7th April 2020
Today’s news headlines of Business Standard, Money Control and Financial express newspapers.
• IDBI Bank: Board members to meet on April 8 to consider the proposal of rupee bond borrowings limit of Rs 7,500 crore for FY21.
• PTC India: Standalone credit rating for various long term borrowings are remain same as A+ (Stable) from CRISIL, ICRA, and CARE.
• Force Motors: Sales in March dropped considerably to 877 vehicles against 2,117 in February. Production fell to 1,198 against 1,864 MoM.
• PNB Housing Finance: ICRA downgraded the rating of NCDs and Tier II bonds to AA (Negative) from AA+ (Negative).
• India between Stage 2 and 3 of coronavirus pandemic: Health Ministry
• India’s growth may slip below 3% in FY21 if coronavirus proliferates: KPMG
• Kotak Bank reported a 20% YoY rise in its deposit base to Rs 2.59 trillion in the quarter ending March 2020 compared to Rs 2.16 trillion in the same period last fiscal year. On a sequential basis, the deposit base has grown 12% over December 2019.
• HDFC Bank said in its quarterly update that its advances grew 21% in the quarter ending March (Q4FY20) while its deposit base grew 24% in the same period.
• Petrol sales shrink 15.5%, diesel 24% in March as lockdown wipes demand.
• Canara Bank to cut repo-linked lending rate by 75 bps.
• India needs greater access to the US market to curb coronavirus-induced export contraction: IACC
• Indian macroeconomic situation bleak, set to worsen if lockdowns continue: Jean Dreze
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