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