesh Chief Minister Yogi Adityanath Sunday said the state government does not intend to impose any new tax to deal with the economic impact of the coronavirus crisis. Replying to a specific question during a virtual press conference, Adityanath said, "We have started our economic activities, and it is moving on rapidly. As compared to the previous month, this month's revenue (collection) seems good." "There is no thought of imposing any separate tax, and our focus is to give more relaxation to the public. How to boost industrial activities while following social-distancing norms is our focus," he said. Watch now. (Text: PTI)No new tax in Uttar Pradesh to offset coronavirus' economic impact: Yogi Adityanath
Automobile dealers' body FADA fears that the coronavirus pandemic could result in job losses in dealerships which could be worse than what was experienced last year when over two lakh jobs were lost due to a prolonged slowdown in the automobile industry, according to a top federation official.
Almost empty hands now, a number of migrant workers have themselves evinced interest to return back.
In the wake of the coronavirus pandemic, the world is changing rapidly. From masks becoming a fashion accessory, to social distancing becoming the norm, our culture is being impacted in multiple subliminal ways. Our workplaces are not far behind.
When will travellers return? Decimated by Covid-19, travel and hospitality recovery will be a long stretch
The travel industry is bracing itself for the new changes that will have to be factored in post lockdown.
New Delhi, Apr 20(ANI): Reliance Foundation has scaled up its meal distribution programme under Mission Anna Seva to provide over 3 crore meals to marginalised and under-resourced communities across India. Under the programme, Reliance Foundation is providing cooked meals, ready-to-eat food packets and dry ration kits to families and bulk ration to community kitchens. The entire staff of Reliance Foundation is working together in the mission on a war footing to ensure that no Indian goes hungry during the lockdown period. RIL has contributed Rs 535 crore to various relief funds, including Rs 500 crore to the PM-CARES Fund. COVID-19 lockdown: Reliance to provide meals for 3 crore Indians
Bank credit is an important factor illustrative of the general economic climate because it denotes aspects like the investments which are happening in a country or consumption of high-value items. Crisil expects a 5 per cent contraction in India's GDP for 2020-21.
In terms of business impact of the lockdown, HUL said it has severely impacted the FMCG market and the loss of livelihoods has taken a substantial toll on consumer demand.
EY's current assessment of India's 2020-21 real gross value added (GVA) growth is 1.9 per cent provided that India sticks to its infrastructure funding plans.
Covid-19 battered India's economy is projected to contract by 4.5 per cent this fiscal, said the International Monetary Fund. In the World Economic Outlook (WEO) forecast report, the IMF said that India's economy is expected to contract on the back of a longer lockdown and a slower recovery than anticipated in April.Accordingly, the country's economy will contract in FY21 from an expansion of 4.2 per cent in FY20. In terms of calendar year 2020, the economy is expected to contract by (-)4 .9 per cent.Coronavirus impact: IMF predicts India's economy to contract by 4.5% in FY21
Inequality is not a tool that creates differential impact during pandemic. It is also the reason behind the outbreak itself.
India’s automotive market is resilient and likely to recover faster than others, Hyundai Motor India managing director SS Kim told Sharmistha Mukherjee. There will be a revival near the festive season, although demand will be return to pre-Covid-19 levels only early next year.
Butschek said that the operating location of an executive doesn’t matter as much these days, with the company focused on executing the “transformation” roadmap set out four years ago to turn around the business.
More and more families hit by the Covid storm are seeking shelter under MGNREGA.
"We are conscious of the dealer business conditions in various parts of the country and we have been prioritising production at our end as per dealer requirements, both in terms of quantity as well as the grades that they require," TKM Senior Vice President, Sales & Service, Naveen Soni said.
According to market research company YouGov's 'global COVID-19 public monitor', confidence in the recovery from the pandemic is high in countries like China, Vietnam and Taiwan, while it is the least in India, Mexico and the Philippines. Along with India, majorities in the Philippines (55 per cent) and Indonesia (53 per cent) also believe that things are still on the decline.
"Rural demand is little better than urban right now. In Maruti, the rural share has gone up to 40 per cent in June which is 1 per cent increase over the last fiscal," MSI Executive Director Marketing and Sales Shashank Srivastava told .
New Delhi: Uttar Pradesh Chief Minister Yogi Adityanath's father, Anand Singh Bisht, died this morning. Mr Bisht who was admitted to the All India Institute of Medical Sciences (AIIMS) in Delhi last month due to kidney problems died at 10.44 am.UP CM Yogi Adityanath not to attend father's last rites amid COVID-19 lockdown challenges
New Delhi, Apr 20 (ANI): Amid extended nationwide lockdown to curb the spread of COVID-19, many patients and their attendants are left stranded outside prestigious All India Institute of Medical Science (AIIMS) hospital in a night shelter due to lack of amenities. Patients those who were scheduled for appointment prior to implementation of lockdown are now nowhere to go as they don’t have access to transportation and basic amenities which force them to accommodate in a night shelter. For these people, life has come to a standstill and left with nowhere to go as they hope for relaxation from the lockdown to move ahead in life. Prime Minister Narendra Modi has extended nationwide lockdown till May 03. COVID-19 lockdown: Lack of basic amenities force patients to stay in night shelters in Delhi
It's a 'make-or-break' summer for tourist destinations around the world; survival looks bleak with shut hotels, few visitors
The annual influx of visitors is a concern for tourist spots around the world.
The price realisation has remained stable, it added.
As the world is undergoing the impact of Coronavirus, the IMF has revised its global GDP growth estimate. ET Wealth studies how India is placed in this scenario.
Kerala govt report estimates a loss of about Rs 80,000 crore in GVA to the Kerala economy in Q1 (Apr-Jun) of 2020. For March, the shortfall in GVA could have been roughly Rs 29,000 crore. The direct and indirect losses in gross state value addition (GSVA), based on an input-output model, is estimated to be 10% in 2019-20 and 20% in 2020-21.
New Delhi, Apr 12 (ANI): Massive crowd was seen at a vegetable market in Delhi on April 12 amid nationwide lockdown in the wake of coronavirus pandemic. Delhiites were seen violating norms of social distancing while purchasing vegetables. On April 11, District Magistrate North directed DCP North West and Secretary APMC took all necessary measures to ensure social distancing protocol is followed at Azadpur Mandi and took strict action against those violating norms. There are total 903 confirmed cases of coronavirus in Delhi including 14 deaths. According to the Ministry of Health and Family Welfare, the total number of COVID-19 active cases surpassed 7,000 in India with over 240 deaths.COVID-19 outbreak: Delhiites violate ‘social distancing’ norm at Azadpur Mandi
Thousands of organisations across a range of sectors including the performing arts and theatres, heritage, historic palaces, museums, galleries, live music and independent cinema will be able to access the funding boost put in place on Sunday night.
"Our findings suggest that COVID-19 has impacted the decision of 48.46 pc students who aspired to study abroad in the recent past. However, there is a larger proportion of non-STEM (Science, Technology, Engineering and Mathematics) students who have reconsidered their decision to pursue higher education outside India," it said.
Confirmed coronavirus cases in India shot well past the 15,000 mark today, Health Ministry data updated at 8 am showed.The number of cases in the country stands at 15,712 at the moment. Casualties number 507 till now, while 2,231 have been listed as cured/discharged/migrated.As of 9 pm yesterday, a total of 3,72,123 samples from 3,54,969 individuals had been tested for the virus, according to latest data at Indian Council of Medical Research (ICMR) website.India now has over 15,000 confirmed Covid-19 cases
India has become the key foreign market for Zyfra with more than 500 CNC machines connected to its MDCplus real-time machine monitoring and manufacturing data collection system in 2019.
Russia and India should deepen collaboration in IT sector in post-pandemic world: Dmitry Lukovkin, AI International Sales Director, Zyfra
Russian companies know little about Indian companies and perceive them as competitors without carefully considering reasons to work together. Therefore, it is currently quite difficult to talk about any kind of joint projects, says Dmitry Lukovkin.
Big liquor and non-alcoholic beverage brands roll out programmes to help employees of industry hit by Covid-19. Industry estimates peg the restaurant sector’s job losses at 2 million. Many establishments are facing the threat of permanent closure. Alcohol still cannot be served in restaurants, which also have restricted timings.
Being one of the most unequal countries in the world, India remains in a particularly precarious position.
The phases of lockdown announced by the government witnessed a revenue shortfall of more than 60 per cent for the sector, creating an unprecedented crisis to the industry.
Boeing is cutting more than 12,000 jobs through layoffs and buyouts as the coronavirus pandemic seizes the travel industry, and more cuts are coming.Covid-19 impact: Boeing slashes 12,000 jobs as virus seizes travel industry
The Impact Covid-19 dented demand, especially in overseas markets, as discretionary spending was knocked by health measures
In the middle of the Covid-19 pandemic and national lockdowns, when the world economy has cratered, western governments took a U-turn on immigration.
Prime Minister Narendra Modi on May 01 held a detailed meeting on the power sector in the view of coronavius lockdown. The Prime Minister also took stock of the impact of COVID-19 pandemic on the sector. The PM discussed various long-term reforms for enhancing sustainability, resilience, and efficiency of the sector. Home Minister Amit Shah, Finance Minister Nirmala Sitharaman and Civil Aviation Minister Hardeep Singh Puri were present in the meeting. Chief of Defense (CDS) Bipin Rawat was also present in the meeting.PM Modi holds detailed meeting on power sector amid Coronavirus lockdown
The government on Friday extended the suspension of scheduled international flights till July 30. It, however, said that some international scheduled routes may be permitted on a case-to-case basis.
Covid presents opportunity to acquire new talent: Anuraag Bhatnagar, COO, Leela Palaces Hotels & Resorts
"Two of our hotels will open around the end of first quarter next year and the third hotel may open early on in quarter two. There has been rightsizing at a few levels but we also need more people and we are one of the few companies which is still recruiting," said Anuraag Bhatnagar.
New Delhi, Apr 16 (ANI): Bollywood actor Salman Khan is deeply disturbed after reading about the growing violence against doctors and police personnel in various cities. Salman Khan said, “Doctors and nurses came to save you and you pelted stones on them, COVID-19 patients are running from hospital to nowhere, all these will not anyone.” “Because of some people all the citizens are suffering,” the actor further added and urged people to support the doctors and police personnel during this humanitarian crisisCOVID-19: Actor Salman Khan condemns attacks on doctors, police personnel
"The disruption in demand, production and supply chain caused by the extended nationwide lockdown to contain the COVID-19 pandemic will knock back revenue growth by 2-4 per cent for the consumer essentials sector, and 16-30 per cent across discretionary manufacturing and consumer services this fiscal," the report said.
Covid-19 crisis: MoHFW issues a 17-point guideline to all central govt employees. Details by TIMES NOW's Mohit Sharma.Covid-19 crisis: MoHFW issues guideline to all central govt employees
The International Air Transport Association (IATA) said its latest estimates indicate a worsening of the country impact from the COVID-19 crisis in the Asia-Pacific region. About India, IATA said the pandemic is expected to potentially impact 29,32,900 jobs in the country's aviation and its dependent industries.
The ban on public transportation is making it difficult for labourers to reach manufacturing plants. All the ancillary goods required for medicine production are getting detained or are shut. Printers that manufacture packaging for medicines are shut, vehicles of suppliers of packaging materials for medicines are getting detained.
India's COVID-19 tally surged to 8,20,916 on Saturday while the death toll climbed to 22,123 with 519 people succumbing to the disease in 24 hours, according to the health ministry's data updated at 8 am.
Placement firm TeamLease Services has received 22,367 resumes in May from hospitality sectors alone, up a staggering 444 per cent from 4,109 in the previous month. Professionals who are proactively looking out have either been handed out pink slips or are facing job threats as their companies take the restructuring route, said executives aware of the matter.