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Office-based employees of Hindustan Unilever (HUL) went into a work-from-home (WFH) mode from March 17 itself, and the Rs 38,000-crore FMCG major has already framed a new set of protocols for employees, area sales managers (ASMs) and the field force. An incident management team (IMT) - a cross-functional steering committee - has been set up to lead multiple pillars for Covid-19 readiness, and over 1,000 circle meetings (virtual meetings each manager has had with his or her team) have taken place to cover the last blue-collared employee on the shop floor.The company has mapped 40-50 top mission-critical roles, with a plan of two levels down as substitutes to ensure business continues if any individual is unable to attend to a role. For its 140 ASMs, the directive is in any given week — very few managers would travel in the market for business-critical work. Similarly, for office support, a small number of managers would come to office, while a higher number of remaining managers would w...

By Lijee PhilipMUMBAI: On Wednesday, Mahindra & Mahindra will see the reshuffle of its top management finally take effect, a transition during a difficult time for a company struggling to overcome a sales slump and mounting competition.The new leadership structure will ensure more defined responsibilities, sources said.To start with, the UV and tractor maker has shortlisted 4-5 key senior strategic positions — head of strategy, IT, customer experience/ brand as well as a CFO — that will be announced shortly.Some roles are completely new positions. For instance, the current head of strategy Anish Shah becomes the deputy managing director, and the incumbent CFO VS Parthasarathy will now head the new mobility business. As the company looks for a new CFO, and a strategy head, the new positions of brand and customer experience are being created to make the company more market-friendly and open to change.Mahindra has in the past preferred not to make lateral hiring of top management. Ins...

India’s biggest delivery brands need experienced riders, so pick up your phone immediately and call us, said a message sent by Releski Jobs to workers in the restaurant industry. Releski Jobs is an online portal which connects job seekers and employers in the restaurant, hospitality and retail sectors.

By Vrishti BeniwalIndia kicks off its fiscal year with revenues under severe strain.A prolonged slowdown in the economy depressed tax collections in the financial year that ended Tuesday, latest official data show. As India now conducts the world’s biggest lockdown, budget pressures are set to worsen.Finance Minister Nirmala Sitharaman has already outlined a virus relief package of Rs 1.7 lakh crore ($22.5 billion) and may be planning more support. That could push up the government’s fiscal deficit target to as high as 6.2% of gross domestic product in the current year, according to Fitch Solutions, compared with the government’s target of 3.5%. Others, like DBS Group and Nirmal Bang Institutional Equities Pvt., see a deficit of 4.5%.“All the budget maths will go haywire,” said Kunal Kundu, economist with Societe Generale GSC Pvt. in Bengaluru. “There will surely have to be some restructuring in expenditure profile and the fiscal deficit would indeed have to rise, not just because of h...

By Ishika MookerjeeAs global stocks attempt to recover from their biggest quarterly loss since the global financial crisis, veteran investor Jim Rogers says there’s worse to come.The current rebound in markets may continue for a while following a bout of extreme pessimism, but another rout is imminent, according to the chairman of Rogers Holdings Inc. That’s because of a triple whammy of coronavirus-fulled economic damage, high debt levels and interest rates that are low, which will hurt when they rise.“I expect in the next couple of years we’re going to have the worst bear market in my lifetime,” Rogers said in a phone interview.Stocks plummeted in the first three months of the year as worries about an all but certain recession swept through markets. A global gauge of emerging- and developed-world equities posted its worst quarter since 2008, even as governments worldwide pumped trillions to prop up economies and central banks undertook emergency interest-rate cuts.This is not the fir...

On March 24 last week, Prime Minister Narendra Modi ordered a complete lockdown of the nation. He did not have a choice. If India had enough resources and the benefit of having dealt with the Severe Acute Respiratory Syndrome or Middle East Respiratory Syndrome in the recent past, as Taiwan, Hong Kong, Singapore and South Korea did, it could have successfully fought off the virus through testing, contact tracing and widespread use of masks. But having limited resources and Covid-19 being its first brush with a pandemic, which also happened to move at astronomical pace, India is in no position to follow that path.Critics have said that the PM acted in haste. But here is what happened in my city, New York. On Sunday, March 8, when Columbia University where I serve as a professor decided to replace all in-class teaching by online instruction, the city had just 14 confirmed cases of Covid-19. Till then, the disease had not claimed a single life. Sadly, however, the national and state gover...

AM/NS India, a joint venture between ArcelorMittal and Nippon Steel, and HMEL, a partnership between Hindustan Petroleum and Mittal Energy Investments, have announced a Rs 100-crore support package to strengthen India's capacity to protect families and communities impacted by COVID-19, which is having significant repercussions for people the world over.Announcing this, LN Mittal said: "No country will be immune and for those like India, with a vast population and at a critical point in its development, the impact could be very serious." Collaboration in times like these is critical, he said adding governments, companies and citizens must therefore work together to pool their resources, to ensure every action is taken to combat the pandemic as swiftly as possible."Both our operations in India commit equally to a total of Rs 100 crore to Prime Minister’s Citizen Assistance and Relief in Emergency Situation Fund (PM-CARES] for the ongoing relief efforts countrywide,...

BENGALURU: Biocon’s insulin manufacturing facility in Malaysia has received an establishment inspection report (EIR) from the USFDA indicating that the inspection is closed.This is an important milestone in Biocon’s journey of developing insulin Glargine for patients in the US, said a company spokesperson. The Bengaluru-headquartered biotech firm’s insulin Glargine (Semglee) application filed by its partner Mylan, with the USFDA under the 505(b)(2) NDA pathway, is currently under review. “This is to inform you that Biocon Sdn Bhd, a subsidiary of Biocon, has received the EIR from the USFDA for the pre-approval inspection of its insulins manufacturing facility in Malaysia, for Insulin Glargine. The inspection was conducted between Feb 10 and 21, 2020,” said the company spokesperson in a statement. The inspection has been closed with a voluntary action indicated classification in the EIR for the three observations issued at the conclusion of the inspection.

NEW DELHI: Shares of Indiabulls Housing Finance advanced nearly 9 per cent in Wednesday’s trade after promoter Sameer Gehlaut lapped up 24 lakh shares of the company on Wednesday.Gehlaut bought 24 lakh shares from the open market at Rs 96.33 apiece, NSE bulk deals data showed.In total, the group chairman acquired more than 80 lakh shares of the company in March when the share price tanked 65 per cent during the month.The scrip, however, traded 8.88 per cent higher at Rs 105.10 in the early trade at around 9.20 am (IST), while the benchmark BSE Sensex was down over 517 points, or 1.76 per cent, at 28951 at around the same time.Earlier, international rating agency Moody's on March 24 downgraded Indiabulls Housing Finance with a negative outlook, citing challenges in raising funds.It downgraded the corporate family rating (CFR) and foreign-currency senior secured rating of the company to B3 from B2.The foreign and local currency senior secured MTN programme ratings of the company has ...

How are you looking at the policy and fiscal stimulus action here in India vis-a-vis some of the other markets that have been impacted by COVID? What more is it that you would like to see?Regarding the fiscal support, because of the coronavirus-related lockdown, our math suggests that the economy would lose somewhere between 6-8% of the output provided the lockdown is for a month or so. What we are seeing in many markets is that the governments are trying to fill up for that lost output with the help of central banks. What we have seen in India is that the RBI has been pretty proactive and they have come up with a fairly aggressive program but the government fiscal stimulus to GDP, so far, has been less than 1%. We would expect the government to do more. We would expect the government to provide more stimulus to medium and small size businesses. We would also expect more stimulus so that the consumption, employment do not show a rapid decline. If they do, then some amount of it will be...

NEW DELHI: SAIC-owned MG Motor India said supplies of components have resumed from China but the company is facing disruption in sourcing parts from Europe due to the outbreak of coronavirus in the continent. The company, however, has not yet revised downwards production, sales and investment plans for calendar year 2020.“Our supplies and production were impacted in February because of the outbreak of coronavirus in China. In March, the situation started improving…Now we are more concerned about Italy… (But) We are still optimistic, because of our bookings, we will be able to meet our annual target. We do not see any change in plans immediately,” said MG Motor India president Rajeev Chaba.MG Motor India sources some auto parts and engines for diesel vehicles from Italy.The company has pending orders for 16000 units of SUV Hector and 2000 units of MG ZS EV. The company has sold over 20,000 units of SUV Hector between July 2019 and February 2020.MG Motor India has plans to invest Rs 2500...

MUMBAI: As uncertainty looms over corporate India in the wake of the Covid-19 outbreak, several companies under the bankruptcy resolution process may see potential buyers pulling out, said four people involved in such negotiations.There is a worry that large cases like IL&FS, Dewan Housing Finance, Jaypee Infra, Bhushan Power & Steel, Alok Industries and Reliance Communication may now take longer to execute resolution plans, they said.Many potential buyers have reached out to the resolution professionals managing companies under bankruptcy, seeking more time to take decisions.Buyers have adopted a wait-and-watch approach even in cases where the deals were in the final stages or bids submitted, as the Covid-19 crisis has put a question mark on valuations and viability of businesses.“The impact of coronavirus will be highly disruptive for the insolvency industry; even the plans which were either approved or under consideration by the committee of creditors and NCLT may go back to...

MUMBAI: Japanese institutional investor Marubeni Corporation has agreed to invest Rs 300 crore in realty developer Wadhwa Group’s nearly 1-million sq ft residential project ‘Atmosphere’ in Mulund suburb of Mumbai.This is Marubeni’s maiden investment in Indian real estate. It said in a statement that it will be investing in the project by subscribing to non-convertible debentures (NCDs) issued by the company’s project subsidiary, Atmosphere Realty.The investment will be used for the project’s second phase--Atmosphere O2--being developed by Atmosphere Realty. The first phase of the project has already been completed and delivered to 650 customers.The deal comes at a time when several transactions have being put on the backburner due to the coronavirus pandemic which is hitting global economic growth.The residential project, spread over 4.72 acres on Goregaon-Mulund Link Road (GMLR) is being developed by the Wadhwa Group in alliance with Man Infra Construction and Chandak Group.The 700-ap...

Mumbai: Tata Sons and its estranged minority shareholder Shapoorji Pallonji (SP) Group have clashed once again with the former objecting to cash-strapped SP Group’s plans to pledge a portion of its stake in the Tata Group parent to raise money. Pallonji Mistry and sons Shapoor Mistry and Cyrus Mistry, who together control the diversified SP Group, have tapped Canadian investor Brookfield for a mega $2-2.5 billion funding facility using part of its stake in Tata Sons as collateral. Brookfield, while evaluating the investment, has also reached out to a group of global and local banks to scope out refinancing opportunities. Most lenders however have sought an acknowledgement from Tata Group for their in-principle buy-in.“In the last 2 years, the operating companies of the SP Group have recorded their strongest performance to date,” an SP Group spokesperson told ET. “The Group has adequate liquidity to meet its current obligations. The SP Group periodically adjusts its portfolio to maximis...

Mumbai: Tata Sons and its estranged minority shareholder Shapoorji Pallonji (SP) Group have clashed once again with the former objecting to cash-strapped SP Group’s plans to pledge a portion of its stake in the Tata Group parent to raise money. Pallonji Mistry and sons Shapoor Mistry and Cyrus Mistry, who together control the diversified SP Group, have tapped Canadian investor Brookfield for a mega $2-2.5 billion funding facility using part of its stake in Tata Sons as collateral. Brookfield, while evaluating the investment, has also reached out to a group of global and local banks to scope out refinancing opportunities. Most lenders however have sought an acknowledgement from Tata Group for their in-principle buy-in.“In the last 2 years, the operating companies of the SP Group have recorded their strongest performance to date,” an SP Group spokesperson told ET. “The Group has adequate liquidity to meet its current obligations. The SP Group periodically adjusts its portfolio to maximis...

Bengaluru | Mumbai: Banks will mostly adopt one of two methods to honour the Reserve Bank of India’s call to allow borrowers to defer loan repayments for three months, according to people with knowledge of the matter. Customers will either have to contact the bank if they want to take advantage of the moratorium or the bank will allow the three-month break by default. In the latter instance, customers will need to let the bank know in case they want to keep up with payments.Banks said they have got in touch with customers or will do so in the next few days once they decide how to implement the decision. Many banks are still formulating policies on how the moratorium will be extended to retail loans, given their variety and complexity. RBI had announced the moratorium on March 27 as a relief to borrowers with the economy having ground to a halt due to the Covid-19 outbreak. SBI customers will possibly be able to opt for the delay by sending an email or visiting the branch, said the peop...

Mumbai: With global trading desks in a ‘sell-everything’ mood, foreign portfolio investors (FPIs) pulled a record $15.9 billion (Rs 1.2 lakh crore) out of the Indian debt and equity markets in March, according to NSDL data compiled by the ET Intelligence Group. The Covid-19 outbreak has wreaked havoc on markets across the world, with investors fleeing to whatever haven they can find, exceeding exits from India during the financial crisis. For the year, FPIs have pulled out a record $15.11 billion (Rs 1.12 lakh crore) from India, the most in Asia, barring South Korea.The combined impact of market value erosion and redemption pressure on fund houses compressed total Indian equity assets under management by FPIs to $341 billion (Rs 25.52 lakh crore) on March 15, compared with $431 billion (Rs 33 lakh crore) at the beginning of 2020, a decline of 20%.FPIs account for a fifth of the total market capitalisation of Indian equities. In the first fortnight of March, the selling of FPIs in finan...

New Delhi: Energy companies are flooded with force majeure notices from customers as the lockdown has shuttered factories and commercial establishments, destroying fuel and electricity demand.From small tile makers in Gujarat to big fertiliser and power producers, refiners, and oil & gas producers have been jolted by the global spread of Covid-19, the measures taken to stem its spread and the economic fallout.Several small factories that have shut due to the lockdown have mailed force majeure notices to city gas distributors, who have in turn sent similar intimations to gas marketers such as GAIL, IndianOil and GSPC. GAIL, meanwhile, has issued force majeure notices to its domestic and overseas suppliers, including ONGC, Petronet LNG and Russia’s Gazprom.‘Chain Reaction’“It’s a chain reaction. If the end consumer loses appetite, the effect will go right up to the producer. This is an extraordinary time, and the problem is so widespread that it’s hard for anybody in the middle to ab...

New Delhi: Energy companies are flooded with force majeure notices from customers as the lockdown has shuttered factories and commercial establishments, destroying fuel and electricity demand.From small tile makers in Gujarat to big fertiliser and power producers, refiners, and oil & gas producers have been jolted by the global spread of Covid-19, the measures taken to stem its spread and the economic fallout.Several small factories that have shut due to the lockdown have mailed force majeure notices to city gas distributors, who have in turn sent similar intimations to gas marketers such as GAIL, IndianOil and GSPC. GAIL, meanwhile, has issued force majeure notices to its domestic and overseas suppliers, including ONGC, Petronet LNG and Russia’s Gazprom.‘Chain Reaction’“It’s a chain reaction. If the end consumer loses appetite, the effect will go right up to the producer. This is an extraordinary time, and the problem is so widespread that it’s hard for anybody in the middle to ab...

Bengaluru | Mumbai: Banks will mostly adopt one of two methods to honour the Reserve Bank of India’s call to allow borrowers to defer loan repayments for three months, according to people with knowledge of the matter. Customers will either have to contact the bank if they want to take advantage of the moratorium or the bank will allow the three-month break by default. In the latter instance, customers will need to let the bank know in case they want to keep up with payments.Banks said they have got in touch with customers or will do so in the next few days once they decide how to implement the decision. Many banks are still formulating policies on how the moratorium will be extended to retail loans, given their variety and complexity. RBI had announced the moratorium on March 27 as a relief to borrowers with the economy having ground to a halt due to the Covid-19 outbreak. SBI customers will possibly be able to opt for the delay by sending an email or visiting the branch, said the peop...

Mumbai: Private labs in Maharashtra have been asked to halt sample collections of possible Covid-19 individuals as the lack of testing kits in these labs could lead to a delay in testing and contact tracing. In a note sent to the 10 private labs in the state, additional municipal commissioner Suresh Kakani of Bombay Municipal Corporation (BMC) said it has found that certain private labs were collecting samples without enough stock of testing kits.“We advise private labs to collect samples only in line with the available inventory at hand. Private labs had committed, at the commencement of their inclusion to the Covid-19 testing programme, that they will have enough kits ready for deployment. The current situation is in violation and [parties] are advised that this be rectified immediately,” said Kakani in a letter seen by ET.According to the Indian Council of Medical Research (ICMR) the total number of tests conducted in India on Monday by private labs was 1,334 tests. On Tuesday, out ...

The Centre on Monday extended the validity of vehicle documents like driving licenses, permits and registration that expired since February 1 till June 30.The move was announced to ensure hassle-free transportation of cargo while India observes a 21-day state mandated lockdown to curb the spread of the novel coronavirus.In an advisory, the Ministry of Road Transport and Highways asked all state authorities to treat these documents as valid till June 30.The decision was taken to facilitate the citizens facing difficulties in renewing the validity of various documents related to the Motor Vehicles Act and the Central Motor Vehicles Rules due to nationwide lockdown in the country and closure of government transport offices, according to the advisory.It requested all states to "treat documents under MV Act & Rules, whose extension of validity could not or not likely be processed due to lock-down and which have expired since 1st of February, 2020 or would expire by 30th of June 202...

By Hari Hara Mishra For bankers, the approaching summer will not only bring a steady rise in temperature, but also branches and offices of the banks will have to face a lot of heat in meeting the tough challenges, in the execution of plans and guidelines announced by regulatory and monetary authorities, in the background of a countrywide lockdown and an acceleration in spread of COVID 19 with increasing fatality. First, the measures announced by the government. 20 crore of women Jan Dhan account holders will be credited Rs 500/ per month for next 3 months as a part of direct cash transfer by government. This money can be digitally credited to the accounts of the beneficiaries. However, at the end user level, many of these 20 crore women at the bottom of pyramid, may not be using ATM or will need assistance in withdrawals. This will pose a huge logistics challenge in times when there is a country wide lockdown and strict need of social distancing. One suggestion could be to activate the...

NEW DELHI: Domestic equity investors would want to erase the memories of FY20 quickly after losing some Rs 41 lakh crore worth of wealth to the US-China trade war, PMC and YES Bank crises, coronavirus pandemic and ever-slowing earnings growth.The financial year gone by saw a stellar show by the 10 most-valued stocks. While benchmark Sensex stood out and hit a new record high in January, midcaps and smallcaps capitulated by falling 30 to 36 per cent. But on Tuesday, Sensex looked on course to end the financial year with a loss of over 9,000 points, or 25 per cent. NSE barometer Nifty is ending FY20 about 3,000 points, or 26 per cent, lower.The top 10 stocks that led the Sensex rally are ending the year with an average of 10.6 per cent cut, outperforming the Sensex. The 10, each with a market capitalisation exceeding Rs 2 lakh crore, had risen 30 per cent in FY19 and 20 per cent in FY18.Despite the recent fall, these10 top stocks – including RIL, TCS, the HDFC duo, HUL, Infosys and Kotak...

A four-storey building in the densely-populated, narrow lanes of Delhi's Nizamuddin Basti has come to typify the country's fears over the rapidly widening reach of novel coronavirus.Dozens of masked men on tankers filled with disinfectants have been sanitising the areas around the Nizamuddin dargah, as it emerges as one of the 'virus hotspots' of the country. While screening tents have been set up at the entrance of Alami Markaz, the headquarters of Tablighi Jamaat, which has emerged as a super-spreader of Covid-19 in the country, has been completely sealed off.It all started from a religious congregation organised by Tablighi Jamaat in the area, reports say. ine Indians who attended the gathering have died of the disease — 6 from Telangana and one each from Tamil Nadu, Karnataka and Jammu and Kashmir. At least one foreign national, a Filipino, has died and 19 foreigners, followers of this Islamic missionary movement, have tested positive for the virus across the countr...

NEW DELHI: Private steel maker JSPL on Tuesday announced a Rs 25 crore contribution to the PM-CARES Fund to fight the outbreak of coronavirus in the country."To support India's war against COVID-19, @JSPLCorporate is making an immediate contribution of Rs 25 crores to the PM Cares Fund. We will continue to extend every possible support to our nation in this fight against Covid-19," JSPL Chairman Naveen Jindal said in a tweet.To support India’s war against COVID-19, @JSPLCorporate is making an immediate contribution of Rs 25 crores to the… https://t.co/XQahNC9d0r— Naveen Jindal (@MPNaveenJindal) 1585630515000 JSPL Foundation is providing food and other essential supplies to the local communities in the vicinity of its manufacturing locations.As part of relief, Jindal Steel and Power Ltd (JSPL) has also upgraded its hospitals to fight this pandemic by equipping them with additional ventilators and Personal Protective Equipment (PPE) kits and creating isolation wards.Moreove...

New Delhi: Telecom conglomerate Bharti Enterprises and its companies Bharti Airtel and Bharti Infratel, on Tuesday announced a contribution of Rs 100 crore for India's fight against COVID-19. "A significant portion of the corpus will be immediately contributed to the PM-CARES Fund," Bharti group said in a statement.“The balance amount is being directed towards sourcing of masks, PPE and other key equipment for the doctors, healthcare workers and essential services personnel who are at the forefront of this massive battle. Over a million N-95 masks are being procured and will be made available on an immediate basis.”In addition, the group has set up a platform for its employees who are making personal voluntary contributions towards the cause. “Bharti Companies will match the amount contributed by their employees, and the same will be contributed towards the Covid-19 initiatives,” it said.Airtel’s network teams continue to work 24X7 to ensure that India’s digital backbone ...

I was reading an article by one of my favourite authors Devdatt Pattanaik in today’s ET, wherein he wrote about the relation between kings and priests. Since kings were absolute monarchs in older times, there was very little to prevent them from turning absolute dictators. But only a few kings were tyrant, while a vast majority of them were not. Devdatt wrote that it is really the priestly class, who held sway even over the king’s edicts, having the power to either overturn them, helping prevent the monarchy from turning into dictators and tyrants.He describes how Hindu kings always sought the approval of the raj guru, the priest of the court. Similarly the Church ruled or dominated many a Christian ruler and even in Islam, the influence of the priestly class is well recorded. In Zorastrian faith, the king and the priest were always one, separated only in function.Overall, it was seen that the king could be superseded, if at all, only by those that spoke to God or carried the word of G...

BENGALURU: CEO and MD of IT major, Infosys Ltd, Salil Parekh has said it's imperative for businesses to join hands with the governments, civil society and healthcare institutions in the battle to halt the spread of the novel coronavirus.The COVID-19 pandemic is one of the toughest challenges that the world has been faced with, he said."At such a time, it is imperative for businesses to join hands with the governments, civil society, as well as healthcare institutions to support the communities we live and serve in," Parekh was quoted as saying in a statement of Infosys Foundation, the Bengaluru-headquartered company's philanthropic and CSR arm.Infosys Foundations, both in India and in the USA, are extending their resources and technological capabilities to help people who are most impacted by this pandemic, he said.Infosys Foundation Chairperson Sudha Murty added: "These are unprecedented times that require every section of the society to rise up to the challenge...

Ruchir SharmaJust outside my home in Delhi, migrant workers flow by all day, their fates unclear. They are walking home to villages near Lucknow, Kanpur and points beyond, jammed together in packs. None knew when their next meal would come or how long it would take to get home. Almost all said they understand why the government locked down the country to contain a deadly disease. If they die of hunger on the road or when they get home jobless, they say, it doesn’t matter.That doesn’t mean India should not think twice. New Delhi imposed the strictest lockdown measures in the world, designed to keep1.3 billion people at home, on the logic that if the pandemic gets out of control, India’s frail healthcare system won’t be able to cope. It was hard to imagine the exact economic fallout. But harrowing images of migrant workers flooding out of the major cities by the tens of thousands have made the unintended consequences painfully clear.Many countries are already debating when to ease the lo...

By Andy MukherjeeStop all the clocks. That’s what the Indian central bank is permitting lenders to do for three months after Prime Minister Narendra Modi announced one of the harshest lockdowns anywhere in the world to arrest the spread of the coronavirus. India isn’t the only country going down the route of payment moratoriums. Malaysia has announced an automatic freeze on ringgit advances for six months for individuals and small businesses, and “strongly encouraged” banks to consider similar requests from larger firms. Loans kept in abeyance won’t count as nonperforming. The Philippines, which has already granted relief to 5 million homeowners on mortgage payments, has authorized President Rodrigo Duterte to order a more sweeping grace period. Australian banks are deferring mortgage and small-business repayments for up to six months.Is putting finance on ice the right strategy, especially in emerging economies? Agustin Carstens, general manager for the Bank for International Settleme...