Company posts loss of Rs 91.83 crore in 2018-19 on account of “impairment of provision of Rs 190.85 crore arising from the investments made in IL&FS in the form of unsecured short term inter-corporate deposits,” said the rating agency.
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?