Top headlines: Biz sentiment sinks to record low, Moody's outlook on banks

Business Standard brings to you the top headlines of the day

Covid-19: Biz sentiment sinks to record low; mfg activity down in March

The country's manufacturing sector activity grew at the slowest rate in four months during March, hampered by softer rises in new business as international demand faltered owing to the coronavirus pandemic, a monthly survey said on Thursday.

IHS Markit India Manufacturing PMI fell to 51.8 in March, from 54.5 in February, signalling the slowest improvement in business conditions since November 2019. This is the 32nd consecutive month that the manufacturing PMI has remained above the 50-point mark. Read on...

Covid-19 relief: You can defer 3 EMIs but that may be a very costly option

After RBI allowed commercial banks to provide their customers a moratorium of three months for repayment of term loans, public sector banks have sprung into action. Public sector banks have informed their customers about deferment of EMIs and interest dues to help soften the blow due the coronavirus crisis. The deferment may come at a price though. Read more...

Covid-19: Moody's changes outlook on Indian banks from stable to negative

Moody's Investors Service on Thursday changed the outlook for the Indian banking system to negative from stable, as it expects a deterioration in banks' asset quality due to disruption in economic activity from the coronavirus outbreak. It said Banks' asset quality will deteriorate across the corporate, small and medium enterprises and retail segments, leading to pressure on profitability and capital. Read on...

Housing sales may fall 35%

 

India's residential real estate has been severely hit by nationwide lockdown and sales could fall by up to 35 per cent across seven major cities during the 2020 calendar year following the outbreak of COVID-19 in the country, according to property brokerage firm Anarock. Read on...

 

PM calls for 'staggered' movement post lockdown

 

Prime Minister Narendra Modi on Thursday told chief ministers that to check the spread of the novel coronavirus, testing, tracing, isolation and quarantine should remain the focus in the next few weeks. Read on...
 

Air India suspends contract of around 200 employees

 

Air India on Thursday temporarily suspended the contracts of around 200 employees including pilots, who were re-employed after retirement, as all domestic and international commercial passenger flights have been suspended in the country till April 14 to curb the COVID-19 pandemic, a senior official said. Read on...

Recko raises $6 mn in Series A funding; to use funds for expansion, hiring

Recko, a Bengaluru-based enterprise fintech startup that enables AI-powered reconciliation of digital transactions, announced on Thursday it has raised $6 million in Series A funding. Read more...

Biocon's US prospects get a boost after company receives EIR from USFDA

Even as the benchmark indices were down 4 per cent on Wednesday, the Biocon stock jumped 2.8 per cent. The company received a go ahead (EIR) from the US drug regulator after an inspection for its insulin manufacturing facility in Malaysia. EIR is an establishment inspection report, which is given by US FDA upon closure of its inspection.  Read more...