Don't miss the Top Business News in wake of 21- day lockdown - Business2business

Lockdown in the wake of the spread of the Coronavirus disease resulting in a halt in Manufacturing; Companies Shut their Plants

Manufacturing in some of the important sectors in India has stopped. More companies have been making an announcement that they will shut down their factories because of the shortage of labor as well as raw materials. Also, there is a lack of any logistical support due to the ongoing lockdown in the country. The lockdown has been done to contain the spread of the coronavirus disease. It is having a drastic impact on their plants overseas.

Aditya Birla Group-owned Hindalco has made an announcement about their temporary shutting down or scaling down its operations at some of their aluminum and copper manufacturing facilities in accordance with the directions given by the government. The operations are managed by fewer staff members for the efforts of practicing social distancing.

E-Commerce Firms are all-Set to Resume their operations After Assurance by Police

E-commerce major, Flipkart said in a statement that it will resume its services. Also,  Amazon said that it will be working with the government to ensure that the delivery of goods after the state governments had reached out to the companies, leading to the temporary stopping of accepting any new orders because of the reports of high-handedness by police everywhere.

The Delhi police said in a statement that they are engaged with the e-commerce firms and are also issuing passes to make sure that the agents are able to commute easily and deliver the essential commodities to the residents during the lockdown. The Bengaluru police have also prepared guidelines for issuing curfew passes to the delivery agents.

SEBI considering to Cut the commodity Derivatives Timings Till 5 pm

The Securities and Exchange Board of India (SEBI) may cut down the trading hours for commodities derivatives from 11.30 pm to 5 pm over the lockdown to contain the coronavirus is in place.This has been done after the submission by the brokers to the regulator who has been requesting measures after the announcement of the lockdown. Several brokers find it difficult to call even some of the staff in the office.

The Equity derivatives will be functioning until 3.30 pm for derivatives as well as the cash market. But, commodities used to remain open till late, majorly for the globally referenceable commodities including bullion, metals, and energy. The International markets will stay open round the clock.

Banks to Offer Fresh Lines of Credit to the  SMEs during the Lockdown

Apart from the State Bank of India, Bank of India and the Bank of Baroda has announced a fresh credit line for the companies that have been troubled, they are also expecting defaults by the small and medium firms as the financial year is approaching the end. Union Bank and the Indian Bank have also made an announcement regarding similar measures taken so as to increase the limits of working capital.

Banks are also asking the Reserve Bank of India (RBI) to delay the classification of the non-performing asset (NPA) by three months. If a loan is not serviced for a total of 90 days, it is a bad debt for the bank. To ease the pressure caused as a result of the coronavirus lockdown, the corporates had to ask their respective banks and the government for a six-month liquidity line. This will enable them to make payments to their suppliers as well as employees.