A deeper crisis awaits Indian lenders

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THE ECONOMIC TIMESDaily Newsletter Tue, Jun 02, 2020 | 05:45 PM IST

#Coronavirus#EconomyTracker#Whatsbuzzing

Top stories of the day India lenders' woes may be worse than thought, Moody's says "A deeper and more prolonged credit crunch would constrain" gross domestic product growth further, and that "in turn ... India and China lock horns in distant Africa amid feud at home Mum's the word for IBM on job cuts Gujarat, Maharashtra brace for cyclone, deploy NDRF teams India unveils Rs 50,000 crore schemes to attract electronics makers Indian carmakers offer teaser loans as banking sources say RBI softens stance Amartya Sen, Satyarthi bat for $2.5 tn global Covid plan The coming Facebook-Jio stress test for India

Debate This Is India guilty of taking rating agencies too seriously? Moody's has downgraded India by a notch to Baa3. This almost-junk classification, which comes close on the heels of sub-optimal Q4 & FY20 GDP numbers, is being seen as a proof of the rating agency's disapproval of India's recent policy measures. A falling rating, coupled with virus trouble, can push the economy deep into the red. Is this downgrading fair on India?

SENSEX 33825.53 522.01 NIFTY 50 9979.10 152.95 USD/INR 75.36 -0.19

Top Gainers NSE 18 companies (largecap) appreciated more than 5% IDBI Bank 18.61% Aditya Birla Capital Ltd. 9.29% More from Gainers Top Losers NSE 2 companies (largecap) price decreased more than -3% Coal India Ltd -3.47% HDFC Life Insurance Company Ltd. -3.18% More from Losers

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A notch above junk, but that's not what is worrying economists Moody's reduced the long-term foreign-currency credit rating to Baa3 from Baa2.... IndiGo posts Q4 loss of Rs 873 cr as costs rise Lockdown: IITs chalk out plan for graduating students Infosys CEO Salil Parekh draws Rs 34.27 crore pay package in FY20 Two bidders in race for Virgin Australia Modifications in NPS financially untenable: Finance Ministry Tata Motors resumes ops across all mfg plants UAE is trying to grow rice in its desert Good monsoon seen mitigating India's woes There is unease of doing business in India Five Indian states are leading economy to recovery from lockdown

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Top Slideshow Japan allows saliva-based tests Top Video Kejriwal on how to use Delhi Corona app

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