GoAir suspends international ops, offers 30-day leave without salary
GoAir is implementing 30-day leave without pay for its staff and is fast-tracking the return of older planes to lessors as sharp drop in domestic demand and clampdown on international travel hits business. The Wadia group airline announced today it is shutting all international flights till April 15. Training of new cabin crew is on hold and various other steps such as pay cuts too are being examined by GoAir management as the Covid-19 crisis forces airlines to ground planes and cut capacity. Read more...Wipro unlikely to see impact of coronavirus outbreak in March quarter
IT services firm Wipro is unlikely to witness any major impact of the coronavirus pandemic in its March quarter performance. According to a report by brokerage firm ICICI Securities, the company’s top line growth in the Q4FY20 is expected to be within its guided range of 0-2 per cent, as its existing book of business is expected to remain unaffected. Read more...
Coronavirus fear: Indian firms with global ops brace for supply disruptions
Indian companies, which have substantial operations in Europe, are bracing for the impact of a complete lockdown in the region due to the coronavirus pandemic. The outbreak has already disrupted supply chains as well as production and would lead to job losses, warn analysts. Read more...Desperate apparel exporters seek govt intervention amid coronavirus scare
Low levels of working capital as a result of major cancellations of orders and a fall in export realisations have led to apparel exporters seeking government intervention to battle the coronavirus crisis. The difficult situation has led to Apparel Export Promotion Council Chairman A Sakthivel writing to Finance Minister Nirmala Sitharaman requesting her immediate intervention to maintain the viability of apparel exporters nationwide. Read more...
Coronavirus outbreak: Consumer durable firms stare at uncertain future
If 2019 had been the year of hope for makers of consumer electronics and appliances in the country, the current year has so far turned the tide. From rising taxation to disruption in supply and demand, several factors have affected their fortunes. With the coronavirus pandemic now spreading its tentacles across the country, manufacturers are now staring at an uncertain future. Read more...
Coronavirus: NPPA seeks data from mask, glove makers amid supply shortage
Given the supply disruption in essential items such as masks, gloves and sanitisers in the time of a viral outbreak, the National Pharmaceutical Pricing Regulator (NPPR) has sought data from companies on production and distribution. In a March 13 order, the NPPR has asked all essential items makers to submit data (in requisite format) to government by March 18. Failing to do so would invite penal action. Read more...
Limited edition vehicles help automakers attract buyers, boost sales
Fiat Chrysler Automobiles, known for its best-selling premium SUV, the Compass, recently managed to rev up its India revenues via its rugged jeep, the Wrangler. The company, which had imported around two dozen special limited edition versions of the Wrangler, priced at almost Rs 70 lakh, sold every single completely built unit (CBU) in a matter of just 10 days. Read more...
Power gencos, states owe Rs 22,770 crore to CIL, NLC India and SSCL
Power generating companies, especially state-owned units, owe Rs 22,770 crore to Coal India (CIL), Singareni Collieries (SSCL) and NLC India. Of this, CIL owed Rs 12,423 crore as on January. SSCL owed Rs 6,286 crore. These dues of generating companies (gencos) to coal mining entities rose 16 per cent over the past four years. Among the states, Tamil Nadu and Telangana have the highest share of dues to NLC and SCCL, respectively. Read more...
Centre set to overhaul audit regime to check lapses in governance
The ministry of corporate affairs is set to make major changes to the framework of statutory audits to ensure that managements cannot arm-twist or tempt auditors into overlooking governance lapses. The proposed changes will mostly be through rules under the Companies Act as well as through changes to auditing standards so that no major change in the law is required, said two people familiar with the discussions in the government, reports Livemint.
Digital payments get boost amidst Covid-19 concerns
Digital payment players have got a boost on the back of concerns over coronavirus and the recent advisory by the Reserve Bank of India to use non-cash payment options like NEFT, IMPS , UPI and Bharat Bill Pay, reports Hindu Business Line.