Heena Sharma Blog

India has recorded 9,304 new cases in the last 24 hours, its biggest single day spike, taking the country’s official to 216,919. Meanwhile, the death toll of the country stands at 6,075 after reporting 260 casualties since yesterday. On a positive note, the recoveries from the disease rose to 104,107 after 3,804 people were treated successfully on Wednesday. Now, let’s have a quick look at coronavirus ’ impact on businesses, and to be precise, to the hard hit aviation sector. In light of the outbreak, the Adani group has expressed its inability to take over three airports it won after aggressive bidding last year, dealing a blow to the government’s privatisation plan. Read More

Faced with severe pressure on revenues, TajGVK Hotels & Resorts Ltd , a joint venture of Tata group’s Indian Hotels and GVK group, is approaching lenders for a moratorium on loan repayments under RBI’s Covid-19-Regulatory Package. TajGVK did not honour payment obligations falling due in March 2020, pertaining to a Rs 94.75 crore term loan, according to rating agency ICRA. The rating agency affirmed “A+” rating for long term loans and “A1+” for short term loans. However, it revised the outlook on rating from “stable” to “Negative”. Read More

The commercial vehicle (CV) industry, already under pressure due to the economic slowdown, axle load norms, GST and other issues, is now facing another challenge in the coronavirus outbreak. These factors are likely to lead to a further contraction of 8-10% in FY21, with profitability and credit metrics of CV OEMs likely to remain under pressure. ICRA said that it continues to maintain a negative outlook for the commercial vehicle (CV) segment over the near-term, given the slowing economic growth, current overcapacity in the CV ecosystem and not so benign financing environment, with challenges further aggravated by the recent and rapid spread of novel coronavirus in India. The demand headwinds are expected to continue over the near-term given the macroeconomic challenges in view of the recent pandemic outbreak, coupled with weakening financial profile of fleet operators and significant price hikes because of transition to BS-VI emission norms. This would exert pressure on ea