The First Forum is an initiative which focuses on covering the latest happenings going around in the world in a brief format. This is in lieu with the importance of catching up with these events in this fast changing world.
In this Twenty Ninth Edition of The First Forum we would be covering the following:
1. Business
2. Economics
3. Finance
(By Ankita Punjani, Mehak Gupta and Divyansh Gupta)
Business
Stockpiling drives best nestle sales growth in years
Swiss food giant Nestle reported its best quarterly sales growth in nearly five years as consumers are filling their cupboards with its well-known brands ahead for the coronavirus lockdown. Sales particularly in North America, Europe and middle east in March, helped to drive an overall rise of 4.3% in the first quarter of the year which is the fastest quarterly growth in nearly five years. Read More
India’s scrap gold supply to hit all time high: WGC
The World Gold Council (WGC) said that Scrap gold supplies in India were likely to hit an all-time high in 2020 as consumers would sell jewellery to cope with the financial crunch from the coronavirus lockdown. Local gold prices surged 25% in 2019 and have risen another 16% so far in the year. Record high local prices coupled with financial pressure on households would encourage people to sell it. Read More
Coronavirus brews trouble for tea, disrupts supply as demand spikes
The coronavirus outbreak is causing a rare stir in the usually staid global tea market, with labour lockdowns stifling supplies just as millions in lockdown drive up demand for the beverage known for its immunity-boosting properties. Five countries – China, India, Kenya, Sri Lanka and Vietnam – account for 82 per cent of global tea exports, but strict restrictions on movement to contain the coronavirus pandemic have already disrupted the key leaf-picking season, delayed some shipments by about a month and triggered a spike in prices. Read More
Maruti Suzuki records zero sales in April due to lockdown
Maruti Suzuki India on Friday reported zero monthly domestic sales for the first time ever in April, as the country remained under lockdown to contain the spread of the coronavirus. The carmaker suspended operations from March 22, in line with orders from the government as India rushed to curb the spread of the virus. Read More
Economics
Low crude oil prices don’t mean much for India: Experts
India’s 40-day lockdown to contain the spread of the coronavirus is curbing oil demand and reducing the government’s tax income from the petroleum industry, which contributes about a fifth of budget revenue. Read More
Growth of core sector industries contract by 6.5% in March
India’s eight infrastructure sectors slumped by a record 6.5% in March after touching an 11-month high in February, hit by a nationwide lockdown to contain the spread of covid-19. Data released by the industry department showed sectors including crude oil, natural gas, refinery products, fertilizers, steel, cement and electricity saw a contraction in output in the month, except coal which grew 4%. Read More
SAARC Nations Roll Out Stimulus Packages to Tackle Economic Fallout
All the South Asian Association for Regional Cooperation (SAARC) nations have rolled out a raft of stimulus packages to boost investments, buffer private businesses and bolster growth in response to the COVID-19 pandemic that has upended life and disrupted economic activity in a region inhabited by over 1.8 billion people. Read More
Sugar output falls 20 per cent in October-April
India’s sugar production fell 20 per cent to 258.01 lakh tonne in the current marketing year ending September due to lower cane output, while sales plummeted during the last two months because of the lockdown. Production stood at 321.71 lakh tonne in the corresponding period (October-April) of 2018-19 marketing year. ISMA has pegged the country’s sugar production to fall at 260 lakh tonne in 2019-20 marketing year (October-September) from around 330 lakh tonne in the previous year. Read More
Ministry of Corporate Affairs invites proposals for research into corporate governance
The vast repository of corporate data contained within the corporate affairs ministry’s MCA-21 registry will now be available for research and studies into corporate governance and other related topics. The ministry has invited proposals for funding up to Rs 50 lakh for research in various topics from integration of the MCA-21 database with other databases to a corporate governance index (CGI) and more, in a notification released by the Ministry. Read More
Finance
Reliance Industries to raise up to Rs 53000 crore via right shares
Reliance Industries Ltd plans to raise ₹53,215 crore by selling shares to existing investors, the biggest such fundraising by a company in India, as the energy conglomerate aims to wipe off its massive debt. Read More
Government to raise up to Rs 10,000 crore via tax-free bonds
The government is in search of to boost as much as Rs 10,000 crore in its maiden tax-free bond situation to assist bridge the fiscal hole, which is set to widen in the aftermath of Covid-19-induced economic disruptions and low tax collections.Read More
Fitch downgrades viability rating for four banks on Covid-19 impact
Rating agency Fitch has downgraded viability rating (VR) for four lenders – Axis Bank, Bank of Baroda, ICICI Bank and State Bank of India – on rapid deterioration in the operating environment for banks in India. The deterioration in operating environment follows the coronavirus pandemic and measures to contain its spread. Read More
Sidbi, Nabard compete to lend to top MFIs under RBI’s liquidity support
The Small Industries Development Bank of India (Sidbi) and National Bank for Agriculture & Rural Development (Nabard), having Rs 40,000 crore at their disposal for liquidity support from Reserve Bank of India (RBI), both organisations are chasing top Microfinance Institutions (MFIs) for financing. According to informal estimates, the two organisations together are looking to extend Rs 7,000-8,000 crore in funding to MFIs. Read More
Leave a Reply