Shimla: Covid-19 has virtually lockdown the entire world. In India, after 23rd March, the Union Government had imposed nationwide lockdown. All business, commercial activities were coming to standstill. Transports were also jammed -all sort of vehicular movement were stopped (except essential) and many business experts were claiming of huge losses to the business establishments.
Meanwhile, amidst all the speculations and growth impact stories, here is some sigh of relief as Magma Fincorp Limited claims that commercial activities and asset deployment has improved significantly.
Magma Fincorp is claiming of conducting a survey of 3 lakh customers across cars, commercial equipment (CE), commercial vehicle (CV) and tractor segments recently, which it claims of finding that a weighted average basis deployment across asset classes has improved in July 20 compared to April 20.
Survey claimed that Commercial Vehicles and Construction Equipment has registered a ten-fold increase in vehicle deployment between April and July. Out of the 60% asset deployment, load utilization was 50%.
The Personal Car segment comprised customers whose cash flows are largely dependent on their businesses. There has been an improvement in the cash flow situation, Fincorp survey found. It further found that customers, who have largely been in addressing downstream customers from essential goods, agri-based & FMCG sectors, are showing positive trends. However, Commercial Cars have seen low deployment.