In fact, the three-way merger of Dena Bank and Vijaya Bank with Bank of Baroda took over six months to come into effect. While the government first proposed the merger of the banks in September 2018, the merger came into force on April 1, 2019.
While Mahindra & Mahindra Ltd on Friday said it will be suspending automobile production for 8-14 days in the ongoing quarter in various plants to align production with demand, Tata Motors said that it is going for adjustments in production and block closure in line with the slowdown in demand.
FADA has stated that nearly 2 lakh jobs have been cut in the last three months due to the slowdown. The slowdown continued in July, which reflected in the decline in domestic sales of up to 50 per cent announced by leading automobile manufacturers.
RBI rate cut explained: While inflation is a key consideration for a rate cut and it provided RBI the comfort to go for a cut, the decision was also taken to boost aggregate demand especially private investment.
Not just cars, sales of trucks, tractors and motorcycles too are down. The NBFC crisis has caused a liquidity crunch, and customers are postponing the decision to buy. What does this mean for the economy?
This announcement comes days after the company announced a nearly 40 per cent jump in its profit at Rs 512 crore on a revenue of Rs 1,789 crore ( a y-o-y growth of 14.5 per cent) in the quarter ended June 2019.
Not only do these issues find mention in Siddhartha’s note to the board of directors of Coffee Day Enterprises Ltd and his employees, the publicly-listed company’s latest annual report also bears testimony to its rising liabilities.