Business Highlights

Following are the top business stories at 1845 hours: DCM28 BIZ-FIN PACKAGE-INDUSTRY Govt working on financial package for all sectors, says official New Delhi: The government is working on a comprehensive financial package not only for MSMEs but for all sectors of the economy, a top official said on Thursday. DCM34 BIZ-GAS-LEAK-COMPANY Vizag gas leak: Plant produced stuff used to make disposable plastic cutlery New Delhi: LG Polymers India, the company behind the deadly styrene gas leak in Visakhapatnam that left at least nine dead and hundreds hospitalised, is a subsidiary of leading South Korean chemical firm LG Chem that had entered India in 1997 through the acquisition of a local company.

CCM1 BIZ-SBI-NBFC SBI to extend moratorium to NBFCs Kolkata: The country's largest lender SBI has decided to extend the RBI-approved moratorium to the cash-strapped NBFC sector to help them tide over the crisis, its MD Dinesh Kumar Khara said on Thursday. DCM47 BIZ-LD SBI-LENDING RATE SBI cuts benchmark lending rate by 15 bps; launches spl deposit scheme for senior citizens New Delhi: In a relief to customers, State Bank of India on Thursday slashed benchmark lending rate by 15 basis points, and introduced a special deposit scheme for senior citizens with higher interest rates.

DCM15 BIZ-RESULTS-LD HCLTECH HCL Tech Q4 net up 24.3 pc to Rs 3,154 cr, sees short-term impact of COVID-19 New Delhi: IT services major HCL Technologies on Thursday posted 24.3 per cent jump in the March quarter consolidated net profit at Rs 3,154 crore, and said there could be certain short-term challenges like clients deferring new projects and volume-based billing impact on account of COVID-19 pandemic. DEL72 BIZ-LD STOCKS Benchmarks resume slide as virus cases spurt; banks top drag Mumbai: Equity indices ended lower after range-bound trade on Thursday as risk-off mood took hold amid a spike in coronavirus cases in the country. DCM46 BIZ-GSK-HUL GSK exits HUL, sells 5.7 pc stake for Rs 25,480 cr New Delhi: GlaxoSmithKline Plc (GSK) on Thursday said it has offloaded its 5.7 per cent stake in Indian FMCG major Hindustan Unilever for around Rs 25,480 crore. DCM32 BIZ-RESULTS LD ARCELORMITTAL ArcelorMittal reports USD 1.1 bn net loss in Jan-Mar qtr New Delhi: Luxembourg-based ArcelorMittal on Thursday reported a net loss of USD 1.1 billion for the first quarter ended March 31, 2020 amid the coronavirus pandemic.

DEL75 BIZ-GADKARI-MSME MSME sector on verge of collapse: Gadkari New Delhi: Union Minister Nitin Gadkari on Thursday said micro, small and medium enterprises (MSME) sector is on the verge of collapse and urged major industries to release the outstanding dues to such companies within a month. DCM43 BIZ-GOVT-ANNIVERSARY Govt starts compiling achievements in one yr to mark 1st anniversary of Modi 2.0 New Delhi: As Prime Minister Narendra Modi-led government is completing one year in the office later this month, the Centre has started an exercise to compile achievements of various ministries and departments in the first year of Modi 2.0.

DCM13 BIZ-VIRUS-TRADERS-GOYAL CAIT flags traders' inability to pay full salary for April, seeks Goyal's intervention New Delhi: As the country battles COVID-19, traders' body CAIT on Thursday said traders are facing a tremendous financial crunch and payment of full salary for April to their staff was next to impossible. DCM12 BIZ-VIRUS-AVIATION-CRISIL Domestic aviation industry to crash-land this fiscal with Rs 24,000-25,000 cr revenue loss: Crisil Mumbai: The domestic aviation industry, which has been severely hit by the coronavirus outbreak and the subsequent lockdown, is expected to crash-land this fiscal with a massive revenue loss of Rs 24,000-25,000 crore, a Crisil report said on Thursday.

DCM19 BIZ-MOODYS-ONGC ONGC, OIL earnings to decline, credit metrics weaken due to lower oil prices: Moody's New Delhi: State-owned Oil and Natural Gas Corp (ONGC) and Oil India Ltd are likely to see earnings decline and credit metrics weaken due to fall in oil prices, Moody's Investors Service said on Thursday. DCM35 BIZ-GADKARI-HIGHWAYS Road construction worth Rs 15 lakh cr in next 2 years; auto scrapping policy soon: Gadkari New Delhi: The government is planning to build highways worth Rs 15 lakh crore in the next two years, Union Minister Nitin Gadkari said on Thursday.

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