Stock Market Latest Updates: Sensex plunges 2,002 points, Nifty below 9,300; except pharma, all other sectoral indices end in red

Japanese PM Shinzo Abe asks experts to come up with roadmap to restart economy

Japanese Prime Minister Shinzo Abe has asked experts to come up with a road map for restarting the economy under new lifestyle guidelines within two weeks, he said on Monday, after Japan extended its state of emergency.

Abe also told a news conference that a clinical trial of the drug Avigan was proceeding smoothly and that an application for the use of the antiviral drug Remdesivir for COVID-19 was filed in Japan on Monday.

Adani Green Energy posts Rs 55% net profit in March quarter

Adani Green Energy on Monday posted a consolidated net profit of Rs 55.64 crore for the March 2020 quarter, helped by lower expenses.
The clean energy firm had logged a consolidated net loss of Rs 94.08 crore in the corresponding quarter a year ago, a company statement said.

Its total income stood at Rs 718.66 crore for the quarter under review as against Rs 718.73 crore a year earlier.

On a full-year basis, the company reported narrowing of consolidated net loss at Rs 67.96 crore in 2019-20. In the 2018-19 fiscal, its net loss was Rs 475.05 crore.

Rural SHGs to list products on GeM portal for govt buyers

The commerce ministry’s public procurement portal GeM on Monday said it has started an initiative — The Saras Collection — for rural self-help groups (SHGs), wherein they can display their products on the platform for government buyers.

Under this initiative, SHGs will be able to list their products on the Government e-Marketplace (GeM) in five categories — handicrafts; handloom and textiles; office accessories; grocery and pantry, and personal care and hygiene.

In the first phase, 913 SHGs from 11 states have already registered as sellers and 403 products have been onboarded, GeM said in a statement.

“A unique initiative of GeM and the Deen Dayal Antyodaya Yojana-NRLM, the Saras Collection would showcase daily utility products made by rural self-help groups and aims to provide SHGs in rural areas with market access to government buyers,” it said.

Nava Bharat Ventures resumes operations at 2 plants

Nava Bharat Ventures Ltd on Monday said that it has resumed operations of its plants at Paloncha in Telangana and Dhenkanal in Odisha.
The plants had been closed temporarily due to lockdown to combat COVID-19.

“This is to further inform you that the company has resumed its operations (power and ferro alloys) situated at Paloncha, Telangana and Dhenkanal, Odisha, after receiving the permissions with restrictions from the respective state governments,” a BSE filing said.

Sensex nosedives over 2,000 points, Nifty below 9,300-mark 

Benchmark indices extended the losses as Sensex plunged 2,070.17 points or 6.14 percent to 31,647.45 while the Nifty was down 587.80 points or 5.96 percent at 9,272.10 at around 3 pm.

ICICI Bank, Bajaj Finance, HDFC, IndusInd Bank, Axis Bank and Maruti were the major losers in the Sensex pack.

Multiplex owners pitch for exclusive theatrical shows

Multiplex owners on Monday appealed to movie producers to adhere to the industry practice of having exclusive time for theatrical shows before selling the rights to a digital or satellite player for exhibition of films.

As per the industry practice, initial eight weeks of a movie release are kept as exclusive theatrical window before its rights are sold to satellite channels or over the top platforms like Netflix or Amazon.

The appeal by Multiplex Association of India (MAI) comes amidst concerns of movie makers selling out the rights to digital or satellite players, possibly because of immediate liquidity needs, as multiplexes continue to remain shut due to the lockdown.

“We urge all studios, producers, artistes and other content creators to kindly respect the exclusive theatrical window, which has been a time tested industry practice,” MAI said in a statement.

ICICI Bank stock plunges over 10%

#CNBCTV18Market | ICICI Bank hits 10% lower limit; triggers temporary trading halt pic.twitter.com/swUXCbcNzb

— CNBC-TV18 (@CNBCTV18Live) May 4, 2020

Dubai Expo 2020 world’s fair delayed to 1 October 2021

Dubai Expo 2020 world’s fair will be delayed to 1 October 2021, over the new coronavirus pandemic, a Paris-based body behind the events said Monday.
Members of Bureau International des Expositions had been voting on the requested delay for days, with a final tally expected by the end of May.

On Monday, however, the bureau said a required two-thirds of the countries in the organisation had voted to approve the delay, meaning it would be granted.

State-run retailers’ April petrol sales fall 61%, diesel down 57% 

Indian state retailers’ gasoline and gasoil sales in April fell by 61 percent and 57 percent from a year earlier, two industry sources said, though declines eased slightly later in the month when some transportation and industrial activity resumed.

State companies Indian Oil Corp (IOC.NS), Hindustan Petroleum Corp (HPCL.NS) and Bharat Petroleum (BPCL.NS) own about 90% of the retail fuel outlets in the country.

The state retailers’ petrol and diesel sales in first half of April declined by 61 percent and 64 percent, respectively, as a nation-wide lockdown to curb the spread of the coronavirus brought economic activity to a standstill.

Overall fuel sales during the month declined by 50 percent from a year ago, according to provisional industry data provided by two sources, who asked not to be identified.

Crude oil futures fall on weak global cues

Crude oil futures on Monday plummeted 6.39 percent to Rs 1,421 per barrel as participants trimmed their positions in line with weak trend overseas.

On the Multi Commodity Exchange, crude oil for May delivery fell by Rs 97, or 6.39 per cent, to Rs 1,421 per barrel with a business volume of 7,770 lots.

Crude oil for June delivery was quoting lower by Rs 78, or 4.48 per cent, at Rs 1,664 per barrel with an open interest of 1,323 lots.

Analysts said the fall in crude oil futures was mostly due to trimming of positions by participants amid low demand.

Sensex plunges over 1,900 points, Nifty down 547 points 

Sensex nosedived 1911.32 points or 5.67 percent to 31,806.30 while the Nifty was down 547.15 points or 5.55 percent at 9,312.75 at around 2.20 pm.

Gold futures surge on domestic demand

Gold prices on Monday rose Rs 213 to Rs 45,740 per 10 gram in futures trade as speculators indulged in creating fresh positions on firm spot demand.

On the Multi Commodity Exchange, gold contracts for June traded higher by Rs 213, or 0.47 percent, to Rs 45,740 per 10 gram in a business turnover of 13,764 lots.

The yellow metal for August delivery edged up by Rs 328, or 0.72 percent, to Rs 46,024 per 10 gram in a business turnover of 6,221 lots.

Fresh positions built up by participants on spot demand mainly led to rise in gold prices, analysts said.

Rupee ends lower at Rs 75.71

#Rupee ends lower Vs Thursday's closing pic.twitter.com/B303LOVIA7

— CNBC-TV18 (@CNBCTV18Live) May 4, 2020

Mayhem continues in stock markets; benchmark indices plunge in mid-session trade

Mayhem continues in the Indian markets at half time as bear carnage takes the Index below the 9,400 mark. Moreover, Index slides further as the session progresses following a sharp GAP down opening of 300 points, said Aditya Agarwala, Senior Technical Analyst, YES Securities.

“Banks, NBFCs, realty and auto stocks have taken it on the chin with deep cuts of 7 percent as selling is clearly visible in these sectors. If bears successfully push the Index below the 9,300 mark which is the next immediate support then the selling pressure could intensify dragging the Index to levels of 9,120-8,980,” he said.

On the flip side if bulls manage to keep the Index above 9,300-9,350 support zone a short covering may be witnessed to levels of 9,540-9,620, said Agarwala.

“Traders should also keep a close watch on the VIX which has jumped 27 percent in trade today from the crucial support zone of 30; a support zone which has acted as reversal point in 2008-09 market crash as well. If VIX continues to ascend from hereon we may witness lower levels for our markets in the coming trading sessions,” he said.

IndiGo transports over 50 tonne of cargo between India, Singapore

IndiGo said on Monday that it has operated three international cargo flights carrying over 50 tonnes of cargo, including pharmaceutical products, fruits and vegetables, to and from Singapore and Maldives.

The budget carrier said it operated the Mumbai-Male-Mumbai cargo flight as well as the Trivandrum-Male-Trivandrum cargo flight on 2 May.

A total of 28.361 tonnes of cargo was transported from India to Male, Maldives’’ capital city. The return flights from Male did not have any cargo.

Food services industry players distributed 50 lakh meals in April: NRAI

Apex food services industry body NRAI on Monday said its members have distributed over 50 lakh meals to the needy in April during the lockdown.
Under the initiative #FeedTheNeedy, the members of National Restaurant Association of India (NRAI) leveraged their food production capabilities to feed the underprivileged.

“As a responsible industry body comprising players in the food service industry, we could not have turned a blind eye to the hunger plight of the underprivileged and therefore decided to pool together our infrastructure and resources to feed the needy during the lockdown,” NRAI president Anurag Katriar said in a statement.

Sensex plummets 1,730 points, Nifty at 9,366 

Sensex plunged 1730.43 points or 5.13 percent lower to 31,987.19 while the Nifty was down 494.10 points or 5.01 percent at 9,365.80 at around 1.30 pm.

HDFC, Bajaj Finance, ICICI Bank, IndusInd Bank, Tata Steel and Axis Bank were the top losers in the Sensex pack.

JSW Steel reports 60% fall in output

JSW Steel has registered a sharp fall of about 60 percent in its crude steel production at 5.63 lakh tonne (LT) amid lockdown during April 2020.

The company had produced about 13.90 LT of crude steel during the same month in 2019.

“JSW Steel reports crude steel production at 5.63 LT for April 2020, clocking an average capacity utilisation of 38 per cent for the month,” the company said in a statement.

Crowdera to donate products, services worth Rs 1 cr 

Crowdera, a SaaS technology company and fee-free global online fundraising platform for nonprofits and social innovators, will be extending its support through offering its products and services worth almost $150,000 (about Rs 1 crore) free to organisations aiding coronavirus-affected people.   

The company is also offering its syndicated fundraising technology solutions absolutely free of charge to companies and NGOs working to help the COVID-19 affected individuals, families and health workers. 

Under this pledge, Crowdera has extended its support to companies like Rapido, Repos,  BYJU’s, SirfTaxi, and Tartl to engage their employees and partners in fundraising for the COVID-19 affected workforce.

United Breweries gains

#CNBCTV18Market | United Breweries extends gains with liquor shops start opening their stores across the country pic.twitter.com/RC6dlBQ9s5

— CNBC-TV18 (@CNBCTV18Live) May 4, 2020

MTal seeks immediate financial support to sustain operations

Medical Technology Association of India on Monday sought immediate release of pending payments and tax exemption to sustain operations, saying that persistent financial and logistical bottlenecks are making it difficult for the sector to operate.

Supply of medical devices is an essential service to manage COVID-19 pandemic in the country, but persistent financial and logistical bottlenecks are creating operational challenges for the sector, MTal, which is an association of research-based medical technology companies, said in a statement.

“We urge the government to release the pending payments, currently close to Rs 1,700 crore, to all healthcare service providers enrolled in healthcare schemes like Central Government Health Scheme and Rashtriya Swasthya Bima Yojana,” it added.

BHEL invites global OEMs to use its facilities, capabilities to ‘Make in India’

State-run engineering firm BHEL on Monday said it has invited expression of interest from global original equipment manufacturing (OEM) firms to leverage its facilities as well as capabilities and to shift their production base to India amid the COVID-19 pandemic.

There are a large number of OEM firms who intend to shift their manufacturing base from China to other countries after the COVID-19 outbreak, said an industry expert adding that India must leverage its capabilities to facilitate those.

“In order to further promote Make in India and support international companies for setting up manufacturing in India, BHEL has floated an Expression of Interest (EOI) inviting global companies to partner with it and leverage its facilities and capabilities for setting up manufacturing base in the country,” a BHEL statement said.

Uber, Ola to resume services in select cities from today
 

Ridesharing majors Uber and Ola reportedly announced to resume operations in certain select cities from Monday, said a news report. 

Uber informed its users through an email that it would resume services for specific cities and districts under Orange and Green zones, reported The Economic Times. 

Ola reportedly posted a list of more than 50 cities in the country, most of them are Tier-II and Tier-III cities, where it will resume its services from Monday, the report said.

Sectoral indices in red; Nifty down 5% in mid-session trade

After a continuous rally last week, the market benchmark opened its first session on a weak note tracking weak Asian peers, rising tension among US-China, sluggish earnings for big companies, implementation of lockdown 3 and India’s April record low manufacturing PMI data, trading down by 5 percent, said Sundar Sanmukhani, head-fundamental research desk, Choice Broking, said.

“Sectorally all indices are trading in red except pharma, banking and metal stocks witnessed major selloffs. Cipla, Bharti Airtel and Sun Pharma lead the gains while Tata Motors, Vedanta and Hindalco were trading among top laggards,” he said.

Loadshare Networks raises Rs 100 cr to fund expansion

Logistics platform Loadshare Networks has raised Rs 100 crore in Series-B funding from investors led by Beenext, with participation from the CDC Group of Britain and existing investors like Matrix Partners India, Stellaris Venture Partners and Alteria Capital.

The startup will utilise the funds to expand its network and make a foray into new sectors like pharmaceuticals, fast-moving consumer goods (FMCG) and groceries, the company said in a statement on Monday.

“The funding will help us deepen our engagement with clients and continue building capabilities through investments in technology, attracting talent, geographical expansion and entering hyperlocal delivery and groceries, Raghu Talluri, the chief executive of Loadshare said.

Sensex down 1,675 points, Nifty below 9,400-mark 

Benchmark indices continued to stay in the red as the Sensex was trading 1,675.16 points or 4.97 percent lower at 32,042.46 while the Nifty was down 477.45 points or 4.84 percent at 9,382.45 at around 12.30 pm.

SAT to remain closed till 15 May

The Securities Appellate Tribunal (SAT) will remain closed till 15 May in view of the nationwide lockdown announced by the government to prevent the spread of coronavirus.

Earlier, the tribunal had said it will remain closed till 1 May.

“The tribunal will further remain closed from 4 May 2020, to 15 May 2020, in view of the extension of nationwide lockdown declared by the government on 1 May to contain the spread of COVID-19,” SAT said in a notification.

Besides, the tribunal will function from 18 May between 11.30 am and 4.30 pm, until further orders.

Also, the office of the registry shall function from 18 May between 11 am and 4.30 pm, it added.

Hindustan Unilever falls over 4%

FMCG major Hindustan Unilever Ltd (HUL) shares declined over 4 percent in the early trade on Monday after the company reported a 3.93 percent year-on-year (YoY) decline in net profit at Rs 1,520 crore for the fourth quarter ended 31 March.

The shares fell 4.16 percent to hit an intraday low of Rs 2,104.35 apiece on the BSE. At 9:30 am, the stock was trading 3.44 percent lower at Rs 2,120.20.

HUL’s sales during the quarter under review slipped 9.61 percent to Rs 9,055 crore, as against Rs 10,018 crore in the corresponding period a year ago.

MG Motor to sanitise 4,000 police vehicles across India

MG Motor India on Monday said it plans to sanitise around 4,000 police vehicles across the country.

The company is undertaking complete car sanitisation including fumigation, car wash, cabin refresh and sanitisation of high touch points of police vehicles, MG Motor India said in a statement.

Under the initiative, the carmaker aims to sanitise up to 4,000 police vehicles across the country at its service stations, free of cost, starting 4 May, it added.

“We understand the risks undertaken by the police department especially in these tough times,” MG Motor India president & managing director Rajeev Chaba said.

UPL slips to day’s low

#CNBCTV18Market | UPL extends losses, slips to day's low pic.twitter.com/kUZCqQXkgP

— CNBC-TV18 (@CNBCTV18Live) May 4, 2020

Capital, debt market service providers to remain operational during lockdown: SEBI

Market regulator SEBI has said that entities providing capital and debt market services will continue to remain operational during the nationwide lockdown which has been extended for another two weeks contain the spread of COVID-19.

The government on Friday announced that a ’limited’ lockdown, including suspension of inter-state travel, air and train services, will continue to remain in force for another two weeks throughout the country from 4 May, but some activities would be allowed after classifying areas into red, orange and green zones.

The ministry of home affairs guidelines permit continuation of certain services including Securities and Exchange Board of India (SEBI) operations, capital and debt market services (as notified by the regulator), it said.

Bajaj Auto reports zero sales in domestic market in April

Bajaj Auto on Monday said it did not sell any two-wheelers or commercial vehicles in the domestic market in April.

The company, however, shipped 32,009 two-wheeler units to overseas markets last month, Bajai Auto said in a statement.

The company said it sold nil units of commercial vehicles in the domestic market but managed to export 5,869 units last month.

Bajaj Auto sold a total of 37,878 units last month, down 91 percent from 4,23,315 units in April 2019.

Auto stocks slump nearly 12% as automakers report zero domestic sales in April

Auto stocks on Monday plunged nearly 12 percent after top carmakers, including Maruti Suzuki reported zero monthly domestic sales for the first time ever in April after the nationwide lockdown halted output and shut sales network.

Shares of Tata Motors tanked 12.45 percent, Motherson Sumi Systems shares plummeted 12.27 percent, Apollo Tyres 9.45 percent, Hero MotoCorp 8.34 percent, Maruti Suzuki India 8 percent on the BSE.

Ashok Leyland tumbled 7.83 percent, TVS Motor Company 7.16 percent, Mahindra & Mahindra 6.95 percent, Bajaj Auto 6.66 percent and Eicher Motors 6.30 percent.

The BSE Auto index fell by 6.33 percent in early trade.

Maruti Suzuki India, Hyundai Motor India Ltd, Mahindra & Mahindra, Toyota Kirloskar Motor and MG Motor India reported nil sales as they suspended operations even before the imposition of lockdown on 25 March, to check the spread of coronavirus.

Rooter raises Pre-Series A round of $1.7 mn

Rooter, Indian Sports start-up, has raised a pre-series A round of $1.7 mn. The key investors in this round include financial services platform Paytm, leAD Sports- Adidas Family backed Fund, Rockstud Capital, and Founder Bank Capital- early stage arm of RB Investments. Anthill Ventures, Venture Catalysts, and a few more current angel investors also participated in the round.

Rooter is also entering into a strategic partnership with Paytm First Games where both companies will collaborate to grow the cricket, fantasy sports, Esports and gaming ecosystem by creating seamless integration across gaming and content.

The fresh round of funding will be used to grow Rooter’s user base over the next one year and capitalising on the company’s upcoming Esports and gaming content and communities.

The new content strategy will also allow Rooter to launch user monetisation channels, in addition to current advertising monetisation, with gifting economy working very well for many content-based startups in the country.

Multiplex Association urges actors, producers to hold films for theatrical release

The Multiplex Association of India (MAI) has appealed to studio partners, producers, artistes and content creators to support the cinema exhibition sector by holding their films and releasing them in theatres once they’’re opened again.

India is currently under the lockdown with around 1.3 billion people asked to stay home in view of the coronavirus outbreak.

There were rumours that several films are looking at a direct-to-digital release amid the lockdown, including Akshay Kumar starrer “Laxmmi Bomb”.

In a statement, MAI requested producers to “respect the exclusive theatrical window.”

Auto companies trying to resume operations in next few days

Industry sources say all auto companies trying to resume operations in the next few days. Major manufacturers trying to resume production by May 6. Companies are preparing their plants and are in the process of taking approvals as per latest MHA guidelines pic.twitter.com/UaFEOFqZfO

— CNBC-TV18 (@CNBCTV18Live) May 4, 2020

Sensex nosedives 1,715 points, Nifty down 494 points 

Benchmark indices extended the losses as the Sensex nosedived 1714.94 points or 5.09 percent to 32,002.68 while the Nifty was down 494.45 points or 5.01 percent at 9,365.45 at around 11.30 am.

Bengal steel sector hit with a double whammy

The steel industry of West Bengal has been hit with a double whammy as operations commenced in green zones. There are several hurdles to resume operation with a truncated workforce, while the risk of becoming insolvent increases if they remain closed.

West Bengal is a hub of small and medium steel companies and only a handful of them have resumed operations with a marginal workforce, which is neither feasible nor practical, steel industry players said.

Production in primary steelmakers like SAIL in the state has been continuing during the lockdown, but at a lower scale.

The announcement of commencement of activities in green zones from Monday has resulted in the flow of some orders and inquiries for delivery in the small and medium units.

Pharma companies gain

#CNCCTV18Market | One of the strongest & only outperforming sectors in these times - pharma. Large & midcap generic cos gaining in trade in a weak market pic.twitter.com/0Rh4CnY0Or

— CNBC-TV18 (@CNBCTV18Live) May 4, 2020

Hindustan Unilever shares drop over 5% after Q4 earnings

Shares of Hindustan Unilever on Monday fell 5.5 per cent after it reported a 3.93 per cent decline in consolidated profit for the fourth quarter due to coronavirus crisis from mid-March.

The stock declined 5.47 percent to Rs 2,075.40 on the BSE. On the NSE, it tumbled 5.46 percent to Rs 2,075.    

FMCG major Hindustan Unilever on Thursday reported a decline of 3.93 percent in consolidated profit to Rs 1,512 crore for the fourth quarter, impacted by the coronavirus crisis from mid-March.

The company had posted a net profit of Rs 1,574 crore in the January-March period of the previous fiscal.

India’s factory activity slumped to record low in April: PMI

India’s manufacturing activity contracted at its sharpest pace on record in April as a lockdown to combat the rapid spread of the coronavirus led to a slump in demand and massive supply chain disruptions, a private sector survey showed on Monday.

Asia’s third largest economy is taking a huge hit from the ongoing nationwide lockdown, which started on 25 March, and its gross domestic product is expected to shrink for the first time since the mid-1990s this quarter, a Reuters poll showed last month.

That was despite the government announcing a spending package of Rs 1.7 lakh crore ($22.4 billion) and a significant easing in monetary policy by the Reserve Bank of India.

The Nikkei Manufacturing Purchasing Managers’ Index, compiled by IHS Markit, plunged to 27.4 last month from March’s 51.8, by far its lowest since the survey began in March 2005 and its first time below the 50-mark separating growth from contraction in nearly three years.

Indian April Manufacturing PMI at 27.4 against 51.8 month-on-month. The latest reading pointed to the sharpest deterioration in business conditions across the sector since data collection began over 15 years ago pic.twitter.com/d6gdH680hT

— CNBC-TV18 (@CNBCTV18Live) May 4, 2020

Investor wealth of Rs 5.15 lakh cr plummets in early trade as equities tank

Investors witnessed a wealth erosion of Rs 5.15 lakh crore in BSE-listed companies in morning trade on Monday tracking heavy selloff in the market, with benchmark Sensex plunging over 1,700 points.

The BSE barometer tanked 1,752.55 points to a low of 31,965.07 in early trading session.

Led by the weak trend in the equity market, the market capitalisation of BSE-listed companies fell by Rs 5,15,308.99 crore to Rs 1,24,26,311.83 crore.

ICICI Bank was the top laggard in the Sensex pack, tumbling nearly 9 per cent, followed by IndusInd Bank, Bajaj Finance, Tata Steel and HDFC.

Rupee plunges 71 paise to Rs 75.80 in early trade

The rupee depreciated 71 paise to 75.80 against the US dollar in opening trade on Monday tracking selloff in domestic equities and strengthening American currency overseas. The rupee opened weak at 75.70 at the interbank forex market and then fell further to 75.80, down 71 paise over its last close.

It had settled at 75.09 against the US dollar on Thursday.

Forex market was closed on Friday on account of Maharashtra Day. Traders said the weakness in the local unit was largely due to heavy correction in domestic equities and strengthening of the US dollar. Moreover, rising coronavirus cases in the country also weighed on the local unit.

HeroMotoCorp starts operations at Gurugram, Dharuhera and Haridwar plants

. @HeroMotoCorp commences operations in a graded manner at three of its manufacturing plants at Gurugram, Dharuhera & Haridwar mfg plants. These manufacturing plants reopen from today and production at these facilities will commence from Wednesday pic.twitter.com/TYvMI93UFB

— CNBC-TV18 (@CNBCTV18Live) May 4, 2020

Sensex down 1,658 points, Nifty below 9,400-mark

The market continued to stay in the red as Sensex was trading 1658.42 points or 4.92 percent lower at 32,059.20 while the Nifty was down 485.70 points or 4.93 percent at 9,374.20 at around 10.40 am.

ICICI Bank, Tata Steel, Bajaj Finance, IndusInd Bank, Hero MotoCorp and HDFC were the top losers in the Sensex pack.

Gold steady as dollar gains

Gold prices were little changed on Monday, as the dollar firmed, but rising U.S.-China tensions over the coronavirus kept bullion underpinned near the key $1,700 level.

Spot gold was steady at $1,698.56 per ounce, having gained more than 1 percent on Friday after US President Donald Trump threatened to impose tariffs on China.

US gold futures gained 0.5 percent to $1,708.80 per ounce.

US secretary of state Mike Pompeo said on Sunday there was “a significant amount of evidence” that the virus emerged from a Chinese laboratory.

Reliance Industries shares fall over 3% after Q4 earnings

Shares of Reliance Industries (RIL) on Monday fell over 3 percent after the company posted its biggest drop in quarterly net profit.

The scrip of the company declined 3.22 percent to Rs 1,419.75 on the BSE. On the NSE, it fell 3.31 percent to Rs 1,417.45.

The firm’s net profit in January-March fell 37 percent to Rs 6,546 crore, the lowest in three years, as a rise in consumer-facing business was not enough to shield the firm from fall in the petrochemical business. The profit was also down due to one-off spending.

Rich nations must make pandemic recovery plans green: Global investors

The world’s richest nations must ensure their COVID-19 recovery plans are sustainable and help meet the goals of the Paris climate accord, according to leading global investor groups that together manage trillions of dollars in assets.

While some members of the world’s 20 biggest economies such as Britain, France and Germany have made statements about doing just that, some of the biggest emitters such as China and the United States have yet to do so.

The intervention comes as more governments start to plan for the lifting of lockdown restrictions that have cratered the revenues of companies from airlines to retailers and radically changed the economics of the energy sector.

The groups said private capital would play a key role in the recovery, but investors needed long-term policies to be put in place that reflected the agreed move to a low-carbon economy.

Onion farmers in Nashik facing financial hardships 

Maharashtra: Onion farmers in Nashik say they're facing financial troubles amid #CoronaLockdown. Say "Market committee told us to bring our yield after packing it in sacks. It involves min.expense of Rs 100. In addition there's labour charge,packing&transportation cost too"(03.5) pic.twitter.com/KdnnJWrUw2

— ANI (@ANI) May 3, 2020

GM Korea to cut output of key SUV as virus hits US exports

General Motors Co’s South Korean unit plans to sharply cut output this month at a factory producing its new Trailblazer sport-utility vehicle (SUV), as the coronavirus outbreak weighs on its US exports and also disrupts parts supplies.

GM Korea is responsible for supplying some of GM’s small SUVs to the US market to meet a consumer shift away from sedans. Like peers industry-wide, however, it is grappling with shrinking exports as demand suffers from governments globally restricting movement to slow the spread of the virus.

GM Korea will run its BP1 plant in Incheon, near Seoul, for seven business days this month and idle it for the remaining 11, showed its internal production plan seen by Reuters.

India doubles down on solar, gas at coal’s expense as electricity use falls

India’s solar and gas-fired electricity generation rose in April even as overall power demand fell at the steepest monthly rate in at least thirteen years, a Reuters analysis of provisional government data showed.

Solar-powered electricity generation rose 16.9 percent, accounting for a record 5.6 percent of the country’s total output, while gas-fired power output was 13.7 percent higher, an analysis of daily load despatch data from state-run power operator POSOCO showed. However, wind-powered electricity generation fell 11.4 percent.

Electricity generation from coal – India’s primary source of electricity – fell 32.3 percent to 1.91 billion units per day, the data showed, with its contribution to overall electricity generation falling to 65.5 percent, compared with an average of over 73.7 percent last year.

Malaysia’s March exports fall 4.7% year-on-year

Malaysia’s exports fell 4.7 percent from a year earlier in March, amid coronavirus-related movement restrictions, government data showed on Monday.

The decline, however, was smaller than the 8 percent fall forecast by analysts surveyed by Reuters. Exports in February had risen 11.8 percent, the strongest on-year growth in 16 months.

Imports were down 2.7 percent year-on-year, after surging 11.3 percent in February.

The trade surplus in March narrowed slightly to 12.3 billion ringgit ($2.84 billion) from 12.6 billion ringgit in the previous month.

Rupee opens lower at Rs 75.73

#Rupee opens lower Vs Thursday's close pic.twitter.com/gIkiVJfaAD

— CNBC-TV18 (@CNBCTV18Live) May 4, 2020

Indonesia’s inflation rate slowed more than expected in April

Indonesia’s inflation rate cooled more than expected in April as curbs to contain the spread of the novel coronavirus continued to dampen demand, data from the country’s statistics bureau showed on Monday.

The annual inflation rate eased to the lowest in over a year to 2.67 percent in April, from March’s 2.96 percent and compared with the 2.77 percent expected in a Reuters poll.

Statistics bureau chief Suhariyanto said the inflation pattern was unusual, as traditionally the inflation rate rises in the period that coincides with the start of the Ramadan fasting month.

Hindalco, Vedanta down

#CNBCTV18Market | Metals stocks remain under pressure due to weak global cues pic.twitter.com/BwrDgUg1GK

— CNBC-TV18 (@CNBCTV18Live) May 4, 2020

IT hardware firms expect to resume partial production this week

Electronics manufacturers expect to resume partial production this week and full capacity by end of next month if there is no change in guidelines from the government, according to senior company officials.

The central and some state governments have issued notification to allow manufacturing of IT hardware, including mobile phones, and even allowing movement of staff with some restriction from 4 May.

Most of the companies, who did not wish to be named, were waiting for order from local authorities in Uttar Pradesh before making announcement on starting manufacturing. Uttar Pradesh accounts for more than 60 per cent of total mobile phones produced in the country.

According to industry sources, if companies located in Greater Noida, which falls in red zone, get permission to resume manufacturing then most of the mobile phone companies, including Vivo, Oppo and others, will be able to start operations at 30-40 per cent of their capacity by the end of next week.

Nifty Bank down

#CNBCTV18Market | Financials underperform, Nifty Bank amongst top losing indices pic.twitter.com/cKBPNRnuxt

— CNBC-TV18 (@CNBCTV18Live) May 4, 2020

Indian Bank cuts lending rates

Indian Bank cuts lending rates by 30 bps across tenors w.e.f May 3 pic.twitter.com/B12Jsb8XS5

— CNBC-TV18 (@CNBCTV18Live) May 4, 2020

Bajaj Auto domestic sales nil

Bajaj Auto April domestic sales nil; exports down 80% YoY pic.twitter.com/cuAOA8LpN4

— CNBC-TV18 (@CNBCTV18Live) May 4, 2020

 E-comm cos gear up for shipping non-essentials, but sales may be hit

E-commerce companies are geared up to start shipping non-essential items to customers in orange and green zones from Monday, but sales could be impacted as metros and many large cities are in red zones. Various cities like Bengaluru, Ahmedabad and Pune have been classified under red zones.

According to industry executives, e-commerce companies like Amazon India and Walmart-backed Flipkart have been engaging closely with sellers to help them prepare for starting shipment of non-essential products as the third phase of lockdown comes into effect.

On Friday, the home ministry had announced a two-week extension of lockdown but said there would be certain relaxations for orange and green zones.

Under the latest rules, e-commerce activities in red zones, which cover large cities like Delhi, Mumbai, Bengaluru, Pune and Hyderabad are permitted only for essential goods during the third phase of lockdown that ends on 17 May.

A senior industry executive, who did not wish to be named, said states including Karnataka, Rajasthan, Maharashtra and Uttar Pradesh have also notified their guidelines for online commerce platforms that are similar to those issued by the Centre.

The executive said e-commerce companies that follow the marketplace model (like Amazon India, Flipkart and Snapdeal) could face some challenge as many of their sellers are either located or have their warehouses in red zones.

Liquor stocks gain

#CNBCTV18Market | Liquor stocks gain with govt allowing standalone shops to open pic.twitter.com/gSuGv90FEw

— CNBC-TV18 (@CNBCTV18Live) May 4, 2020

Pharma stocks up

#CNBCTV18Market | Pharma stocks higher in trade in the opening hour pic.twitter.com/UViLwYT8Lh

— CNBC-TV18 (@CNBCTV18Live) May 4, 2020

RIL in focus post-Silver Lake investment

With all the divestments announced, Reliance Industries will get over Rs 1 lakh cr in the near term pic.twitter.com/Mm03zK7nPc

— CNBC-TV18 (@CNBCTV18Live) May 4, 2020

Tata Motors, Hindalco among major losers

#CNBCTV18Market | Majority of Nifty stocks are trading with cuts, here are top losers pic.twitter.com/APTNWiQ8GN

— CNBC-TV18 (@CNBCTV18Live) May 4, 2020

Some businesses in Malaysia begin to reopen before lockdown ends

Many business sectors reopened in parts of Malaysia as Prime Minister Muhyiddin Yassin’’s government sought to balance between curbing the virus and reviving the hard-hit economy.

But the move has split public opinion amid fears that the sudden reopening of economic activities could spark a new wave of infection. Nine of the country’’s 13 states, including the richest state Selangor, either refused to reopen or restricted the list of businesses that can operate.

Mass gatherings and interstate travel remain banned. Virus cases have dropped sharply in recent weeks but a slight rise of 227 infections was reported over the weekend. Malaysia has confirmed 6,298 cases, with 105 deaths.

Oil prices lower on US-China trade tension

Oil prices fell in early trade on Monday, paring last week’s gains, on worries the global oil glut may persist as US-China trade tension could hold back an economic recovery even as coronavirus pandemic lockdowns start to ease.

USWest Texas Intermediate (WTI) crude futures fell as low as $18.32 a barrel and were down $1.46, or 7.6%, at $18.27 at 0008 GMT. The benchmark contract rose 17% last week.

Brent crude futures were down 90 cents, or 3.4%, at $25.54, after touching a low of $25.53. Brent rose about 23% last week following three consecutive weeks of losses.

The market found support last week as major oil producers led by Saudi Arabia and Russia were set to begin cutting production on May 1, while the top two U.S. producers, Exxon Mobil Corp and Chevron Corp, each said they would cut output by 400,000 barrels per day this quarter.

Roche wins US nod for COVID-19 antibody test

Roche has won emergency approval from the US Food and Drug Administration (FDA) for an antibody test to determine whether people have ever been infected with the coronavirus, the Swiss drugmaker said on Sunday.

Thomas Schinecker, Roche’s head of diagnostics, said the company aims to more than double production of tests from about 50 million a month to significantly more than 100 million a month by the end of the year.

Governments, businesses and individuals are seeking such blood tests to learn who may have had the disease, who may have some immunity and to potentially craft strategies to help end national lockdowns.

Basel-based Roche, which also makes molecular tests to identify active COVID-19 infections, said its antibody test has a specificity rate exceeding 99.8% and sensitivity of 100%, meaning tests would show very few false positives and no false negatives.

Dollar edges up, Asian stocks slip as US-China tensions flare

The dollar inched higher, stock markets struggled for traction and oil fell on Monday as a US-China spat over the origin of the coronavirus put the brakes on optimism about an economic re-start as countries around the world ease restrictions.

In reduced trade, with China and Japan on holiday, US stock futures fell 1.7% and U.S. crude tumbled 7%. The safe-haven U.S. dollar rallied to one-week highs against the risk sensitive Australian and New Zealand dollars.

South Korea’s KOSPI .KS11 fell, Hong Kong’s Hang Seng .HSI returned from a two-session holiday with a 3.5% drop, while Australia’s ASX 200 eked out a 0.5% gain.

The moves extended a dour start in May which began on Friday with bleak US data and the threat of fresh trade-war hostilities between the world’s two biggest economies.

Indices open low

Indian indices opened lower on 4 May with Nifty below 9,500-mark on the back of weak global cues.

At 09:16 IST, the Sensex is down 1,335.15 points or 3.96% at 32382.47, and the Nifty down 384.95 points or 3.90% at 9474.95.

Silver Lake to invest Rs 5,655.75 cr in Reliance Jio

RIL & Jio Platforms announce that Silver Lake will invest ₹5,655.75 cr into Jio Platforms. This investment values Jio Platforms at an equity value of ₹ 4.90 lk cr & an EV of ₹ 5.15 lk cr & represents a 12.5% premium to eq valuation of Facebook investment announced on April 22 pic.twitter.com/aAv6NOG99i

— CNBC-TV18 (@CNBCTV18Live) May 4, 2020

Market opens gap-down

#CNBCTV18Market | Indian market opens with deep cuts following weak global cues. #Sensex & #Nifty down 3% each pic.twitter.com/DNzP1UwVlx

— CNBC-TV18 (@CNBCTV18Live) May 4, 2020

SGX Nifty to have Gap-down opening

Aditya Agarwala, Senior Technical Analyst, YES Securities, said: “Markets are slated to open with a massive GAP down amidst sea of red across the globe. SGX Nifty is suggesting a GAP down opening of around 450 points or 4.60% lower. The entire Asian pack is trading in the red with deep cuts of 2.50% – 3.70%. HANGSENG, NIKKEI, TAIWAN, JAKARTA and STRAITS are all trading with massive cuts and HANGSENG is leading the way with a cut of 3.70%. For the week ended the European and the US markets ended trade sharply lower. Currently, Dow Jones Futures is trading in the red with cuts of 0.80% indicating continued weakness.  

“Nifty ended the week with handsome gains of 7.70% at the 50-DMA which also happens to be 50% Fibonacci retracement level. However, following this massive GAP down opening traders should watch out for the lower end of the rising wedge pattern which is placed at 9450 levels, it this support is broken bears can hammer the Index further lower to levels of 9250. On the flip side if bulls are able to protect the 9450 mark then a short covering rally in the coming trading weeks can be expected taking the Index back to levels of 9700. Moreover, if Index start to witness selling pressure and extends its decline then Thursday’s candle could be called as an abandoned baby as Index has resumed its corrective wave down,” Agarwala said..