Stock Markets Today Latest Updates: Sensex tanks 674 points, Nifty below 8,100-mark at close; Axis Bank falls over 9%

Sensex tanks 674 points, Nifty below 8,100-mark at close

The market extended the previous session's losses as Sensex plunged 674.36 points or 2.39 percent to 27590.95 while the broader Nifty was down 170 points or 2.06 percent at 8083.80 at close on Friday.

As many as 1126 shares have advanced, 1078 shares declined, and 174 shares were unchanged.

Axis Bank was the top loser in the Sensex pack losing over 9 percent. Other major losers included IndusInd Bank, Titan Company, ICICI Bank and SBI. 

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Supply chain shock to have negative impact on auto component sector: ICRA

Rating agency ICRA on Friday said the supply chain shock due to the coronavirus pandemic will have negative impact for Indian auto component industry.

The COVID-19 supply chain disruptions will manifest into a demand shock lasting multiple quarters for the domestic industry, ICRA said in a statement.

The rating agency, which undertook an extensive survey across key auto component importers and exporters to understand the impact of disruptions in the global auto component supply chain because of the pandemic, said it expects a significant scale down in exports over the next two quarters.

OPEC producers debate possible oil cuts of 10 million barrels per day: Report

The OPEC+ crude oil exporter group is debating cutting global supply by 10 million barrels per day (bpd), an OPEC source said on Friday, adding that any further cuts must include producers from outside the alliance.

US President Donald Trump on Thursday said he had brokered a deal that could result in Russia and Saudi Arabia cutting output by 10 million to 15 million bpd, representing 10-15 percent of global supply. Trump said he made no offer to cut US output.

The source added that OPEC+ is watching the outcome of a meeting between Trump and the oil companies later on Friday and that a final figure on cuts depends on participation by all oil producers.

RBI notifies changes in timing for money markets

Online grocery platform Grofers may hire 10,000 people for warehouses, delivery

Online grocery platform Grofers is looking at hiring 10,000 people for its warehouses and last-mile delivery to clear pending orders quickly and meet the spike in orders on account of the nationwide lockdown.

"We are looking to hire 10,000 people for our warehouses and last-mile delivery. This hiring will happen across all 26 cities that we are present in," bigbasket vice-president-human resources Tanuja Tewari told PTI.

She added that the pressure is being felt across all cities with the challenges being higher in tier I cities.

E-commerce companies have been struggling to deliver orders after the 21-day lockdown, imposed to contain the spread of the deadly coronavirus, came into effect from 25 March.

COVID-19 expected to reduce housing sales by 25-35%

Unsold inventory in 2020 will largely remain stable, with single-digit annual decline of around 1-3 percent.

The nationwide lockdown has completely halted construction activity - project delays could run into several months for well-funded projects, and a couple of years for others. Nearly 4.66 lakh units across the top 7 cities earlier slated for completion in 2020 now face a high risk of delays.
 
The affordable housing segment, which gained significant traction over the last few years, may also take a hit by COVID-19.

The outbreak will significantly affect affordable housing's target audience. With limited income and unemployment fears, buyers of affordable housing may defer purchase decisions, leading to an estimated 1-2 percent rise in unsold stock within this segment in 2020.

DoT likely to defer 5G roll-out

Limetray launches tech platform for local grocery stores 

Limetray, food tech platform, is rolling-out an online ordering system to enable local grocery, meat as well as local grocery shops to accept customer orders online through its platform.

The launch of this specialised technology platform will enable  local grocery, meat and provisional stores to take orders from customers without the need to step into the stores to buy essential provisions, grocery and meat items in the wake of the COVID-19 outbreak.

CIL arm WCL slashes coal auction floor price for specific mines

Western Coalfields (WCL), a subsidiary of Coal India, has slashed the coal auction floor price of specific mines by 10 percent, a statement said.

With an effort to provide coal at cheaper price to consumers during the current COVID-19 pandemic, the reduced auction price will be applicable for coal from 'mine specific source' for all auctions to be conducted by WCL in April 2020.

"This will help both Power and Non-Power consumers to get coal at reduced price," it said.
 

WCL had identified 11 out of its total 66 mines in November 2019 as 'mine specific source' specially for use of power plants at an additional add-on price of Rs 450 per tonne over the notified price.

Portea Medical launches home quarantine solution

Portea Medical has launched a home quarantine solution -- ‘fit to fight corona’.

The company is offering both its direct customers and corporate partners, a 14-day home quarantine management  service to enable them to stay safe during the COVID-19 pandemic and manage symptoms if any.

Meena Ganesh, MD and CEO, Portea Medical, said, “The COVID-19 has emerged as one of the biggest threats to global healthcare in modern times. With over 200,000 infections and a mortality rate of 4 percent, this virus has once again underscored the role that health-tech startups can play in such a scenario. Apart from accurate information and awareness on coronavirus, there is a need to ensure that people with low immunity such as the elderly are provided with basic healthcare services at home."

Shriram Group contributes Rs 10 cr to PM CARES Fund

Shriram Group has committed a contribution of Rs 10 crore to the PM CARES Fund.

The group has already contributed Rs 8 cores and is likely to contribute the balance Rs 2 crores after the banks open for operation this week.

India's power demand falls over 25% to 125.81 GW on 2 April 

India's peak power demand slipped over 25 percent to 125.81 GW on Thursday compared with 168.32 GW the same period the previous year amid the lockdown to contain COVID-19 outbreak, showed power ministry data.

In actual terms, the demand fell around 43 GW on Thursday compared to the same day a year ago. However, the data showed that peak power demand met has stabilised around 120 GW after 22 March.

The government has imposed 3-week lockdown to fight the pandemic from 24 March.

The demand was down mainly due to lower requirements from industry and state power distribution companies (discoms) across the country due to the lockdown.

The peak power demand met is the actual highest energy supply during the day across the country.

Kuwait backs OPEC meet; resumes neutral zone shipments with Saudi Arabia

Kuwait supports Saudi Arabia’s invitation for a meeting between meeting of OPEC and non-OPEC oil producers, an informal grouping known as OPEC+, to curb global oil supply and halt the oil price rout, oil minister Khaled al-Fadhel said on Friday.

The minister, cited by the state-news agency KUNA, also announced the resumption of crude shipments from the so-called Neutral Zone the country shares with Saudi Arabia for the first time in five years.

The shipment, of about one million barrels will be loaded on a tanker on Saturday and Sunday, for export to Asia, he said.

US economy to shrink at fastest rate since 1946: Morgan Stanley

The United States economy will shrink 5.5 percent in 2020, the steepest drop since 1946, with a huge 38 percent contraction predicted for the second quarter, Morgan Stanley said on Friday in a new batch of forecasts on the economic damage from the coronavirus outbreak.

The US bank said it had cut its first-quarter forecast to an annualised 3.4 percent contraction from a previous 2.4 percent, while in the second quarter the economy is predicted to shrink 38 percent, up from an earlier forecast of a 30 percent contraction.

US unemployment will also peak at a record 15.7 percent in the second quarter - that is up from a previous 12.8 percent forecast by the bank’s economists - with cumulative job losses of 21 million in the second quarter, Morgan Stanley said.

Deutsche Bank to hold annual general meeting online

Deutsche Bank said on Friday that it would hold this year’s annual general meeting online amid precautions to prevent the spread of the coronavirus.

The bank will detail procedures for the meeting, scheduled for 20 May, at a later date.

Brent reverses losses to rise above $30 in early European trading

Benchmark Brent crude oil futures reversed losses incurred during Asian hours in early European trading on Friday to rise above $30 a barrel, with hopes of a huge global supply cut deal to support prices still alive.

Brent crude futures were up 7 percent, or $2.10, at $32.04 per barrel. Brent soared as much as 47 percent during Thursday’s session, its highest intraday percentage gain ever, before closing 21 percent higher, but still at less than half the $66 it was trading at at the end of 2019.

US West Texas Intermediate (WTI) crude also moved back into positive territory, rising 1 percent, or 28 cents, to $25.6 a barrel, after surging 24.7 percent on Thursday.

LIC India Forever contributes Rs 105 cr to PM-CARES Fund 

Airtel, Jio to continue gaining market share

Bharti Airtel and Reliance Jio will continue to gain market share at the cost of Vodafone Idea''s "worsened" financial health that may deteriorate further in the wake of the AGR judgment, Axis Capital said in a note on Friday.

Axis Capital said it has trimmed its revenue estimates for wireless telcos. This is because muted subscriber additions as well as hit in 2G/3G conversions to 4G SIMs on account of the lockdown and a possible extension of certain curbs, could partially impact revenue growth that was expected in coming months from the tariff hike in December 2019.

"We cut FY21/22E (estimates) revenue of wireless providers by 1-6 percent and EBITDA (Earnings before Interest, Taxes, Depreciation and Amortisation) margin by 20-100 bps (basis points," Axis Capital said in the telecom sector report.

It said that while the tariff hikes undertaken by companies in December 2019 is likely to play out in nine months of calender year 2020 as subscribers come for recharge, the floor pricing may be delayed due to the lockdown.

Lockdown: Seeing improvement on e-commerce issues, says DPIIT secretary

The government has held several meetings with e-commerce players to resolve issues arising due to the lockdown, and now witnessing improvement on them daily, a top government official said on Friday.

Secretary in the Deparrment for Promotion of Industry and Internal Trade (DPIIT) Guruprasad Mohapatra said that with lot of follow ups on their issues, relaxations were given to them by the Home Ministry.

"We had meetings with them, most of their issues are being resolved. E-commerce position is much better now then what was there on day one of lockdown. Everyday you are seeing improvement," he told PTI.

E-commerce representatives had shared the problems faced by them in movement of essential goods by delivery boys due to the lockdown amid coronavirus outbreak.

Tata Motors March 2020 production slips 75.3%

Sensex plunges over 700 points, Nifty below 8,100-mark 
 

Sensex tanked 708.66 points or 2.51 percent to 27,556.65 while Nifty was down 185.50 points or 2.25 percent at 8,068.30 at around 2.15 pm.

ICICI Bank and IndusInd Bank were the top losers in the Sensex pack.

European stocks sink as pandemic hits business

European stock markets sank on Friday, erasing meagre gains for the week, as more companies flagged a hit to business from the coronavirus pandemic while oil prices extended their previous day’s gains on hopes of a global supply cut.

With virus-fighting lockdowns raising the risk of a prolonged global downturn, investors continued to seek the safety of the US dollar and government bonds, pushing US Treasury yields near their lowest in three weeks.

The pan-European STOXX 600 index was down 0.4 percent, taking MSCI’S All Country World Index down 0.3 percent.

NFL sees record fertiliser sales at 57 lakh tones during last fiscal

State-owned National Fertilizers Limited (NFL) on Friday said it has sold record 57 lakh tonnes of fertilisers during the last fiscal year.

In a regulatory filing, NFL informed that it has "registered the highest-ever fertiliser sales in 2019-20, fifth time in a row."

NFL has recorded total fertiliser sale of more than 57 tonnes of all products, beating its previous best of 48.95 lakh tonnes achieved during 2018-19.

"With this, the company achieved a sales growth of 16.2 percent over the previous year," the filing said.

The sustained sales growth of NFL has helped in retaining its position of second highest marketer of fertilisers in the country, it added.

Silver futures climb on firm global cues

Silver prices on Friday rose 3.17 percent to Rs 41,135 per kg in futures trade as participants widened their bets amid a firm trend in precious metal overseas.

On the Multi Commodity Exchange, silver contracts for May delivery gained Rs 1,263, or 3.17 percent, to Rs 41,135 per kg in 4,058 lots.

Similarly, silver contracts for July delivery climbed Rs 1,253 to Rs 41,333 per kg in 528 lots.

Traders said fresh bets by participants in line with a firm trend in global markets mainly led to rise in silver futures.

In the international market, silver was quoting 0.02 percent higher at $14.67 an ounce in New York.

Market trims morning losses, Nifty regains 8,200-mark

Markets trimmed the morning losses and Nifty regained 8,200-mark in the afternoon trade.
 

Sensex was trading 246.75 points or 0.87 percent at 28,018.56 while Nifty was down 46.95 points or 0.57 percent at 8,206.85 at around 1.45 pm.

Mexico's Corona beer producer halts brewing over pandemic

The Mexican brewer of Corona beer said Thursday it was suspending production because of the health emergency in the country over the COVID-19 pandemic.
 

Grupo Modelo -- whose brands also include Pacifico and Modelo -- said the measure was in line with the Mexican government's order to suspend all non-essential activities until April 30 to slow the spread of coronavirus.

"We are in the process of lowering production at our plants to the bare minimum," the company said in a statement, adding it would complete the suspension in the following days.

Mexico's government has said that only key sectors such as agribusiness will be able to continue to function.

Cyient inks pact with Hitachi Rail to accelerate signalling technology deployment

Lenders agree to extend deadline for submitting bids for DHFL

Markets continue to remain volatile

The market continued its journey southward and is trading in red down by 1.8 percent dragged mainly by selling pressure in BFSI stocks despite gains in global peers, said Sundar Sanmukhani, head of fundamental research desk, Choice Broking.

Investor sentiments continued to weigh amid uncertainty over COVID-19 pandemic and its economic impact.

With fresh cases of Coronavirus rising day by day, concerns over looming economic recession are keeping investors on edge. Factory activity data released yesterday which grew at a slowest pace in four months also dented sentiments, said Sanmukhani.

"BFSI heavyweight stocks like Kotak Bank, ICICI  bank, HDFC among others were among top contributors in today's decline. However, healthy gains in Pharma stocks like  Cipla, Lupin among others restricted the downfall. Broader indices too were under selling pressure trading with cuts down by 1 percent. The markets are expected to continue their volatility  till there is clarity on the situation after the lockdown ends on 14 April 2020," he said.

Cycle Pure Agarbathies donates Rs 1 cr to PM CARES Fund

Cycle Pure Agarbathies, from agarbathi to aerospace conglomerate NR Group, extended support to the country and government in combating COVID-19 with a donation of Rs 1.08 to PM CARES Fund.

The brand. which has been in the prayer and worship space from the last 70 years, has initiated a series of funding and donation activities along with an in-depth business continuity plan for its employees to overcome coronavirus.

Omidyar Network India’s Rs 1 cr rapid response funding initiative to 20 organisations

As a part of its rapid response funding initiative for COVID-19, Omidyar Network India announced a Rs 1 crore funding to a collective of 20 grassroot civil society organisations for their rapid community response to COVID-19 (RCRC).

This funding will help migrant labourers and their dependents in rural areas by providing information (eg. social distancing, quarantining), enumeration and counselling migrants, supporting those at starvation risk, channeling food, and motivating frontline workers.

They also plan actionable research to understand the impact of COVID-19 in rural areas, and identify livelihood opportunities. 

Kerala, Delhi, other states approach Nirmala Sitharaman seeking clearance of pending GST dues

CCI approves stake-buy in Religare Health Insurance by Trishikhar Ventures

Fair trade regulator Competition Commission has approved acquisition of 18.95 per cent stake in Religare Health Insurance Company by Trishikhar Ventures under the green channel route.
 

Trishikhar is a part of Kedaara Group, which invests in a variety of companies through acquisitions and corporate restructurings, while Religare provides general insurance products relating to health segment, the Competition Commission of India said in a press release.

The green channel concept -- recommended by the high-level panel that reviewed competition law -- allows automatic system for speedy approval for certain categories of merger and acquisitions.

Bank shares tank after Moody's changes outlook on Indian banks to negative

Virus deaths, unemployment accelerating across Europe, US

Mobile subscriber addition seen lower at 0.5 million in March: Experts

S&P confirms US AA+ rating with stable outlook

Cisco expands small business product portfolio

Small businesses, representing millions of individual companies and accounting for two-thirds of the global Gross Domestic Product (GDP), are facing the dual challenges of keeping pace with a dynamic ecosystem, while continuing to provide enhanced customer experience and service.

Cisco is doubling down its focus on serving small businesses by offering customers and partners a simple, secure, and flexible portfolio with new solutions tailored to small businesses.

Collected under the Cisco Designed brand, the newly launched portfolio comprises new offerings that have been curated for small businesses, and address their networking, security, collaboration, cloud, and internet connectivity needs.

IndiGo plunges over 7% in intra-day trade

Coronavirus likely ended record US job growth in March

The US economy likely shed jobs in March, abruptly ending a historic 113 straight months of employment growth as stringent measures to control the coronavirus pandemic shuttered businesses and factories, confirming a recession is underway.

The labor department’s closely watched employment report on Friday will not fully reflect the economic carnage being inflected by the contagious coronavirus. The government surveyed businesses and households for the report in mid-March, before a large section of the population was under some form of a lockdown, throwing millions out of work.

Friday’s report could sharpen criticism of the Trump administration’s handling of the public health crisis, with President Donald Trump himself facing criticism for playing down the threat of the pandemic in its initial phases. Already, data has shown a record 10 million Americans filed claims for unemployment benefits in the last two weeks of March.

Airbnb lowers internal valuation to $26 billion as coronavirus hits bookings: Report

Airbnb lowered its internal valuation by 16 percent to $26 billion, as the US home rental firm grapples with a slowdown in bookings due to the global spread of the coronavirus pandemic, a source familiar with the matter told Reuters on Thursday.

Airbnb was valued at $31 billion in its most recent private fund-raising round, the source said.With the coronavirus spreading across the globe, thousands of travellers have called off plans for vacations, work trips and family visits.

Airbnb staff were informed of the new valuation by chief executive officer Brian Chesky at a company-wide meeting on Thursday, according to the source.

Singapore retail sales fall at steepest pace in 12 years

Singapore’s retail sales in February fell at the steepest pace in more than 12 years on a month-on-month basis as consumption fell across categories such as apparel and cosmetics due to the coronavirus pandemic.

On a seasonally adjusted basis retail sales declined 8.9% in February from the previous month, data from the Singapore Department of Statistics showed, the biggest drop since July 2007.

Retail sales fell 8.6 percent on a year-on-year basis.

India's C-Level executives donate entire salaries to PM CARES Fund

As the coronavirus pandemic continues to hit businesses and the global economy, Indian businesses have put its best foot forward to solve this crisis and has come together like never before.  India is witnessing corporate leaders and start-up founders coming forward in doing their bit for the society. 
 

Rajeev Chaba, president and managing director of MG Motor India pledged to donate one month salary to Prime Minister’s Citizen Assistance and Relief in Emergency Situations (PM CARES) Fund to fight against COVID-19. This comes close on the heels of the recent aid MG Motor India announced of Rs. 2 crore for the government hospitals and health institutions providing medical assistance in Gurugram and Halol (Vadodara). 
 

Mahindra Group chairman Anand Mahindra pledged to donate his full salary for the coming months in a bid to strengthen the efforts to combat the novel coronavirus. Mahinda also urged various businesses to also set aside contributions for those who are the hardest hit in their ecosystem.
 

Paytm chief Vijay Shekhar Sharma will not draw salary for the next two months to help those employees impacted by the pandemic. Sharma committed the money to any needs of Paytm office help or staff.

Sanjay Sharma, managing director and founder, Aye Finance announced a donation of undisclosed amount towards PM CARES Fund. Additionally, in order to aid support, Aye Finance employees have also proactively decided to donate their one day salary to the emergency fund.

Cyber security tips from Tata Communications

The global COVID-19 crisis and ensuing lockdown created an immediate acceleration for all global businesses to address unique demands and business continuity plans, including remote working, rapidly, said Avinash Prasad, vice-president and head for managed security services and content delivery network, Tata Communications.

"While cyber security has been taking the centre stage for the last few years as the big area of focus, leading to evolution and investments in security readiness, now with the majority of the workforce adapting to a work from home way of life, organisations are having to re-think elements of their approach to security for a truly  borderless organisation," he said.

Presently, all organisations are channelling efforts towards ensuring service availability; but on a parallel track – need to look at securing systems, resources and data while activating necessary mechanics for monitoring and protection to embrace remote working for business continuity.

In this situation, the CISO needs to orchestrate and facilitate different access channels seamlessly, carefully weighing them against the organisation’s security and risk management approach to achieve better results and organisational stability.

Rupee's coronavirus-induced weakness to linger in near-term, says survey 

The Indian rupee will probably cut some of its losses against the dollar in the next year, according to strategists polled by Reuters, but it’s likely to stay weak with other emerging-market currencies until the coronavirus pandemic subsides.

The rupee’s path will largely depend on how successful the Indian government’s steps are in containing the spread of COVID-19 in a country of more than 1.3 billion people, the second-most-populous in the world.

Prime Minister Narendra Modi has ordered a 21-day national lockdown, which began on 25 March. But the government’s fiscal response so far has been modest compared with other countries: Rs 1.7 lakh ($22.3 billion) in direct cash transfers and food security measures.

Dr Reddy's rises over 1%

S&P downgrades Tata Motors ratings, outlook stable

Oil dips after record rally, Asia stocks mixed as weekend looms

Abbott’s rapid diagnostic commercial kits may arrive in India this month

Lupin gets USFDA establishment inspection report for Aurangabad unit

Homegrown pharma major Lupin on Friday said it has received establishment inspection report (EIR) from the US health regulator for its Aurangabad, Maharashtra, facility with no action indicated.

The inspection for the facility was carried out by the US Food and Drug Administration (USFDA) between February 10 and February 14, 2020, and concluded with no observations, the company said in a regulatory filing.

Commenting on the receipt of the EIR, Lupin Managing Director Nilesh Gupta said, “This takes us a step forward in our efforts of enhancing our compliance and quality standards across all our manufacturing sites."

Bajaj Auto total sales down 38% in March

Bajaj Auto on Friday reported 38 percent decline in total sales to 2,42,57 units in March as against 3,93,351 in the same month last year.

Total domestic sales fell 55 percent to 1,16,541 units last month as compared to 2,59,185 units in March 2019, Bajaj Auto said in a statement.

The company further said its total two-wheeler sales were down 35 percent at 2,10,976 units as compared to 3,23,538 units in the year-ago month.

Domestic two-wheeler sales were at 98,412 units last month as against 2,20,213 units in March 2019, a decline of 55 percent, it added.

JSPL FY20 crude steel output grows 12% to 8.17 MT

Jindal Steel and Power Ltd (JSPL) on Friday said its annual crude steel production and sales figure for the fiscal year ended 31 March 2020 stood at 8.17 million tonne (MT) and 7.92 MT, respectively.

In 2018-19 fiscal, the consolidated steel production of the company stood at 7.30 MT, while, sales were at 7.22 MT, JSPL said in a statement.

According to JSPL, this is the "highest annual crude steel production and sales figure".

During fiscal year 2019-20, JSPL registered a growth of 12 percent in output, while the sales have registered a rise of 10 percent.

Pharma stocks gaining in trade

ADB expects India's growth to slow down to 4% in FY21 on coronavirus pandemic

India's economic growth is likely to slow down to 4 percent this fiscal on the back of the current global health emergency, Asian Development Bank (ADB) said in its outlook for financial year 2020-21 on Friday.

"We face extraordinarily challenging times. The outbreak of coronavirus (COVID-19) is disrupting people's lives and interrupting business and other economic activities around the world," said Masatsugu Asakawa, President of Asian Development Bank.

Noting that COVID-19 has not yet spread extensively in India, ADB said measures to contain the virus and a weaker global environment will whip up headwinds, offsetting support from corporate and personal income tax cuts as well as financial sector reforms which are meant to revive credit flows.

Swiggy launches 'Hope, Not Hunger' initiative to feed the needy

India's largest food delivery platform Swiggy said on Thursday it has partnered with various commercial kitchens, NGOs and state governments to provide daily meals to thousands of underprivileged, daily wagers and stranded migrant labourers who have limited access to nutritious food during the 21-day lockdown.

The 'Hope, Not Hunger' initiative was launched last week to support the Delhi Government's programme to feed the needy.

Swiggy helped organise the preparation and distribution of nutritious meals twice a day across relief camps in Delhi with the support of partners such as Compass Kitchens, Lite Bite Foods and SmartQ.

Gold futures ease on weak global cues

Gold futures on Tuesday fell 0.10 percent to Rs 43,800 per 10 gram as participants trimmed their positions tracking a weak global trend.

On the Multi Commodity Exchange, gold prices for April delivery fell by Rs 42, or 0.10 percent, to Rs 43,800 per 10 gram in a business turnover of 28 lots.

Market analysts said the fall in gold futures was mostly in tune with a weak trend overseas. Globally, gold was trading 0.38 percent lower at $1,636.90 per ounce in New York

Sensex falls over 300 points, Nifty above 8,100-mark in morning trade

Market continued to trade in the red terrain as Sensex fell 325.78 points or 1.15 percent to 27,939.53 while the broader Nifty was down 92.10 points or 1.12 percent at 8,161.70 at around 10.30 am.
 

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

Nissan Vietnam to close plant due to coronavirus containment measures

Nissan Vietnam will shut down its plant for two weeks amid a nationwide social distancing campaign to curb the spread of the coronavirus, the company said on Friday.

“Our plant in central province Danang will close from 5 April for 15 days, in line with the government’s order of social distancing,” Nissan Vietnam’s spokeswoman said.

Oyo founder Ritesh Agarwal to forego 100% of his annual salary

With travel, hospitality and tourism sectors among the worst affected by COVID-19, Oyo's Founder and group CEO Ritesh Agarwal on Thursday decided to forego 100 percent of his salary for rest of the year.

The company's entire executive leadership team has taken a voluntary pay cut starting at 25 percent, with many opting for an additional uncapped amount and some going up to 50 percent "to enable building the runway for the company".

"Oyo is doing everything to support the world with its limited resources in this pandemic from making isolation centres to finding a safe place for first responders," said Agarwal.

Indian Bank on moratarium

Saudi Arabia calls for urgent meeting of OPEC group

Saudi Arabia has called for an urgent meeting of the OPEC+ group and other countries in an effort to reach a fair agreement to restore the desired balance of oil markets, state media reported.

The state media report said on Thursday that that Saudi Arabia made efforts during the past period to reach an agreement within OPEC+ group to restore equilibrium in the oil market, as it has garnered the support of as many as 22 countries within OPEC+ group, but it was not possible to reach an agreement due to lack of consensus, reports Xinhua news agency.

Asian stocks rally

Crude edges lower

Bajaj Auto slips over 3 percent

The share price of Bajaj Auto slipped over 3 percent after the company reported weak sales numbers for the month March 2020.

Nifty Auto Index down

Nifty Auto index was down 2.63 percent on the back of weak sales number by car makers in India.

Ashok Leyland was top index loser, followed by TVS Motors, Hero MotoCorp and Tata Motors.

Swiggy plans to serve 5 lakh meals daily to the needy

Swiggy, the food delivery platform, on Thursday said it has tied up with commercial kitchens, NGOs and state governments to provide daily meals to thousands of underprivileged, daily wagers and stranded migrant labourers during the 21-day lockdown.

Having served over 2,50,000 meals so far, Swiggy is in the process of crowdsourcing funds from corporates and individuals in order to scale the initiative. The goal is to serve 5,00,000 meals daily, the company said in a statement. 

On the 'Hope, Not Hunger' initiative by the company, Swiggy CEO Sriharsha Majety said these are challenging times for the service industry including the food sector. 

Rupee falls 48 paise 

The Indian rupee fell  in the early trade on Friday.

It fell 48 paise to 76.08 against the US dollar in opening trade on Friday, as investors braced for a prolonged period of uncertainty as coronavirus cases witnessed a sharp rise across the world and in India.

Forex traders said weak opening in domestic equities dragged the local unit amid mounting fears of a coronavirus-led economic slowdown.

IndusInd, Kotak Mahindra among top losers

COVID-19 impacts realty 

 In metros, the commercial sector which was picking up speed during the last quarter of financial year owing to investments inflow and industry corrections will witness slow movement and deferring of decisions, said Zulquer Nain, Director – NMBPL.

In the current situation, delay of material and labour supply will not only slow down the construction projects but also dent the uncounted loss in day to day spending. However, it is expected that the impact of COVID19 on the realty sector will be short-lived but the tremors will be felt for sure.

PVR share price drops over 7%

PVR share price plunged 7.20 per cent to Rs 978.55 apiece on BSE in Friday's trade.

The shares hit 52-week low today.

JSW promoter releases pledge on shares

Kotak Mahindra among top losers

Extending its losses in the previous session, Kotak Mahindra Bank is the top Sensex loser.

The stock was down 7 percent to Rs 1,098, followed by IndusInd Bank, which was down over 5 percent.

Oil futures pare record gains 

Oil prices fell on Friday, coming off their biggest one-day gains in the previous session after U.S. President Donald Trump said he had brokered a deal between Saudi Arabia and Russia to cut output, but made no offer to reduce U.S. production.Brent crude futures fell 3 percent, or 9 cents, to $29.05 as of 0127 GMT, after having soared 21 percent on Thursday.

US West Texas Intermediate (WTI) crude futures fell 5.2 percent, or $1.32, to $23.98 a barrel, after having surged 24.7 percent on Thursday.

Friday’s drop reflected market skepticism over whether a deal to call off a damaging Saudi-Russian price war would go ahead if there was no cooperation from other producers including the United States. Trump told reporters at the White House late on Thursday he had made no offer to cut US output.

Indices negative in opening session in stock market

Sensex down 239 points, Nifty dips 

Indian indices opened lower on April 3 with Nifty above 8200 level.

At 09:16 hrs IST, the Sensex is down 238.64 points or 0.84% at 28026.67, and the Nifty down 68.55 points or 0.83% at 8185.25. About 410 shares have advanced, 263 shares declined, and 45 shares are unchanged.

Lupin gets Establishment Inspection Reports from USFDA

Narendra Modi says, No one alone in this fight against coronavirus

Airline industry braces for prolonged recovery from coronavirus crisis

International seat capacity has dropped by almost 80% from a year ago and half the world’s airplanes are in storage, new data shows, suggesting the aviation industry may take years to recover from the coronavirus pandemic.

Carriers including United Airlines Holdings Inc (UAL.O) and Air New Zealand Ltd (AIR.NZ) have warned they are likely to emerge from the crisis smaller, and there are fears others may not survive.

“It is likely that when we get across to the other side of the pandemic, things won’t return to the vibrant market conditions we had at the start of the year,” said Olivier Ponti, vice president at data firm ForwardKeys.

“It’s also possible that a number of airlines will have gone bust and uneconomic discounts will be necessary to attract demand back,” he said in a statement.

Sensex, Nifty trade higher in pre-opening session

Market at pre-open: Benchmark indices are trading higher in the pre-opening session.

At 09:01 hrs IST, the Sensex is up 211.13 points or 0.75% at 28476.44, and the Nifty up 130.65 points or 1.58% at 8384.45.

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