Stock Market Latest Updates: Sensex tanks 536 points, Nifty below 9,200-mark; except energy, pharma all other indices end in red

Global shares fall as Wall St rally fizzles amid virus fears

Global shares extended losses Friday as hopes faded for a quick turnaround for the global coronavirus pandemic.

France’’s CAC 40 dropped 1.9 percent in early trading to 4,368.03, while Germany’s DAX fell 1.8 percent to 10,321.87. Britain’s FTSE 100 shed 1.5 percent to 5,741.36.

US shares were poised for losses, with the future for the Dow industrials down 0.3 percent at 23,272.50. The future contract for the S&P 500 lost 0.4 percent to 2,771.12.

Investor sentiment was again fragile as attention shifted to the economic damage the world is likely to suffer because of the pandemic, says Prakash Sakpal and Nicholas Mapa, economists at ING.

A report from the Financial Times that said an antiviral drug failed to improve conditions in patients in a Chinese clinical trial cast a shadow over hopes it might turn out to be a potential treatment for coronavirus patients.

GeM adds 146 categories of medical products, 8 services to help govt fight COVID-19

Public procurement portal GeM has added about 146 medical products – like thermal scanners and disinfectants, and certain services on its platform to help the government fight COVID-19 pandemic, an official said on Friday.

Government e-Marketplace (GeM) has set up a dedicated page on its platform, where it has created several categories for medical supplies such as COVID-19 sample collection kit, reusable vinyl/rubber gloves, disposable thermometers, cardiac monitors, ICU beds, and services like temporary hospital and isolation facilities for COVID-19 asymptomatic and mild symptoms patients.

“Initially, we created 95 categories on the platform and now it has increased to 200 (medical – 146 and auxiliary – 54),” GeM CEO Talleen Kumar said.

Sensex plunges 578 points, Nifty down 170 points

Benchmark indices extended losses as Sensex plunged 577.79 points or 1.81 percent to 31,285.29 while Nifty was down 170.15 points or 1.83 percent at 9,143.75 at around 3.15 pm.

Bajaj Finance fell over 9 percent while IndusInd Bank, Axis Bank, HDFC, ICICI Bank and Mahindra and Mahindra were the other major losers in the Sensex pack.

Piramal Enterprises, GMR, JSPL among firms apply for RBI moratorium

Piramal Enterprises, GMR, JSPL among companies that applied for RBI moratorium, reports @_ritusingh https://t.co/6o7iTGb3px

— CNBC-TV18 (@CNBCTV18Live) April 24, 2020

Bioplus Healthcare launches hand sanitiser under SterloMax brand

Bioplus Healthcare on Friday said it has launched hand sanitiser under its SterloMax brand to fight against the COVID-19 pandemic.

The rub-in-hand disinfectant is available in two variants, SterloMax I with 75 per cent isopropyl alcohol and SterloMax E80 with 80 per cent ethanol as per WHO recommended formula, the company said in a statement.

SterloMax is already available through Flipkart and ShopClues and will also be available on Amazon by the end of the month, while it can also be purchased via BigBasket in Bengaluru, it added.

US House passes $500 bn coronavirus bill in latest relief package

The US House of Representatives overwhelmingly approved a $484 billion coronavirus relief bill on Thursday, funding small businesses and hospitals and pushing the total spending response to the crisis to an unprecedented near $3 trillion.

The measure passed the Democratic-led House by a vote of 388-5, with one member voting present. House members were meeting for the first time in weeks because of the coronavirus pandemic.

Lawmakers, many wearing masks, approved the bill during an extended period of voting intended to allow them to remain at a distance from one another in line with public health recommendations.

DIAL to maintain social distancing at airport after lockdown

DIAL to maintain social distancing, other protective norms at airport after COVID-19 lockdown

Read @ANI Story | https://t.co/L55oQyY7Bf pic.twitter.com/w89ciNxlkz

— ANI Digital (@ani_digital) April 24, 2020

Educational Initiatives​ launches two-week learning programme

Educational Initiatives (EI), an ed-tech company has announced the launch of ASSET digital learning programme (ADLP).

The programme’s objective is to nurture and develop independent learners. It will help students to take charge of their own learning and help them create habits to achieve excellence.

This online programme is designed for academically gifted students of grades 5, 6 and 7.

Students who have scored top percentile in ASSET talent search (ATS) assessment, those who have enrolled for the most gifted programme and ASSET summer programme are eligible for ADLP.

Cheaper oil, foreign flows a tailwind for rupee

The rupee, among Asia’s worst performing currencies this year, could be the fastest in the region to rally as the world restarts economic activities after the coronavirus pandemic, oil prices weaken and the US dollar eases broadly, analysts said.

The partially convertible Indian rupee has lost nearly 7 percent against the dollar so far this year, despite heavy dollar supplying intervention by the central bank. It hit a life low of 76.92 to the dollar on Wednesday.

But a turnaround could be swift because of the collapse in the price of oil, which is a major import for the country, and the return of foreign investment into rupee stocks and bonds.

Kerala Kudumbashree’s special initiatives for elderly in COVID-19 times

Kudumbashree, hailed as one of the worlds largest women empowerment and poverty eradication missions, has launched a special initiative for the well-being of the elderly in Kerala during theCOVID-19 lockdownwitha string of confidence-building measures.

The thrust of the outreach has been to take care of the mental health of the elderly and boost their confidence through IEC(Information, Education and Communication) programme.

There are chances of co-morbidity and low immunity among the elderly people. So, it makes them vulnerable to the epidemic. We could successfully convey the message to around 43 lakh people throughthe IECcampaign,saidS Harikishore, executive director, Kudumbashree, which functions as a community organisation of Neighborhood Groups (NHGs) of women in Kerala.

About 11.56 lakh new members join ESIC scheme in February

Around 11.56 lakh new members joined the ESIC-run social security scheme in February 2020 against 12.19 lakh members in the previous month, according to the payroll data of the Employees’ State Insurance Corporation (ESIC).

The data was part of a report released by the National Statistical Office (NSO) on Friday. The report said gross enrolments of new subscribers with ESIC were 1.49 crore during 2018-19.

It also showed that during the period from September 2017 to February 2020, around 3.75 crore new subscribers joined the ESIC scheme.

The NSO report is based on the payroll data of new subscribers of various social security schemes run by ESIC, retirement fund body EPFO and pension fund regulator PFRDA. It has been releasing such data of these bodies since April 2018, covering a period starting from September 2017.

Meeting of Narendra Modi, Nirmala Sitharaman postponed

Rupee slips 40 paise to settle at 76.46 

The rupee depreciated by 40 paise to settle at 76.46 (provisional) against the US dollar on Friday, tracking weak domestic equities and a strengthening greenback overseas.

Forex traders said market sentiment weakened after a potential antiviral drug for coronavirus reportedly failed its first trial.

The rupee opened lower at 76.30 at the interbank forex market and then fell further to 76.47 and finally closed at 76.46, down 40 paise over its last close.

The rupee had settled at 76.06 against the US dollar on Thursday.

Sri Lanka to seek $400 mn financial facility from RBI to meet short-term financial needs

Sri Lanka is set to enter into an agreement with the Reserve Bank of India for a currency swap worth $400 million to boost the foreign reserves and ensure the financial stability of the country which is badly hit by the COVID-19 pandemic, a top minister has said.

The Cabinet has approved a proposal made by Prime Minister Mahinda Rajapaksa as the Finance Minister to enter into an agreement with the RBI for the financing facility to meet short-term international liquidity requirements, Co-Cabinet spokesman Information and Communication Minister Bandula Gunawardena said.

Sri Lanka will enter into the agreement with the RBI for a Bilateral Currency Swap Arrangement worth $400 million, Gunawardena said, adding the facility from the RBI is aimed at boosting the island nation’’s foreign reserves.

Sensex tanks 503 points, Nifty below 9,200-mark

Benchmark indices remained highly volatile as Sensex plunged 502.98 points or 1.58 percent to 31,360.10 while Nifty was down 147.90 points or 1.59 percent at 9,166 at around 2.15 pm.

Bajaj Finance was the major loser in the Sensex pack plunging nearly 9 percent.

Mindtree rises ahead of Q4 earnings

#CNBCTV18Market | Mindtree higher ahead of Q4 earnings pic.twitter.com/1gNf29hOUV

— CNBC-TV18 (@CNBCTV18Live) April 24, 2020

Truckers in crisis: Police checks, no food, fears of coronavirus

Indian truck driver Arju Yadav says he was on a 30-40 km (20-25 mile) journey earlier this month to deliver a consignment of biscuits when he was stopped by police for defying a coronavirus lockdown, beaten and made to do sit-ups.

India had exempted truckers carrying food, medicine and other essential items from the nationwide lockdown that started on 25 March, but in many cases, the message had not gone through to police on the highways and officials at state border checkpoints.

Restaurants and repair shops along highways are also mostly closed, despite government approval this week to open them, further throwing the sector into turmoil. For the trucks that do operate, loading and unloading times have spiked because of a lack of workers.'

Silver futures rise on spot demand

Silver prices on Friday rose 1 percent to Rs 42,224 per kg in futures trade as participants widened their bets on firm spot demand.

On the Multi Commodity Exchange, silver contracts for May delivery gained Rs 418, or 1 percent, to Rs 42,224 per kg in 3,444 lots.

Similarly, the white metal for July delivery was trading higher by Rs 383, or 0.9 percent, at Rs 42,912 per kg in 2,126 lots.

However, in the international market, silver was quoting 0.36 percent lower at $15.47 per ounce in New York.

Goa govt to provide thermal guns to industries

Goa Chief Minister Pramod Sawant on Friday said the government will provide all necessary infrastructure, including thermal guns and screening devices,

to industries to fully resume their operations in the state.

The Goa government granted conditional permits to industrial estates in the state, which have started operating in phases since April 20, after all COVID-19 patients in the state had recovered.

Industries should take proper precautions in order to prevent the spread of the disease, Sawant said, adding that it was mandatory for all industrial compounds to use thermal guns for screening at their entrances.

Increased risk to jobs as European airline revenues collapse: IATA

The potential revenue loss by European carriers in 2020 has grown to 89 billion dollars and passenger demand measured in revenue passenger kilometres) is projected to be 55 percent below 2019 levels, according to the International Air Transport Association (IATA).

This is an increase over the previous estimates released on 24 March of 76 billion dollars and 46 percent respectively.

“Overall, we estimate that the present 90 percent collapse in air traffic puts around 6.7 million jobs at risk and could lead to a negative GDP impact of 452 billion dollars across Europe. This equates to an additional 1.1 million jobs and 74 billion dollars in GDP over the March estimates of 5.6 million jobs and 378 billion dollars,” said the latest IATA analysis.

NBFCs, MFIs to see Rs 50-60,000-cr funding gap on lack of moratorium: Report

The RBI may have to open direct liquidity window for small NBFCs and MFIs as banks refuse to offer moratorium to them on one hand, and gave a muted response to the first TLTRO auction, aggravating their funding gap to Rs 50,000-60,000 crore, according to a report.

Small and medium shadow banks and micro-lenders need a direct refinance from financial institutions or the RBI should open direct refinance window for them, Acuite Ratings said, a day after the apex bank said the first TLTRO auction of Rs 25,000 crore saw a tepid response from banks, which put in bids for just half the amount — only Rs 12,850 crore.

“We believe the liquidity concerns of NBFCs (non-bank financial companies) and MFIs (microfinance institutions) have aggravated and a quick response is the need of the hour. The funding gap is estimated to further increase to Rs 50,000-60,000 crore,” the agency said in a report.

The estimate is based on the analysis of “the top 11 retail NBFCs which may find the funding gap of Rs 10,000-20,000 crore in Q1. Without the moratorium or partial moratorium from banks, the funding gap will increase further to Rs 15,000-25,000 crore in Q1. Clearly, the gap for the sector including MFIs in Q1 will be much higher at Rs 50,000-60,000 crore based on broad estimates”.

Piramal Ent turns positive, rises over 2%

#CNBCTV18Market | Piramal Ent turns positive, trading at day's high pic.twitter.com/HClKB1HweM

— CNBC-TV18 (@CNBCTV18Live) April 24, 2020

Ashok Leyland acquires 3.36% share in subsidiary Hinduja Leyland Finance

Hinduja Group flagship Ashok Leyland Ltd has acquired 1.57 crore shares of Rs 10 each constituting 3.36 percent of the equity of its subsidiary Hinduja Leyland Finance Ltd (HLFL).

The cost of acquisition was done at a price of Rs 119 per equity share. The proposed acquisition of equity shares of HLFL is at arm’s length basis.

The acquisition is part of the 6.99 percent acquisition approved by the board of directors at a meeting held on 21 March.

Franklin Templeton MF shuts 6 schemes: AMFI tells investors not to panic, focus on investment

Industry body AMFI on Friday assured investors that majority of fixed income mutual funds assets are invested in superior credit quality securities and such schemes have appropriate liquidity to ensure normal operations.

The statement by the industry body came after Franklin Templeton Mutual Fund voluntarily decided to wind up its six debt schemes citing redemption pressure and lack of liquidity in bond markets due to coronavirus pandemic.

This is the first instance when a fund house is shutting its schemes because of coronavirus-related pandemic.

Markets recover in mid-session

Indian markets at half time have recovered and are trading with a cut of 50 points following a deep GAP down opening, said Aditya Agarwala, Senior Technical Analyst, YES Securities.

Further, bulls protected the 9,100-mark triggering a short covering rally led by a sharp rally in Reliance Industries and select Pharma and Auto names. The ones to drag the Index lower are IT, Banking and NBFC stocks, he said.

“Moreover, it will be important for the bulls to take the Index beyond the critical 9330-9350 mark which has been acting as a major hurdle in the past few trading sessions. A failure again to take the Index beyond 9250 could invite bears to create fresh shorts pulling the Index lower to levels of 9100-9000 levels,” Agarwala said.

Intermediate trend on the Index has turned sideways as it continues to oscillate between 9,350 on the upside to 8,900-8,800 on the downside, he said.

European markets have opened in the red with cuts of around 1.50 percent for all the three major Indices i.e. FTSE, CAC and DAX, Agarwala said.

Sensex down 128 points, Nifty holds 9,250-mark

The benchmark indices continued to trade in the red as Sensex was trading 127.94 points or 0.40 percent lower at 31,735.14 while Nifty was down 43.10 points or 0.46 percent at 9,270.80 at around 1.15 pm.

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

India initiates probe against alleged dumping of fibre boards

India has initiated a probe into an alleged dumping of fibre boards, used in furniture industry, from Vietnam, Malaysia, Thailand, and Indonesia following complaint by domestic manufacturers.

Greenply Industries, Greenpanel Industries and Century Plyboards have filed application before the commerce ministry’s probing arm DGTR for anti-dumping investigation on imports of “plain medium density fibre board having thickness less than 6 mm” imported from these four countries.

The applicants have alleged dumping of the board from these countries and requested for imposition of the anti-dumping duties on the imports.

China promises subsidies to boost falling electric car sales

China is promising more subsidies to shore up plunging electric car sales amid the coronavirus pandemic but set limits that exclude Tesla’s made-in-China model.

Subsidies and tax breaks that were due to end this year will be extended by two years in response to “an accumulation of unfavorable factors” including the virus, the Finance Ministry said on Thursday.

Beijing has spent billions of dollars subsidising electrics in hopes of cleaning up China’s smog-choked cities and taking an early lead in a promising global industry.

Sensex trading in red, banking stocks under pressure

Market benchmark opened on a negative note and trading lower by 1.4 percent tracking weak global cues and woes over system liquidity, said Sundar Sanmukhani, head-fundamental research desk, Choice Broking.

Banking and NBFC stocks fall as TLTRO 2.0 fails to get good response. Franklin Templeton’s decision to close 6 debt schemes also weighed on sentiments, he said.

“All sectoral indices are trading in red except pharma and FMCG index. Banking, IT and realty stocks are trading under pressure. On stock specific, ZEEL, Bajaj Finance and Bharti Infratel are the top loser while Reliance, Hero MotoCorp and Vedanta as the top gainers,” Sanmukhani said.

Co-working space operators form association for future roadmap

Faced with liquidity crisis and loss of business due to the nationwide lockdown, the country’s top co-working space operators have come together to form an association to chalk out strategies to deal with immediate cash-flow challenges and future roadmap.

The industry body named Indian Workspace Association (IWA) will represent the problems faced by the industry to the government as well as other stakeholders.

Although the association has been formed to represent and protect the wider interests of the industry as a whole, the IWA’s immediate goal is to define protocols and practices for the industry to address the ongoing COVID-19 crisis.

The association would plan strategies for the way forward in a post-coronavirus world, it said.

Sun Pharma rises nearly 4% to 52-week high

#CNBCTV18Market | Sun Pharma at 52-week high pic.twitter.com/4ePWvu0EWl

— CNBC-TV18 (@CNBCTV18Live) April 24, 2020

Ryanair may cut 10-20% of jobs in winter season, CEO tells German paper

Ryanair may have to lay off 10-20 percent of staff in the winter season as it will operate fewer flights due to the coronavirus crisis, chief executive Michael O’Leary said in a newspaper interview published on Friday.

Citing an expected drop in flights by 20-30 percent in the winter schedule, O’Leary told German business daily Handelsblatt that fewer staff would be required.

“I think that job reductions by 10-20 percent in winter are almost inevitable,” he said. “Passengers will return, but it will take time.”

There could also be a second wave of worldwide infections, he said.

Coronavirus prods Japan agencies, including data collectors, to embrace change

The coronavirus pandemic is forcing changes in Japan to the way economic data is collected and some government agencies meet, rare moves in a country where tradition plays a strong part in everyday life.

The internal affairs ministry that compiles inflation data usually sends out about 700 staff to supermarkets and other retailers across the nation each month to check price tags for goods and conduct face-to-face interviews with shop clerks.

That team of data gatherers will now rely more on phone calls to ensure their safety, said Naruhiko Yamagata, head of the ministry’s division compiling the consumer price index (CPI) data.

Sensex down 115 points, Nifty above 9,250

The benchmark indices erased early losses as Sensex was trading 114.66 points or 0.36 percent lower at 31,748.42 while Nifty was down 36.15 points or 0.39 percent at 9,277.75 at around 12.30 pm.

Reliance jumps over 5%; trades at 2-month high

#CNBCTV18Market | Reliance trading at 2-month high pic.twitter.com/PoXPuqofML

— CNBC-TV18 (@CNBCTV18Live) April 24, 2020

Toyota Kirloskar Motor commissions dealer operations restart guideline

Toyota Kirloskar Motor on Friday said it has commissioned a dealer operations restart guideline focusing on safety protocols for respective facilities and staff, customer interface during sales and after sales services for resuming operations post lockdown.

The manual aims to benefit both dealers and customers while educating and empowering its dealer partners about the importance to adhere to good safety and hygiene practices, so as to secure all stakeholders from health hazards, the company said in a statement.

It also aims at instilling confidence in the existing and prospective customers about the safety and hygiene initiatives introduced at Toyota dealer outlets, across the country, TKM added.

IIT professor develops software to detect COVID-19 within 5 seconds using X-ray scan

An IIT-Roorkee professor claims to have developed a software which can detect COVID-19 within five seconds using X-ray scan of the suspected patient.

The professor, who took over 40 days to develop the software, has filed a patent for the same and has approached the Indian Council of Medical Research (ICMR) for a review.

Kamal Jain, a professor at the institute’s civil engineering department, claims that the software will not only reduce testing costs but will also reduce the risk of exposure to healthcare professionals. 

So far, there is no verification of his claim by a medical institution.

CAIT to launch national e-commerce marketplace soon

The Department for Promotion of Industry & Internal Trade (DPIIT) along with the Confederation of All India Traders (CAIT) is synergising efforts of various companies and startups working in supply chain to help local grocery stores take orders online and ensure delivery through a national e-commerce marketplace.

The e-commerce marketplace will be launched shortly and it is expected that the platform will strengthen the supply chain.

Besides DPIIT & CAIT, the other promotors are Startup India, Invest India, All India Consumer Products Distributors Federation & Avana Capital.

This Indian e-commerce portal will make all efforts to onboard about 7 crore traders of the country.

Manufacturers, distributors, wholesalers, retailers of all verticals of domestic trade and consumers will be the integral part of this e-commerce platform.

COVID-19 crisis likely to hit 29 lakh jobs in Indian aviation, dependent sectors: IATA

The coronavirus pandemic is expected to impact more than 29 lakh jobs in the Indian aviation and dependent industries, global airlines’ grouping IATA said on Friday.

Commercial flight services in the country remain suspended till May 3 amid the nationwide lockdown to curb spreading of coronavirus infections.

Besides, the pandemic and subsequent lockdown have significantly impacted economic activities, with aviation and tourism among the worst affected segments.

The International Air Transport Association (IATA) said its latest estimates indicate a worsening of the country impact from the COVID-19 crisis in the Asia-Pacific region.

L&T group likely to resume work on sites in phases as per govt norms

#CNBCTV18Exclusive | Sources say L&T MD & CEO addresses top management of the co says group to resume work on sites in phases manner fallowing Govt guidelines. The project work will be undertaken with higher level of hygiene & social distancing pic.twitter.com/Sfd4eK6PmE

— CNBC-TV18 (@CNBCTV18Live) April 24, 2020

UK mulls 100% guarantees on small business loans: Report

British finance minister Rishi Sunak is preparing to offer 100 percent guarantees on loans to Britain’s smallest businesses, after sustained pressure from Conservative lawmakers and the Bank of England, the Financial Times reported.

The FT said Sunak was “weighing up” whether to go against his instincts and offer full state backing to loans of up to 25,000 pounds ($30,800) to “micro-SMEs” struggling to get credit to see them through the coronavirus crisis.

Pharma fuels unexpected jump in Singapore manufacturing in March

Singapore’s factory output in March rose at its fastest pace in more than nine years, surging past expectations, as pharmaceutical manufacturing more than doubled, data showed on Friday.

Output rose 21.7 percent on a month-on-month and seasonally adjusted basis, data from the Singapore Economic Development Board showed, the biggest jump since January 2011. The median of six economists’ forecasts was for a 2 percent fall.

On a year-on-year basis, output rose 16.5 percent – the biggest increase since January 2018 – and was well above expectations for a 6.3 percent drop.

Pharmaceutical output increased 126.6 percent year-on-year, with higher production of active pharmaceutical ingredients and biological products. Shipments of pharmaceuticals pushed Singapore’s annual exports up 17.6 percent in March, data last week showed.

Household incomes of more than half of millennials, GenZ ​hit

GenZ (18-24 year olds) and millennials (25-34 year olds) are feeling the impact of the coronavirus pandemic more severely than any other generation.

That’s according to the third wave of Kantar’s COVID-19 Barometer, a global study of how COVID-19 is influencing people’s attitudes, behaviours and expectations across more than 50 markets. 

Although overall concern levels among this generation are lower than average – 35 percent of 18-24 year olds and 37 percent of 25-34 year olds say they are hugely concerned about the situation, compared to 41 percent overall – the pandemic is having a greater impact on Millennials and GenZ than older generations.  

Over half of millennials (52 percent) and 49 percent of GenZ say they have already experienced an impact on their household income and an additional 26 percent across the combined 18-34 age group expect to be impacted in the future – more than any other generation.

Sensex down 389 points, Nifty above 9,200

The benchmark indices recovered slightly as Sensex was trading 383.98 points or 1.21 percent lower at 31,479.10 while Nifty was down 109.50 points or 1.18 percent at 9,204.40 at around 11.50 am.

Narendra Singh Tomar to hold meeting with rural development ministers of all states

Union Minister for Agriculture and Rural Development Narendra Singh Tomar to hold a meeting with rural development ministers of all states via video conference, today. (file pic) pic.twitter.com/b2GLPMPLaa

— ANI (@ANI) April 24, 2020

Immigrants, hard hit by economic fallout, adapt to new jobs in US

Ulises García went from being a waiter to working at a laundromat. Yelitza Esteva used to do manicures and now delivers groceries. Maribel Torres swapped cleaning homes for sewing masks.

The coronavirus pandemic has devastated sectors of the economy dominated by immigrant labor: Restaurants, hotels, office cleaning services, in-home childcare and hair and nail salons, among others, have seen businesses shuttered as nonessential.

The Migration Policy Institute found that 20 percent of the US workers in vulnerable industries facing layoffs are immigrants, even though they only make up 17 percent of the civilian workforce.

And some of those immigrants, those without social security numbers, are unable to access any of the $2.2 trillion package that Congress approved to offer financial help during the pandemic.

Developing nations’ repayments on public external debt to soar $2.6-$3.4 trillion in 2020-21: UN

Developing countries’ repayments on their public external debt alone will soar between $2.6 trillion and $3.4 trillion in 2020 and 2021 due to the COVID-19 pandemic, the UN trade and development body has said.

The UN Conference on Trade and Development (UNCTAD) in a new report has stressed that the pandemic has hit developing countries at a time when they have already been struggling with unsustainable debt burdens for many years as well as with rising health and economic needs.

Developing countries now face a wall of debt service repayments throughout the 2020s, it said.

Nestaway announces 50% reduction on onboarding charges

Nestaway has announced a reduction on onboarding charges (by 50 percent) for anyone who wishes to move into their homes. It has committed up to $1 million in waived fees and service charges for new tenants moving to its homes during the pandemic.

Nestaway said it is also offering its homes to all the frontline workers (healthcare staff and cabin crew) with 100 percent off on onboarding charges.

Gaia teams up with Swiggy, Zomato for doorstep delivery

Gaia has partnered with food delivery apps Swiggy and Zomato fordoorstep delivery services of its products in Central Delhi, South Delhi and Okhla area.

The health and wellness brand plans to reach as many consumers as possible  by offering them essentials like health food and nutritional supplements. In partnership with Swiggy and Zomato, their delivery executives will pick the products from Gaia’s channel partners and deliver to the consumers within two hours.

While Zomato will deliver within a 10 km radius, Swiggy will deliver the products within a 5 km radius of the brand’s distributors and super-stockists.

GAIL slips to day’s low, falls over 2% 

#CNBCTV18Market | GAIL slips to day's low, falls more than 3% from the high point of the day pic.twitter.com/cftLJhSu5L

— CNBC-TV18 (@CNBCTV18Live) April 24, 2020

Britannia Industries shares rise over 3% on dividend announcement

Shares of Britannia Industries on Friday jumped over 3 percent after the company declared an interim dividend Rs 35 per equity share of face value of Re 1 each.

The scrip rose 3.23 percent to Rs 3,043.60 on the BSE, and it climbed 3.47 percent to Rs 3,049.90 on the NSE.

The board of the company in a meeting declared “interim dividend at 3,500 percent – Rs 35 per equity share of face value of Re 1 each – for the financial year 2019-20,” Britannia Industries said in a regulatory filing on Thursday.

Farmer destroys 1-acre cabbage crop as prices tank 

Upset over a trader offering one-sixth of the market price for his produce, a farmer in Osmanabad district has razed his entire one-acre cabbage crop.

Umaji Chavan, a resident of Jagdalwadi village of Omerga tehsil, said the price offered by traders who buy these vegetables from farmers was so low that he was left with no option but to take the extreme step of razing the entire crop. 

“I razed the entire cabbage field with the help of a tractor and a rotor,” Chavan told PTI on Friday.

Franklin Templeton to close six India funds hit by coronavirus

Franklin Templeton Mutual Fund on Thursday announced it would wind up six yield-oriented, managed credit funds in India, effective 23 April, citing severe market dislocation and illiquidity caused by the coronavirus.

“The decision has been taken in order to protect value for investors via a managed sale of the portfolio,” the Fund said in a statement.

The decision was limited to funds which have “material direct exposure to the higher yielding, lower-rated credit securities in India that have been most impacted by the ongoing liquidity crisis in the market,” the statement said.

AMFI to insure investors

Coming Up At 10:45 am | AMFI to reassure mutual fund investors #exclusively #OnCNBCTV18. We talk to @NileshShah68 of @KotakMF, Nimesh Shah of @ICICIPruMF, A Balasubramanian (@MFBALA) of @abcabslmf, Milind Barve of @hdfcmf & Ashwani Bhatia of @SBIMF pic.twitter.com/fYBRUC6ggL

— CNBC-TV18 (@CNBCTV18Live) April 24, 2020

Rupee falls 25 paise to 76.31 in early trade

The rupee depreciated by 25 paise to 76.31 against the US dollar in opening trade on Friday, tracking weak domestic equities and strengthening of the US dollar overseas.

Forex traders said the rupee opened on a weak note taking negative cues from Asian equities.

The rupee opened at 76.30 at the interbank forex market and then fell further to 76.31, down 25 paise over its last close.

The rupee had settled at 76.06 against the US dollar on Thursday.

“Asian equities and US stock futures fell on Friday morning, amid doubts about progress in the development of drugs to treat COVID-19 and weak data from the United States,” Reliance Securities said in a research note.

International passenger capacity for India reduced by 89% in April due to COVID-19: UN

International passenger capacity for India reduced by 89 percent so far this month due to COVID-19 pandemic as compared to a ‘business-as-usual’ scenario, according to the latest projections from the United Nations specialised agency for international civil aviation.

The International Civil Aviation Organisation (ICAO) said that by September, the world could have 1.2 billion fewer international air travellers, compared to regular originally planned or “business-as-usual”.

Estimates by the organisation show a dramatic reduction in international passenger capacity for countries across the world between January and April, as the COVID-19 pandemic spread globally.

Facebook’s $5.7 bn investment in Jio to cut RIL’s net leverage, credit positive: Moody’s

Facebook’s Rs 43,600 crore investment in Reliance Industries’ digital services business will help the Mukesh Ambani-led firm reduce borrowing and reinforce the company’s commitment to cut its net debt to zero by 31 March, Moody’s Investors Service said on Thursday.

Stating that the investment is credit positive, Moody’s in an issuer comment said it expects the transaction to reduce RIL’s consolidated net debt/EBITDA by 0.4x to well below 3.0x, the tolerance level for its Baa2 rating.

As part of the transaction, Facebook will acquire 9.99 percent of Jio Platforms Limited, a fully-owned subsidiary of RIL that houses the company’s digital services business including its mobile telecom services business — Reliance Jio Infocomm Limited (RJIL).

Tata Elxsi rises nearly 3%

#CNBCTV18Market | Tata Elxsi rises nearly 3%, trading at day's high pic.twitter.com/u25Eo0epka

— CNBC-TV18 (@CNBCTV18Live) April 24, 2020

Airports ground handling industry seeks stimulus to mitigate COVID-19 impact

Struggling in the face of the coronavirus outbreak, the domestic ground handling industry has sought stimulus package, including moratorium on interest on borrowings, waivers on certain fixed costs and deferment of statutory taxes.

The Rs 4,000-4,500 crore ground handling industry, which heavily depends on airlines operations, has lost as much as 90 percent of the business amid suspension of all commercial air passenger services due to the lockdown to tackle the coronavirus pandemic.

However, cargo and special flights have been kept out from the lockdown.

Affordable COVID-19 test method developed by IIT-Delhi gets ICMR nod

A method to detect COVID-19 which will significantly reduce the cost of testing, making it affordable for a large population in the country, developed by Indian Institute of Technology (IIT), Delhi has got the approval from the ICMR, officials said on Thursday.

IIT-Delhi is the first academic institute to have obtained the ICMR approval for a real-time PCR-based diagnostic assay.

The development also comes against the backdrop of the Indian Council of Medical Research (ICMR) halting the testing for COVID-19 cases through China-made test kits because of massive variation in test results, compounding the challenge to check and contain the pandemic.

BIAL to convert its premises into Devanahalli ‘Chakota’ orchard

The Bangalore International Airport Ltd (BIAL) on Thursday said that it has initiated the rejuvenation and conservation of Devanahalli Pomelo by cultivating it within the campus, under its flagship CSR Programme ‘Namma Ooru’.

On the occasion of Earth Day 2020, BIAL, also owner and operator of the Kempegowda International Airport, decided to plant and nurture about 500 pomelo (Chakota) trees that will not only help conserve the rare indigenous fruit, but also contribute towards carbon reduction, it said in a statement.

BIAL to convert its premises into Devanahalli ‘Chakota’ orchard

The Bangalore International Airport Ltd (BIAL) on Thursday said that it has initiated the rejuvenation and conservation of Devanahalli Pomelo by cultivating it within the campus, under its flagship CSR Programme ‘Namma Ooru’.

On the occasion of Earth Day 2020, BIAL, also owner and operator of the Kempegowda International Airport, decided to plant and nurture about 500 pomelo (Chakota) trees that will not only help conserve the rare indigenous fruit, but also contribute towards carbon reduction, it said in a statement.

Centre working on scheme to reimburse dues to MSMEs with interest: Nitin Gadkari

The Centre is working on a scheme to reimburse pending payments with interest to micro, small and medium enterprises (MSMEs), Union minister Nitin Gadkari said on Thursday. 

Once implemented, the government’s plans towards framing a mechanism for clearance of huge pending dues owed to MSMEs by central and state PSUs as well as corporate players are expected to provide a major relief to the sector battling distress, as millions of units struggle to survive amid mounting losses caused by the coronavirus pandemic. 

In an interaction via video conferencing with the representatives of Bharat Chamber of Commerce, the minister for MSME and transport said the default on pending payments is one of the “big problems” faced by MSMEs.

Mizoram’s 71% farmers receive PM-KISAN assistance during lockdown

More than 71 percent of Mizoram’s farmer families have received financial assistance amounting to over Rs 13.2 lakh under the Pradhan Mantri Kisan

Samman Nidhi (PM-KISAN) scheme during the ongoing lockdown, a state agriculture department official said on Thursday.

Under the scheme launched in December 20018, income support of Rs 6,000 per year is provided to all farmer families across the country in three equal instalments every four months.

There are 92,201 beneficiaries of the scheme in Mizoram and 66,108 of them have received the monetary aid between 24 March and 10 April, Pradip Chhetri, the official who deals with the PM-KISAN scheme, told PTI.

IOC rises over 1% to day’s high

#CNBCTV18Market | IOC continues to gain in trade, currently at day's high pic.twitter.com/gCDhsUSNQ5

— CNBC-TV18 (@CNBCTV18Live) April 24, 2020

Sensex plunges 518 points, Nifty down 147 points

The market extended the losses as Sensex plunged 517.55 points or 1.62 percent to 31,345.53 while Nifty was down 146.60 points or 1.57 percent at 9,167.30 at around 11 am.

Bajaj Finance was the major loser in the Sensex pack falling over 5 percent.

Mahindra CIE January-March PAT down 86.47% to Rs 20.79 cr

Auto components maker Mahindra CIE Ltd on Thursday reported a 86.47 percent decline in consolidated profit after tax at Rs 20.79 crore in the first quarter ended 31 March 2020.

The company had posted a consolidated profit after tax of Rs 153.72 crore in the corresponding quarter of previous fiscal, Mahindra CIE said in a regulatory filing.

Consolidated revenue from operations in the first quarter stood at Rs 1,662.7 crore as compared with 2,174.39 crore in the year-ago period, said the company, which follows January-December financial year.

DP World Cochin container terminal not to levy storage charges during lockdown

DP World operated Container Terminal at Cochin Port on Thursday issued trade circular granting exemption from storage charges on all containers during the lockdown period.

This was in compliance with the directions of the ministry of shipping issued on 21 April 21.

“We will be not levying storage  charges on all containers from 22 March 2020 to 3 May 2020,” DP World’s India Gateway Terminal said in a statement.

The company, however, urged the trade fraternity to intensify efforts to evacuate containers as soon as possible, to ensure sufficient space at the terminal to maintain productivity levels and continued handling of vessels.

Defer rent collection from tenants for 3 months, Telangana govt tells house owners

The Telangana government on Thursday directed residential property owners to defer collection of rent from tenants for three months, apparently due to hardships being faced by people following the ongoing lockdown to contain the coronavirus spread.

The District Disaster Management Authority (DDMA) under the Chairmanship of the District Collector shall empower the local authorities, including commissioner, Greater Hyderabad Municipal Corporation (GHMC) and other municipal commissioners in their respective jurisdictions to implement
the order, a government order (GO) said.

RBI allows banks to issue electronic cards for overdraft accounts

Relaxing norms, the Reserve Bank of India on Thursday permitted banks to issue electronic cards to persons having overdraft accounts that are only in the nature of personal loan without any specific end-use restrictions.

Banks, as per the central bank’s July 2015 directions, were permitted to issue debit cards to customers having bank/current accounts but not to cash credit/loan account holders.

“…it has been decided to permit banks to issue electronic cards to natural persons having Overdraft Accounts that are only in the nature of personal loan without any specific end-use restrictions,” the RBI said in a circular.

Bank CSPs all take preventive measures while making DBT payments 

Bank CSPs are taking all preventive measures while providing DBT payments to beneficiaries under PMGKY . Some glimpses from Gairsain, Chamoli district, Uttrakhand.@PMOIndia @FinMinIndia @PIB_India @DebasishPanda87 pic.twitter.com/7LRhzCrm1q

— DFS (@DFS_India) April 23, 2020

Amazon launches programme to enable kirana shops, offline retailers sell online

Amazon India on Thursday launched ‘Local Shops on Amazon’ programme that will help local shopkeepers and kirana store owners to sell online.

The company said it has been running a pilot with more than 5,000 offline retailers and local shops over the last six months to bring the benefits of online selling closer to them.

“Code-named ‘Local Shops on Amazon’, this programme helps customers discover products from local shops in their city from the convenience of their homes, while helping shopkeepers supplement their footfalls with a digital presence and expand beyond their normal catchment,” Amazon India vice president Seller Services Gopal Pillai said in a blogpost.

Additional 7.4 lakh people given foodgrains under PMGKAY in Bihar: Ram Vilas Paswan

Union Food Minister Ram Vilas Paswan on Thursday said he has allotted foodgrains to an additional 7.4 lakh people in Bihar for free of cost distribution under the Pradhan Mantri Gareeb Kalyan Ann Yojana (PMGKAY).

Under this PMGKAY scheme, the Centre is providing 5 kg of foodgrains per person free of cost for three months. This is over and above 5 kg per person per month foodgrains distributed under the National Food Security Act (NFSA) to over 80 crore people in the country for Rs 2-3 per kg.

Only 8.57 crore beneficiaries have been brought so far under the NFSA in Bihar, as against 8.71 crore people who are eligible, Paswan said in a tweet.

The minister said he had already communicated this gap of 14 lakh to the state government on 17 April.

KVIC purchases cocoons from Tamil Nadu farmers

The Khadi and Village Industries Commission (KVIC) on Thursday said it has purchased cocoons from farmers in Tamil Nadu, in collaboration with khadi institutions in the state.

The main objective behind the move was to help the cocoon farmers struggling to sell their crop due to lockdown and secondly to ensure continuous supply of cocoons to the khadi institutions involved in silk production, KVIC said in a statement.

“Keeping in mind their (farmers) welfare, these purchases were not as easy as it looks. As per the procedure in vogue, silk producing khadi institutions have to purchase silk cocoons from the state government regulated sericulture markets only,” KVIC Chairman Vinai Saxena said.

Moody’s, Fitch give thumbs-up to Facebook-Jio deal, say to help RIL deleverage

Fitch Ratings and Moody’s Investors Service on Thursday said the $5.7 billion Facebook deal will help Reliance Industries deleverage its balance sheet and monetise digital platforms.

In separate issuer comments, the rating agencies said Facebook’s investment for a 9.99 percent stake in Jio Platforms – the digital services business of RIL, reinforces the Mukesh Ambani-run firm’s commitment to reduce its net debt to zero by 31 March.

Reliance Jio, the wireless market leader with around 390 million subscribers, is a subsidiary of Jio Platforms.

As part of the Facebook deal, which is the single-largest FDI in the Indian telecom and technology sector, Reliance Retail — RIL’s retail arm — has also partnered with Facebook’s WhatsApp to allow RIL’s eCommerce business users to use the WhatsApp platform.

Harvesting of rabi pulses, potato almost complete; wheat, sugarcane, onion on track

Harvesting of rabi pulses and potato is fully completed, while that of wheat, sugarcane and onion is on track and near completion across the country, Union Agriculture Ministry said on Thursday.

Arrival of staple vegetables in mandis saw a big leap compared to last month. There was a six-fold increase in onion arrival, while it doubled in case of potatoes and tomatoes as on 16 March, the ministry said in a statement.

Agriculture activities have been exempted from the lockdown, imposed to slow the spread of COVID-19.

“In the major wheat growing states, the status of harvesting is encouraging,” the ministry said in a statement.

Coronavirus Outbreak: Tourism industry in Assam badly hit

Assam: Tourism industry in the state is suffering losses due to #CoronavirusPandemic."Tourism has halted at the time when it usually peaks. After the lockdown ends, we'll focus on reviving this sector", Sailendra Pandey,Public Relations Officer of Assam Forest Minister.(23.04.20) pic.twitter.com/dmVpKScS1v

— ANI (@ANI) April 23, 2020

ICICI Bank to deploy mobile ATMs in Tamil Nadu

ICICI Bank on Thursday said it will launch mobile ATM services in Tamil Nadu after its successful launch in New Delhi, Mumbai and Varanasi, aimed at serving customers at their respective residences in view of the lockdown.

The ATM vans would be stationed at various localities in consultations with the local government authorities and would offer the service till the lockdown ends, ICICI Bank said in a statement.

The mobile ATMs have been deployed in Ranipet near Vellore under this initiative.

Hospital sector performance hit due to coronavirus pandemic: ICRA

The coronavirus pandemic has significantly dented the performance of the hospital sector with occupancy dropping to 25-30 percent from the 60-70 percent in weeks preceding the virus outbreak, rating agency ICRA said on Thursday.

“The revenues are expected to decline by over 50 percent. The high operating leverage inherent in the hospital business, coupled with sharp drop in revenues, is expected to translate into losses for the players in Q1 of FY2021,” it added.

The travel and visa restrictions have impacted the flow of international patients, the out-patient department visits have been significantly curtailed, elective procedures have been postponed, and in a majority of the private sector hospitals, the infrastructure reserved for COVID-19 patients remains under-utilised, ICRA said in a statement.

Over 1.83 lakh people register for online training course on COVID-19: Jitendra Singh

Over 1.83 lakh frontline COVID-19 warriors have registered for an online training course aimed at empowering them in dealing with the pandemic, Union minister Jitendra Singh said on Thursday.

He said in a novel experiment, possibly the first of its kind, the Department of Personnel and Training (DoPT) had introduced a module for empowering frontline coronavirus warriors through the learning platform igot.gov.in.

“What was envisaged to be an online medium to equip the frontline coronavirus warriors with training and updates in coping with the COVID-19 pandemic has in fact proved to be a unique success story which would possibly be emulated in different forms in the times to come,” said Singh, the Minister of State for Personnel, Public Grievances and Pensions.

“DoPT online corona course is receiving huge response and within two weeks of its launching, over 2,90,000 training courses have been initiated and over 1,83,000 users have registered on the platform,” a statement issued by the Personnel Ministry quoted the minister as having said.

Sensex down 459 points, Nifty below 9,200-mark

The Sensex fell 458.67 points or 1.44 percent to 31,404.41 while Nifty was down 115.50 points or 1.24 percent at 9,198.40 at around 10.30 am.

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

Strawberry farmers in Sambhal face losses due to lockdown

Strawberry farmers in Sambhal say they are facing losses as mandis are closed due to #CoronaLockdown. A farmer says, "Mandis are closed, that is why we can not send our produce there. Although we are facing losses, we understand that lockdown is needed to combat coronavirus". pic.twitter.com/1GfuLU0b7n

— ANI UP/Uttarakhand (@ANINewsUP) April 24, 2020

India studying Donald Trump’s executive order on immigration

India is studying US President Donald Trump’s executive order to temporarily halt immigration for 60 days, a move aimed at protecting the jobs of Americans in an economy battered by the coronavirus pandemic.

Government sources said people-to-people contact has been the bedrock of strategic ties between the two countries and India is assessing the possible impact of Trump’s order on Indians in the US.

On Wednesday, the US President signed the order, temporarily stopping foreigners from getting green cards. He said it is aimed at protecting the jobs of American people in the wake of the coronavirus pandemic

NDDB provides reformulation support to cattle feed plants

Apex dairy body National Dairy Development Board (NDDB) on Thursday said it has started providing ‘reformulation support’ to cattle feed plants amid non-availability of key raw materials for the same in the wake of COVID-19 lockdown.

Compound cattle feed is a crucial input for milk production and the lockdown due to the COVID-19 pandemic has pushed the cattle feed production into a crisis, it observed.

According to NDDB Chairman Dilip Rath, “Many cattle feed plants are facing problems of irregular supply of feed raw materials and packing ingredients. Reduced inter-state movement of trucks as well as labour shortages have also been reported.”

Bharti Infratel Q4 net profit at Rs 650 cr

Bharti Infratel on Thursday reported a 7 percent increase in consolidated net profit for the March quarter at Rs 650 crore.

It also extended the deadline for merger with Indus Towers by two more months to 24 June.

The consolidated revenues for Q4 FY20 came in marginally higher at Rs 3,624 crore, according to a company statement.

Bharti Infratel said it “believes that thus far, there is no significant impact of COVID-19 pandemic on the financial position and performance of the company.”

“The net profit for the quarter was Rs 650 crore up by 7 per cent year on year,” it said. The net profit for the year-ago period (Q4 FY19) stood at Rs 608 crore.

Reliance Group firms’ shares worth over Rs 3.3 cr sold via open market transactions

Anil Ambani-led Reliance Group companies’ shares worth over Rs 3.31 crore were offloaded through open market transactions on Thursday.

According to bulk deal data on the National Stock Exchange (NSE), YES Bank sold 90.5 lakh shares of Reliance Naval and Engineering Ltd at an average price of Rs 1.25 per scrip, taking the total deal value to Rs 1.13 crore.

On the NSE, the shares of Reliance Naval and Engineering ended at Rs 1.25, up 4.17 percent, on Thursday.

As per a separate transaction, Alpha Leon Enterprises LLP offloaded 25 lakh shares worth Rs 23.75 lakh in Reliance Home Finance Ltd.

FCI transports 2.8 lakh tonne food grains to states

State-owned FCI transported a record 2.8 lakh tonnes of food grains on Wednesday through trains to consuming states for distribution through ration shops, the government said on Thursday.

The Food Corporation of India (FCI) set a new benchmark on April 22 when it moved 102 train loads carrying about 2.8 lakh tonnes of food grains, Food Ministry said in a statement.

Maximum movement was from Punjab, which loaded 46 train loads, followed by Telangana with 18.

“Wheat and raw rice was moved from Punjab and Haryana to various parts of the country, boiled rice was moved from Telangana to Kerala, Tamil Nadu and West Bengal,” it said.

L&T wins ‘significant’ contracts

#JustIn | L&T Construction wins significant contract for Eastern Dedicated Freight Corridor Project in the form of 3 packages from Dedicated Freight Corridor Corporation of India Limited (DFCCIL) pic.twitter.com/FnZANqk1xd

— CNBC-TV18 (@CNBCTV18Live) April 24, 2020

Longer lockdown to badly hurt auto component clusters in NCR, Pune: Crisil

The Indian automobile industry, already dented by a protracted slowdown before the COVID-19 pandemic struck, is now staring at a severe and prolonged disruption due to domestic and global lockdowns and supply chain interruptions, a report said on Thursday.

Currently, India sources 80-85 percent of components for all vehicle segments domestically, mainly from clusters such as the National Capital Region (NCR, including Gurgaon, Manesar, Faridabad and Greater Noida), Pune (including Chakan, Talegaon and Ranjangaon) in Maharashtra, Mysuru in Karnataka, and Sriperumbudur and Hosur in Tamil Nadu.

Banks scupper RBI plan to offer special liquidity to NBFCs

The first auction under the version two of the targeted long-term repo operations (TLTRO 2.0) on Thursday received a muted response from banks as the Reserve Bank received only a little over 50 percent bids for the Rs 25,000 crore on offer.

The poor response also left the RBI worried, forcing it to make a public announcement — a rare spontaneous regulatory reaction in recent years– to review the mechanism.

The auction nearly failed as banks are not sure of the financial strength of the issuers and also due to lack of enough rated debt instruments from NBFCs and MFIs where banks can park these funds.

Rupee opens lower at 76.29

#Rupee opens lower Vs Thursday's close pic.twitter.com/V4qgO3StjV

— CNBC-TV18 (@CNBCTV18Live) April 24, 2020

Britannia Industries declares interim dividend of Rs 35/share 

Britannia Industries on Thursday declared an interim dividend of Rs 35 per share for 2019-20 financial year.

The board of the company in a meeting declared “interim dividend @3500% i.e., Rs 35/- per equity share of face value of Re 1/- each for the financial year 2019-20,” Britannia Industries said in a regulatory filing.

The maker of Good Day and Tiger biscuits said that the record date for the purpose of determining the entitlement of the shareholders for the interim dividend is 2 May 2020.

Britannia Industries declares interim dividend of Rs 35/share 

Britannia Industries on Thursday declared an interim dividend of Rs 35 per share for 2019-20 financial year.

The board of the company in a meeting declared “interim dividend @3500% i.e., Rs 35/- per equity share of face value of Re 1/- each for the financial year 2019-20,” Britannia Industries said in a regulatory filing.

The maker of Good Day and Tiger biscuits said that the record date for the purpose of determining the entitlement of the shareholders for the interim dividend is 2 May 2020.

SEBI relaxes AGM deadline for certain companies

Providing compliance relaxation amid the coronavirus pandemic, markets regulator SEBI on Thursday gave time till September-end to certain companies for conducting their annual general meetings.

Relaxing the provisions of LODR norms, SEBI in a circular said, “The top-100 listed entities by market capitalisation whose financial year ended on 31 December 2019, may hold their AGM within a period of nine months from the closure of the financial year (i.e., by 30 September 2020).”

SEBI said the circular “shall come into force with immediate effect”.

Mobile devices firms urge govt to lift sales restrictions

Urging the government to include mobile devices under the essential services category, handset firms on Thursday said many frontline workers, patients and other vulnerable groups are facing a tough time during the coronavirus lockdown due to non-availability of the devices.

The India Cellular and Electronics Association (ICEA), whose members include firms like Apple, Foxconn, Wistron, Flextronics, Xiaomi, Vivo, Oppo and Lava, said mobile phones are at the heart of the digital ecosystem and their non-availability can be life threatening.

Betel leaf farmers in Bihar’s Muzaffarpur find it difficult to survive due to lockdown 

Bihar: Betel leaf (Paan leaf) farmers in Muzaffarpur say they are facing several problems due to #CoronaLockdown. Ram Parvesh, a farmer says, "We are not getting enough labourers and selling our produce has become difficult because of the lockdown. We are facing losses". pic.twitter.com/J9j62TD5Fr

— ANI (@ANI) April 24, 2020

SBI to disburse Rs 700 cr to Mumbai circle MSMEs by June-end

State Bank of India (SBI), the country’s largest lender, has set a target of disbursing Rs 700 crore to MSMEs in the Mumbai circle by the end of June, to help them tide over liquidity crisis due to the COVID-19 lockdown.

Among all banks, SBI controls a market share of 22 percent in the MSME lending.

“SBI will boost flow of credit to MSMEs (micro, small and medium enterprises) in this challenging period by reassessing their working capital limit and also by extending COVID-19 emergency loans.

“Overall, we expect to lend Rs 700 crore to MSMEs in four districts of Mumbai circle — Mumbai, Thane, Palghar and Raigad — by the end of June,” the World Trade Centre said in a statement quoting Suresh Nair, deputy general manager (SMEs and financial inclusion) at SBI, as saying after a webinar.

Granules India gets approval

The US Food & Drug Administration (US FDA) has approved the Abbreviated New Drug Application (ANDA) filed by Granules Pharmaceuticals, Inc (GPI)., a wholly owned foreign subsidiary of Granules India Limited for Trospium Chloride Extended-Release Capsules, 60 mg

Some Indian firms with Chinese investments indulge in predatory strategies: Report

Chinese investors hold stakes in 18 of the 30 Indian startup unicorns, and some companies backed by them indulge in ‘predatory’ behaviour, which needs to be brought under scrutiny, a domestic think tank said on Thursday.

The comments from the city-based Gateway House come in wake of the restrictions imposed by India on foreign direct investment from all the neighbouring countries amid the COVID-19, possibly to avoid hostile takeovers.

“China is state-backed capitalism and companies like Huawei, Alibaba Tencent are at the vanguard. These companies are willing to absorb several years of losses in India. Many of the big investments are losing money with no route to profitability,” Amit Bhandari, a fellow at the body, said

Yes Bank scam: DHFL promoters Wadhawans shifted to home quarantine in Mahabaleshwar

DHFL promoters Kapil Wadhawan and  Dheeraj Wadhawan and 21 others including their family members have been now placed in home quarantine at their property in Mahabaleshwar in western Maharashtra, a police official said.

The Wadhawan brothers and others were placed in institutional quarantine at Panchgani on 9 April after it was found that they had traveled from Khandala in Pune district to the family’s farmhouse in Mahabaleshwar in violation of lockdown for coronavirus.

Bharti Infratel slips 6% from highs

#CNBCTV18Market | Bharti Infratel fails to hold opening gains, slips 6% from highs pic.twitter.com/i33N4hl4s7

— CNBC-TV18 (@CNBCTV18Live) April 24, 2020

No country should have any concern over India’s new FDI policy: Report

No country should have any concern over India’s new policy for foreign direct investment from countries sharing border with it, government sources said on Thursday, in a clear message to China which called the fresh norms ‘discriminatory’ and ‘barriers’ for free trade.

Tightening its FDI norms, India last week made prior clearance mandatory for foreign investments from countries that share land border with India, in a move aimed at curbing “opportunistic takeovers” of Indian companies by Chinese firms following fall in their valuation due to economic downturn triggered by the coronavirus crisis.

China criticised India for the new policy, calling it discriminatory. The neighbouring country even demanded review of the new policy.

Government sources said there shouldn’t be concern over procedural changes made in the FDI policy, asserting that it doesn’t prohibit investment from any country with which India shares its border.

US House passes $500 billion coronavirus bill in latest relief package

The US House of Representatives overwhelmingly approved a $484 billion coronavirus relief bill on Thursday, funding small businesses and hospitals and pushing the total spending response to the crisis to an unprecedented near $3 trillion.

The measure passed the Democratic-led House by a vote of 388-5, with one member voting present. House members were meeting for the first time in weeks because of the coronavirus pandemic.

Lawmakers, many wearing masks, approved the bill during an extended period of voting intended to allow them to remain at a distance from one another in line with public health recommendations.

Bank stocks plunge

Most of the private banks ICICI Bank, IndusInd Bank, Axis Bank, HDFC Bank and Kotak Mahindra Bank were leading the fall today.

Out of 30 Sensex stocks, 10 stocks were trading in green with HCL Tech as top Sensex gainer, up 3.5 percent, followed by Larsen & Toubro, ONGC, Sun Pharma and NTPC.

Bharti Infratel gains 4%

Share price of Bharti Infratel added 4 percent on April 24 after company posted 7 percent YoY rise in its net profit at Rs 650 crore for the quarter ended 31 March.

HCL Tech, top NIFTY gainer

#CNBCTV18Market | HCL Tech top nifty gainer in the opening hour pic.twitter.com/WXhzqsI4n8

— CNBC-TV18 (@CNBCTV18Live) April 24, 2020

Schindler India introduces handrail sanitization solutions

Schindler India, provider of escalators and elevators, has introduced ‘Schindler Handrail Sanitization Solutions’ to prevent rapid spread of bacteria and viruses.

The transmission of causative viruses to humans can be through hand contact on the handrails of escalators and moving walks, posing a potential health hazard. Therefore ensuring clean handrails in the most efficient way has become a matter of great urgency. The handlrail solution will bring advanced hygiene protection for passengers by providing continuous and automatic disinfection of the surface from bacteria, parasites, and viruses, the company said in a statement.

Schindler’s handrail ultra UV device uses germicidal UVC light to irradiate the handrails at a short distance. This directly damages DNA and RNA, which are the genetic materials of microbes and viruses, such precautionary measures are important to safeguard the health and wellbeing of our people, the company said..

L&T stocks up

#CNBCTV18Market | L&T higher after brokerages turn positive on the stock after recent order wins pic.twitter.com/nVpmgndiAd

— CNBC-TV18 (@CNBCTV18Live) April 24, 2020

Oil prices extend rebound on output cuts

Oil prices rose on Friday, gaining further ground as some producers like Kuwait said they would move to cut output swiftly to try to counter the evaporation in global demand for fuels caused by the coronavirus pandemic.

Brent crude LCOc1 was up 60 cents, or 2.8%, at $21.93 by 0133 GMT, having climbed 5% on Thursday. U.S. oil CLc1 gained 66 cents, or 4%, at $17.16 a barrel, after surging 20% in the previous session.

But barring a sharper jump on the last trading day of the week, prices are heading for their eighth weekly loss in the last nine – one of the most tumultuous weeks in the history of oil trading, with U.S. West Texas Intermediate falling into negative territory to minus $37.63 a barrel on Monday, while Brent thudded to a two-decade low.

Modi-Sitharaman meet today at 12

Prime Minister Narendra Modi will hold another meeting with Finance Minister Nirmala Sitharaman and key other Finance Ministry officials at 12 pm today to discuss economic relief measures to deal with the impact of coronavirus (COVID-19) pandemic.

According to news reports, the meeting will lead to finalising a much-anticipated stimulus package for sections distressed by the coronavirus disruption–farmers, the poor and industry.

Index losers at this hour

#CNBCTV18Market | Financials underperform in the first trade on risk-aversion in corporate bond market pic.twitter.com/xZBq1ejOCD

— CNBC-TV18 (@CNBCTV18Live) April 24, 2020

Benchmark indices off to a negative start

Benchmark indices opened lower on with Nifty below 9,200-level dragged by banking and auto names.

At 09:17 hrs, the Sensex is down 449.34 points or 1.41% at 31413.74, and the Nifty down 122.55 points or 1.32% at 9191.35. About 314 shares have advanced, 447 shares declined, and 30 shares are unchanged.

Index gainers at this hour

#CNBCTV18Market | Bharti Infratel reacts positively to Q4 earnings & Cipla gains after Jefferies' Greed & Fear has added 4 ppt initial investment in Cipla pic.twitter.com/9sNh6auMPf

— CNBC-TV18 (@CNBCTV18Live) April 24, 2020

Sensex, Nifty weak in opening session

#CNBCTV18Market | Frontline indices open with cuts of 1-3% with #Nifty opening below 9,200 and #Sensex slipping more than 400 points pic.twitter.com/7jCqiJfyi6

— CNBC-TV18 (@CNBCTV18Live) April 24, 2020

Banking declared as public utility service for six months till 21 October

The government has declared banking industry as a public utility service for six months till October 21 under the provisions of the Industrial Disputes Act.

Bringing banking services under the provisions of this Act means that the banking sector would not see any strikes by employees or officers during the operation of the law starting from 21 April.

With the latest move, employees and officers of the highly unionised banking sector would not be able to go on strike besides certain other activities, according to an industry expert.

SIDBI to aid of MSMEs

Small Industries Development Bank of India (Sidbi) on Thursday said it will provide special liquidity to banks, non-banking financial companies (NBFCs) and microfinance institutions for on-lending to micro, small and medium enterprises that are affected by the COVID-19-related disruptions.

The liquidity will be offered to banks, NBFCs and MFIs as term loans for a tenor of 90 days and for a maximum period of one year, Sidbi said.

“We are seriously working towards helping MSMEs survive the crisis created due to the COVID-19 pandemic. Keeping the current situation in mind, we were provided a special liquidity window of Rs 15,000 crore by the Reserve Bank of India (RBI) to enable MSMEs to tide over their liquidity crunch. The funds will be channelized to MSMEs through eligible banks, NBFCs and MFIs,” SIDBI’s chairman and managing director Mohammad Mustafa said in a release.

With this facility, MSMEs liquidity issues shall be addressed, timely and adequately, he added.

Unilever withdraws growth outlook 

Unilever on Thursday said its growth in India has been hit by both slowing market and the coronavirus-forced lockdown that led to a halt in production and shipping activities for a number of days.

The Anglo-Dutch firm has also withdrawn its growth and margin outlook for 2020, citing the impact of the pandemic and subsequent containment measures taken by authorities and a shift in demand patterns of the geographies where it operates.

Though the FMCG major has witnessed upswings in sales of hygiene and in-home food products, the crisis has affected particularly its food service and ice cream business,  Unilever said in its trading statement for the first quarter ended 31 March.

Wall Street rally loses steam after report on coronavirus drug trial

Wall Street was in positive territory on Thursday but surrendered strong earlier gains after a report that an experimental antiviral drug for the coronavirus flopped in its first randomized clinical trial.

All three main US stock indexes trimmed increases of over 1 percent, with the S&P 500 and Nasdaq briefly turning negative after the Financial Times reported that a Chinese trial showed that Gilead Science’s remdesivir did not improve patients’ condition or reduce the pathogen’s presence in the bloodstream. Gilead said the results from the study were inconclusive as it was terminated early.

Last Friday, Wall Street rallied in part because of a report that COVID-19 patients in a separate study had responded positively to remdesivir.

The market’s sensitivity to news related to coronavirus therapies reflects investors’ desperation for any indication of when the global economy might be able to start returning to normal.

SGX Nifty points towards GAP down opening

Aditya Agarwala, Senior Technical Analyst, YES Securities, said: “SGX Nifty is pointing towards a GAP down opening for our markets which is currently trading lower by 1 % or 95 points.

“Early risers in Asia are also trading soft at the moment and the declines are led by NIKKEI which is trading lower by 0.80%, rest of the pack is trading lower by 0.60% to 0.40%. Overnight, the US Markets gave up gains in late trade to shut shop mildly lower, while the Dow Jones ended flat, S&P 500 ended in the red. Early morning Dow Jones Futures is trading in the red with cuts of 0.30% leading to this opening weakness across Asia and possibly our markets as well.   

“Coming back to our markets, Nifty ended trade with decent gains of 126 points in its previous session; however, it once again failed to breach the 9350-9400 resistance zone which is now becoming a tough nut to crack for the bulls.

“Following a GAP down opening in trade today, a sustained trade below 9200 could trigger extended correction dragging the Index to levels of 9100-8900 on the downside. On the flip side if the Index manages to hold above the 9200 mark it may witness a pullback to levels of 9300-9350,” Agarwala said.

Stocks drop on data leak on virus drug trials

#CNBCTV18Market | The global death toll due to the #Covid_19 is now at 1.9 lakh whereas the number of total global cases are above 2.7 million now; Dow futures trading over 100 points lower this morning; Asia follows the suit Hang Seng down 150 Points pic.twitter.com/rqLPVyIyx0

— CNBC-TV18 (@CNBCTV18Live) April 24, 2020

Markets could open in negative

Deepak Jasani, Head-Research, HDFC Securities said: “Indian markets could open in the negative on Friday following mildly negative Asian markets today and flat US markets on Thursday.

“US stocks finished little changed on Thursday, as a strong rally for all three benchmarks hit a snag in afternoon trade, amid reports that suggested that a closely followed experimental drug intended to be used to treat coronavirus delivered disappointing results in an “inconclusive” trial.

“Later, the US House of Representatives overwhelmingly approved a $484 billion coronavirus relief bill on Thursday, funding small businesses and hospitals and pushing the total spending response to the crisis to an unprecedented near $3 trillion. Now Investors are anxious to see “how quickly EU policy-makers will move towards area-wide fiscal risk-sharing,”.

“In commodities, June crude futures for West Texas Intermediate oil rocketed 20% to settle at $16.50 a barrel on the New York Mercantile Exchange. A reading of US service sector activity from Markit fell to its lowest on record in April, while its manufacturing purchasing manager’s index was at an 11-year low. Domestically, another 4.4 million Americans filed for first-time jobless claims in the most recent week, taking the total to 25 million.

“Stocks in Asia declined in Friday morning trade after an overnight report that raised doubts over a potential coronavirus treatment. The People’s Bank of China (PBOC) said the one-year interest rate on the TMLF was lowered by 20 basis points to 2.95% from 3.15%.

“Indian markets rallied further on Thursday after bouncing back from the lows of 8946 on Wednesday. The Nifty gained 126.6 points or 1.38% to close at 9,313.9. Technically, with the Nifty moving up further, the short term trend remains up. However further upsides are likely only once the immediate resistance of 9343 is taken out. On falls support is expected between 9044-9170,” Jasani said.