Stock Market Latest Updates: Sensex zooms over 700 points, Nifty close to 9,200-mark; Reliance, Asian Paints among top gainers

Tata Steel raises Rs 510 cr via NCDs

Tata Steel on Wednesday said its committee of directors has approved allotment of non convertible debentures (NCDs) worth Rs 510 crore on private placement basis.

“The committee of directors has today approved allotment of 5,100 unsecured, redeemable, rated, listed NCDs having face value of Rs 10,00,000 each for cash aggregating to Rs 510 crore, to identified investor on private placement basis,” Tata Steel said in a BSE filing.

The NCDs, which will carry an annual coupon rate of 7.85 percent, are proposed to be listed on the BSE’s wholesale debt market segment.

Microsoft partners helping Indian firms adopt remote working with ease

While educational institutions are switching to remote learning and are moving their curriculum to Microsoft Teams, there are some innovative solutions for a transformative digital learning experience, said Venkat Krishnan, executive director, commercial partners, Microsoft India.

“Wheebox offers a digital assessment suite that enables academic institutions to assess skills using an AI-powered secure remote proctor platform,” Krishnan said in a blog post on Tuesday.

While these solutions are enabling business and learning continuity, there are some solutions that are helping battle the impact of the virus.

“Abhyutthaan’s Command Center solution for countering the spread of the virus provides end-to-end automation of all processes, including facility management, transport management, inventory management, GPS-based tracking and data analytics and dashboards among other things,” informed Krishnan.

Gurugram administration permits Maruti to operate Manesar plant on single shift basis

The Haryana government on Wednesday granted permission to Maruti Suzuki India (MSI) to restart its Manesar-based manufacturing facility, but the company said it will resume operations only when it can maintain continuous production and sell vehicles, “which is not possible at this point of time”.

The Gurugram district administration allowed the auto major to run the facility on a single shift basis, while fixing the total number of employees at plant at 4,696.

Permission is hereby granted to Maruti Suzuki India, Manesar to operate the establishment during the lockdown period, Gurugram Deputy Commissioner said in an order dated Tuesday.

Sensex above 31,300-mark, Nifty surges 200 points

The market continued to remain in the green as Sensex was trading 729.55 points or 2.38 percent higher at 31,366.26 while the Nifty was up 199.75 points or 2.22 percent at 9,181.20 at around 3.15 pm.

Withdraw export duty on non-metallurgical grade bauxite: FIMI

Stating that the COVID-19 pandemic has hit all sectors, mining body FIMI has urged the government to withdraw the 15 percent duty on export of non-metallurgical grade bauxite as its outbound shipments can bring in additional revenues for the exchequer.

“The spread of COVID-19 pandemic has created extra-ordinary and unprecedented situation in the country impacting mining of all minerals including production and exports of bauxite from the state of Gujarat and Maharashtra….

“…under the current critical situation the export of non-plant grade bauxite can play a vital role in bringing additional revenue to the country’s exchequer,” Federation of Indian Mineral Industries (FIMI) said in a letter to finance minister Nirmala Sitharaman.

Ashok Leyland seeks govt relief for logistics sector workers

TCS to power Israel’s first fully digital bank

India’s largest software services firm Tata Consultancy Services (TCS) will launch Israel’’s first fully digital bank in what is being seen as a transformative initiative that can impact the business model of other sectors as well.

TCS was selected by Israel’s Ministry of Finance to transform its banking sector by building a banking service bureau that would serve as a shared, plug-and-play, digital banking operations platform – powered by the TCS BaNCS Global Banking Platform – to help start-up banks launch their operations very quickly, the company said in a press release.

“This initiative is seen as a bid to boost competition in the financial services sector, spark greater innovation and enhance customer experience by democratising access to banking in Israel by making financial services accessible to the consumer,” the release said.

Indices continue rally as Sensex soars over 800 points, Nifty above 9,200

The market extended the gains as Sensex surged 810.23 points or 2.64 percent to 31,446.94 while the Nifty was up 221.80 points or 2.47 percent at 9,203.25 at around 2.40 pm.

Reliance Asian Paints, Maruti, Nestle India, and Hero MotoCorp were the top gainers in the Sensex pack.

Gold futures surge on domestic demand

Gold prices on Wednesday rose Rs 567 to Rs 45,892 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 567, or 1.25 percent, to Rs 45,892 per 10 gram in a business turnover of 16,507 lots.

The yellow metal for August delivery edged up by Rs 540, or 1.19 percent, to Rs 46,039 per 10 gram in a business turnover of 3,100 lots.

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

Rupee settles stronger 

Silver futures plunge Rs 546 to Rs 41,202 per kg

Silver futures on Wednesday plunged Rs 546 to Rs 41,202 per kg as participants cut down their bets on low spot demand.

On the Multi Commodity Exchange, silver contracts for May delivery tumbled by Rs 546, or 1.31 per cent, to Rs 41,202 per kg in a business turnover of 3,224 lots.

Besides, the white metal to be delivered in July fell by Rs 352, or 0.83 percent, to Rs 42,080 per kg in 1,729 lots.

In a first, Missouri sues China over coronavirus economic losses

Missouri became on Tuesday the first US state to sue the Chinese government over its handling of the coronavirus, saying that China’s response to the outbreak that originated in the city of Wuhan brought devastating economic losses to the state.

In Beijing, a spokesman for China’s foreign ministry dismissed the accusation on Wednesday as “nothing short of absurdity” and lacking any factual or legal basis.

The civil lawsuit, filed in federal court by Missouri Attorney General Eric Schmitt, alleges negligence, among other claims. It says Missouri and its residents suffered possibly tens of billions of dollars in economic damages, and seeks cash compensation.

Japan manufacturer to boost domestic mask output, cut China dependence

A Japanese household goods manufacturer on Wednesday said it will boost domestic production of face masks after a government request for help, using public funding aimed at encouraging companies to shift production from China.

Iris Ohyama said government funding will allow it to bolster production capacity at a new factory in Miyagi, northern Japan, to 150 million masks per month from an originally-planned 60 million per month when it starts in June.

The privately-held company, which sells consumer goods ranging from plastic storage boxes to rice cookers, will continue making face masks at 2 factories in China.

Commerce ministry cuts import quota for green peas

The commerce ministry has reduced the import quota for green peas to 75,000 tonne for 2020-21 and has laid down a procedure for its inbound shipments.

Last year, the quota for import of yellow and green peas was 1.5 lakh tonne.

According to a trade public notice of the Directorate General of Foreign Trade (DGFT), there is no quota for import of yellow peas for the current fiscal.

Kalpataru group providing meals to 87,000 people daily

Mumbai-based Kalpataru group, which is into power, construction and real estate businesses, on Wednesday said it is providing cooked meal and dry rations to 87,000 labourers and other needy people daily in view of the nationwide lockdown to control coronavirus.

Other items like soap, hand sanitisers and face masks are also being distributed.

“Our various group companies are caring for the needs of over 87,000 people daily,” the group said in a statement.

Over 37,000 workers are present on various sites of group companies, while it has roped in Akshay Patra Foundation to feed another 50,000 people daily.

Welspun India resumes partial operations in Gujarat

Textiles major Welspun India on Wednesday said it has resumed partial operations at its manufacturing facilities at Vapi and Anjar in Gujarat following receipt of permission from district authorities.

On 24 March, the company had decided to temporarily close its manufacturing operations at the two units with immediate effect till further notice following announcement of nationwide lockdown to curb spread of coronavirus pandemic.

“In continuation of our earlier disclosure dated 24 March 2020, we hereby inform that we have received permissions from administrative authorities of Valsad District and Kutch District in the state of Gujarat to start operations with effect from 21 April 2020 and the company has resumed partial operations,” it said in a regulatory filing.

Sensex above 31,200-mark, Nifty jumps 175 points

The benchmark indices continued to stay in the green zone as Sensex was trading 653.80 points or 2.13 percent higher at 31,290.51 while the Nifty was up 175.05 points or 1.95 percent at 9,156.50 at around 2.10 pm.

UP govt exempts interest on amount payable by industrial, commercial institutions

In a major relief to all industrial and commercial institutions during COVID-19 lockdown, the Uttar Pradesh government has decided to exempt interest on the amount payable by these establishments under all heads from 22 March till 30 June 2020.

The lockdown implemented for the prevention of coronavirus pandemic has resulted in the temporary closure of industrial, commercial and institutional units located all over the world, India and the state.

This has a resulted in drastic slowing down of economic activities, minister for industrial development of the state, Satish Mahana, said in a press note.

ONGC asks govt to waive cess, royalty    

State-owned ONGC has asked the government to waive payment of oil cess and royalty as plummeting international oil prices have meant that the rate it now gets does not even cover the operating cost, sources said.

While the slump in international oil prices to more than two-decade low is good news for fuel consumers, it is spelling economic havoc on oil and gas producers.

Sources said Oil and Natural Gas Corp (ONGC) management has told the government its average price realization of USD 22 per barrel in April is not enough to cover even the operating cost.

Oyo asks some India staff to go on leave with limited benefits, cuts fixed pay of all by 25%

Oyo on Wednesday asked some of its staff in India to go on leave with limited benefits from 4 May for four months, and also asked all employees in the country to accept a cut in their fixed salaries by 25 percent due to the impact of the COVID-19 on the hospitality industry.

The company currently has around 10,000 employees in the country.

“We had to take the hard decision of placing some Oyo-preneurs on a leave with limited benefits (LwLB) from 4 May 2020, for four months until August 2020,” Oyo India and South Asia CEO Rohit Kapoor said in a email send to the employees which has been accessed by PTI.

Heineken beer sales slide amid lockdowns, worse to come

Heineken, the world’s second-largest brewer, reported a 14 percent slide in beer sales in March, with sharp declines in all regions as the COVID-19 pandemic closed pubs and restaurants across the globe.

In some countries, such as South Africa, the Dutch brewer was forced to shut down production. In France, Italy and Spain, increased beer sales in stores failed to compensate for the collapse of bar trade.

The maker of Heineken, Tiger and Sol beers, and Strongbow cider, said first-quarter net profit fell by 68 percent to 94 million euros ($102.1 million), the company said on Wednesday.

ADB sells $4.5 bn five-year global benchmark bond

The Asian Development Bank (ADB) returned to the US dollar bond market on Wednesday with the pricing of a 4.5 billion dollars five-year global benchmark bond issue proceeds of which will be part of ADB’s ordinary capital resources.

“ADB recently tripled the size of its response to the COVID-19 pandemic that is affecting economies in Asia and the Pacific, and this transaction facilitates ADB’s capacity to support our clients in addressing the urgent challenges they are currently facing,” said ADB Treasurer Pierre Van Peteghem.

Punjab industry bodies voice concerns over opening units despite govt go-ahead

Notwithstanding the government go-ahead, some industry associations in Punjab on Wednesday said they would prefer not to open their factories on health concerns of their employees and asked the government to provide loans and cash credit limits to industries during this time of crisis.

Punjab Beopar Mandal general secretary Sunil Mehra said that state government had announced that the industries could restart from April 20 onwards. “But, conditions for the same are very strict,” he said.

Industries can take responsibilities like paying salaries, arranging transportation for labour, “but how can employers take responsibility of health of workers? The government itself should take responsibility of the health of the industrial workers,” he said.

DS Chawla, president, United Cycle and Parts Manufacturers Association said the time is not right to open factories as there is a great risk of people getting infected with COVID-19.

SEBI proposes easier fund raising norms via preferential route for stressed firms

To ease fundraising for stressed companies, markets regulator SEBI on Wednesday proposed easier pricing guidelines under the preferential route and exemption from making an open offer for the allottees of such issue.

Listed companies that are facing financial stress are in need of fund infusion to tide over the current stress situation. Such listed firms face certain difficulties in raising capital through the conventional means.

Typically, listed companies having “stressed assets” experience progressive fall in their share price. Further, the disclosures that are made by stressed companies such as their financial results and default in servicing debts also aggravate the fall.

The lack of funding at such a crucial stage may lead to major disruption in functioning of the company.

Tata Steel India production up 6% in Q4 at 4.74 million tonnes

Tata Steel said on Wednesday its production volume grew by 6 percent year-on-year to 4.74 million tonnes during the fourth quarter (Q4) of previous fiscal (2019-20) as compared to 4.48 million tonnes in Q4 FY19.

It also achieved 8 percent year-on-year production growth for the full year FY20 at 18.21 million tonnes as against 16.81 million tonnes in FY19.

This was supported by ramp up of Tata Steel BSL and acquisition of Usha Martin Steel business by Tata Steel Long Products.

Sensex soars over 650 points Nifty above 9,150-mark

The benchmark indices continued to gain as Sensex surged 681.81 points or 2.23 percent to 31,318.52 while the Nifty was up 172.95 points or 1.93 percent at 9,154.40 at around 1.15 pm.

Reliance was the top gainer in the Sensex pack surging 10 percent. Other gainers included Asian Paints, Nestle India, Mahindra & Mahindra, Maruti, Hero MotoCorp.

Reliance zooms 10% in intra-day trade

Govt asks major ports to defer rentals, waive charges, penalty in view of EXIM cargo drop

Noting a drop in export-import (EXIM) cargo due to supply chain disruptions on account of the COVID-19 pandemic, the government has asked India’’s all 12 major ports to defer the lease rentals and licence fees-related charges for April, May and June.

They have been asked to waive rentals in proportion to the cargo drop and not to levy penalties.

In a letter, the shipping ministry has asked the ports to provide relief in the form of exemptions/ remission of charges to the shipping liners, exporters, importers, logistics providers and other stakeholders hit by the coronavirus outbreak.

The relief measures are aimed at boosting EXIM cargo by supporting and rebuilding the logistics chain.

Markets extend gains; Asian Patins, Reliance among gainers

Market benchmark extended gains in the session and was trading up by 1.5 percent amid heavy gains in Index heavyweight Reliance industries after a major deal  was announced with Facebook, said Sundar Sanmukhani, head of fundamental research desk, Choice Broking.

“Sectorally, barring metal, realty and PSU Banks, all indices are trading in green. ZEE, Reliance and Asian paints are leading the gains.  ONGC, Vedanta and BPCL are among top losers. Banking stocks are trading mixed,” he said.

UK inflation falls as shoppers turn cautious in virus crisis

Britain’s inflation rate dropped in March when oil prices tumbled and the coronavirus crisis escalated, official data showed on Wednesday, with a fall in clothing and footwear prices signaling how cautious shoppers were turning.

In what is likely to be the start of a sharp decline in inflation, the consumer price index was 1.5 percent higher compared with March 2019, as a Reuters poll of economists had predicted, slowing from February’s 1.7 percent rise.

A fall in clothing and footwear prices was the biggest drag on the index in March, the Office for National Statistics said.

Rupee recovers from record low

Maruti JV hands over 2 lakh face masks to Gurugram administration

Maruti Suzuki India (MSI) on Wednesday said its joint venture with Krishna Group — Krishna Maruti, which is into car seat manufacturing, has handed over the first batch of 2 lakh units of triple-ply face masks developed by it to Gurugram administration.

At the end of last month, Haryana and Central government had asked if the company’’s production infrastructure can develop and produce protective face masks in large numbers in the fight against COVID-19.

Although the company had no knowledge of the product test specifications, MSI Chairman R C Bhargava on a phone call with JV partner Krishna Group chairman Ashok Kapur committed to developing and producing triple-ply face masks based on the confidence of experience of manufacturing cars, which uses a vast number of materials, production processes and technologies across its value chain, the company said in a statement.

Small business credit worth Rs 2.32 lakh cr at highest risk of default: Cibil

Small business credit of Rs 2.32 lakh crore is at the highest risk of default, and micro enterprises having loan outstanding of less than Rs 10 lakh are the most vulnerable because of the COVID-19 pandemic, a credit information company said on Wednesday.

It can be noted that ever since the outbreak of the virus infections and the subsequent lockdown that is scheduled to last at least 40 days, concerns are being raised about the financial health of small businesses.

In its study, TransUnion Cibil said, at present, the total outstanding amount of all financiers to small businesses having a credit outstanding of less than Rs 50 crore is Rs 17.94 lakh crore, representing 28 percent of the total outstanding credit.

The bureau has launched an enhanced methodology to include enterprises having less than Rs 10 lakh outstanding as well to assess their health.

Sensex surges 561 points, Nifty above 9,100

The benchmark indices extended the gains as Sensex jumped 561.55 points or 1.83 percent to 31,198.26 while the Nifty was up 146.10 points or 1.63 percent at 9,127.55 at 9,112.80 at around 12.45 pm.

Kotak Mahindra Bank to issue 6.5 crore equity shares

‘Indian pharma firms will play important role in fight against COVID19 pandemic’

Indian pharmaceutical companies, the well-known for producing affordable low-cost medicines, will play an important role in the global fight against the coronavirus pandemic that has affected over 2.5 million people across the world, India’s top diplomat here has said.

India’s Ambassador to the US, Taranjit Singh Sandhu also underlined that as global strategic partners, India and the US are prepared to face this public health crisis together.

India, one of the largest producers of anti-malarial drug hydroxychloroquine, has seen a spurt in demand in recent weeks. India has sent the drug to over 50 countries over the last few days, including the United States, he said on Tuesday.

Hydroxychloroquine has been identified by the US Food and Drug Administration as a possible treatment for the COVID-19 and it is being tested on more than 1,500 coronavirus patients in New York.

Appliance, consumer electronics makers look at production resumption post-lockdown

Many appliances and consumer durables manufacturers have decided not to resume manufacturing despite the government relaxing certain guidelines for industries to operate in lockdown 2.0, preferring to wait till the curbs are fully lifted.

Companies like Panasonic India, Godrej Appliances, Dixon Technologies and Super Plastronics Pvt Ltd said with retail outlets shut there is no point to start production as there is existing unsold inventory of March at warehouses and dealers.

Moreover, in certain states like Karnataka, Telangana, Tamil Nadu and some districts like Noida of Uttar Pradesh, local authorities and governments decided not to allow any manufacturing activities.

Roche confirms 2020 sales, profit outlook as coronavirus boosts test demand

Roche’s diagnostic business has moved out of the shadows of its main medicines unit during the coronavirus epidemic, as the Swiss drugmaker confirmed its 2020 sales and profit outlook amid rising demand for its new COVID-19 tests.

Basel-based Roche still expects full-year sales to grow in the low- to mid-single-digit percentage range, with core earnings per share growing broadly in line with sales at constant exchange rates, the company said on Wednesday.

Group sales in the first-quarter rose 7 percent to 15.1 billion Swiss francs ($15.57 billion), with drugs business revenue up 7 percent and diagnostics rising 5 percent at constant exchange rates.

The strong Swiss franc, which the company uses to report results, ate into revenue it earned abroad.

Sensex holds 31,100-mark, Nifty up 131 points

The benchmark indices continued to trade in the green zone as Sensex was trading 517.91 points or 1.69 percent higher at 31,154.62 while the Nifty was up 131.35 points or 1.46 percent at 9,112.80 at around 12.05 pm.

Rahul Gandhi seeks suggestions from public for economic stimulus package for MSMEs

Congress leader Rahul Gandhi on Wednesday sought suggestions from the public for an economic stimulus package for micro, small and medium enterprises (MSMEs) hit by the coronavirus lockdown.

He said the party has launched a campaign for seeking suggestions from people, saying the MSME sector has been devastated due to COVID-19. 

“COVID19 has devastated our micro, small and medium businesses (MSME). The Congress party needs your help. Send us suggestions and ideas for what a MSME economic stimulus package should cover on voiceofmsme.in or in our social media platforms,” the former Congress chief said on Twitter using the hashtag “HelpSaveSmallBusinesses”.

Facebook investment to accelerate Jio’s digital monetisation drive: Analysts

Facebook’s move to pick up about 10 percent stake in Jio Platforms will accelerate Jio’s digital monetisation drive and put Reliance Industries (RIL) on course to turn net debt-free by March 2021, analysts said on Wednesday.

“RIL had restructured its digital business into one consolidated wholly-owned subsidiary – Jio Platforms – which would host all the digital initiatives of the firm, including Jio digital services (mobile, broadband), apps, tech capabilities (AI, Big Data, IoT) and investments (like Den, Hathway),” Credit Suisse said in a note.

It said that Facebook’’s investment into this entity will further Reliance Industries’’ digital initiatives and will help in deleveraging.

“…The deal will aid in achieving net debt-free (target) by March 2021. As of 31 December 2019, net debt for the group stands at Rs 1.53 lakh crore and with Facebook’’s investment, this should put RIL on course to be net debt free by March-2021,” it said.

Nifty Bank gains 500 points

Oil prices tumble on demand collapse, Brent at 1999 lows

Oil prices slumped again on Wednesday, with Brent falling to the lowest since 1999, as the market struggled with a massive crude glut amid a collapse in demand for everything from gasoline to jet fuel caused by the coronavirus outbreak.

Brent crude, which fell 24 percent in the previous session, touched $15.98 a barrel, its lowest since June 1999. It was trading down $2.70, or 14 percent, at $16.63.

West Texas Intermediate was down 68 cents, or 6 percent, at $10.89 a barrel.

China’s equity funds outperform Asian peers in first quarter

China’s equity funds topped Asia in price performance in the first quarter of 2020, Refinitiv Lipper data showed, owing to the resilience of the mainland markets during a coronavirus-induced sell-off in the region.

An analysis of 1,348 Asian mutual funds, which are managed by passive and active fund managers and with net assets of $500 million and more, showed seven out of the top 10 performers in the first quarter of 2020, based on price performance, were from China.

China’s GF Small Cap Growth Hybrid Fund, China Universal Health Care Service Flexible Fund, GF Innovation Upgrading Mixed Fund, and China Universal Innovative Medicine Mixed Fund topped the list, climbing more than 10 percent each in the first quarter.

Jio-Facebook deal looks at local level e-commerce; to cover education, health: Mukesh Ambani

Reliance Jio and Facebook will look to use WhatsApp for delivering goods from local neighborhood Kirana stores to consumers before expanding collaboration in education and healthcare sector, billionaire Mukesh Ambani said soon after announcing the mega Rs 43,574 -crore deal.

“All of us at Reliance and Jio are delighted to welcome Facebook Inc,” he said in a short video message posted on the group’’s social media handles.

Earlier in the day, Facebook announced an investment of $5.7 billion (Rs 43,574 crore) to buy a 9.99 percent stake in the firm that houses Ambani’’s telecom arm Jio as the social media giant looks to expand presence in its largest market in terms of subscriber base.

“The combined power of Jio’’s world-class digital connectivity platform and Facebook’’s intimate relationship with the Indian people will offer innovative new solutions to each one of you,” Ambani said.

Wheat crop harvest progressing in Uttar Pradesh’s Aligharh 

Market rally continues as Sensex zooms over 500 points, Nifty above 9,100

The benchmark indices extended the gains as Sensex zoomed 534.07 points or 1.74 percent to 31,170.78 while the Nifty was up 142.80 points or 1.59 percent at 9,124.25 at around 11.15 am.

Ducati India defers price hike on extended warranty till May-end

Luxury motorcycle brand Ducati India on Wednesday said it has deferred price hike on extended warranty till 31 May 2020.

Due to the ongoing COVID-19 pandemic, the price hike on extended warranty will now come into effect from 1 June 2020, the company said in a statement.

The offer will be extended for customers whose motorcycles will be out of warranty during the lockdown period of 24 March till 3 May, it added.

“We at Ducati, are fully committed towards providing the best services to our customers and will stand together with them during this global

Crisil profit jumps 15% to Rs 88 crore in January-March quarter

Ratings firm Crisil has reported 15 per cent rise in its net profit at Rs 88.1 crore in first quarter ended March of the fiscal year 2020.

The S&P Global Company’’s Indian unit had reported net profit of Rs 76.6 crore during the same quarter a year ago, which follows the fiscal year same as the calendar year.

The company’’s consolidated income from operations for the quarter ended 31 March 2020, rose 2.9 percent to Rs 427.8 crore as compared to Rs 415.8 crore in the corresponding quarter of 2019, Crisil said in a late night exchange filing on Tuesday.

“While domestic slowdown signs were manifesting since the beginning of 2020, the COVID-19 pandemic has had a significant impact on society and economies, leading to global recession and a very deep slowdown in India as indicated by the sharp downward revision in GDP estimates,” said Ashu Suyash, managing director and CEO, Crisil.

ICICI Bank shares fall nearly 3% on exposure to Singapore oil trading firm

Shares of ICICI Bank extended losses on Wednesday and fell nearly 3 percent in early trade amid concerns over its exposure to a Singapore-based oil trading company.

In a news clarification on Tuesday about its exposure of $100 million to Singapore-based Hin Leong Trading Pte, it said, “We confirm that the Bank, in the normal course of its business, has exposure to the borrower group in question”.

The scrip declined 2.57 percent to Rs 323 at the BSE. On the National Stock Exchange, it fell 2.65 percent to Rs 323.05.

The shares of the company had plunged 8.38 percent on Tuesday to Rs 331.55 on the BSE.

Nifty Bank gains 

Sensex jumps 310 points, Nifty reclaims 9,000-mark

The benchmark indices continued the morning rally as Sensex jumped 310.56 points or 1.01 percent to 30,947.27 while the Nifty was up 63.80 points or 0.71 percent at 9,045.25 at around 10.30 am.

Selling was seen in the metal and banking names, while infra and pharma indices were trading higher.

Incomes very fragile; consumption expected to revive

Rupee plunges to all-time low of 76.88

The Indian rupee plummeted to an all-time low of 76.88 against the US dollar in opening trade on Wednesday, amid strengthening of the US dollar overseas and rise in coronavirus cases in the country.

On 16 April, rupee had slumped to 76.87 against US dollar ​Forex traders said the weakness in the rupee was largely due to strengthening of the US dollar against a basket of currencies as investors fled to safe haven greenback amid weakening risk appetite in the markets.

The rupee opened weak at 76.86 at the interbank forex market and then fell further to 76.88, down 5 paise over its last close. The rupee had settled at 76.83 against the US dollar on Tuesday.

Maharashtra govt requests CBI to take custody of DHFL promoters Wadhawans

Maharashtra home minister Anil Deshmukh on Wednesday said the state government has requested the CBI to take the custody of DHFL promoters Kapil Wadhawan and Dheeraj Wadhawan, who allegedly violated the lockdown norms and travelled to Mahabaleshwar earlier this month.

After the Wadhawan brothers and 21 others, including their family members, reached Mahabaleshwar hill town, they were quarantined there by the Satara district administration. 

In a Facebook address, Deshmukh said he has requested the Central Bureau of Investigation (CBI) to take the custody of Wadhawans after their quarantine period ends at 2 pm on Wednesday.

Kapil Wadhawan, the 46-year-old chairman and managing director of Dewan Housing Finance Limited (DHFL), was arrested on 27 January this year by the Enforcement Directorate for his dubious dealings with gangster Iqbal, who died in 2013, and was booked under provisions of Prevention of Money Laundering

Act (PMLA).

Berger Paints expects demand to bounce after lockdown

Trump threatens to terminate trade deal if China does not honour it 

US President Donald Trump has threatened to terminate the trade deal with China if Beijing did not honour its provisions in the wake of the coronavirus pandemic that originated in the country.

While China has reported 82,788 novel coronavirus cases, including 4,632 fatalities, the US registered over 824,600 cases and more than 45,290 deaths — the highest in the world.

China and the US in January signed Phase-1 of the trade deal as the world’s two top economic powers move forward to end their bitter tit-for-tat two-year tariff war that had rattled markets and weighed on the global economy.

Global CEOs see U-shaped recession due to coronavirus

Global business leaders are preparing for a drawn-out U-shaped recession due to the impact of coronavirus and many fear their companies won’t survive the pandemic, a survey of thousands of chief executives showed on Wednesday.

The pandemic sweeping the world has killed nearly 170,000 people, routed financial markets and could trigger the worst economic meltdown since the 1930s Great Depression.

Around 60 percent of chief executives are preparing for a U-shaped recovery – a long period between recession and an upturn – compared with 22 percent who predict a double-dip recession, according to an 15-19 April poll of 3,534 chief executives from 109 countries conducted by YPO, a business leadership network.

Lockdown gives time for Mumbai’s busy rail network maintenance

Converting the unprecedented lockdown into an opportunity, Mumbai divisions of the Central Railway and Western Railway are extensively carrying out

safety and maintenance works on the suburban network, which was not possible during the normal busy train schedules.

It has been a month since trains stopped plying on the Mumbai suburban rail network, which is one of the busiest and congested in the world.

Nearly 3,000 local train services operate on the route daily and over 80 lakh commuters use it everyday, making it the lifeline of the country’s financial capital.

Since disruption of services for even 15 minutes leads to a chaotic situation, rail authorities used to carry out important maintenance and safety works either during the few hours window available late night or by enforcing megablocks during the weekends or holidays, when comparatively less commuters travel in the local trains.

Rupee opens weaker

Asia stocks fall after US crude collapses for second day

Asian share markets slipped to two-week lows on Wednesday as the floor fell out from under crude prices, exposing the deep economic damage wrought by the global coronavirus health crisis.

Skittish investors sought the safety of government debt as Brent oil futures plunged for a second day to a low last seen almost two decades ago, fueled by a swelling world crude glut.

The dizzying dive in oil has turned investors away from stocks, and has given fresh urgency to bearish voices who are bracing for a catastrophic decline in asset prices as the COVID-19 pandemic wrecks the world economy.

MSCI’s broadest index of Asia-Pacific shares outside Japan lost 0.8 percent while Japan’s Nikkei slumped 1.3 percent.

Wall Street crashes up to 3%

On Wall Street, key indices crashed up to 3 percent in overnight session.

Wall Street tumbled for a second straight day on Tuesday as a collapse in US oil prices and glum forecasts by companies worsened fears of a deep economic downturn.

The Dow Jones Industrial Average fell 630.73 points, or 2.67 percent, to 23,019.71, the S&P 500 lost 86.67 points, or 3.07 percent, to 2,736.49 and the Nasdaq Composite dropped 297.50 points, or 3.48 percent, to 8,263.23.

No takers for Hyundai cars

As Detroit’s automakers shut production in March due to the coronavirus pandemic, South Korea’s Hyundai Motor cranked up its factories back home to ship cars to the United States, a move that is proving costly for the world’s fifth-largest auto group.

Hyundai ramped up domestic production to as much as 98 percent of capacity by late March, not only as the Korean market was recovering from a bad February but also because it bet on demand for Tucson SUVs and other models from US customers, its biggest overseas market outside of China.

While Hyundai is one of few global automakers whose production has recovered at home, its exports optimism has been dampened by the severity of the US outbreak, weak consumer sentiment and as rivals have quickly moved to guard their turf.

Consignments of cars shipped from South Korea are now sitting in US ports, with dealers slow to take deliveries because of slumping sales and rising inventory, four people with knowledge of the matter told Reuters.

L&T Construction bags orders 

The buildings and factories business of L&T Construction has secured orders from prestigious clients in India.

The business has won an order to design and construct an integrated resort complex project at Goa.

Facebook buys 9.9% stake in Reliance Jio for Rs 43,574 cr

Facebook has bought a 9.9 percent stake in Reliance Jio for $5.7 billion (Rs 43,574 crore), the telecom unit of Reliance Industries Ltd (RIL) in a deal that gives the social media giant a firm foothold in a fast-growing massive market and helps the Indian oil-to-telecom conglomerate to significantly cut debt.

The deal values Jio at Rs 4.62 lakh crore ($65.95 billion).

Commenting on the deal, RIL said this is the largest investment for a minority stake by a technology company anywhere in the world and the largest FDI in the technology sector in India.

The investment values Jio Platforms amongst the top 5 listed companies in India by market capitalization, within just three and a half years of launch of commercial services, it said in a statement.

NIIT inks pact with US firm EdTech, stock jumps over 7%

RIL shares surge over 8% after Facebook announces investment in Jio

Reliance Industries (RIL) share price rose over 8 percent in early trade on Wednesday after social media giant Facebook announced an investment in the company’s telecom unit Jio.

Facebook bought 9.9 percent stake in Reliance Jio for Rs 43,574 crore.

Brent oil futures plunge again as growing glut feeds market panic

Brent oil futures prices plunged again on Tuesday, extending oil market panic into a second day with no end in sight to a swelling global crude glut as the coronavirus pandemic has obliterated demand for fuel.

Monday and Tuesday have been two of the most turbulent days in the history of oil trading, as investors confronted the reality that worldwide supply will overwhelm demand for months or years and current production cuts to offset that glut are nowhere near sufficient.

After Monday’s trade, when the front-month May US contract fell into negative territory for the first time in history, Tuesday set a new milestone as more than 2 million contracts for US crude for delivery in June changed hands, the busiest day in history, according to exchange operator CME Group.

Sensex rises over 100 points, Nifty close to 9,000-mark

The benchmark indices erased the opening losses as Sensex rose 120.19 points or 0.39 percent to 30,756.90 while the Nifty was up 13.25 points or 0.15 percent at 8,994.70 at around 9.30 am.

Reliance, Asian Paint, Sun Pharma and Maruti were the top gainers in the Sensex pack.

Markets could open mildly lower

Facebook Investment in R Jio and recovery in crude prices to provide some reason for markets to stabilize, though sentiments continue to be gloomy

Indian markets could open mildly lower on Wednesday following mildly weak Asian markets and sharply negative US markets on Tuesday.

US stocks closed sharply lower Tuesday, as high-flying technology shares gave up ground, and a historic collapse in oil prices eroded the bullish mood on Wall Street. The slump in oil prices weighed on sentiment as investors worried that plunging demand for the commodity would dent a key sector for U.S. employment and investment and signal a deeply depressed global economy.

Oil futures remained under pressure Tuesday, with West Texas Intermediate crude for June losing $8.86, or 43.4%, to settle at $11.57 a barrel on the NYME, after touching a low at $6.50. Oil prices found some respite on Wednesday as U.S. oil futures rose more than 20% and Brent prices steadied after a two-day price plunge

CNN reported that Congress has reached a deal to provide $450 billion of additional funding to U.S. small businesses hurt by the coronavirus pandemic, with the Senate attempting to pass the measure later Tuesday, after lawmakers provided a roughly $350 billion package that was exhausted last week.

Asian share markets opened lower on Wednesday as the floor fell out from under U.S. crude prices, exposing the deep damage the coronavirus pandemic has had on global economic demand.

Facebook has bought a 9.9 percent stake in Reliance Jio for $5.7 billion (Rs 43,574 crore), the telecom unit of Reliance Industries Ltd (RIL).  This is the largest investment for a minority stake by a technology company anywhere in the world and the largest FDI in the technology sector in India.  This investment by Facebook values Jio Platforms at ₹ 4.62 lakh crore pre-money enterprise value ($65.95 billion, assuming a conversion rate of ₹ 70 to a US Dollar).

Indian equity markets followed weak global cues and ended lower on Tuesday after a feeble recovery from intra day lows. The NSE Nifty 50 index ended below the 9,000 mark at 8,981, down 3 percent.

Technically the Nifty has closed below the psychological level of 9000. 8821 is the next crucial support and if it gets breached, a sharper fall could ensue. On upsides 9091 could offer resistance.