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Why India needs a composite strategy to combat Coronavirus

There might seem to be many options, but effectively there is only one. That is what India is looking at right now.

Goldman Sachs Group

01 April, 2020, 04:03 AM IST

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Coronavirus crisis a 'game changer' for oil sector: Goldman Sachs

Oil has been hit disproportionately by the "coronacrisis", sending landlocked crude prices into negative territory, Goldman said.

Market rout probably past its worst now: JPMorgan

Most risk assets should trade higher in the second quarter of the year.

Covid-19: Empowered groups taking steps for stranded labourers

The empowered group on supplies and logistics, headed by Ministry of Drinking ...

  • The Ahmedabad-headquartered company said it would contribute Rs 50 crore to the PM – CARES Fund and additional Rs 50 cr under various other initiatives concerning the pandemic.

    The group, which also includes Biocon, Oyo Hotels, Lemon Tree Hotels, Ginger Hotels, Zomato, SBI, HUL and Deutsche Bank, has identified about 80,000 hotel rooms across the country that can be converted into isolation rooms with medical supervision based on need. It is also pooling CSR funds to help patients with financial issues.

    "The coronacrisis - or more precisely, the response to that crisis - represents a physical (as opposed to financial) constraint on economic activity that is unprecedented in postwar history," the investment bank said. It sees the real GDP in advanced economies contracting "very sharply" in the second quarter, including a 24% drop in the US.

    The consortium, which also includes seven Formula One teams including McLaren and Mercedes, home to World Champion Lewis Hamilton, said they had pulled staff off existing projects to meet the national need. Some 1,228 people have died from coronavirus in the United Kingdom.

    As part of relief measures, the group is also providing ration, grocery and accommodation to all the contractual labourers who are stuck due to the nationwide lockdown and stoppage of all transportation.

    Piramal Foundation, the group's philanthropic arm that has presence in 25 states across India continues to work in partnership with the government, in the remotest parts of the country as it deploys various measures through its three initiatives, to address the COVID-19 pandemic, the statement said.

    The bank bought $722.4 mn in assets from its Goldman Sachs Financial Square Money Market Fund.

    The group is also looking at using its R&D facilities to meet requirements of critical medical equipment such as ventilators, respiratory equipment and other sanitation/hygiene goods.

    The head of the Italian-American automaker made the announcement in a letter to employees obtained Tuesday by AFP. The letter says that Fiat Chrysler Chairman John Elkann and members of the company's board of directors were giving up their salaries until the end of 2020.

    Broadbent had been CFO at the New York financial services company and investment bank since November 2007, following a 16-year career at Morgan Stanley, where he was head of institutional controllers for fixed income, equity and investment banking.

    As of the company’s 2019 annual report, JSW Steel has a net debt of Rs 42, 341 crores and JSW Energy has a net debt of Rs 2,879 crores.

    In February, GMR Group had signed an agreement with France’s Groupe ADP to divest 49% stake in GAL.

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