Top headlines: Maruti Suzuki car sales drop; PSBs merger now effective

From a 47 per cent drop in car sales for Maruti Suzuki in March to China banning big crowd events over the fear of new coronavirus wave, here are top headlines of the day

Maruti Suzuki car sales drop 47% in March; ends FY20 with 16% decline

Maruti Suzuki India Ltd (MSIL), the country's largest passenger car manufacturer, on Wednesday reported 47 per cent year-on-year fall in its total sales during March to 83,792 units, as automakers in the country were forced to suspend operations amid a nationwide lockdown aimed to contain the spread of the coronavirus pandemic. With this, the company ended FY 2019-20 with total sales of 1.563 million units, down 16.1 per cent from 1.862 million in the previous fiscal.The sales during March 2020 are not comparable with sales in March 2019 due to suspension of operations from March 22 in line with national policy, said the company. Read More

India's fiscal deficit may shoot to 6.2% of GDP in FY21: Fitch Solutions
 
India's fiscal deficit in 2020-21 may shoot up to 6.2 per cent of the GDP from 3.5 per cent government estimate as a fallout of the Covid-19 economic stimulus package, Fitch Solutions said on Wednesday. With businesses disrupted due to lockdown and its ripple effects, revenue will come under "heavy pressure" and may force the government to look towards additional borrowing and/or a higher central bank dividend to fund its expenditure, it said. Read More
 
India may soon ease some drug export curbs under US pressure: Report
 
India will likely relax some export restrictions on pharmaceutical products soon due to intense pressure from the United States which is worried about drug shortages as the number coronavirus cases surge, two Indian government officials told Reuters. Read More

Covid-19: RBI announces relief for exporters, gives breather to states/UTs

After slashing lending rates significantly and providing relief in payment of EMIs, the Reserve Bank of India announced another set of measures on Wednesday to deal with the impact of novel coronavirus (Covid-19) pandemic on the Indian economy. RBI extended the realisation period of exports proceeds from nine months to 15 months for exports made up to or on July 31, 2020. This would help the exporters to realise their receipts from nations adversely affected by the virus and also negotiate future export deals. Read More

Merger of 10 PSU banks into 4 effective from today; 6 banks cease to exist

The biggest ever consolidation exercise in the public sector banking space is slated to take shape on Wednesday when six PSU lender will be merged into four in a bid to make them globally competitive. The exercise assumes significance as it is taking place at a time when the entire country is under the grip of COVID-19 outbreak. It has triggered 21-day lockdown to contain the spread of the deadly virus. Read More

Covid-19: Trump approves 90-day delay of tariffs for most-favoured nations

President Donald Trump has signed off on a plan to defer U.S. tariffs on goods from countries with most-favored nation status for three months, to help ease the economic fallout of the coronavirus, a source familiar with the decision said Tuesday. The plan would not apply to tariffs on Chinese and European goods subject to Section 301 tariffs or to steel and aluminum subject to Section 232 tariffs. The source said it remained unclear when Trump would sign an executive order deferring the levies. Once signed, it would give the U.S. Treasury Department the authority to direct Customs and Border Protection to delay collecting tariffs on those imports for 90 days. Read More

China bans big crowd events to curb second wave of coronavirus infections

Sports bodies in China have been banned from organizing events that will draw large crowds until further notice due to the coronavirus outbreak, the country’s National Sports Bureau said in a directive issued on Tuesday. In a letter sent to sporting bodies across China, the bureau said mass participation events were not to proceed as the country aimed to avoid a second wave of infections being brought in from overseas. Nearly 800,000 people have been infected across the world and more than 38,800 have died from the virus, according to a Reuters tally. Read More