Top Headlines: Losses rise as India locks down; businesses seek stimulus

Business Standard brings to you the top headlines of the day

1. Experts peg India's Covid-19 lockdown cost at $120 bn, call for relief plan

Pegging the cost of the Covid-19 lockdown at $120 billion (approximately Rs 9 trillion) or 4 per cent of the GDP, analysts on Wednesday sharply cut their growth estimates and stressed on the need to announce an economic package.

The Reserve Bank of India (RBI), which is scheduled to announce its first bi-monthly policy review on April 3, is set to deliver a deep rate cuts and it should also be assumed that the fiscal deficit targets will be breached, analysts said. Read on...

Govt likely to unveil Rs 1.5 trn stimulus

 

The government is likely to agree an economic stimulus package of more than Rs 1.5 trillion ($19.6 billion) to fight a downturn in the country that is currently locked down to stem the spread of coronavirus, two sources familiar with the matter told Reuters. Read on...

2. Markets will be choppy amid 21-day lockdown; recovery to be slow, painful

The sharp fall in the Indian markets from their recent peak triggered by the coronavirus (Covid-19) pandemic is factoring in the 21-day lockdown to an extent, but the recovery from these levels will be a slow and a painful process, say analysts. 

Given the developments, they expect fiscal and monetary support from the government and the Reserve Bank of India (RBI) to revive sentiment and expect the markets to remain choppy as they track the pandemic-related developments. Read on...

3. 21-day lockdown must be backed by stimulus measures: Brokerages

Most brokerage are of the view that the 21-day lockdown is the better pill needed to ensure that the economy remains healthy in the long-run. 

While they see the economy taking a huge knock in the short-term, they expect a sharp recovery if the lockdown, backed with timely fiscal and monetary packages, effectively curbs the spread of the virus. Read more...

4. Covid-19: GoAir is third airline to cut salaries, all staff to take hit

GoAir will cut salary of all its employees for month of March following grounding of all domestic flights in the country.

GoAir is the third airline to announce a pay cut after IndiGo and Air India which have slashed salaries to tide over Covid-19 crisis. Read on...

5. Covid-19: Air India to incur Rs 30-35 cr loss per day after flying ban

Flag carrier Air India is expected to incur losses to the tune of Rs 30-35 crore per day following the suspension of operations in the wake of coronavirus pandemic, according to a source.

With stringent border controls across the countries to restrict movement of people, many countries have barred international flights in their territory amid COVID-19. India has also announced a temporary ban on flying. Read more...

6. Covid-19 impact: Banks want NPA forbearance for next two quarters or more

While the government has raised the threshold for invoking insolvency under the IBC (Insolvency & Bankruptcy Code) to Rs 1 crore from Rs 1 lakh, financial institutions and banks expect much more, with banks in particular want at least 90 days deferment in NPA (non-performing asset) classification. 
 

The real impact of the crisis could be felt in the next two quarters, they said. Read on...

7. Sameer Aggarwal elevated to Walmart India CEO, takes charge on April 1

Walmart India has promoted its Deputy CEO Sameer Aggarwal as Chief Executive Officer of Best Price, Walmart India. He will take over his new role from April 1.

This is Aggarwal's third promotion in the two years since he joined Walmart India in April 2018 as Executive Vice President to look at strategy and administration. Read on...

8. FB keen on buying 10% stake in Jio; Covid-19 may delay the deal: Report

US tech giant Facebook is looking to buy a multibillion-dollar stake in Mukesh Ambani's Reliance Jio, reports Financial Times. India's fastest-growing network, Jio, has over 370 million subscribers.

According to the report, Facebook is keen on picking up a 10 per cent stake in Indian telecommunication behemoth, however, the outspread of coronavirus could alter the schedule of signing the deal. Read more...