Business

Murugappa Group firms, Ramco, India Cements down shutters

Companies, banks tweak operations as curbs take effect

To ensure the safety and well-being of staff and stakeholders in the backdrop of COVID-19 scare, several firms in the city have announced the temporary suspension of manufacturing activities while extending ‘work-from-home’ facility.

Murugappa Group firms — Tube Investments of India Ltd. (TII), Cholamandalam Investment and Finance Company Ltd. and Carborundum Universal Ltd. — suspended operations across units to comply with the directives of the Union and the State governments and the local authorities.

“The duration of disruption/suspension of the company’s manufacturing operations is not foreseeable at present and would depend on an improvement in the situation and on further directions to be received from the Central and the respective State Governments and other authorities in this regard, said TII said.

India Cements halted its operations in Tamil Nadu, Andhra Pradesh, Telangana, Rajasthan and Maharashtra. Ramco Cements suspended work at its grinding unit in West Bengal. For other units, Ramco said, it would follow the orders issued by respective State governments.

TTK Healthcare said that the field operations of the company have been fully/partially closed. The company had already moved over to work-from-home policy for all its office employees/field staff, it said.

As an interim measure, Sundaram Clayton suspended its operations at all its manufacturing facilities and offices for two days from Monday. Further steps would be taken after reviewing the situation, it said.

Meanwhile, Indian Bank and Lakshmi Vilas Bank asked customers to use digital medium to do bill payments or fund transfers and avoid coming to branches for now. Indian Bank has also tied-up with hospitals to provide immediate medical facility to its staffers who show any symptoms.

Weekly/daily collections of several microfinance institutions in India are likely to be severely impacted as some States had clamped Section 144 till March 31, sources said.

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Printable version | May 26, 2020 11:47:03 AM | https://www.thehindu.com/business/Industry/murugappa-group-firms-ramco-india-cements-down-shutters/article31145329.ece

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