Top headlines: Extended financial year recommended, surge in premium views

From Indian IT firms unlikely to layoff employees, ads in sports industry on the decline to rural wages set to take a hit, Business Standard brings you top headlines of the day

Coronavirus shutdown puts Rs 15-trillion debt at risk, to impact finances

Nearly Rs 15 trillion, more than half of all borrowings by non-financial companies are in the danger zone due to the coronavirus (Covid-19) lockdown and its adverse impact on corporate finances in the coming quarters. 201 non-financial listed firms are likely to face sharp decline in financial status in the first of the follwoing financial year (FY21). Some of the top indebted companies likely to face financial headwinds in the coming quarters include NTPC, PowerGrid, Tata Steel, Adani Power, JSW Steel, UPL, and Steel Authority of India. Read More... 

Indian IT firms unlikely to lay off employees amid coronavirus lockdown

IT services firms are less likely to trim its workforce amidst coronavirus lockdown, despite the fact that businesses in India and worldwide have a grim outlook. The firms are though expected to follow in the footsteps of major US firms like Morgan Stanley and Salesforce, whose CEOs have taken a public stand to not layoff workers, India firms are not expected to take such a stand. Read More...

Industry calls for extended financial year due to coronavirus pandemic

  

Representatives from Indian industries met Ministry of Corporate Affairs to seek extension of the current financial year till June as the April 2019 -June 2020 will not represent one complete business cycle as it is disrupted by coronavirus. Read More... 

Lockdown effect: Surge in premium TV viewers; sharpest rise in Mumbai

There has been a significant surge in TV premium viewership amidst the lockdown as affluent households are tapping into all kinds of devices from smartphone to TV to keep themselves busy, according to BARC. Read More...

Work from home: Ensuring data security a challenging task for businesses

The security of client data even in a work from home scenario is a daunting task and a primary concern for most corporate firms. In a country that has no structured cyber law the current situation complicates the scenario for businesses as they continue to be liable for breach in client data even when employees work out of the home, as they are duty bound to comply to Information Technology Act 2000. Read More...

Coronavirus impact: Ad budget drop likely to sting sports industry

The coronavirus outbreak and 21-day lockdown due will deliver a huge blow to the economy as they are consodering 50% cut in their advertising budgets, according to media buying agencies. Among major sports, cricket can a be a huge loser and Indian Premier League can be in the middle of it. Even though, the event has been postponed till April 15, experts feel that there is hardly any chance that it may happen in the first half year. Read More...

Rural wages in West Bengal set to take a hit as migrant workers return home

As the distress in rural economy becomes more visible, the thousands of workers returning home to West Bengal amid the pandemic are being seen as a liability and unwelcome guests in their own homes. Contruction workers, textile workers are forced to take up other jobs making them prone to exploitation due to overflow of workers. Read More...

Power generators shut capacity as Covid-19 hits demand, upends normal life

In a month, the demand for power has gone down by 31 per cent as most people remain indoors, with the power sector witnessing an unprecedented amount of generation capacity being shut. According to data from regional load despatch centres, of 117,000 Mw generation capacity, 41,037 Mw was shut on Friday due to “low demand/reserve shutdown”. The decline in consumption due to closure of factories will impact financials of state-owned power distribution companies and their cash flow. Read More...

Covid lockdown: Smartphone makers ping government for essentials tag

Smartphone manufacturers like Xiaomi, Realme are asking the governemnt to bring mobile devices under essential products list to ensure delivery to customers thourgh e-comerce platforms. Industry bodies Manufacturers’ Association of Information Technology (MAIT) and India Cellular & Electronics Association (ICEA) have written to the government seeking concessions in the delivery of smartphones among other electronics devices and removal of restrictions on the movement of components for inland and export purposes, reported Economic Times.

Stigma, acute shortage of kits act as hurdles for Covid-19 testing in private labs

Due to lack of participation from asymptomatic people and also because of shortage of testing kits, private labs roped in for coronavirus testing are operating at a fraction of their capacity. The disease has created a lot of stigma and the people acquiring it believe that it will pass in a few weeks, reports Livemint.