Stock Market Today Latest Updates: Market ends in red on Day 1 of FY21; Sensex plunges over 1,200 points, Nifty below 8,300-mark

BEL achieves record turnover in excess of Rs 12,500 cr

Navratna Defence PSU Bharat Electronics Limited (BEL) posted a turnover in excess of Rs 12,500 crore (Provisional & Unaudited) during 2019-20, a six per cent growth over the previous year’’s figure of Rs 11,789 crore.

BEL’s order book as on Wednesday is Rs 51,800 crore, the Bengaluru-headquartered company said in a statement.

The year saw BEL securing orders worth Rs 13,000 crore, including Akash missiles (seven squadron), coastal surveillance systems (CSS), upgrade for EW system, radars, AMCs for radars & weapon systems, software defined radio (SDR), sonars and advanced communication systems, it said.

Some of the flagship projects executed during 2019-20 are: Command & control systems, thermal Imagers for tanks, upgrade of communication system, land based EW systems, weapon repair facility, various Radars, smart city projects, Delhi CCTV project, avionics package for LCA, classroom jammers, real time information system for Railways and LRSAM, BEL said.

India switches to world’s cleanest petrol, diesel with no increase in prices

India on Wednesday joined a select league of nations having the world’s cleanest petrol and diesel as oil companies rolled out Euro-VI emission compliant fuels without either disruption or a price increase.

Leapfrogging from BS-IV grade fuel straight to BS-VI grade, equivalent to Euro-VI fuel, petrol and diesel would have resulted in an up to Re 1 per litre increase in cost but oil companies decided against passing this on to consumers and instead adjusted it against the reduction warranted from international oil prices plummeting to a 17-year low.

“We are today 100 per cent supplying BS-VI petrol and diesel. All the over 68,700 petrol pumps in the country are selling the cleaner fuel from today,” said Sanjiv Singh, Chairman, Indian Oil Corp (IOC) – the firm that controls roughly half of the market.

Nestle buys Lily’s Kitchen to boost premium pet food

Nestle’s Purina PetCare division has acquired London-based Lily’s Kitchen, which makes premium wet and dry natural foods for dogs and cats, the Swiss group said on Wednesday, boosting its fastest-growing product category.

It gave no purchase price for the acquisition. The brand has around 85 million pounds ($105 million) in sales across 6,000 stores in 30 countries, it said.

Lily’s Kitchen will continue to be run as a stand-alone business from its base in London, Nestle said.

Petcare was Nestle’s fastest-growing category with 7 percent organic growth and sales of 13.622 billion Swiss francs ($14.12 billion) in 2019.

Ed-tech platform upGrad appoints former Byju’s executive Arjun Mohan as India CEO

Ed-tech platform upGrad on Wednesday said it has appointed Arjun Mohan as its chief executive officer for India operations.

The position of the CEO – India at upGrad was unoccupied since its inception.

“Mohan brings with him a rich understanding of the online education space, the evolving consumer landscape and keen business acumen,” upGrad co-founder and MD Mayank Kumar said.

Mohan is Byju’s former chief business officer (CBO). He brings over a decade of experience in the edtech sector and was one of the early employees of Think and Learn (which runs Byju’s), the statement said.

Prior to Byju’s, he has worked with Titan Industries, Tata Motors, Tata Realty and Infrastructure Ltd (TRIL) and Sir Dora.

Indiabulls Group pledges Rs 21 cr to PM CARES Fund

In the wake of the coronavirus pandemic that has spread across the world, the Indiabulls Group pledged Rs 21 crore to the Prime Minister’s ‘Citizen Assistance and Relief in Emergency Situations Fund’ (PM CARES Fund).

The group hopes to keep supporting the exemplary work done by the Centre and state governments in conjunction with healthcare professionals across the country, as they lead the unsung efforts against the pandemic.

“This outbreak has spared no nation, and it will take the collective spirit of our entire country to best fight it. Indiabulls Group will aim to support every effort towards that objective,” said, Sameer Gehlaut, chairman, Indiabulls Group

NMDC’s March iron ore production slips 31.7%

NMDC's total March iron ore production slips 31.7% at 2.76 mt Vs 4.04 mt; total sales down 24.6% at 2.7 mt Vs 3.6 mt (YoY) pic.twitter.com/VHtQAIMdhG

— CNBC-TV18 (@CNBCTV18Live) April 1, 2020

Credit quality of Indian companies worsened in FY20: ICRA

Domestic credit rating agency Icra said credit quality of Indian companies worsened in fiscal year 2019-20 as it downgraded Rs 7 lakh crore of debt and warned of “unprecedented strain” on credit profiles of corporates due to the coronavirus pandemic.

The agency said policymakers will have to unleash more measures to avoid “severe economic imbalances” if the COVID-19 crisis prolongs.

In its annual credit quality review after the end of the fiscal year, Icra said it downgraded Rs 7 lakh crore of debt in FY20, as against Rs 3 lakh crore in the year-ago period, driven largely by actions against financial sector companies.

SEBI slaps Rs 55-lakh fine on 11 entities

Market regulator SEBI has imposed a penalty totalling Rs 55 lakh on 11 entities for indulging in fraudulent trading in the scrip of Unisys Software and Holding Industries Ltd.

The regulator levied a fine of Rs 5 lakh each on 11 entities —Deepa Saurabh Shah ,Sunil Jain, Rahul Gupta, Decent Vincom,Anthony Gayen, Dilip Kumar Mandal, Badri Prasad & Sons, Premsagar Vinimay, Nityadhara Plaza, Conquer Barter and Navdurga Investment Consultants.

The regulator had conducted an investigation between January 2010 and November 2014 regarding the scrip of Unisys Software.

During the investigation, Sebi found that these entities are connected to each other and had indulged in fraudulent trade practices that created a misleading appearance of trading and contributed to manipulation in the scrip price of Unisys, which misguided the investors in the securities market.

Escorts’ total sales down 54.3% in March

March #AutoSales | Escorts’ total sales down 54.3% at 5,444 units Vs 11,905 units (YoY) pic.twitter.com/6x6o8tCcMJ

— CNBC-TV18 (@CNBCTV18Live) April 1, 2020

India’s March electricity use falls 9.2%

India’s electricity use fell 9.2 percent in March, provisional government data showed on Wednesday, as consumption fell for the first time in three months due to a nationwide lockdown to prevent the spread of the coronavirus.

Electricity supply fell to 100.2 billion units in March from 110.33 billion a year earlier, an analysis of load despatch data by state-run POSOCO showed.

Jindal Aluminium contributes Rs 5 cr to PM CARES Fund

Jindal Aluminium Ltd (JAL) on Wednesday said that it has contributed Rs 5 crore to Prime Minister’’s Citizen Assistance and Relief in Emergency Situation (PM CARES) fund in order to help the government fight the coronavirus pandemic in India.

“We are confident that India will conquer the COVID-19 crisis. In this exceptionally difficult period, we have made our humble support to the PM-CARES fund towards relief efforts,” said Jindal Aluminium Ltd chairman and managing director Sitaram Jindal.

Prime Minister Narendra Modi had earlier announced an emergency relief fund and invited contributions from the citizens as the country continues to battle coronavirus or COVID-19.

October-March sugar production down 21.6%

ISMA says Oct-Mar sugar production down 21.6% at 23.27 mt Vs 29.68 mt (YoY) pic.twitter.com/DELOSf1Ejn

— CNBC-TV18 (@CNBCTV18Live) April 1, 2020

Market extends losses; Sensex down 1,343 points, Nifty holds 8,200-mark 

The market extended the morning losses in the afternoon trade as the COVID-19 cases witnessed jump on Wednesday.

Sensex plunged 1342.66 points or 4.56 percent to 28,125.83 and Nifty was down 379.60 points or 4.42 percent at 8,218.15 at around 2.10 pm.

HUL announces completion of GlaxoSmithKline merger

FMCG major Hindustan Unilever on Wednesday announced completion of GlaxoSmithKline Consumer Healthcare Ltd’s merger (GSKCH) with itself.

The company has received all the necessary regulator approvals along with the National Company Law Tribunal for the merger of GSKCH into the company, HUL said in a statement.

In addition, the board of HUL also approved acquisition of popular health drink brand Horlicks from GSK for a consideration of Euro 375.6 million (Rs 3,045 crore), exercising the option available in the original agreement between its parent firm Unilever and GSK.

Lack of medical funds poses challenge in fight against COVID-19: Fitch

Continued lack of medical funds and healthcare infrastructure despite additional funding poses challenges in mounting an effective response against the coronavirus outbreak, according to a report.  

“The continued lack of medical funding and healthcare infrastructure inform our view for the potential epidemic to be worse in India if it is not adequately contained. With 8.5 hospital beds per 10,000 population and 8.0 physicians per 10,000, the country’s healthcare sector is not equipped for such a crisis,” Fitch Solutions said.

Moreover, the significant inefficiency, dysfunctioning, and acute shortage of the healthcare delivery systems in the public sector appear to be insufficient to match up with the growing needs of the population, it said.

Unable to assess impact of present situation on operations, financials: Tata Steel

Tata Steel on #COVIDー19 | Unable to assess the impact of the present situation on ops & financials of co; management will take appropriate steps as it deems fit in the interest of co pic.twitter.com/49DtEGux24

— CNBC-TV18 (@CNBCTV18Live) April 1, 2020

MP print media hit hard due to COVID-19 outbreak and lockdown

The coronavirus outbreak and lockdown has severely affected the print media in Madhya Pradesh as over 300 newspapers have been forced to suspend publications due to issues like lack of transport facilities and rumours that newspapers could be carriers of the virus.

Some of the affected media organisations have started putting out online editions to keep their readership intact.

“More than 300 medium and small newspapers from various districts have stopped printing their editions in the absence of transport facilities and drastic decline in advertisements,” an official said.

“Misgivings” that newspapers could carry the deadly virus to people’’s homes also led to suspension of printing after the lockdown, he said on condition of anonymity.

Nearly 670 newspapers are registered with the state government and out of these, 287 are published from Bhopal, the official said.

Aavishkaar Capital invests Rs 35 cr in Ergos

Aavishkaar Capital, the venture capital arm of Aavishkaar Group, on Wednesday said it has invested Rs 35 crore in agri-tech startup, Ergos.
Aavishkaar Capital had invested in Ergos in 2015 at ideation stage, and has worked with the promoters in scaling the company, a statement said.

The Series A funding round is expected to mop up Rs 100 crore with an Aavishkaar Capital partner and a technology venture capital fund also set to join the round, it added.

Founded by Kishor Jha and Praveen Kumar, Ergos has been building a GrainBank model that has been piloted in Bihar. The model enables farmers to digitise their foodgrain and also provides doorstep access to end-to-end post-harvest supply chain solutions to farmers.

Dollar rallies as investors brace for global downturn

The dollar gained broadly against riskier currencies on Wednesday, with markets staring at what is likely to be one of the worst economic contractions for decades as the world locks down to fight the coronavirus pandemic.

The greenback advanced against the Australian and New Zealand dollars, sterling, and most emerging market currencies as fresh selling in global shares highlighted growing risks from the pandemic that has shown little sign of abating.

The Australian dollar dropped 0.35 percent to $0.6115 and the New Zealand dollar fell 0.3 percent to $0.5945 while the British pound shed 0.4 percent to $1.2376.

PFC disburses Rs 11,000 cr in first week of lockdown

State-owned Power Finance Corporation (PFC) has disbursed Rs 11,000 crore to finance power sector projects during the first week of lockdown till 31 March.

The company claimed that the lockdown to fight COVID-19 has not affected it’’s work as it disbursed Rs 5,300 crore on 31 March, itself.

“During the lockdown period of one week, we disbursed more than Rs 11,000 crore and on the last day we disbursed Rs 5,300 crore, which is a remarkable achievement,” PFC chairman and managing director Rajeev Sharma said in an internal letter to company employees on Wednesday.

“I am extremely happy to share that work of PFC did not suffer any pullbacks due to the lockdown and everyone contributed by working from home using the IT systems. This would not have been possible without the team-spirit displayed by PFCians,” Sharma.

Oil down in Asian trade as Saudi Arabia hikes output

Oil fell in Asian trade Wednesday as a rally lost steam with Saudi Arabia flooding the market with crude and the escalating coronavirus pandemic sapping global demand.

Prices plunged to their lowest levels in 18 years on Monday but staged a strong rebound the following day as investors took heart from moves by policymakers to support the virus-hit world economy.

In afternoon Asian trade Wednesday, US benchmark West Texas Intermediate (WTI) was down 1.66 per cent to USD 20.14 a barrel after trading higher in the morning.

Brent, the international benchmark, tumbled 3.42 per cent to USD 25.45 a barrel in volatile trade.

Wipro, Azim Premji Foundation commit Rs 1,125 cr to tackle COVID-19 crisis

Wipro Ltd, Wipro Enterprises Ltd and Azim Premji Foundation have together committed Rs 1,125 crore towards tackling the unprecedented health and humanitarian crisis arising from the COVID-19 outbreak in the country.

These resources will help enable the dedicated medical and service fraternity in the frontline of the battle against the pandemic and in mitigating its wide-ranging human impact, particularly on the most disadvantaged of our society, as per a company statement released on Wednesday.

Of the Rs 1,125 crore, Wipro Ltd’s commitment is Rs 100 crore, Wipro Enterprises Ltd’s is Rs 25 crore, and that of the Azim Premji Foundation is Rs 1,000 crore, it added.

These sums are in addition to the annual corporate social responsibility (CSR) activities of Wipro, and the usual philanthropic spends of the Azim Premji Foundation, the statement said.

Wipro & Azim Premji Foundation commit Rs 1,125 cr to tackle #COVID19 crisis#CoronavirusOutbreak #COVID2019india pic.twitter.com/DEb7DIE88O

— CNBC-TV18 (@CNBCTV18Live) April 1, 2020

Market down 3.4%; research agencies may cut India’s GDP growth rate

Market was trading on a lower note by 3.4 percent tracking weakness in Asian peers as rising coronavirus cases along with concerns over growth due to large scale shutdown of businesses worried investors on Dalal Street, said Sundar Sanmukhani, head of fundamental research desk, Choice Broking.

“Multiple research agencies have projected a sharp cut in India’s GDP growth rate. Also weak auto sales numbers for the month of March further dented sentiments. Selling pressure in Index heavyweight stocks like Kotak Bank, RIL, SBI and HDFC bank among others dragged the market lower,” he said.

Sectorially all indices were trading on lower note with banking stocks taking most hit. Volatility is likely to persist in the market amid the ongoing coronavirus pandemic and its global economic impact, he added.

Sensex tanks over 1,200 points, Nifty below 8,200-mark 

The market slipped into the red again as the European markets opened on Wednesday on lower after the US warned of jump in death toll due to coronavirus pandemic.

Sensex plunged 1203.20 points or 4.08 percent to 28,265.29 while the broader Nifty was down 331.55 points or 3.86 percent at 8,266.20 at around 1.10 pm.

LPG cylinder prices slashed up to Rs 65 

Non-Subsidised price of 14.2 kg #LPG cylinder cut by Rs 62/cylinder. Price in Delhi cut to Rs 744 & in Mumbai Rs 714.50, in Kolkata Rs 774.50 & Chennai Rs 761.50 pic.twitter.com/rhEA3LtEQJ

— CNBC-TV18 (@CNBCTV18Live) April 1, 2020

Two-thirds of Lufthansa’s staff to shorten work hours

Almost two-thirds of Lufthansa’s global staff will work reduced hours after the German airline grounded much of its fleet due to the coronavirus pandemic, a news site reported on Wednesday.

Citing unnamed company sources, Business Insider said Lufthansa would apply for about 60,000 employees in various sister companies to work reduced hours, after it announced short-time working for cabin and ground staff on Monday.

Arcil pledges Rs 1.5 cr to PM-CARES Fund

The country’’s oldest asset reconstruction firm Arcil on Wednesday said it has committed Rs 1.5 crore to support the fight against novel coronavirus pandemic.

It has donated Rs one crore to the Prime Minister’’s Citizen Assistance and Relief in Emergency Situations Fund (PM-CARES Fund), and has given Rs 25 lakh to the CM relief fund-Covid 19 for Maharashtra, the company said in a statement.

It further said Rs 25 lakh will be parked for future preventive measures to contain the virus spread.

The company’’s employees will also donate voluntarily to PM-CARES Fund.

All branches of OBC, UBI start functioning as PNB branches

State-owned Punjab National bank on Wednesday said all nation-wide branches of United Bank of India (UBI) and Oriental Bank of Commerce (OBC) has started functioning as PNB branches.

The amalgamation of Punjab National Bank, United Bank of India and Oriental Bank of Commerce has come into effect from 1 April 2020.

The merger will create the second largest nationalized bank of the country – both in terms of business and branch network.

The synergy from the amalgamation will create a globally competitive, next generation bank, PNB 2.0, the bank said in a release and added that all customers, including depositors, will be treated as PNB customers.

PNB 2.0 will be offering specified inter-operable services through all branches and all platforms including Mobile and Internet Banking, it added.

European markets open sharply lower

#CNBCTV18Market | European markets open sharply lower, following weak Asian cues pic.twitter.com/Hl9QSwRL4Q

— CNBC-TV18 (@CNBCTV18Live) April 1, 2020

Market recovers from day’s low as Sensex down over 900, Nifty above 8,300-mark

The market made slight recovery in the afternoon though remained in the red zone in the afternoon trade. 
 

Sensex plunged 995.52 points or 3.38 percent to 28,472.97 while Nifty was down 287.65 points or 3.35 percent at 8,310.10 at around 12.45 pm. 
 

Kotak Mahindra Bank and Tech Mahindra were the major losers in the Sensex pack.

Experion Developers donates Rs 1.85 cr to PM CARES Fund

FDI-funded realty firm Experion Developers on Wednesday said it has donated Rs 1.85 crore to PM CARES Fund for fighting the coronavirus pandemic.

In addition to the Rs 1.85-crore contribution, Experion Developers has extended the material supply of medicines and essential items to the Municipal Corporation of Gurgaon (MCG), the company said in a statement.

The firm has also contributed Rs 20 lakh to Haryana Corona Relief Fund.

The Gurugram-based company is backed by Singapore’s Experion Holdings, which is the real estate investing arm of the $2.5 billion AT Holdings group of companies.

Retail trade incurs losses worth $30 bn last fortnight: CAIT

Traders’’ body CAIT on Tuesday said India’’s retail trade has incurred losses to the tune of whopping USD 30 billion (about Rs 2.2 lakh crore) in the last fortnight alone due to the coronavirus pandemic.

According to the Confederation of All India Traders (CAIT), the country’’s retail sector, comprising 70 million small, medium and big traders employing 450 million people, undertakes a monthly business of about $70 billion (approximately Rs 5.2 lakh crore), and is one of the hardest hit due to the global pandemic.
 

CAIT secretary general Praveen Khandelwal said that even if global economies and other sectors of the Indian economy bounce back sooner than expected.

RBI announces further measures to deal with COVID-19 pandemic

.@RBI announces further measures for dealing with the #COVID19 pandemic pic.twitter.com/ewrJ7CsjAh

— CNBC-TV18 (@CNBCTV18Live) April 1, 2020

Zen Technologies to develop ventilator prototype for India to fight COVID-19

In its bid to fight against the COVID-19 pandemic, Zen Technologies on Wednesday said it is in the process of developing a ventilator prototype for India.

The product is expected to be ready soon, according to a BSE filing.

“As a part of the corporate social responsibility… Zen Technologies has dedicated a small research and development team to develop a prototype of a ventilator for India,” the company said.

Global stocks give up meager gains as virus anxiety prevails

Asian shares and Wall Street futures fell on Wednesday in the first trading session of the quarter as the coronavirus pandemic and the prospect of a global recession tore through investor confidence.

E-Mini futures for the S&P 500 slumped 2.27 percent as dire predictions of more virus casualties in the United States weighed on sentiment.

MSCI’s broadest index of Asia-Pacific shares outside Japan erased gains to trade 0.33 percent lower. Shares in South Korea, hit hard by the virus, fell 1.34%.

Japanese shares fell 3.48 percent as a rapid increase in infections in Tokyo fueled speculation the government would place the capital on lockdown.

Futures in Europe were also battered with Euro Stoxx 50 futures down 2.99 percent, German DAX futures off 2.89 percent and FTSE futures falling 3.09 percent.

NEC Tech India appoints Aalok Kumar as president, CEO

EC Technologies India on Wednesday said it has appointed Aalok Kumar as its president and chief executive officer.

With this appointment, Takayuki Inaba (former chairman and managing director) has been appointed as executive chairman of NEC Technologies India, a statement said.

This change reflects NEC Corporation’s strong commitment to the country and India’s growing importance to the company’s global business, it added.

“This management restructuring exercise is aimed at accelerating our evolution in India. Capacity building in India will not only bolster our business in this country but also support our global businesses,” NEC Corporation president (global business unit) Akihiko Kumagai said.

MG Motor sells 1,518 units in March

MG Motor India on Wednesday reported total retail sales of 1,518 units in March 2020, including 116 ZS EV and 1,402 Hector SUV, the company said in a statement.

“Both MG Hector and MG ZS EV have made a mark in the Indian car market. Despite supply chain disruption globally, MG Motor continues to serve its customers,” MG Motor India president and managing director Rajeev Chaba said.

“In February, our sales were impacted due to the disruption, while the situation improved during March before the lockdown was announced, resulting in the shutting down of our manufacturing plant,” Chaba added.

DigitalKites appoints Amit Lall as senior vice-president​

DigitalKites, an open and collaborative digital advertising ecosystem with products AudiencePlay and AudiencePrime, has roped in Amit Lall as senior vice-president-partnerships.

In his new role at DigitalKites, Lall will be leading the AudiencePrime Partnerships team.

With around two decades of experience, Lall is an industry veteran whose strength lies in developing and executing digital strategies and roadmaps, it said in a press statement.
 

He was at the forefront of developing and executing the digital advertising strategies for several global brands such as Beiersdorf, Daimler, Sony Pictures, Parle Agro, Hyatt, Bunge, Qantas, TransUnion Cibil, Snapchat, Bumble, Hasbro, J&J and many others.

Direct tax collections as of 31 March afternoon at Rs 9.97 lakh cr 

Sources say Direct Tax collections as of March 31 afternoon at Rs 9.97 Lk Cr Vs Rs 10.94 Lk Cr (YoY). Corp Tax collections at Rs 5.41 Lakh Cr, Personal I-T at Rs 4.43 Lakh Cr

Alert: Revised FY20 estimates for direct tax collections at Rs 11.70 Lakh Cr pic.twitter.com/LhrsbsKsTl

— CNBC-TV18 (@CNBCTV18Live) April 1, 2020

Fitch Solutions revises down mineral output growth forecasts for India

Fitch Solutions on Wednesday said it has revised down the mineral production growth forecasts for India and stressed that despite mining activities remaining operational in the country during the lockdown, the various other restrictions are hampering output.

“We have broadly revised downwards India’s mineral production growth rates per mineral by an average of 4.0 percent from previous rates, and will likely revise them down further in the coming week,” Fitch Solutions said in a statement.

Despite mining activities remaining operational in India during its 21-day lockdown, most mines are operating at capacities of 40 percent or less according to local news reports, it said.

Mining of iron ore, coking and thermal coal, limestone, dolomite, manganese, chromite and some other ferrometals have been excluded from restrictions enforced during the lockdown as these commodities have been termed as critical, it said.

Coal India March production up 6.5% at 84.36 mt

.@CoalIndiaHQ March production up 6.5% at 84.36 mt Vs 79.19 mt, offtake down 10.3% at 53.45 mt Vs 59.60 mt (YoY) pic.twitter.com/9sMENB8eUo

— CNBC-TV18 (@CNBCTV18Live) April 1, 2020

Infosys Foundation, Narayana Health City to open 100-bed quarantine facility

Infosys Foundation, the philanthropic and CSR arm of Infosys and Narayana Health, healthcare provider in the country, have launched a 100-room quarantine facility for COVID-19 patients in the vicinity of Narayana Health City in Bengaluru.

The facility, aimed at serving patients belonging to the economically weaker sections of the society, will accommodate patients, provide regular monitoring by doctors, nurses, and essential medication free of cost.

The patients in the isolation facility will be monitored by the doctors and nurses of Narayana Health City. Earlier this week, Infosys Foundation announced its commitment of Rs 100 crore to help the government with COVID-19 relief efforts.

US tech body urges Donald Trump to pause H1B visa programme after job loss 

A US body representing American technology workers has urged President Donald Trump to suspend for this year the H-1B visa programme, the most sought-after among the Indian IT professionals, to protect their interests amidst the massive layoffs in the country due to the coronavirus pandemic.

The H-1B visa is a non-immigrant visa that allows US companies to employ foreign workers in speciality occupations that require theoretical or technical expertise.

Companies depend on it to hire tens of thousands of employees each year from countries like India and China.

US Tech Workers, a nonprofit organisation which describes itself as representing the voices of American workers harmed by the H-1B visa programme, in its letter to Trump also urged him to suspend the H-2B visa programmes for the foreign guest workers too.

IIT researchers developing robots to deliver food, medicines to patients in isolation wards

Researchers at the Indian Institute of Technology (IIT) are developing two robots which can be deployed in isolation wards for COVID-19 infected cases for delivery of food and medicine to patients and collection of contagious waste.

The team from IIT Guwahati’s Mechanical Engineering and Electrical Engineering departments believes the move will reduce human intervention in isolation wards.

“We are working on two robots–one for medicine and food delivery to isolation wards which can be customised as per the needs of the hospital and the second robot will be specifically for toxic and contagious waste collection from isolation wards,” a team member told PTI.

Airlines may post $39 billion net loss in April-June quarter: IATA

The aviation industry that is going through a tough phase amid the coronavirus crisis, is likely to register a net loss of $39 billion during April-June 2020, according to a report by the International Air Transport Association (IATA).

The report further said that revenue of the airlines may fall by 68 percent during the quarter. The fall in demand would be the deepest in the second quarter, with a 71 percent drop.

Variable costs are expected to drop sharply by some 70 percent in the second quarter, largely in line with the reduction of an expected 65 percent cut in second quarter capacity, said the IATA report. The price of jet fuel has also fallen sharply, although we estimate that fuel hedging will limit the benefit to a 31 percent decline.

US plans to lease space to energy firms to store oil in emergency reserve

The US Department of Energy plans to announce as soon as Wednesday it will allow oil companies to lease space in the emergency oil reserve, as it seeks to comply with President Donald Trump’s directive to fill the facility to capacity, two industry sources said.

The Strategic Petroleum Reserve, or SPR, has the capacity to take another 77 million barrels of oil, a little less than the country uses in four days.

Trump ordered the department of energy, or DOE, on 13 March to take advantage of low oil prices and fill the reserve “to the top”, in an effort to help domestic drillers suffering from the global oil price drop. But carrying out the order has been tricky.

Honda commits Rs 11 cr for fight against COVID-19

Honda India Foundation, the Corporate Social Responsibility (CSR) arm of Honda group companies in India, on Wednesday pledged Rs 11 crore aid towards COVID-19 relief and prevention measures.

As part of the initiative, Honda will immediately supply 2,000 units of high pressure backpack sprayers to various government agencies.

These light-weight powerful sprayers will be used for disinfectant fumigation at hospitals, public transport, railway stations, public canteens and other common areas, the Japanese firm said in a statement.

Besides, Honda will support local administration efforts at all its manufacturing locations, it added.

Sensex plunges over 1,100 points, Nifty below 8,300-mark 

The market continued its opening losses as Sensex plummetted 1114.49 points or 3.78 percent to 28,354 while Nifty was down 322.05 points or 3.75 percent at 8,275.70 at around 11.15 am even as coronavirus pandemic kept the investors on edge.

Except for Nifty FMCG and realty, all sectoral indices at the National Stock Exchange (NSE) were in the negative terrain with Nifty private bank down by 2.6 percent, financial service by 2.4 percent, auto by 1.9 percent and IT by 1.8 percent.

Taiwan to spend $35 billion fighting virus, to donate 10 million masks

Taiwan dramatically upped its estimate for how much it would spend helping the economy deal with the impact of the coronavirus to $35 billion on Wednesday, and said it would donate 10 million face masks to the most needy countries.

Taiwan has reported 322 cases of the virus, including five deaths, winning plaudits for its early and so far effective measures to control the virus, especially compared to many of its neighbors. But, the export-reliant island’s economy has wilted in the face of the pandemic’s spread.

The government is already rolling out a stimulus package, and President Tsai Ing-wen said in total they would be spending T$1.05 trillion ($35 billion) including a second round of measures.

Sensex plummets over 1,000 points, Nifty down 292 points

Sensex plunged 1002.17 points or 3.40 percent to 28,466.32 while Nifty was down 292.50 points or 3.4 percent at 8,305.25 at around 10.50 am even as factory activity contracted sharply across most of Asia in March due to coronavirus pandemic.

Kotak Mahindra Bank tanked nearly 10 percent while RIL fell 5.35 percent in the morning session.

Oil prices fall as US inventory build-up heightens oversupply concerns

Global crude oil prices slid further on Wednesday, following their biggest-ever quarterly and monthly losses, as a bigger-than-expected rise in US inventories and a widening rift within OPEC heightened oversupply fears.

Oil prices are near their lowest since 2002 amid the global coronavirus crisis that has brought a worldwide economic slowdown and slashed oil demand. Crude futures ended the quarter down nearly 70 percent after record losses in March.

Brent crude was down by 47 cents, or 1.8 percent, at $25.88 a barrel. US West Texas Intermediate crude was up 12 cents, or 0.6 percent, at $20.6 a barrel, an uptick analysts said was driven by position building at the start of a the new quarter.

Garment exporter Bangladesh faces $6 billion hit as world retailers cancel orders

Bangladesh, the second-largest apparel producer after China, is set to lose roughly $6 billion in export revenue this financial year amid cancellations from some of the world’s largest brands and retailers, two major industry bodies said on Tuesday.

The two groups, which represent the vast majority of the readymade garment and knitwear manufacturers in the country, said cancellations were increasing daily amid coronavirus-driven lockdowns globally, and these risked jeopardizing millions of jobs in the poor South Asian nation.

Low wages have helped Bangladesh build its garment industry, with some 4,000 factories employing 4 million workers.

ICICI Bank cuts lending rate by 15 bps across tenors

#JustIn | ICICI Bank cuts lending rate by 15 bps across tenors pic.twitter.com/jQa6dr3rhB

— CNBC-TV18 (@CNBCTV18Live) April 1, 2020

Asia’s factory activity plunges as coronavirus shock deepens

Factory activity contracted sharply across most of Asia in March as the coronavirus pandemic paralysed economic activity across the globe, with sharp falls in export power-houses Japan and South Korea overshadowing a modest improvement in China.

Manufacturing gauges also tumbled in Indonesia, Vietnam and the Philippines, Purchasing Managers’ Index (PMI) surveys showed on Wednesday, underscoring the widening damage brought by the pandemic that has infected more than 700,000 people, upended supply chains and led to city lockdowns worldwide.

China’s factory activity improved slightly more than expected in March after plunging a month earlier, a private business survey showed, but growth was marginal, highlighting the intense pressure facing businesses as domestic and export demand slumps.

Maruti’s passenger vehicle sales slip 47.4%

March #AutoSales | Maruti's passenger vehicle sales slip 47.4% at 76,420 Vs 1.45 lakh units (YoY) pic.twitter.com/jxq5ABAjkp

— CNBC-TV18 (@CNBCTV18Live) April 1, 2020

Sensex plunges over 800 points, Nifty below 8,400-mark in morning trade

Sensex tanked 852.02 points or 2.89 percent to 28,616.47 and while Nifty was down 206.65 points or 2.4 percent at 8,391.10 at around 10.40 am.

Kotak Mahindra Bank and Tech Mahindra were the top losers in the Sensex pack.

Sensex tanks over 700 points, Nifty below 8,400-mark 

Sensex tanked 710.68 points or 2.41 percent to 28,757.81 while Nifty was down 206.65 points or 2.4 percent at 8,391.10 at around 10.28 am.

Kotak Mahindra Bank and Reliance Industries were the top losers in the Sensex pack.

PSU banks announce moratoriums on loan EMIs after RBI directive

The Reserve Bank of India (RBI) had last week advised all the lending institutions to offer a three-month moratorium on repayment of loans due to the outbreak of coronavirus.

RBI stated that it has initiated steps to defer the installments and interests/EMIs on term loans with due dates between 1 March and 5 May and extended the repayment period by 3 months. The SBI said the interest on working capital facilities for the same period is also deferred to 30 June.

IDBI Bank has granted its customers a three-month moratorium for repaying loans.

Punjab National Bank has made available the deferment of instalments for the month of March, April and May 2020 towards loan accounts.

Global markets out of one of the worst quarters in several years

#CNBCTV18Market | Global markets come out of one of the worst quarters in several years. Q1 performance for US market was the worst ever while Europe saw its worst Q1 in 18 years#COVID19 #CoronavirusOutbreak pic.twitter.com/rJ0GSiRpE4

— CNBC-TV18 (@CNBCTV18Live) April 1, 2020

Maharashtra to implement 1% concession on stamp duty from today

The one percent concession in stamp duty announced in the Maharashtra Budget on 6 March will start from 1 April, officials said.

The concession is applicable to Mumbai Metropolitan Region, Pune, Nagpur and Pimpri Chinchwad for a period of two years, they said.

“The one percent concession on stamp duty will be on registration of documents pertaining to sale and lease of immovable property, gift deeds etc,” an official informed.

Indonesia strengthens financial crisis protocol amid coronavirus

Indonesia has improved its protocol to prevent a financial crisis amid the coronavirus outbreak, its finance minister said on Wednesday as she flagged a worst case scenario of contraction in 2020 GDP growth and the rupiah falling to a historic low.

Finance minister Sri Mulyani Indrawati said the protocol to help failing banks has been upgraded to allow for early responses by all financial authorities as part of an emergency regulation that President Joko Widodo announced on Tuesday.

Southeast Asia’s largest economy is expected to grow 2.3 percent in 2020, but the government has prepared for a worse scenario of a contraction of 0.4 percent, Indrawati said. Her scenarios also include the rupiah falling further to average between 17,500 to 20,000 to the dollar, the weakest on record, compared to the 16,380 exchange rate on Wednesday.

IndusInd Bank’s promoter makes full loan repayment to Citibank

#JustIn | IndusInd Bank's promoter makes full repayment of a loan to Citibank; a pledge of 23.8 m equity shares of the bank to be released by Citibank today (April 1) pic.twitter.com/Pba8PV8dML

— CNBC-TV18 (@CNBCTV18Live) April 1, 2020

UP sugar mills start sanitising villages in their areas

Three sugar mills in Uttar Pradesh’s Shamli district have started sanitising villages and towns in their areas to prevent the spread of the novel coronavirus, state minister Suresh Rana said.

The minister for sugarcane development affairs said all sugar mills should start sanitising activities in their areas. 

They are doing it has part of their social responsibility, Rana said on Tuesday.

Mills in Shamli, Thanabhawan and Unn have started sanitising areas. Under the initiative, Kairana and Unn, and over a dozen villages are being sanitised, the minister said.

Lakshmi Mittal to contribute Rs 100 cr to PM CARES Fund

NRI billionaire Lakshmi N Mittal on Tuesday announced a contribution of Rs 100 crore to the PM CARES Fund to combat the spread of the deadly coronavirus in India.

“ArcelorMittal Nippon Steel India (AM/NS India), a joint venture between (L N Mittal’s) ArcelorMittal and Japan’s Nippon Steel, and HMEL, a partnership between Hindustan Petroleum and Mittal Energy Investments, today announce a package of support to strengthen India’s capacity to protect families and communities impacted by the virus.

“Both our operations in India commit equally to a total of Rs 100 crore to PM-CARES for the ongoing relief efforts countrywide,” Mittal said in a statement.

Dr Reddy’s gets USFDA approval for Levothyroxine Sodium 

Dr Reddy's gets USFDA approval for Levothyroxine Sodium used to treat an underactive thyroid (hypothyroidism) pic.twitter.com/0CYYXACL9q

— CNBC-TV18 (@CNBCTV18Live) April 1, 2020

UK banks scrap dividends on coronavirus fears

Britain’s top banks said on Tuesday they would suspend dividend payments after pressure from the regulator, saving their capital as a buffer against expected losses from the economic fallout from the coronavirus.

Barclays, HSBC, Lloyds Banking Group , Royal Bank of Scotland, Standard Chartered  and the British arm of Spain’s Santander  all halted payouts.

The lenders had been due to pay out over 8 billion pounds ($9.93 billion) between them in 2019 dividends, with HSBC the biggest payer at $4.2 billion.

The move came in response to a request from the Prudential Regulatory Authority (PRA), which also asked banks and insurers not to pay senior staff bonuses this year.

China’s Hainan province to offer more than 30,000 jobs this year

China’s southern province of Hainan is offering more than 30,000 jobs, including 470 jobs earmarked for foreigners, as it ramps up efforts to establish its free trade zone this year, official provincial media reported on Wednesday.

The provincial government seeks to fill positions across multiple sectors, including services, tourism and high-tech industries, the Hainan Daily newspaper reported. Employers include government entities, state-owned enterprises, statutory bodies and private firms.

The campaign also offers 470 positions specifically for “international talent”, mainly in fields such as foreign language teaching, aviation, and hotel management.

APL Apollo Tubes Q4 sales volume down 4%

APL Apollo Tubes Q4 sales volume down 4% at 4 lakh tonnes, FY20 sales volume up 23% at 16.4 lakh tonnes YoY pic.twitter.com/ACPaKPqEwP

— CNBC-TV18 (@CNBCTV18Live) April 1, 2020

SoftBank bolsters investment team with ex-Goldman hire

SoftBank Group Corp said on Wednesday it has appointed former Goldman Sachs banker Taiichi Hoshino as head of a new investment planning department, as the group increases oversight of its tech bets battered by volatile markets.

Souring bets across its portfolio have left SoftBank selling down prime assets and holding back from making new investments. Hoshino is expected to bolster the investment team at a time when CEO Masayoshi Son has received criticism for his top-down investing approach.

Japan’s business mood hits 7-year low

Japan’s business confidence soured to levels not seen since 2013, a closely watched survey showed, as the coronavirus pandemic hit sectors from hotels to carmakers and pushed the economy closer to recession.

The worsening corporate morale underscores the challenge Prime Minister Shinzo Abe faces in ensuring the pandemic does not erase the benefits of his “Abenomics” fiscal and monetary stimulus, deployed seven years ago to revive a stagnant economy.

The Bank of Japan’s quarterly “tankan” survey on Wednesday showed big manufacturers’ sentiment turned pessimistic for the first time in seven years as supply chain disruptions caused by the outbreak hit sectors across the board.

Service-sector sentiment also hit a seven-year low as travel bans and social distancing policies hurt consumption, clouding an already dark outlook.

Forex market to remain shut for annual closing of banks

Forex markets to remain shut on Wednesday for the annual closing of banks.

Kotak Mahindra, ONGC among major losers

#CNBCTV18Market | Top Index losers in the opening hour of trade pic.twitter.com/VeoCtI4hDP

— CNBC-TV18 (@CNBCTV18Live) April 1, 2020

Six PSU banks cease to exist from today

The biggest-ever bank consolidation exercise in the public sector unit kicked in today. Six PSU lenders were merged into four in a bid to make them globally competitive.

Earlier, the Reserve Bank of India (RBI) had said that the scheme of merging 10 PSU banks into four bigger lenders is on schedule despite the country-wide coronavirus lockdown. It has triggered 21-day lockdown to contain the spread of the deadly virus. The merger will come into force from 1 April, 2020, the central bank had said.

Experts said merger at this point of time will not be very smooth and seamless. However, heads of the anchor banks are exuding confidence.

Gold recovers from 3% slump

Gold prices on Wednesday clawed back from a steep fall in the previous session, as the US dollar eased following the Federal Reserve’s latest stimulus boost and as Asian equities slipped with the coronavirus pandemic sharply slowing global growth.

Spot gold was up 0.4 percent at $1,577.83 per ounce, as of 0030 GMT, having slumped 3.1 percent in the previous session. US gold futures GCv1 slipped 0.3 percent to $1,591.30.

The Fed on Tuesday broadened the ability of dozens of foreign central banks to access U.S. dollars during the coronavirus crisis by allowing them to exchange their holdings of U.S. Treasury securities for overnight dollar loans.

The dollar was down 0.1 percent against key rivals.

Market opens flat

#CNBCTV18Market | Market opens little changed following mixed global cues pic.twitter.com/13zIadIwIT

— CNBC-TV18 (@CNBCTV18Live) April 1, 2020

Asian shares under pressure

Asian shares faced another leg lower on Wednesday as the coronavirus sharply slows global growth, leading a gauge of world stocks to post its biggest quarterly decline in more than a decade and oil prices to trade near lows last seen in 2002.

Shares on Wall Street tumbled on Tuesday, with the Dow registering its biggest quarterly fall since 1987 and the S&P 500 its steepest quarterly drop since a decade ago on growing evidence of the massive downturn the pandemic will incur.

E-Mini futures for the S&P 500 traded 1 percent lower in after-hours trade, while Asian futures suggested the rout would continue. FTSE China A50 futures in Singapore were down 0.85 percent and Japan’s Nikkei fell 1.86 percent in early trade.

The first-quarter decline was the biggest on record for the S&P 500 as consumers hunkered down at home, leading businesses to announce massive staff furloughs and to shut temporarily.

Sensex up 172 points, Nifty rises 7.35 points

Benchmark indices are trading flat to positive in the pre-opening session with Nifty above 8600.

At 09:02 hrs IST, the Sensex is up 172.05 points or 0.58% at 29640.54, and the Nifty up 7.35 points or 0.09% at 8605.10.