Stock Market Latest Updates: Market erases gains in previous sessions as Sensex tanks over 1,300 points, Nifty below 8,300-mark; Bajaj Finance, HDFC among top losers

Don’t consider lockdown-related loan repayment delays as default: SEBI to credit rating agencies

Markets regulator SEBI on Monday asked credit rating agencies not to consider as default any delay in payment of interest or principal loan amount arisen solely due to the nationwide lockdown conditions.

The move follows a three-month moratorium on payment permitted by the Reserve Bank of India to mitigate the burden of debt servicing due to disruptions caused by the coronavirus pandemic and to ensure continuity of viable businesses.

In a circular, the Securities and Exchange Board of India (SEBI) said a differentiation in treatment of default, on a case to case basis, needs to be made as to whether such default occurred solely due to the lockdown or loan moratorium.

RBI changes SLBC convenors in view of bank mergers

The Reserve Bank of India (RBI) on Monday proposed to change the convenors of State Level Bankers’ Committee (SLBC) in view of the merger of 10 public sector banks into 4 with effect from 1 April.

With the mega merger, 6 public sector banks will cease to exist from April 1, necessitating changes in the convenorship.

The convenorship of merged banks will be transferred to anchor banks. The government on March 4 notified the amalgamation scheme as part of its consolidation plan to create bigger and stronger banks in the public sector.

Ola Cabs gives 500 vehicles to transport doctors

Karnataka deputy chief Minister CN Ashwath Narayan on Monday said Ola Cabs has agreed to give 500 vehicles to the government for transporting

doctors and for other COVID-19 related activities.

“Olacabs has agreed to give 500 OLA vehicles for #Covid_19 related activities in Karnataka. These vehicles will be used by the government for commute by doctors and Covid 19 related activities. Greatly appreciated move by @olacabs and its CEO @bhash ! #IndiaFightsCorona,” Ashwath Narayan tweeted.

World shares extend losses as toll from pandemic surges

World markets started the week with fresh losses as countries reported surging numbers of infections from the coronavirus that are forcing shutdowns of travel and business in many regions.

Shares fell in London, Paris and Tokyo but surged 7 percent in Australia after the government promised more recession-fighting stimulus.

“We want to keep the engine of our economy running through this crisis," Prime Minister Scott Morrison told reporters in Canberra. His unprecedented $130 billion package includes wage subsidies of up to USD 1,500 per two weeks to businesses to keep workers on the job.

Automobile manufacturers asked to make ventilators: Health ministry

The Centre has asked automobile manufacturers to use their facilities to produce ventilators to boost the country’s capacity of such machines in view of rising COVID-19 cases.

The  Health ministry said that the Defence Research and Development Organisation (DRDO) will begin manufacturing 20,000 N-95 masks per day within the next week.  

The ministry informed that over 14,000 existing ventilators are earmarked for COVID-19 patients in various hospitals in the country while there are 11.95 lakh N-95 masks in stock.

Additional 5 lakh masks were distributed during the last two days and 1.40 lakh were distributed on Monday.

China ramps up manufacturing to full capacity to makeup coronavirus losses

China, which came to a standstill due to the coronavirus outbreak for over two months, cut the Reverse Repo Rate (RRR) by 20 basis points on Monday to facilitate more lending as the world’s second largest economy ramped up the manufacturing sector to almost 100 per cent of its capacity to make up for big losses.

A reverse repo is a process in which the central bank purchases securities from commercial banks through bidding, with an agreement to sell them back in the future.

China’s manufacturing sector has steadily resumed production after the shutdown due to COVID-19, with 98.6 percent of the major industrial firms nationwide having restarted work as of Saturday, the Ministry of Industry and Information Technology (MIIT) said on Monday.

Isuzu defers launch of BS-VI vehicles to 2nd quarter of 2020-21

Japanese utility vehicle manufacturer Isuzu on Monday said it has pushed the launch of BS-VI compliant vehicles in India to the later part of second quarter of 2020-21 due to coronavirus pandemic.

Isuzu Motors India said that owing to the prevailing COVID-19 pandemic and resultant inconvenience it has been causing people, the company has realigned its plans to introduce its BS VI models.

“A firmer date will be announced closer to the time of launch,” the company said.

India will adopt the stricter BS-VI emission norm from April 1, transitioning from BS-IV.

Oyo partners with Apollo Hospitals to offer support for quarantine facilities

Oyo announced that it has been working closely with Apollo Hospitals to develop and support accommodation requirements of suspected COVID-19 patients requiring quarantine/self-isolation.

This is part of Project Stay I (Stay isolated) where Apollo hospitals are partnering with select hotel brands to create isolation rooms in hotels with light medical supervision for quarantine and creating a barrier before people come into the hospitals.

The objective is to create isolation and quarantine facilities away from the main hospitals in cities across the country and reduce the burden on hospitals providing acute care.

As part of the partnership envisaged, OYO is offering sanitised beds and facilities in certain Covid19 exclusive hotels it’s identified within its network in the proximity of Apollo Hospitals in 6 cities namely, Mumbai, Delhi, Hyderabad, Chennai, Bengaluru and Kolkata for the purposes of self-quarantine and isolation for suspected Covid19 patients that require medical observation and supervision.

Rupee extends losses against dollar

#CNBCTV18Market | #Rupee extends losses, trading at 75.54/$

Note: Refer the chart as per Dollar pic.twitter.com/xnFmmyxArc

— CNBC-TV18 (@CNBCTV18Live) March 30, 2020

Taiwan seeks formation of WTO dispute panel in case against India

Taiwan has sought establishment of a dispute panel by the World Trade Organisation (WTO) in a case against India’’s import duties on certain information and communication technology (ICT) products, including mobile phones.

Separate customs territory of Taiwan, Penghu, Kinmen and Matsu had filed a case against India, September last year, over imposition of import duties by India on certain ICT products, including telephones for cellular networks; machines for reception, conversion and transmission or regeneration of voice, images or other data; and parts of telephone sets, alleging breach of global trade norms.

As per the process of resolution of a trade dispute under the WTO dispute settlement mechanism, after filing a case both the trading partners would engage in consultations for the resolution of the issue. If both the sides fail to do so, the complainant can ask WTO to set up a dispute panel to resolve the dispute.

According to a communication of the WTO, the consultations took place on 21 November last year in Geneva with a view to reach a satisfactory settlement of the matter.

Need for temporary relaxation in compliance by CRAs, says SEBI

.@SEBI_India: Need for temporary relaxation in compliance by CRAs felt in light COVID19 pandemic & RBI permitted moratorium; differentiation in treatment of default needs to be made on a case-to-case basis pic.twitter.com/xWRkkend0h

— CNBC-TV18 (@CNBCTV18Live) March 30, 2020

Sensex plummets over 1,300 points, Nifty below 8,400-mark 

Sensex tanked 1,304.08 points or 4.37 percent to 28,511.51 while the Nifty was down 353.55 points or 4.08 percent at 8,306.70 at around 2.45 pm.

Bajaj Finance shares plunged over 12 percent in the afternoon trade.

BSE Brokers’ Forum hails participants for smooth functioning of capital markets

BSE Brokers’ Forum on Monday lauded the efforts of market participants as they brave the risk of their health and the inconvenience of travel, amid the nationwide lockdown, to ensure smooth functioning of the country’s capital markets.

The Indian capital markets have been declared a service essential to the economy and exempted from the nationwide lockdown prescribed by the government to control the COVID19 pandemic. 

The markets continue to remain open and function as usual.

The capital market community, including the regulator, the market infrastructure institutions such as stock exchanges, depositories, clearing corporations and various intermediaries like stock-brokers, depository participants and mutual funds among others have risen to the occasion, the brokers’ body said in a statement.

Tea industry seeks financial package from Centre

The tea industry has sought a financial package from the Centre to tide over the coronavirus crisis as production in the gardens came to a halt in the wake of the ongoing 21-day nationwide lockdown, an official said on Monday.

The Consultative Committee of Plantation Associations (CCPA), the largest body of tea producers in the country, wrote a letter to the Union commerce ministry, seeking a relief package for the sector which is “passing through an acute financial crisis” in the last five years.

In view of the production loss during peak season and disruption in value chain due to the lockdown, the sector is facing a severe cash flow problem, impeding its ability to cope with wage and other related obligations, CCPA chairman Vivek Goenka said in the letter on Sunday.

Fitch Solutions cuts India GDP growth forecast to 4.6% for FY21

Fitch Solutions on Monday slashed its estimate for India’s GDP growth in the fiscal starting April 1 to 4.6 percent due to weaker private consumption and contraction in investment amid coronavirus outbreak, costing economies around the globe.

The growth estimate for 2020-21 fiscal (April 2020 to March 2021) compares with a 4.9 percent forecast in the current 2019-20 that ends on Tuesday.

“At Fitch Solutions, we are revising India’s FY2020/21 (April–March) real GDP growth forecast to 4.6 per cent, from 5.4 percent previously, which reflects our view for a slowdown from our FY2019/20’s estimate of 4.9 percent,” the rating agency said.

It said despite the Rs 1.7 lakh crore economic package announced last year, private consumption growth would come under strong headwinds over the coming months.

Australia pledges $80 billion wages subsidy to protect jobs

Australia will spend A$130 billion ($79.85 billion) to subsidise the wages of an estimated 6 million people, marking a third tranche of stimulus designed to limit the fallout of the coronavirus pandemic on the country’s economy.

Prime Minister Scott Morrison said the six months of funding was necessary to ensure businesses were able to retain staff and were able to bounce back when the crisis had passed.

“We must have a running economy to get through this,” Morrison said in a televised news conference.

“This is an incentive to keep people on, doing actual work … they can keep them on the books, on the payrolls,” the prime minister said.

Mother Dairy supplies 250 tonnes of fruits, vegetables in Delhi-NCR 

Mother Dairy on Monday supplied around 250 tonnes of fruits and vegetables to its retail stores ‘Safal’ across Delhi-NCR to meet local demand, which has now stabilised with no panic-buying from customers.

Last week, Mother Dairy had doubled its supply of fruits and vegetables in the Delhi-NCR at over 300 tonnes per day, as customers began panic-buying of household essentials after announcement of the 21-day nationwide lockdown.

Mother Dairy, which is a major milk supplier in the national capital region with sales of over 30 lakh litres per day, has started home delivery for senior citizens in few localities of Delhi like Moti Bagh, Defence Colony and Greater Kailash, said Pradipta Sahoo, business head of Safal.

UP govt issues licences to 42 firms to make sanitisers

Uttar Pradesh government has issued licences to 42 companies to make 40,000 litres of sanitisers every day in order to ensure adequate supply, officials said on Monday.

There has been a spurt in the demand for sanitisers following the outbreak of coronavirus in the state and to deal with this, the government issued licences to 27 distilleries and 15 sanitiser-manufacturing companies, principal secretary, Excise, Sanjay Bhoosreddy said.

These companies are currently producing 40,000 litres of sanitisers per day and it will be increased to 60,000 litres soon, he said.

Ind-Ra cuts economic growth forecast for India to 3.6%

Domestic credit rating agency India Ratings (Ind-Ra) on Monday cut its FY21 growth forecast to 3.6 per cent amid coronavirus-related worries.

It has assumed that a full or partial lockdown will continue till end of April and economic activities will be gradually restored only after May.

The report comes amid a crippling impact on economic activity due to the three-week lockdown till 14 April which is expected to only aggravate the difficulties around growth that were existing before the pandemic. Some watchers are also estimating for a contraction of the economy in the June quarter.

Ind-Ra said it expects India to clock a 2.3 percent growth for the June quarter, down from its expectation of a 4.7 percent gross domestic product (GDP) expansion in March quarter.

Civil aviation ministry says coordinating with states to ensure cargo flight operations

The Civil Aviation Ministry on Monday said it is coordinating with the state governments to ensure cargo flight operations so that medical equipments and related essential items reach all parts of the country to combat the coronavirus outbreak.

The country is under a 21-day lockdown from March 25 to curb the spread of the coronavirus and all domestic and international commercial passenger flights have been suspended for this period. 

“Based on requirements received from various states on urgent basis, the senior officials of the ministry coordinate with supply agencies for providing required material which can be further transported to the desired destinations,” said a statement by the ministry on Monday.

All banks ensure to keep their branches open: Nirmala Sitharaman

All banks are ensuring that their branches are kept open, ATMs filled up & are working. Banking correspondents are active. Social distancing is respected & sanitizers are provided where necessary. Just in case, any assistance/clarification is required contact @DFSFightsCorona

— Nirmala Sitharaman (@nsitharaman) March 30, 2020

European markets trade broadly lower

#CNBCTV18Market | European markets trade broadly lower; CAC down 2.9% while London's FTSE 100 drops 2.6% pic.twitter.com/uhQqRRj4Nj

— CNBC-TV18 (@CNBCTV18Live) March 30, 2020

Transunion Cibil says data reporting to be in line with moratorium norms

Credit information company Transunion Cibil on Monday assured borrowers that data reporting will be aligned to RBI’s moratorium announcement and there will not be any dent to credit histories as a result of it.

The move came after the RBI announcement of a 3-month moratorium for servicing all the term loans as a measure to contain the economic fallout due to the lockdown to contain coronavirus spread.

“We would work closely with our member banks and credit institutions to define the data reporting framework basis (after) the announcements made by the RBI governor, so that during the moratorium period there is no adverse impact on the credit histories and CIBIL Score of borrowers,” the company said in a statement.

Standard Chartered commits $1 billion to finance firms helping tackle coronavirus

Standard Chartered announced today that it will commit $1 billion of financing for companies that provide goods and services to help the fight against COVID-19, and those planning the switch into making products that are in high demand to fight the global pandemic.

Companies in scope include all those associated with helping to tackle Covid-19, including manufacturers and distributors in the pharmaceutical industry and healthcare providers, as well as non-medical companies that have volunteered to add this capability to their manufacturing output – goods in scope include ventilators, face masks, protective equipment, sanitisers and other consumables.

Simon Cooper, CEO of Corporate, Commercial & Institutional Banking at Standard Chartered, said: “Clearly there’s a cost for companies to switch into these hugely in-demand items, so it’s an area where we can help them get up and running more quickly. At the same time, we want to make sure that existing manufacturers and service providers get the support they need.”

Marico announces Rs 2.5 cr prize for healthcare solution to combat COVID-19

FMCG firm Marico and ATE Chandra Foundation have launched a nationwide hunt for innovative solutions to healthcare challenges during Covid-19 crisis.

Marico Innovation Foundation has invited med-tech entrepreneurs, corporates and innovator to solve the med-tech challenges faced in the on-going COVID-19 crisis with a prize of Rs 2.5 crore, the company said a statement.

It has requested to send entries for Innovate2BeatCOVID having solutions to healthcare challenges as low-cost ventilators/respiratory solutions and Personal Protective Equipment, it added.

Concerns over global lockdown amid mounting coronavirus cases dent sentiments 

Market started the week on a lower note tracking weakness in global peers as number of coronavirus cases increased around the globe, said Sundar Sanmukhani, head of Fundamental Research Desk, Choice Broking.

“Fears mounted that the global shutdown due to coronavirus could last for months which dented the sentiments. Further fall in crude oil prices extending last week losses as the coronavirus pandemic worsened and the Saudi Arabia-Russia price war showed no signs of abating kept the sentiments sober. Market although was trading down by 3 percent, it showed some recovery from early losses on report that there were no plans to extend the country-wide lockdown which gave some relief to Investors,” he said.

Barring IT all sectors were trading in red, broder indices too witnessed selling pressure and were trading with down fall of 2 percent.volatility likely to persist in the market in the near term as investors assess the impact of the corona virus-induced lockdown on the economy, Sanmukhani said.

PM-CARES Fund is eligible for 50% deduction under Section 80G: Tax Department

Tax department says PM-CARES Fund is eligible for 50% deduction u/s 80G (12A)#COVID19 #CoronavirusOutbreak #PMCaresDund pic.twitter.com/Zyq5Hgbcam

— CNBC-TV18 (@CNBCTV18Live) March 30, 2020

Sensex tanks over 1,000 points, Nifty below 8,400-mark

Sensex plummeted 1,028.07 points or 3.45 percent to 28,787.52 while the broader Nifty was down 274.20 points or 3.17 percent at 8,386.05 at around 1.10 pm.

Bajaj Finance was the top loser in the Sensex pack tanking over 10 percent followed by HDFC at 8.90 percent

Japan to boost govt bond issuance by $149 billion to fund stimulus

Japan will boost government bond issuance by $149 billion from July to fund a massive stimulus package aimed at combating the hit to the economy from the coronavirus pandemic, two government sources told Reuters on Monday.

The additional 16 trillion yen ($149 billion) in bonds comes on top of the government’s existing plan to sell nearly 129 trillion yen of Japanese government bonds (JGBs) in the fiscal year beginning in April.

The increase would roughly match the nearly 17 trillion yen in additional bonds Japan sold in 2009 to fund stimulus measures during the global financial crisis.

PM CARES Fund: Finance ministry receives representations 

Govt sources say Fin Min receives representations on clarity whether contribution to PM CARES Fund being tax-free or not; gets representations w.r.t clarity if PM CARES Fund is part of PM Relief Fund pic.twitter.com/dndLwdXIzL

— CNBC-TV18 (@CNBCTV18Live) March 30, 2020

ADB to invest $100 million in Indian infrastructure sector via NIIF

Multilateral institution Asian Development Bank (ADB) on Monday announced a $100 million funding for the Indian infrastructure sector through the government-promoted NIIF.

The Manila-based body will be investing in the National Investment and Infrastructure Fund’s (NIIF) “fund of funds” which will ensure that the actual money invested will be a few times more than the $100 million.

The investment announcement comes at a critical time for India, as the already sagging economic growth is feared to be taking a heavy hit due to the coronavirus pandemic.

Tata power Delhi Discom issues clarification on rumours of power connection cut

Tata power Delhi Discom issues clarification on rumours of power connection cut, it says co is providing uninterrupted power supply in its entire area of operation without any distinction. We committed to power nation's fight against the Corona Pandemic @tatapower_ddl pic.twitter.com/VN1Yl97Vjf

— CNBC-TV18 (@CNBCTV18Live) March 30, 2020

India’s vegetable oil demand set to drop for first time in decades

Demand for vegetable oil in India is poised to fall for the first time in decades as restaurants have pulled down their shutters to comply with a government order that imposed a 21-day nationwide lockdown to stem the spread of the coronavirus.

Edible oil consumption in India, the world’s biggest importer of the cooking medium, trebled over the past two decades as the population grew, incomes rose, and restaurants sprang up to cater to a crowd that started eating out more often.

Most trade and industry officials now agree that India’s vegetable oil demand – predominantly palm oil and soyoil – will fall below previous year’s 23 million tonnes.

TRAI asks telcos to extend prepaid validity for uninterrupted services to users

Sector regulator TRAI has asked telecom operators to extend the validity period of prepaid users to ensure that subscribers get uninterrupted services during the 21-day nationwide lockdown.

Telecom Regulatory Authority of India (TRAI) has also sought details of the steps being taken to ensure availability of uninterrupted telecom services to such customers on a “priority basis”.

“…you are required to take necessary steps as deemed fit including extending the validity period to ensure that all prepaid subscribers can enjoy uninterrupted services during the period of lockdown,” TRAI said in a communication to all operators on Sunday.

The communication on “measures regarding ensuring availability of recharge vouchers and payment options for prepaid services” comes in the backdrop of 21-day lockdown imposed in the country to deal with the outbreak and spread of coronavirus pandemic.

Tata Power starts commercial operations of Georgia hydro plant

Private utility Tata Power on Monday said it has commenced commercial operations of 178 MW Shuakhevi hydro power project in Georgia.

Adjaristsqali Georgia – a joint venture between Tata Power, Norway’’s Clean Energy Invest (CEI) and International Financial Corporation- is setting up a 187 MW of hydro project at a cost of around USD 500 million. It has now commissioned 178 MW of the total capacity.

AGL will soon commission the remaining 9 MW Skhalta hydro power project, which is also a component of the overall Shuakhevi project scheme, it said in a statement.

HCL Tech says it does not expect major impact on business

.@hcltech says it doesn't expect major impact on business due to #COVID19, exposure to impact verticals is not that significant. Also, the booking during the quarter has largely been on track pic.twitter.com/ipqDd9PfLi

— CNBC-TV18 (@CNBCTV18Live) March 30, 2020

Bank of Baroda cuts personal, retail loan rates by 75 bps to 7.25%

Bank of Baroda on Monday said it has slashed the interest rate on loans for retail, personal and Micro, Small and Medium Enterprises (MSMEs) to 7.25 percent with effect from March 28. Bank of Baroda, has reduced its Baroda Repo Linked Lending Rate (BRLLR) by 75 basis points with effect from 28 March 2020, it said in a statement.

The BRLLR linked to RBI Repo Rate is revised downwards in line with the reduction on Reserve Bank of India Repo Rate from 5.15 percent to 4.40 percent, it said.

The BRLLR for all new floating rate loans for all personal loans and retail loans of all asset classes and floating rate loans to MSMEs, shall be 7.25 percent effective from 28 March 2020, the state-owned lender said.

Sensex tanks over 800 points, Nifty below 8,400-mark in afternoon trade

Sensex plunged 843.44 points or 2.83 percent to 28,972.15 in the afternoon trade while the broader Nifty was down 231.55 points or 2.67 percent at 8,428.70 at around 12.10 pm.

Bajaj Finance was the top loser in the Sensex pack tanking nearly 9 percent followed by HDFC at 8.04 percent

Taiwan sees room for more rate cuts, may raise SME funding

There is room for more interest rate cuts in Taiwan, but they will not be reduced to zero or into negative territory, and the government will offer more funds for small- and medium-sized companies if needed, its central bank said on Monday.

The central bank this month cut interest rates for the first time in more than four years to a new low of 1.125 percent, and reduced its growth forecast for the export-oriented economy amid growing fears that the coronavirus could trigger a global recession.

It also said it would provide banks with T$200 billion ($6.61 billion) of financing to support companies hit hard by the virus’ impact.