Biz EOD: Helping hands for Yes Bank; Sensex bounces back; auto sales catch a case of coronavirus
BusinessToday.In March 14, 2020
As Cabinet approved RBI's reconstruction scheme for Yes Bank on Friday, ICICI Bank, Axis Bank and Kotak Mahindra Bank promised to invest in the cash-strapped private lender. Meanwhile, Sensex reversed multi-year lows to register the biggest single-day recovery. Coronavirus fears reflect in poor automobile sales during February. Read for more top stories from the world of business and ecconomy:
According to respective regulatory filings, ICICI Bank will invest Rs 1,000 crore, Axis Bank will pump in Rs 600 crore, and Kotak Mahindra Bank will give Rs 500 crore to revive the cash-strapped Yes Bank.
Finance Minister Nirmala Sitharaman stated that the RBI's moratorium on the beleaguered private lender will be lifted three days after the revival plan is notified.
The benchmark Sensex rallied 1,325 points on Friday after a sharp plunge of 2,919 points witnessed the previous day, the sharpest single day recovery.
Though the inventory level is down by eight days, there are sufficient stocks for more than a month for every therapeutic category, while Chinese raw material supplies have resumed in a limited manner.
In February, sale of passenger vehicles was down 7.6 per cent, commercial vehicles by nearly 33 per cent, two-wheelers by nearly 20 per cent and three-wheelers by 31 per cent.