Maruti Suzuki and Mahindra and Mahindra are gearing up to produce ventilators to help the government fight against the Coronavirus pandemic in India. Centre has come out with an Rs 1.7 lakh crore economic package to help the poor tide over the impact of national coronavirus lockdown. Sensex and Nifty extended gains for the third consecutive session on Thursday and ended near day's high, backed by buying in index heavyweights. Read for more top stories from the world of business and economy:
The contraction in Indian corporate sector during the financial year 2019-20 is 12.9 per cent, which is worse than the six per cent contraction recorded during 2008-09 following the global liquidity crisis.
In a letter to the RBI, the finance ministry has suggested a moratorium of a few months on the payment of EMIs, interest and loan repayments and relaxation in classification of bad loans.
Finance Minister Nirmala Sitharaman listed eight specific sections that will be covered under the cash transfer part of the economic package meant to mitigate economic impact of coronavirus lockdown.
BSE 30-share barometer Sensex ended 1,410 points higher at 29,946 and NSE 50-share index Nifty closed at 8,641, rising 323 points.
Pawan Goenka, the managing director of Mahindra and Mahindra's automotive division on Thursday, tweeted that company has embarked on a two pronged strategy to produce ventilators at its factories.