A snap poll conducted by CII on 200 chief executives across sectors found majority of them fearing their revenues would fall and profits dip during the first six months of the current year. Modi government announced that President, Vice President, Prime Minister and all Members of Parliament will take a salary cut of 30% in wake of rising coronavirus cases in the country. At a time when private-sector lenders are facing a decline in deposit base, HDFC Bank has reported an increase in aggregate deposits during the January-March period. Read for more top stories from the world of business and economy:
Expectations of a sharp decline in both revenue and profit growth by domestic firms could foretell significant impact of this outbreak on the country's GDP.
"President, Vice President, Governors voluntarily decided to take pay cut. Money will go to Consolidated Fund of India," Javadekar added.
The company would now be catering customers across 90 cities in the country and around 70 per cent of its fleet are on-ground to facilitate the supplies of essential commodities.
HDFC Bank's advances aggregated to Rs 9.9 lakh crore as of March 31, 2020, registering a growth of around 21 per cent as compared to Rs 8.19 crore in the year-ago period.
Coronavirus-triggered crisis could shave off 1.3% of Infosys's revenue in the fourth quarter, according to a research note by BMO Capital Markets.