Tag: coronavirus pandemic

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The contribution by the organization includes the one-day salary contribution by employees of Amara Raja Group
The contribution by the organization includes the one-day salary contribution by employees of Amara Raja Group

New Delhi: The automotive battery maker Amara Raja has donated Rs 6 Crore to lend support in the fight against the Covid-19 pandemic, the company said in a press release.

As per the release, out of the six crores, Rs 5 Crore is donated to the Andhra Pradesh CM relief fund and Rs 1 Crore to Telangana CM relief fund. This contribution by the organization includes the one-day salary contribution by employees of Amara Raja Group, the company added.

Additionally, the Tirupati based company said, Jayadev Galla, Vice Chairman of Amara Raja Group, in his capacity as the Member of Parliament, Guntur has announced a sum of Rs 2.5 Crore from his MPLADS fund for the prevention of COVID-19 in his parliamentary constituency.

Commenting on the recent developments, Ramachandra N Galla, Chairman of Amara Raja Group said, “Amara Raja group stands in solidarity with the government in its efforts to fight the pandemic of Covid -19, with the healthcare workers tirelessly standing on the frontline fighting day and night to overcome the Coronavirus and with the people of the country. Alongside our social endeavours, internally we are geared up to support our employees, customers, community and all our stakeholders.”

Further, Rajanna Trust, the CSR arm of Amara Raja Group informed that they will continue to support by providing medical essentials in government hospitals in Chittoor district and Guntur district. The company said it has made a donation of Rs 5 Lakh worth masks, gloves and sanitizers, informed the company.

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The key demand drivers construction and infrastructure sectors besides the automobile and capital goods sectors, continue to witness muted or negative growth due to coronavirus pandemic.
The key demand drivers construction and infrastructure sectors besides the automobile and capital goods sectors, continue to witness muted or negative growth due to coronavirus pandemic.

New Delhi: The performance of Indian steel players is likely to be affected in the first quarter of 2020-21 due to the coronavirus outbreak and the subsequent nationwide lockdown, according to ICRA. Domestic firms may have to face challenges such as weak domestic demand, which is likely to lead to inventory pile-up exerting pressure on steel prices, the ratings agency said in a statement.

“The outbreak of coronavirus and associated lockdown will keep both production and consumption under check in Q1 (first quarter) FY21. As a result of Covid-19 pandemic and the 21-day nationwide lockdown, the performance of domestic steel makers is likely to be adversely impacted in Q1 FY21,” it said.

Jayanta Roy, Senior Vice President and Group Head, ICRA said the Covid-19 and slowing Chinese demand will affect global steel demand-supply balance in the near term.

In the domestic scenario, the key demand drivers –construction and infrastructure sectors — besides the automobile and capital goods sectors, continue to witness muted or negative growth, Roy said.

As far as exports are concerned, Icra said, the rapid spread of the outbreak to countries other than China has disrupted the seaborne steel trade, and the same is likely to fall further amid the looming uncertainty surrounding global growth.

As for imports, the increased scrutiny of shipments and weakened position of the rupee are expected to keep them low.

The rally witnessed in domestic steel prices since November 2019 is based on supportive international prices, but this is likely to halt due to the outbreak.

The agency also noted that domestic hot rolled coil(HRC) prices stood at Rs 38,000/MT in March 2020, and given the low demand amid the lockdown, a correction looks highly likely only in the next quarter.

Roy said: “We are not expecting a rebound in steel consumption growth in FY2021. As against a growth rate of 3.8 per cent in FY2020, consumption growth is likely to settle at around 2-3 per cent in FY2021, given that Q1 could be a very weak quarter. Margin improvement is unlikely in FY2021.”

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