Apex GI body defers DGM interviews OD facility helps gold loan firms to post growth during lockdown Residential sales plummet
Zydus Cadila plans Covid-19 vaccine by Feb.
Zydus Cadila plans to complete late-stage trials for its novel coronavirus vaccine candidate by February or March and could produce up to 100 million doses a year initially if it is successful, the company chairman said Friday. Cadila’s vaccine candidate, known as ZyCov-D, is one of dozens being developed around the world to fight the coronavirus pandemic.
Apex general insurance body General Insurers Public Sector Association (GIPSA) has postponed the interview for promotion of deputy general managers (DGMs) and other key executive positions at the public sector general insurance companies (PSGICs) as top executives of New Delhi-based state-run non-life insurer Oriental Insurance Company (OIC) are learnt to have tested Covid-19 positive. The new dates for the interview is scheduled to be announced soon.
According to a top official source, OIC’s acting chairman and managing director Dinesh Waghela was tested Covid positive early this week and he got admitted in a hospital.
“Following which, two other general managers, who were the direct source of Waghela, went for self quarantine. Keeping this development in view, the GIPSA postponed the three-day interview plan,” the source said.
Online products with overdraft facilities have helped gold loans companies continue positive growth even during the lockdown. Demand is further picking up as branches in several parts of the country have started operating post lockdown.
Rising gold prices have put gold loan companies in a sweet spot, lockdown or otherwise. When almost all the businesses posted negative growth during the nation-wide lockdown in April and May, gold loan companies have managed to achieve a flattish but positive growth.
Manappuram Finance saw its gold loan portfolio growing by 2 to 3 per cent in April and May as customers availed gold loan using online products. “Our online gold loan product is built on the foundation of an overdraft facility offered by banks. Once gold is placed with the company, a customer can take loan, repay interest and adjust pledge as per their convenience. Of the total gold loan portfolio, almost 60 per cent comes through this product,” said V.P. Nandakumar, MD and CEO of Manappuram Finance.
Muthoot Finance too has not seen de-growth in the gold loan business during the lockdown. “It was a slightly flattish growth,” said K R Bijimon, chief general manager, Muthoot Finance. Muthoot too has seen customers availing overdraft facilities on the gold already pledged with the company.
Residential sales and office space sales hit the decade’s lowest level in the first half of 2020, finds Knight Frank India.
After two years of steady demand, home sales in the top eight cities of India declined by 54 per cent on year-on-year basis to a decadal low of 59,538 units during H1 2020. About 47 per cent of home sales were in residential properties below `50 lakh.
As the unprecedented disruptions caused by the pandemic resulted in a complete shutdown of all activity in the real estate industry, Q2 2020 saw sales falling a massive 84 per cent YoY to 9,632 units. In Q1, sales of 49,905 units were reported.
Similarly in the office segment, transactions declined by 37 per cent YoY to 17.2 million sq ft in
H1, the lowest in the 10 years.
“With the economic uncertainties creating significant headwinds, we expect the office space to remain cautious. Most occupiers are expected to hesitate in committing to expansion in the current market scenario and may delay their leasing decisions for later,” said Shishir Baijal, chairman and managing director, Knight Frank India. last