Stock Markets Today Latest Updates: Sensex plunges over 450 points, Nifty below 9,000-mark at close; realty, auto, bank index decline

Domestic passenger vehicle sales plunge 51% in March: SIAM

Passenger vehicle sales in India declined by 51 percent in March, hit by 21-day nationwide lockdown due to the coronavirus pandemic. 
  

As per the data released by Society of Indian Automobile Manufacturers (SIAM), passenger vehicle sales last month dropped to 1,43,014 units as compared with 2,91,861 units in March 2019, a decline of 51 percent.

Similarly, commercial vehicles sales last month saw a massive dip of 88.95 percent at 13,027 units as against 1,09,022 units in March 2019.

SIAM Data | March passenger car sales at 85,229 units while passenger vehicle sales at 1.43 lakh units. Utility vehicle sales at 51,569 units, down 44.7% on a yearly basis. @siamindia says Rs 2,300 cr/day loss in production turnover due to #lockdown pic.twitter.com/N86ATff7co

— CNBC-TV18 (@CNBCTV18Live) April 13, 2020

Govt likely to amend IBC 2016

Govt set to amend Insolvency & Bankruptcy Code (IBC), 2016 as one-time measure to suspend Sec 7, 9 & 10: Govt Sources pic.twitter.com/7oxyyoQX8O

— CNBC-TV18 (@CNBCTV18Live) April 13, 2020

Regular visa, e-visa of foreigners extended till 30 April: Govt

The government has extended regular visa and e-visa of foreigners, who have been stranded in India due to COVID-19, till 30 April, said ministry of home affairs.

SHARP commits Rs 5 lakh towards PM-CARES Fund

Japanese consumer durables maker SHARP on Monday announced contribution of Rs 5 lakh to the Prime Minister’s Citizen Assistance and Relief in Emergency Situations Trust (PM-CARES) Fund to support the fight against the coronavirus pandemic.

Besides this, the company said it has also supplied 24 units of its state-of-the-art air purifier to civil surgeon hospitals in Panchkula and Gurgaon in Haryana for providing safe and clean hospital wards for medical staff and patients.

Spot gold markets remain shut due to lockdown: HDFC Securities

Spot gold markets remained shut on Monday due to nationwide lockdown to prevent spreading of COVID-19, according to HDFC Securities.

In the international market, gold was quoting higher at $1,690 per ounce, while silver was flat at 15.21 per ounce.

“Gold prices have continued upside on strong physical demand in global markets,” it said.

NCAER survey suggests most people support lockdown extension

A survey by economic policy think tank NCAER suggests that majority of people are in favour of lockdown extension in the country by another two weeks despite facing hardships on multiple fronts.

The Delhi National Capital Region Coronavirus Telephone Survey (DCVTS) was conducted during 3-6 April 2020, by the National Council of Applied Economic Research (NCAER) and is based on responses from 1,750 people.

It also suggests that about 29.3 percent of households were affected by shortages in supplies of food, cooking fuel and medicine and the problem was more severe in rural areas in the wake of 21-day coronavirus lockdown, which is coming to an end on 14 April.

Wellthy Therapeutics raises $4 mn from Saama Capital

Chronic disease management firm Wellthy Therapeutics on Monday said it has raised $4 million (around Rs 30 crore) from Saama Capital as part of its pre series A funding round.

With the investment, the venture capital firm has acquired around 16 per cent stake in the company, Wellthy Therapeutics said in a statement.

Apart from utilising this raise to deepen its product-suite and expand geographically, the company will accelerate the launch of its respiratory digital therapeutic portfolio, especially relevant in the current situation, it added.

Steel ministry directs PSUs to feed migrant workers

Union Steel Minister Dharmendra Pradhan has directed steel PSUs to adopt the ‘Annadaan initiative’ for feeding migrant workers and weaker sections of the society in and around their areas of operation.

A ministry official said Pradhan is holding meetings with senior ministry officials and chiefs of the PSUs on a daily basis through video conference to take stock of the situation.

“Steel CPSEs have been advised (by the minister) to adopt ‘Annadaan’ initiative in and around their areas of operation for feeding migrant workers and weaker sections of the society. They (PSUs) have also taken initiatives for it,” the official said.

ONGC gas output drops 15% as shut factories refuse to take supplies

State-owned ONGC has been forced to cut natural gas production by over 15 per cent as factories shut down following the unprecedented nationwide lockdown have refused to take supplies.

Oil and Natural Gas Corp (ONGC), which produced 64.3 million standard cubic meters of gas per day (mmscmd) prior to the lockdown imposed on 25 March, has reduced the flow to 53.4 mmscmd, sources aware of the development said.

Gas sales are down to 40 mmscmd against 50 mmscmd previously, they said.

India, Pakistan plan to restart some economic activity during lockdown

India and Pakistan are planning to partially open up some parts of the economy, officials in the two countries said on Monday, as the costs of harsh lockdowns to limit the outbreak of the coronavirus mount across the region.

India and Pakistan are planning to partially open up some parts of the economy, officials in the two countries said on Monday, as the costs of harsh lockdowns to limit the outbreak of the coronavirus mount across the region. 

But the shutdown has left millions of people without work and the World Bank forecast India’s economic growth could drop to 1.5 percent to 2.8 percent in the fiscal year that started on 1 April, the weakest pace in three decades.

Prime Minister Narendra Modi has asked his cabinet colleagues to come up with plans to open up some crucial industries as the livelihoods of millions of people were at stake, a government source involved the deliberations said.

Startup engage4more comes out with special ‘Lockdown’ edition of digital IPs

Employee engagement company, engage4more’s inter-corporate IPs that were largely about on-ground events have gone online. For entertainment and to de-stress employees, CTC or Corporate Talent Championship, the flagship 8-year-old IP has come up with its ‘Lockdown’ edition.

To communicate, engage and train remotely, tikkle by engage4more is a 3in1 mobile app. Dr Reddy’s Laboratories uses tikkle app to communicate, engage and train its employees in India.

“It is essential now more than ever to keep the employees digitally engaged be it through new learning models or via exciting online contests. One of our recent initiatives was to run an online quiz contest using the tikkle app, and it worked well for us. The daily quiz contests on topics related to business, current affairs and sports are favourite among our employees,” said, Archana Bhaskar, CHRO, Dr Reddy’s Laboratories.

Talking about latest digital adaptations, Nishant Parashar, founder director, engage4more said, “Through our specially curated digital employee engagement IPs, we assist the corporate world.”

Market continues to trade in red zone, Nifty below 9,000-mark

The benchmark indices continued to trade in the red zone as Sensex was trading 444.79 points or 1.43 percent lower at 30,714.83 while the Nifty was down 118.95 points or 1.31 percent at 8,992.95 at around 3 pm.
 

Bajaj Finance was the top loser in the Sensex pack declining over 10 percent.

Rupee settles on flat note at 76.27 against dollar

The rupee pared initial losses and settled for the day on a flat note at 76.27 (provisional) against the US dollar on Monday amid weakening of the greenback in international market.
 

Forex traders said the rupee is trading in a narrow range as losses in the greenback supported the rupee, while weak domestic equities weighed on the local unit.

Moreover, investor confidence strengthened after the minutes of the central bank’’s policy meeting revealed that the RBI will use any instrument necessary to revive growth and preserve financial stability.

“The Reserve Bank will continue to remain vigilant and will not hesitate to use any instrument – conventional and unconventional – to mitigate the impact of COVID-19, revive growth and preserve financial stability,” Reserve Bank of India (RBI) governor Shaktikanta Das said.

#Rupee ends almost flat against the US Dollar pic.twitter.com/ecaqXtaHrW

— CNBC-TV18 (@CNBCTV18Live) April 13, 2020

IndiGo shares up 5% from lows

#CNBCTV18Market | Sharp surge in IndiGo, up 5% from lows pic.twitter.com/kbkfJxl8th

— CNBC-TV18 (@CNBCTV18Live) April 13, 2020

LIC extends 30-day grace period to policyholders for premiums due in March, April 

Life Insurance Corporation of India (LIC) has extended period of payment of premium for all policies due in the month of March and April 2020 by 30 days.

The extension has been announced to reduce the difficulties faced by policyholders due to the outbreak of COVID-19.

For February premiums, where grace period was expiring after 22 March, relaxation is now allowed up to 15 April.

LIC said that wherever policies can be revived without any evidence of good health, this can also be done online.

ADB triples financial aid to fight COVID-19 to $20 billion

The Asian Development Bank (ADB) on Monday said it has tripled the size of its COVID-19 response package for its member nations to $20 billion.

The multilateral funding agency said it has also approved measures to streamline its operations for quicker and more flexible delivery of assistance.

The package expands ADB’s $6.5 billion initial response announced on 18 March, adding $13.5 billion in resources to help its developing member countries counter the severe macroeconomic and health impacts caused by COVID-19, it said in a release. 

The USD 20 billion package includes about USD 2.5 billion in concessional and grant resources, it added.

Market extends losses as Sensex tanks over 600 points

The benchmark indices continued to extend the losses as Sensex plummeted 632.29 points or 2.03 percent to 30,527.33 while the Nifty was down 164.60 points or 1.81 percent at 8,947.30 at around 2.20 pm.

Swiggy expands essential services to over 125 cities

Food ordering and delivery platform Swiggy on Monday said it has expanded delivery of groceries and household essential services to over 125 cities and has also tied up with a number of national brands and retailers.

The company has partnered with several national brands and retailers such as HUL, P&G, Godrej, Dabur, Marico, Vishal Mega Mart, Cipla and many other city specific stores to supply branded essential products and food items to the customers’ doorstep, Swiggy said in a statement.

“While the grocery and essentials category has always been a part of our long-term strategy of delivering hyperlocal convenience, we have enabled faster ramp up for the benefit of our consumers,” Swiggy COO Vivek Sunder said.

Extending the hyperlocal delivery offering will unlock a new dimension of convenience and safety for company’’s consumers as well as earnings for its delivery partners during these extraordinary times, he added.

Foreigners aggressively sold Asian bonds in March on coronavirus worries

Asian bonds recorded their biggest foreign outflows in at least seven years in March, as investors turned risk averse on concerns over the coronavirus outbreak and chased safer assets such as the US dollar and money market instruments.

Foreigners sold a net $17.28 billion worth of regional bonds last month, the highest since at least January 2013, according to data from regional banks and bond market associations in Indonesia, Malaysia, Thailand, South Korea and India.Indian debt saw the biggest outflows, worth $8.13 billion in March and the highest since at least January 2002, the data showed.

Indonesian bonds posted $7.44 billion worth of outflows, the most in at least 10 years, while Malaysian and Thai bonds saw outflows worth $ 2.85 billion and $2.45 billion, respectively.

Sterlite Power commissions Gurgaon-Palwal transmission project

Transmission solutions provider Sterlite Power on Monday said it has commissioned Rs 1,027 crore worth Gurgaon Palwal Transmission Project (GPTL) in Haryana.

This project is expected to enhance the power capacity of Gurugram and Palwal areas in Haryana by nearly 2,000 MW, the company said in a statement.

“Envisaged as part of the inter-state transmission system project, the Rs 1,027 crore GPTL will meet the peak energy requirements of Haryana, which is expected to reach more than 12,000 MW in FY 2020-21 from 9,000 MW in FY 2014-15,” it said.

The project will evacuate 2,000 MW to Haryana Vidyut Prasaran Nigam ensuring access to reliable power for more than three million households in the state.

Exclude moratorium period from 90-day NPA timeline, orders Bombay HC

Bombay HC allows lockdown period to be excluded from 90-day NPA recognition cyclehttps://t.co/bRKGvFnOc3

— CNBC-TV18 (@CNBCTV18Live) April 13, 2020

Pidilite to contribute Rs 25 cr towards coronavirus relief funds

Pidilite Industries on Monday said it will contribution of Rs 25 crore towards relief funds to fight the coronavirus pandemic.

This contribution will be made to the central as well as other emergency state relief funds, the company said in a statement.

Pidilite Industries managing director Bharat Puri said, “We stand in solidarity with the people of India and our government’’s efforts to overcome this unprecedented pandemic."

He further said that the company will continue to care for the health and well-being of its partners and employees while constructively supporting the various relief efforts announced by the government.

Grasim shares rise nearly 5% 

#CNBCTV18Market | Grasim gains 9% from lows hits in opening hour of trade pic.twitter.com/24rhU9tSss

— CNBC-TV18 (@CNBCTV18Live) April 13, 2020

Market extends losses as Sensex plunges over 500 points, Nifty below 8,900-mark

The benchmark indices extended the morning losses as Sensex plunged 565.21 percent to 1.81 percent to 30,594.41 while the Nifty was down 148.10 points or 1.63 percent at 8,963.80 at around 1.30 pm.

Bajaj Finance was the top loser in the Sensex pack declining over 9 percent.

Hyundai Motor donates Rs 5 cr to Tamil Nadu CM relief fund

Hyundai Motor India Ltd (HMIL) on Monday said its CSR arm Hyundai Motor India Foundation has donated Rs 5 crore to Tamil Nadu Chief Minister Relief Fund towards its contribution in the fight against coronavirus.

Commenting on the initiative, HMIL managing director & CEO SS Kim said, “We stand united with the Government of Tamil Nadu to provide relentless support in these challenging times. This contribution is an expression of our solidarity with the people of the state which has been home for Hyundai for over two decades.”

A Rs 5 crore cheque was handed over to N Muruganandam, principal secretary to government of Tamil Nadu, industries department, by Hyundai officials, the statement said.

NSE contributes Rs 26 cr to COVID-19 relief funds

Leading stock exchange NSE on Monday said it has contributed Rs 26 crore towards PM CARES Fund and a few state government funds in the fight against the novel coronavirus pandemic.        The employees of the NSE Group are also separately contributing one day’’s salary towards the PM CARES Fund for this purpose, a release said. 

“NSE is committed to supporting the government in the nation’’s battle against the pandemic and in providing assistance to alleviate the difficulties faced by the ecosystem due to COVID 19,” the release said.

The Prime Minister’’s Citizen Assistance and Relief in Emergency Situations Fund (PM CARES Fund) was set up on 28 March to raise money for combating the coronavirus outbreak and to provide relief to the affected people.

Political leaders, corporates, defence personnel, employees of PSUs such as railways, and Bollywood personalities have made contribution to the PM CARES Fund.

RBI to use any means necessary to revive growth: Shaktikanta Das

All-out efforts are needed to mitigate the adverse impact of the COVID-19 pandemic, and the RBI will use any instrument necessary to revive growth and preserve financial stability, according to the minutes of the central bank’’s policy meeting.

The Monetary Policy Committee (MPC), headed by Reserve Bank of India (RBI) governor Shaktikanta Das, was originally scheduled for 31 March, 1 and 3 April 2020, but was advanced in view of the coronavirus pandemic.

After the three-day meeting which ended on 27 March, the RBI reduced the key policy rate by 75 basis points.

To mitigate the economic difficulties arising out of the virus outbreak, the government of India has announced a comprehensive package of Rs 1.70 lakh crore, covering cash transfers and food security, for vulnerable sections of society.

As per the minutes of the MPC meet, released by the RBI, Das said the global macroeconomic situation has abruptly worsened in the last fortnight or so.

Auto dealers body FADA seeks boosters to support auto sales

FADA seeks extension in working capital limits, demand boosters to support auto sales, writes @Alisha2494 https://t.co/IlGjo8xqov

— CNBC-TV18 (@CNBCTV18News) April 13, 2020

Pandemic or not, cheaper dollar hedging to bolster US inflows

The coronavirus pandemic has slashed costs for foreign investors seeking to neutralize the currency exposure of owning dollar-denominated assets, making US securities more attractive and providing additional boost for the nation’s fixed income market.

Dollar hedging costs since the virus outbreak have declined by as much as 100 basis points for European and Japanese investors, two of the biggest overseas buyers of US assets. A significant factor in the reduction was the Federal Reseve cutting US interest rates to zero last month to mitigate the economic impact of the pandemic.

Additionally, the Fed is now actively backstopping every corner of the bond and credit sector, except distressed debt, and the US economy looks primed for what could be a slew of inflows from offshore investors in the coming weeks and months, analysts said.

For foreign investors, this is one big incentive for investing in the United States, even amid a global health crisis.

“It’s a global competition for capital. What matters here is the relative performance of each country in confronting the crisis,” said Robert Brauns, portfolio manager for multi-strategy fixed income at BNP Paribas Asset Management in New York.

Max Life Insurance, Yes Bank announce 5-year extension of partnership

Max Life Insurance and Yes Bank on Monday announced a five-year extension of their strategic bancassurance relationship, reaffirming their commitment to invest in building a digitally-enabled ecosystem that will provide a seamless experience for customers in their financial planning and protection journey.

Building on the 15-year partnership, both companies said they remain committed to offering customers a broad range of need-based products and services, deploying technology across the customer value chain to further enhance efficiencies and leveraging existing ecosystems to facilitate superior experiences for their customers.

Sensex falls over 250 points, Nifty holds 9,000-mark

The Sensex fell 260.98 points or 0.84 percent to 30,898.64 while the Nifty was down 65.50 points or 0.72 percent at 9,046.40 at around 12.50 pm.

Bajaj Finance, Titan, Mahindra & Mahindra and Tech Mahindra were the top losers in the Sensex pack.

Bandhan Bank reports 60% jump in loans, advances to Rs 71,825 cr in FY20

Bandhan Bank said on Monday its loans and advances grew by 60 percent to Rs 71,825 crore in the financial year ended 31 March from Rs 44,776 crore in the year-ago period.

The growth was aided as Ahmedabad-based Gruh Finance — the affordable housing finance arm of HDFC Ltd with a loan portfolio of Rs 17,700 crore — merged with the Kolkata-based lender.

Total deposits of Bandhan Bank increased by 32 percent to Rs 57,073 crore in FY 20 from Rs 43,232 crore in FY 19.

Capital Float raises $15 mn in equity funding

Bengaluru-based digital lender Capital Float announced on Monday it has completed a $15 million (Rs 110 crore) equity fund-raise from its existing investors.

Participants in the round included Ribbit Capital, Amazon, SAIF Partners and Sequoia Capital India.

The company said in a statement it would be using these funds to bolster its capital base and expand its lending operations to SMEs and consumers.

“With this new addition, the total equity raised by Capital Float till date stands at USD 125 million (Rs 800 crore), said the company which has also raised $300 million (Rs 2,200 crore) in debt funding to date.

Since its inception, Capital Float said it has disbursed over $1.2 billion (Rs 8,800 crore) and has more than half a million customers in India.

GETI, TARGETplus ink pact to train principals, teachers 

Global Education & Training Institute (GETI), working in partnership with Ed Tech company TARGETplus, has been training school principals and teachers on how to maximise learning and ensure universal participation, said Sunita Gandhi, Founder, GETI.

A quick online training in Zoom by GETI trainers across the nation is followed by training in Google Classroom and active use of WhatsApp, she said.

As many children could not get their course books before the lockdown, GETI is providing them their e-books of child-centric textbooks which are perfect for home-schooling. Children carry out the hands-on activities provided on teacher / parent pages that help make learning real. 

“The key is proper structuring of the online lessons and building confidence of teachers, showing them how quick and easy it is. The result is excitement and creativity we had not imagined. Teachers and children are getting hooked, and it is shifting everyone’s thinking about how to teach and learn by effectively integrating technology,” said Gandhi. 

Even without online access, WhatsApp on mobiles has proven sufficient. The results in several smaller cities and rural areas like Chikmangalore in Karnataka, or Dibrugarh in Assam have also shown highly encouraging results, she said.

Tata Motors stake jumps 4% from lows

#CNBCTV18Market | Tata Motors turns positive, up 4% from lows pic.twitter.com/SWmdFqKPoB

— CNBC-TV18 (@CNBCTV18Live) April 13, 2020

Google chief Sundar Pichai donates Rs 5 cr to Give India

Google chief Sundar Pichai has donated Rs 5 crore to Give India, matching Google’s earlier donation to the non-profit organisation for the coronavirus pandemic.

“Thank you @sundarpichai for matching @Googleorg’s Rs 5 crore grant to provide desperately needed cash assistance for vulnerable daily wage worker families…,” Give India said in a tweet.

Thank you @sundarpichai for matching @Googleorg 's ₹5 crore grant to provide desperately needed cash assistance for vulnerable daily wage worker families. Please join our #COVID19 campaign: https://t.co/T9bDf1MXiv @atulsatija

— Give (@GiveIndia) April 13, 2020

IMF to consider $1.4 bn loan to Pakistan

The International Monetary Fund (IMF) is all set to consider a loan of $1.4 billion for cash-strapped Pakistan to boost its foreign exchange reserves in the wake of the economic slowdown due to the coronavirus crisis.

The $1.4 billion loan is in addition to the USD 6 billion bailout package that Pakistan has signed with the IMF in July last year to stave off a balance of payment crisis.

The global money lender has called its executive board meeting on 16 April to consider an extra loan of $1.4 billion for Pakistan to boost its foreign exchange reserves and extend budgetary support in the wake of the economic slowdown the country is facing due to the deadly viral infection, the Express Tribune reported on Monday.

Pakistan in March had requested the IMF for a low-cost, fast-disbursing loan under the fund’’s Rapid Financing Instrument (RFI) to deal with the adverse economic impact of COVID-19.

Eupheus Learning offers digital solutions to students 

Startups are reaching out to students either directly or indirectly through the schools. In the current situation, when schools are closed, the urgent need is to address how schools can continue to impart knowledge using digital methods – be it through virtual classrooms or access to learning resources, said Sarvesh Srivastava, co-founder and MD, Eupheus Learning.

“We at Eupheus Learning are offering such solutions to schools. However, such initiatives cannot bridge the digital divide. Nearly all solutions assume the learner to have online or mobile access to the solutions being offered. Nevertheless, given the current penetration of smart mobile phones it is safe to assume that a large segment of the student population could potentially benefit from these digital solutions.”

Benchmark indices recover as Sensex regains 31,000-mark

The market recovered sharply in the afternoon trade as the Sensex was trading 148.55 points or 0.48 percent lower at 31,011.07 while the Nifty was down 48.30 points or 0.53 percent at 9,063.60 at around 12.05 pm.

Avenue Supermarts shares decline 5%

Shares of Avenue Supermarts fell 5 per cent on Monday after the company, which owns and operates retail chain D-mart, said operations of half of its stores are closed, following the directions issued by authorities amid the lockdown.

The scrip declined 4.99 percent to Rs 2,287.90 on the BSE. On the NSE, it dropped 4.99 percent to Rs 2,273.05.

The company is retailing only essential items from the operating stores and average footfall is “significantly lower than usual” due to several restriction imposed by the authorities, Avenue Supermarts said on Friday.

Aggressive mentality key to deal with financial sector issues: SEBI

See certain amount of reluctance in bond market due to losses in past year. AAA rated corporates are able to raise money, lower rated corporates will not get money, says Former SEBI Chairman, UK Sinha pic.twitter.com/ZzPMyhGc4l

— CNBC-TV18 (@CNBCTV18Live) April 13, 2020

GMR Infra to develop, operate Bhogapuram airport in Andhra Pradesh

GMR Infrastructure on Monday said one of its subsidiary has received “Letter of Award” (LoA) for the development and operations of Bhogapuram International Airport in Andhra Pradesh.

In a regulatory filing GMR Infrastructure said its subsidiary GMR Airports Limited has received the LoA for the development of greenfield international airport at Bhogapuram from the government of Andhra Pradesh.

In February 2019, GMR Airports had emerged as the highest bidder for project on a public–private partnership basis.

The project involves design, build, finance, construction, development, up-gradation, modernization, operation and maintenance of Bhogapuram International Airport for 40 years, extendable by additional 20 years.

Airline, oil marketing stocks fall as crude prices surge

Airline and oil marketing stocks on Monday fell as crude oil prices surged after OPEC and its allies agreed to cut down on crude production.
SpiceJet shares dropped 4.90 percent to Rs 44.60 per unit — its lower circuit — on the BSE.

InterGlobe Aviation, parent company of IndiGo, also dipped 4.74 percent to Rs 990.

Among oil marketing stocks, Hindustan Petroleum Corporation declined 3.87 percent to  Rs 199.85, Bharat Petroleum Corporation fell 2.52 percent to Rs 336.35 and

Indian Oil Corporation shares fell 2 percent to Rs 81.70.

Crude prices surged after top oil-producing nations agreed on output cuts to support falling oil prices.

Sensex falls 377 points, Nifty above 9,000-mark

The market trimmed early losses as the Sensex fell 376.86 points or 1.21 percent to 30,782.76 while the Nifty was down 95.20 points or 1.04 percent at 9,016.70 at around 11.30 am.

Macroeconomic fundamentals of country continue to be sound: RBI governor

#MPCMinutes | @RBI Governor @DasShaktikanta says need to make all-out efforts to protect economy from COVID-19 pic.twitter.com/oJhvyT5YKH

— CNBC-TV18 (@CNBCTV18Live) April 13, 2020

Lupin gets EIR from USFDA for Nagpur plant

Drug maker Lupin on Monday said it has received an Establishment Inspection Report (EIR) from the US health regulator for its manufacturing plant in Nagpur.
The US Food and Drug Administration (USFDA) issues an EIR to a company when an inspection is satisfactorily closed.

The health regulator had inspected the the company’’s Nagpur manufacturing facility between January 6 and January 10, 2020, Lupin Ltd said in a statement.

“We are very happy to have received the EIR for our Nagpur facility, our largest and most advanced oral solid dosage facility. We remain committed to enhancing compliance and quality standards across all our manufacturing sites,” Lupin Managing Director Nilesh Gupta said.

Vietnam orders workers at Samsung Display unit to be quarantined

Authorities in northern Vietnam have ordered people working at a unit of Samsung Display in the country to be quarantined after a worker there tested positive for the new coronavirus.

A 25-year-old worker of the EQC-SI unit of the Samsung Display factory in Bac Ninh province tested positive on Sunday, according to a statement released on Monday by the anti-COVID-19 task force of neighbouring Bac Giang province.

Parent Samsung Electronics Co Ltd confirmed the case, but said Samsung Display’s production lines in Vietnam had not been affected.

Nguyen Huong Giang, chair of the People’s Committee of Bac Ninh province, told state broadcaster VTV on Monday that 44 people at the unit had been quarantined, and that the factory and buses used to transport workers have been sprayed with disinfectant.

L&T shares surge after bagging large contracts

#CNBCTV18Market | L&T surges after bagging large contracts in the range of Rs 2,500-5,000 cr pic.twitter.com/nq3u12Kt1U

— CNBC-TV18 (@CNBCTV18Live) April 13, 2020

Kia Motors considers halting three South Korean plants

Kia Motors Corp told its labour union in South Korea that it wants to suspend operations at three of its domestic factories as the coronavirus outbreak weighs on exports to Europe and the United States, a union official said on Monday.

The union has not yet decided whether to accept the plan – under which operations would be suspended from 23-29 April – because negotiations over pay are ongoing, the official said.

“Kia Motors is currently reviewing the suspension of some of its plants in Korea in response to declining global demand due to COVID-19. However, a decision has not been made at this time,” Kia Motors said in a statement.

Market trims early losses as Nifty above 8,900-mark

The market trimmed early losses as the Sensex was trading 380.33 points or 1.22 percent lower at 30,779.29 while the broader Nifty was down 115.45 points or 1.27 percent at 8,996.45 at around 10.50 am.

Bajaj Finance was the top loser in the Sensex pack plunging nearly 7 percent in the morning trade.

OPEC, Russia approve biggest-ever oil cut to support prices

OPEC and allies led by Russia agreed on Sunday to a record cut in output to prop up oil prices amid the coronavirus pandemic in an unprecedented deal with fellow oil nations, including the United States, that could curb global oil supply by 20 percent.

Measures to slow the spread of the coronavirus have destroyed demand for fuel and driven down oil prices, straining budgets of oil producers and hammering the US shale industry, which is more vulnerable to low prices due to its higher costs.

The group, known as OPEC+, said it had agreed to reduce output by 9.7 million barrels per day (bpd) for May and June, after four days of talks and following pressure from US President Donald Trump to arrest the price decline.

OPEC+ sources said they expected total global oil cuts to amount to more than 20 million bpd, or 20 percent of global supply, effective 1 May. OPEC had the same figure in its draft statement but removed it from the final version.

Rupee slips 15 paise to 76.43 against dollar in early trade

The Indian rupee fell 15 paise to 76.43 against the US dollar in opening trade on Monday, tracking weak domestic equities and sharp rise in coronavirus cases in the country.

Forex traders said market participants are concerned that the sharp rise in coronavirus cases, could weigh on the economy.

The rupee opened weak at 76.32 at the interbank forex market and then fell further to 76.43, down 15 paise over its last close.

The rupee had settled at 76.28 against the US dollar on Thursday.

Forex market was closed on April 10 on account of Good Friday.

Pharma shares continue upward movement

#CNBCTV18Market | Pharma stocks continue to move higher pic.twitter.com/UhOwXd3aZr

— CNBC-TV18 (@CNBCTV18Live) April 13, 2020

Bajaj Finance stocks down

World Bank forecasts worst economic slump in South Asia in 40 years

India and other South Asian countries are likely to record their worst growth performance in four decades this year due to the coronavirus outbreak, the World Bank said on Sunday.

The South Asian region, comprising eight countries, is likely to show economic growth of 1.8 percent to 2.8 percent this year, the World Bank said in its South Asia Economic Focus report, well down from the 6.3 percent it projected six months ago.

India’s economy, the region’s biggest, is expected to grow 1.5 percent to 2.8 percent in the fiscal year that started on 1 April. The World Bank has estimated it will grow 4.8 percent to 5 percent in the fiscal year that ended on 31 March.

“The green shoots of a rebound that were observable at the end of 2019 have been overtaken by the negative impacts of the global crisis,” the World Bank report said.

Bandhan Bank FY20 deposits rise 32 pc to Rs 50,073 cr

Bandhan Bank on Monday said its total deposits grew by 32 per cent to Rs 50,073 crore during the fiscal ended March 2020.
The bank had total deposits of Rs 43,232 crore as at end of March 2019.

The retail deposits formed bulk of the total deposits at 78.4 per cent, which showed an increase of 34 per cent to Rs 44,760 crore as on March 31, 2020, Bandhan Bank said in a regulatory filing.

The bank’’s retail deposits stood at Rs 33,445 crore in the year ago fiscal.

The data compares the standalone business as on March 31, 2019, to that of merged entity by end of 31 March, 2020.

In October 2019, the had bank merged with Gruh Finance in order to bring down shareholding of the promoter from 82.26 per cent to 60.96 percent.

Loans and advances jumped by 60 per cent to Rs 71,825 crore during 2019-20, from Rs 44,776 crore.

Bandhan Bank slips

#CNBCTV18Market | Bharat Dynamics in the green while Godrej Cons & Bandhan Bank slip after Q4 updates pic.twitter.com/HFtplelBbt

— CNBC-TV18 (@CNBCTV18Live) April 13, 2020

Tata Communications to raise up to Rs 650-cr

Goldman Sachs said on Sunday that the deal between major oil producers to cut output by nearly 10 million barrels per day is ‘historic yet insufficient,’ adding that no deal would be enough to offset the sharp drop in demand already occurring. The investment bank still expects oil prices to fall in coming weeks as storage fills rapidly even as the Organization of the Petroleum Exporting Countries and its allies came to an agreement to drastically cut world supply.

Goldman Sachs still sees crude prices falling after OPEC+ deal

Goldman Sachs said on Sunday that the deal between major oil producers to cut output by nearly 10 million barrels per day is ‘historic yet insufficient,’ adding that no deal would be enough to offset the sharp drop in demand already occurring.

The investment bank still expects oil prices to fall in coming weeks as storage fills rapidly even as the Organization of the Petroleum Exporting Countries and its allies came to an agreement to drastically cut world supply.

Market trades negative

#Rupee opens unchanged at 76.29 against the US dollar pic.twitter.com/8SfoVdwrHy

— CNBC-TV18 (@CNBCTV18Live) April 13, 2020

Rupee slips 8 paise to 76.36 

#Rupee opens unchanged at 76.29 against the US dollar pic.twitter.com/8SfoVdwrHy

— CNBC-TV18 (@CNBCTV18Live) April 13, 2020

Malaysia cuts crude palm oil export duty for May to 4.5%

Malaysia has reduced its export duty on crude palm oil to 4.5 percent for May from 5 percent in April, the Malaysian Palm Oil Board said on Monday, citing the national customs department.

The world’s second-largest producer and exporter of palm oil calculated a reference price of 2,460.89 ringgit per tonne.

The export tax structure starts at 3% for crude palm oil when priced in a 2,250-2,400 ringgit-per-tonne range. The maximum tax rate is set at 8% when prices are above 3,450 ringgit a tonne.

Manufacturing may start soon

India is planning to restart some manufacturing after 15 April to help offset the economic damage of a nationwide coronavirus lockdown, two government sources said, even as it weighs extending the lockdown, Reuters said.

The 21-day lockdown of India’s more than 1.3 billion people is due to end on Tuesday, but the government is widely expected to extend it until the end of the month, with the number of coronavirus cases rising to 8,447, and the domestic death toll reaching 273, on Sunday.

One of the sources said Prime Minister Narendra Modi had directed some ministries to come up with plans to open up some crucial industries as the livelihoods of the poor were being hit.

The source said the government was considering allowing the resumption of some operations under guidelines that were being drawn up.

The sources, who spoke to Reuters on Sunday, asked not to be identified as the plans are still under discussion.

Global markets weak

Indian markets were scheduled to resume trade this Monday on a slightly muted note as indicated by the SGX Nifty, which is currently trading mildly lower by 20 points from Thursday’s close, said Aditya Agarwala, Senior Technical Analyst, YES Securities. 

Early risers in Asia are also trading soft as NIKKEI is trading down by 0.75 percent, KOSPI is trading weak by 0.80 percent, Shanghai and Jakarta are trading lower by 0.30 percenta piece. This opening weakness is steered by the US Markets where Dow Jones Fut. and S&P500 Fut. are currently trading in the red with cuts in excess of 1 percent.

“Nifty ended a truncated week consisting of three trading sessions with significant gains of 12.72 percent, closing beyond its 20-DMA for the first time after 20 February. However, it is going to face stiff resistances at 9150 and 9300 being cluster of previous highs and upper end of a rising wedge pattern respectively.

“On the downside immediate supports are placed at 9000 & 8720 being the 20-DMA and Fibonacci retracement level. Failure to take out the upper end of the rising wedge pattern i.e. 9300 can trigger fresh round of selling dragging the Indian markets considerably lower,” Agarwala said.

Bajaj Finance drops 8%

Stocks of Bajaj Finance Limited dropped 8% in opening sesssion. The stock is now trading at Rs 2335 per share. 

The company stock surged 21% last week.

Nifty marched ahead in the previous session: Yes Securities

In previous session, Nifty marched ahead to reclaim the crucial 9,100 mark by rallying over 4 percent. In recent upmove from 8k-mark, banks and financials have been leading from the front, they were joined by auto and metals too in last session.

Rather than looking at the recent peak of 13th March, it is now essential to focus on overall market structure which has turned positive as structure of higher lows indicates presence of support at lower levels. However, it is important for Nifty to surpass hurdle zone of 9,100-9,150 as presence of two-digit Gann number 91(00) is seen near March 2015 peak of 9,119; which indicates corridor of uncertainty.

Reversal from above mentioned hurdle zone has proved to be very painful as seen in the past.  Gaining for the straight third session, NiftyAuto index reclaimed levels of 5,500. Stock specific rally within the auto index is likely to continue.

L&T Construction bags orders

L&T Construction bags orders in the range of Rs 2,500-5,000 cr for its Water & Effluent treatment business pic.twitter.com/PgXsQhL1s6

— CNBC-TV18 (@CNBCTV18Live) April 13, 2020

Pharma, IT stocks up

All indices are trading in the red, except pharma, IT stocks.

BSE Midcap and Smallcap indices down 2 percent each.

‘Private sector banks trading at better valuations’

Indian market has now passed the point of peak fear. BFSI space offers a good value post recent correction, says Taher Badshah of Invesco MF pic.twitter.com/m9ioFSuz17

— CNBC-TV18 (@CNBCTV18Live) April 13, 2020

Gold falls on profit-booking

Gold edged down on Monday as investors booked profits after prices hit a one-month high last week, while worries over a coronavirus-driven steeper global economic downturn and the U.S. Federal Reserve’s stimulus measures limited bullion’s losses.

Spot gold slipped 0.4 percent to $1,681.49 per ounce by 0239 GMT. U.S. gold futures fell 1.4 percent to $1,728.40.

There is “a bit of a post-weekend profit-taking. (There is) no follow through topside as equity markets are trading more neutral and the dollar remains relatively firm,” said Stephen Innes, chief market strategist at financial services firm AxiCorp.

Commodity currencies slipped against safe-haven units such as the dollar and yen as a record output cut agreed by major oil producing nations failed to offset broader concerns about global demand for resources, while world shares fell as investors braced for more economic damages from the novel coronavirus pandemic.

Oil firmer on OPEC+ deal

Global shares fell on Monday as investors braced for more signs of economic damage from the coronavirus pandemic although a landmark deal by OPEC and its allies to slash output helped oil prices climbed in volatile trade.

The Nikkei fell 1.4 percent while MSCI’s broadest index of Asia-Pacific shares outside Japan slipped slightly, with South Korean shares falling 0.9 percent.

US S&P 500 mini futures dropped 1.54 percent, erasing a brief gain to a one-month high made right after the start of trading.

Financial markets in Australia and Hong Kong were closed while in mainland China, the CSI300 index lost 0.6 percent in early trade.

Index gainers at this hour

#CNBCTV18Market | Market slips to day's low, #Nifty below 9,000 pic.twitter.com/Tmv2Bw4Pml

— CNBC-TV18 (@CNBCTV18Live) April 13, 2020

Nifty below 9,000-mark

#CNBCTV18Market | Market slips to day's low, #Nifty below 9,000 pic.twitter.com/Tmv2Bw4Pml

— CNBC-TV18 (@CNBCTV18Live) April 13, 2020

China Central Bank purchases 1.75-cr shares in HDFC

In a major development, the People’s Bank of China (PBoC) has purchased 1.75 crore shares in the lending major Housing Development Finance Corporation (HDFC). The move is significant as it comes at a time when the world is fighting the deadly coronavirus, with the two top economic powers, US and China, being the worst affected.

Hours after a consignment of hydroxychloroquine (touted by Trump as cure for covid-19) from India arrived in the US, the shareholding pattern of HDFC disclosed to the BSE that the central bank of China has acquired nearly 1.75 crore shares in HDFC during the quarter ended March.

The development has come when HDFC’s shares plunged 25% last month amid the brutal selloff in global markets on concerns about the spreading coronavirus pandemic. The stock is among the worst performers this year on India’s 30-stock S&P BSE Sensex index.

Major loses at this hour

#CNBCTV18Market | Zee Ent slips 10% after co announces an investment of Rs 522 cr in Margo Networks pic.twitter.com/PvfnhXXvg6

— CNBC-TV18 (@CNBCTV18Live) April 13, 2020

OPEC, Russia approve biggest-ever cut in oil prices

OPEC and allies led by Russia agreed on Sunday to a record cut in output to prop up oil prices amid the coronavirus pandemic and said they had an unprecedented deal with fellow oil nations, including the United States, to curb global oil supply by 20 percent.

Measures to slow the spread of the coronavirus have destroyed demand for fuel and driven down oil prices, straining budgets of oil producers and hammering the US shale industry, which is more vulnerable to low prices due to its higher costs.

The group, known as OPEC+, said it had agreed to reduce output by 9.7 million barrels per day (bpd) for May and June, after four days of talks and following pressure from US President Donald Trump to arrest the price decline.

The biggest oil cut ever is more than four times deeper than the previous record cut in 2008. Producers will slowly relax curbs after June, although reductions in production will stay in place until April 2022.

Sensex, Nifty open low in early trading session

#CNBCTV18Market | Benchmark indices open lower, #Nifty Bank down more than 1%

For more updates follow:https://t.co/oAM4MxGsDO pic.twitter.com/G7Hg6uUoyu

— CNBC-TV18 (@CNBCTV18Live) April 13, 2020