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Biz EOD: Lockdown to cost India $100 bn; 50% restaurants may close; FIIs log record outflows

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twitter-logo BusinessToday.In   New Delhi     Last Updated: April 2, 2020  | 22:38 IST
Biz EOD: Lockdown to cost India $100 bn; 50% restaurants may close; FIIs log record outflows
Top stories from the world of business and economy

Each day of the shutdown may cost the Indian economy more than $4.5 billion, Acuite Ratings said in a report. Food services are one of the worst-hit sectors from the outbreak of coronavirus. Foreign institutional investors (FIIs) logged the worst sell-off ever in the domestic market last month with equity markets witnessing record losses due to rising number of coronavirus cases in India and the world. Read for more top stories from the world of business and economy:

1. Coronavirus lockdown to cost India nearly $100 billion, claims ratings agency

Despite the expectation of a significant economic revival in the second half, the overall GDP growth for FY21 may remain in the range of 2 per cent to 3 per cent.

2. Coronavirus testing kits: Mylab signs deal with Serum, APG to ramp up production

Mylab is the first Indian company to get commercial approval for its testing kits named as Mylab PathoDetect COVID-19 Qualitative PCR kit; the testing kit is approved by Indian FDA/CDSCO and ICMR evaluation.

3. Coronavirus impact: 50% restaurants to shut if lockdown extends; Zomato, Swiggy business down 10%

Only 5-6 restaurant chains have enough cash reserves to sustain more than a month, the sector will need government's help if there's no improvement after May.

4. Royal Enfield sees 16% dip in sales in FY20, 41% in March

As per the regulatory statement, filed on Wednesday, company's total sales (including exports) fell by 16% to 6,95,947 units in FY20 (April 19 - March 20) as against 8,26,098 units registered in FY19 (April 18 - March 19).

5. March mayhem: FIIs logged record outflows as Sensex, Nifty posted worst show ever

FIIs withdrew Rs 65,816 crore in a month which proved to be the worst ever for Sensex and Nifty.

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