NEW DELHI: India will emerge stronger from multiple crises of economy, pandemic and super cyclone in the next 6 - 9 months feel industry leaders, based on the resilience shown by people, businesses and government. The positives and silver lining in the current COVID-19 and economic slowdown were identified and elucidated at a webinar on ‘New Normal: Impact of Covid on Business and Economy’, organized by CII, Delhi, said a release. The webinar included panelists like Aditya Berlia, chairman, CII Delhi & co-promoter Apeejay Stya & Svran Group, Rajan Mathews, DG, Cellular Operators Association of India (COAI), Sujit Baksi, head- APAC business & president, corporate affairs at Tech Mahindra, Prativa Mohapatra, VP Sales at IBM India/South Asia and Prashant Solomon, managing director, Chintels India & hon’ble treasurer, CREDAI NCR. All the participants had one common line of agreement --- telecom, and information technology is key to survival and revival … [Read more...] about Business leaders optimistic of economic revival in 6-9 months
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The RBI assessment of April 17 drew satisfaction from the resilience of agriculture and allied activities, on the back of all-time highs in the production of food grains and horticulture, with huge buffer stocks of rice and wheat far in excess of the buffer norms. … [Read more...] about ‘A good chunk of 70 million small businesses will be shuttered’
Arun Kumar: As Dr. John pointed out, lockdown is needed to slow the pace of increase of the disease. The apex has to be brought down to the capacity that we have and use the time of lockdown to build the capacity for health to cope with the emergency that is going to come. We need testing, more hospitalisation capacity, more doctors etc. Lockdown gave you time only for that. It is not a cure. In the lockdown, production completely stops, demand also correspondingly falls because of income decline. So what you have is a situation where both supply and demand are affected, the economy comes down, and only essentials are produced. In my judgment only 25% of the economy was working, so you had a minus 75% rate of growth, about 200 million people lost work because 94 % of the employment is in the unorganised sector. That completely stopped as they did not have working capital, supplies. So 94% of the workforce has lost employment. Those in agriculture can continue, and in mining and rural … [Read more...] about Can India’s workforce have a safe return to business?
Chalet Hotels, owner, developer and asset manager of high end hotels in major Indian cities said on Tuesday that in view of the current COVID-19 situation it was providing an interim update on its response to the crisis in continuation with the disclosures made by the company to the stock exchanges on March 27. Chalet said in the near term, the earnings and profitability of its business is expected to be materially impacted. "From a business continuity purpose and in preparation for the future, cashflow availability is a key focus area in these circumstances. The company has over the years built a strong hotel led mixed-use asset development model. In the current situation, while operations for hotel and retail segments continue to witness direct impact from the crisis, rentals from commercial operations provide a steady annuity shield and resilience to the operating cashflows," Chalet Hotels said in a statement. Chalet's retail portfolio includes two malls in Mumbai and Bengaluru, … [Read more...] about Chalet Hotels shares business updates on evolving COVID-19
Mumbai: Billionaire Gautam Adani plans to delist his group’s power utility, Adani Power close on the heels of Anil Agarwal announcing the delisting plans of Vedanta Ltd. Adani Power promoters intend to buyback all shares of the company and delist it from the bourses. The decision on this will be taken in the next board meeting of the company. That has a power generation capacity of 12,410 megawatts across six states in India. Promoters of the company hold 74.9% stake in the company. Shares of the company closed at Rs 36.40 on the Bombay Stock Exchange, having almost declined to half from its 52-week high of Rs 73.75 that was touched in November last year. The company said that the proposed delisting will enhance the company's operational, financial and strategic flexibility including its ability to undertake corporate restructurings, acquisitions, exploring new financing structures. “The objective of the delisting proposal is to enable the promoter group to obtain full … [Read more...] about Gautam Adani plans to delist Adani Power