Stock Market Latest Updates: Sensex jumps 416 points, Nifty above 9,200-mark; rupee rises 21 paise to 76.24

Rupee rises 21 paise to 76.24

The rupee ended higher by 21 paise at 76.24 per dollar, helped by buying seen in the domestic equity market.

The domestic unit opened higher at 76.17 against the US dollar and it rose to 76.05 at day’s high.

Reliance starts using WhatsApp for grocery deliveries but model to evolve

Billionaire Mukesh Ambani’’s Reliance Industries has started limited test use of WhatsApp to connect customers to grocery stores, days after Facebook decided to invest $5.7 billion in digital assets controlled by the company.

JioMart, an e-commerce venture of Reliance Retail, “has already started interacting with customers on WhatsApp for grocery orders” in Navi Mumbai, Thane and Kalyan, Credit Suisse said in a report.

“The customer initiates the interaction on WhatsApp, checks out the grocery order on JioMart webpage, gets connected with a retail store on WhatsApp and then customer picks up the order from Kirana and pays in cash,” it said, adding the model is likely on delivery and completion of the transaction on one app.

Lincoln Pharma gets Gujarat regulator nod to manufacture COVID-19 drugs

Lincoln Pharmaceuticals on Monday said it has received approval from the Gujarat Food and Drug Control Administration to manufacture hydroxychloroquine (HCQ) among other critical drugs to treat COVID-19, at its Khatraj facility in Ahmedabad.

The company has received approval from the state regulator to manufacture varied dosages of HCQ tablets and HCQ sulfate tablets among others at Khatraj plant, Lincoln Pharma said in a statement.

After necessary approval from the Directorate General of Foreign Trade (DGFT), the company will be able to export these products, it added.  

The approval by the state regulator is to manufacture both the drugs in the strengths of 200 mg, 300 mg and 400 mg, the statement said.

About 90% of prospective homebuyers see price correction post-lockdown: Survey

Around 90 percent of prospective homebuyers expect prices to fall due to adverse impact of COVID-19 outbreak, according to a survey by real estate classified platform 99acres.com.

According to the survey, 40 per cent of the total prospective homebuyers, who were searching flats for purchase before lockdown, have postponed their plan while 60 percent are still keen to buy within the next 12 months.

Major reasons for delaying their plan to buy were uncertainty in the market (56 percent) and financial factors (30 percent), the realty portal said in a statement. 

The survey has been conducted with a sample size of around 1,761 prospective homebuyers from major cities including Delhi (NCR), Mumbai, Kolkata, Hyderabad, Bengaluru, Pune, Chennai, Chandigarh, Ahmedabad, and Lucknow.

Indices down from day’s high as Sensex up 372 points, Nifty holds 9,200-mark

The benchmark indices gave up the early gains and slipped from day’s high in the afternoon trade.

Sensex was trading 371.67 points or 1.19 percent higher at 31,698.89 while the Nifty was up 116.50 points or 1.27 percent at 9,270.90 at around 3.15 pm.

Force Motors deploys 80 mobile dispensaries in Maharashtra cities

Pune-based automaker Force Motors on Monday said it has deployed over 80 mobile dispensaries along with teams of doctors and paramedics as well as medicines across several cities of Maharashtra to conduct medical check-ups, to fight the coronavirus pandemic.

The mobile medical care facility, ‘‘Doctor Aplya Daari’’, launched early this month in association with a non-governmental organisation (NGO), which is also fully-equipped to identify coronavirus symptoms, has till Sunday checked over 1.11 lakh persons, the company said in a release.

The medicines are prescribed and given out for free, it said adding that these mobile units can check 2,500 people per day and can examine the symptoms of around 500 patients in a day.

Bandhan Bank stock jumps over 5%

#CNBCTV18Market | Sharp surge in Bandhan Bank pic.twitter.com/dU99iROgsz

— CNBC-TV18 (@CNBCTV18Live) April 27, 2020

Fixed line broadband users, data usage surge due to lockdown: Report

The lockdown to control coronavirus infection has come as a ‘godsend’ to the fixed line broadband sector, which was struggling with stagnancy in subscribers for four years, a report said on Monday.

The ongoing lockdown, wherein many people are forced to work from home, has resulted in a surge in subscribers and also data usage, the research wing of domestic rating agency Crisil said in a note.

Fixed broadband refers to taking internet connectivity till homes or businesses using an optical fibre or fixed line.

The Crisil note said due to the aggressive play by the telcos, which started giving the fast 4G connectivity at low rates, the number of subscribers has stagnated at 19 million since 2016.

Sensex up 442 points, Nifty below 9,300 

The benchmark indices gave up early gains as Sensex was trading 441.81 points or 1.41 percent higher at 31,769.03 while the Nifty was up 135.25 points or 1.48 percent at 9,289.65 at around 2.45 pm.

 Britannia jumps nearly 5%

#CNBCTV18Market | Britannia extends gains, up nearly 5% pic.twitter.com/mBTpv2bfdu

— CNBC-TV18 (@CNBCTV18Live) April 27, 2020

 Britannia jumps nearly 5%

#CNBCTV18Market | Britannia extends gains, up nearly 5% pic.twitter.com/mBTpv2bfdu

— CNBC-TV18 (@CNBCTV18Live) April 27, 2020

Coal India to purchase dumpers from BEML at Rs 400 cr

Coal India Ltd on Monday said it has signed two agreements with heavy engineering major BEML Ltd for purchasing dumpers at Rs 400 crore.

The miner will procure 15 dumpers from the manufacturing PSU, a CIL statement said.

“The contract cost for seven 150-tonne dumpers is around Rs 150 crore and that of eight 190-tonne dumpers is Rs 250 crore. The equipment will be used in opencast coal mines and play a critical role in hauling coal and the top soil,” it said.

The 150-tonne dumpers will be deployed on trial basis in the Gevra opencast project of South Eastern Coalfields Ltd, the Chhattisgarh-based subsidiary of the miner.

Lufthansa, Air France-KLM shares rise on bailout progress

Shares in Air France-KLM and Lufthansa led European stock market gains on Monday on hopes that government bailouts would see them through the coronavirus crisis.

Lufthansa was up 7 percent in Frankfurt after a German minister said it would need to be supported, while Air France-KLM was 3.5 percent higher as investors digested a 7 billion euro ($7.6 billion) French state loan package announced late on Friday.

Lufthansa, which warned last week it had cash to survive just weeks unaided amid a global air travel shutdown, is in talks over a state aid package worth about 10 billion euros, sources have said.

On Monday German transport minister Andreas Scheuer said he backed support for the carrier.

BP revises $5.6-bn Alaska deal after oil price crash

BP said on Monday it had amended some financial terms of the $5.6 billion sale of its Alaska business to privately held Hilcorp following the recent slump in oil prices, which may lead to a lower cash boost than initially planned.

The revised agreement retains the total consideration but adjusts the structure and phasing of the remaining payment, which includes smaller payments in 2020 and a new cash flow sharing arrangement in the near-term, the British oil major said.

The new structure is however expected to maintain “the majority of the value of the transaction,” BP said.

BP shares were up 1 percent.

The original agreement provided for Hilcorp to pay $4.0 billion near-term and $1.6 billion through an earnout thereafter. Hilcorp paid a $500 million deposit on signing of the transaction in 2019, BP said.

Gold futures slip on weak demand

Gold futures prices on Monday fell 0.24 percent to Rs 46,415 per 10 gram as participants offloaded their holdings on weak spot demand.

On the Multi Commodity Exchange, gold prices for June delivery fell by Rs 112, or 0.24 percent, to Rs 46,415 per 10 gram in a business turnover of 15,798 lots.

The yellow metal for August delivery declined by Rs 131, or 0.28 per cent, to Rs 46,566 per 10 gram in 3,907 lots.

Market analysts said the fall in gold futures was mostly in tune with weak spot demand. Globally, gold was trading 0.12 per cent up at $1,737.70 per ounce in New York.

Pfizer announces special dividend

Pfizer declares special dividend of Rs 320/Sh pic.twitter.com/5J9gMj3iTc

— CNBC-TV18 (@CNBCTV18Live) April 27, 2020

Honda launches online sales platform

Honda Cars India on Monday said it has launched an online sales platform to help customers manage their purchases without visiting a dealership.

The company’’s ‘‘Honda from Home’’ initiative allows customers to browse through the product options, select their preferred dealership and proceed to book their car online.

The platform, which has been designed to simplify the booking process by offering round-the-clock access from any location, will soon be integrated with company’’s pan-India dealerships, Honda Cars India Ltd (HCIL) said in a statement.

MSMEs will need helping hand from govt: Haryana Congress president Kumari Selja

Haryana Congress president Kumari Selja said on Monday that small and medium enterprises would need a helping hand from the government as these were among the sectors that had been adversely hit due to the lockdown over the novel coronavirus pandemic.
 

Selja said these industries were the backbone of the economy and generated huge employment.

“These industries have been adversely hit. They don’’t have that kind of buffer that they can go on for long in this situation without government help,” Selja told PTI over phone. “To get back into business, they will surely need a helping hand from the government.”

According to the Congress leader, the government should talk to various stakeholders to chalk out a plan and help the sectors that needed immediate attention in the COVID-19 crisis.

Nivea partners Swiggy, Zomato for delivery of hygiene products

Leading skin care brand Nivea India has partnered with online food aggregators Swiggy and Zomato to deliver its hygiene products at consumer’’s door steps during the lockdown.

The service, which was initially started in Mumbai last week, has now been extended to over 30 cities, including Delhi, Mumbai, Bengaluru, Kolkata, Jaipur, Bhopal, Indore, Raipur, Kanpur, Nivea India said in a statement.

“The brand aims to scale this up to more than 100 cities in the coming week,” it said.

“As a responsible skincare brand, this initiative reinforces our commitment to ensuring that our consumers have uninterrupted access to their daily hygiene essentials. In times of crisis, we stand together and work together to ensure safety of the consumers by delivering products safely & directly to their doorsteps,” Nivea India sales director Sailesh Viswanathan said.

SC refuses to allow interim protection to small businesses, declines to stay MHA’s order

SC refuses to allow interim protection to small businesses, declines to stay MHA's Mar 29 order directing payment of full salaries. SC agrees to hear plea by MSME Assoc challenging MHA order Notice issued to Centre, seeking reply in 2 weeks pic.twitter.com/tNQz4KoYo1

— CNBC-TV18 (@CNBCTV18Live) April 27, 2020

Sensex slips below 32,000-mark, Nifty rises 171 points

The benchmark indices erased gains as Sensex was trading 586.10 points or 1.87 percent higher at 31,913.32 while the Nifty was up 171.50 points or 1.87 percent at 9,325.90 at around 1.45 pm.

Redcliffe Life Sciences offers free online counselling sessions

Redcliffe Life Sciences, Ivertical diagnostics and molecular testing company focussing on reproductive health, cancer and rare diseases, has started free online counseling sessions for pregnant women to answer their queries related to lifestyle changes, timings for specific tests, anxiety during pregnancy, etc.

The sessions will also address issues both parents-to-be and those whose children have pediatric, neurological, cardiological, oncological, and other related rare diseases. The lockdown has made it difficult for patients with various health conditions and expectant mothers to visit the hospital for check-ups.

This initiative is aimed at resolving this gap for them and ensuring they have timely access to consultation.

RBI’s confidence boosting measure to MFs

This is more of a confidence-boosting measure. Most debt MFs invest in AA or higher rated paper and A or below is a very small part of their portfolios, said Ashish Shanker, head of investments, Motilal Oswal Private Wealth Management.

“There is enough liquidity in the market for a good quality paper. However, it was important for RBI to issue this communication and support to calm nerves, he said.

This should help settle some of the panics that was caused over the weekend over the FT news. Even in 2008 when this measure was introduced, none of the MFs actually utilised it. So this is more of a backstop, said Shanker.

One million IT employees will continue to work from home post-lockdown: Kris Gopalakrishnan

More than one million information technology employees are expected to continue to work from home even after the coronavirus-inflicted lockdown situation returns to normalcy, says IT industry veteran Senapathy (Kris) Gopalakrishnan.

The former president of the Confederation of Indian Industry (CII) said the IT services industry has actually managed to transition people to work from home during the ‘‘stay-at-home’’ period.

“And that was not a trivial task. A large number of people who have to be supported with technology infrastructure to work from home; business processes will have to be changed, with client permission,” the co-founder of IT services firm Infosys Ltd told PTI.

“Now I am told that 90 to 95 percent of people in many of the larger (IT) organisations are working out of home. And that transition has been smooth and done very, very quickly. They have figured that out and I think this will now become part and parcel of the business continuity processing, planning in the future,” Gopalakrishnan said.

ShareChat acquires meme-sharing app​ Memer

Indigenously developed social media platform ShareChat has acquired Kae Capital backed meme-sharing app Memer and is looking for more buyouts, the company said on Monday. 

The deal size was however not disclosed by the company.

ShareChat claims to have around 6 crore monthly active users and aims to cross the 12-crore mark by the end of 2020.

“We are on an active lookout for startups that complement our product capabilities and share the vision of serving diverse content and social needs of Indian masses. Memer happens to be the first step towards this approach,” Manohar Charan, vice president for corporate development and strategic finance, ShareChat said in a statement.

Franklin Templeton MF committed to return investors money at earliest: Sanjay Sapre

Franklin Templeton Mutual Fund, which closed six of its debt funds citing redemption pressures and lack of liquidity in the bond markets, on Monday said it is committed to return investor money at the earliest.

It said that winding up of the schemes does not mean that investor money is lost.

“We are committed to doing all we can to return monies in the schemes that are wound up at the earliest to investors, and to regain your trust in our brand,” Franklin Templeton Asset Management (India) president Sanjay Sapre said in a note to investors.

Ind-Ra cuts India’s FY21 GDP growth further to 1.9%, lowest in 29 years

India Ratings and Research (Ind-Ra) on Monday revised its FY21 economic growth forecast for the country further down to 1.9 percent, lowest in the last 29 years, citing the COVID-19 pandemic and the subsequent lockdown.

According to Ind-Ra, Indian economy had registered a GDP growth of 1.1 percent in financial year 1991-92.

In a note on Monday, Ind-Ra revised its economic growth estimate for the country from its forecast of 3.6 percent published on 30 March 2020 to to 1.9 percent.

Ind-Ra, noted that its growth projection is based on the assumption that the partial lockdown will continue till mid-May 2020.

Market soars high, gains over 2%

Indian market at half-time is soaring high with gains in excess of 2 percent as bulls have taken control of the proceedings at the start of a fresh trading week, said Aditya Agarwala, senior technical analyst, YES Securities.

Further, it is approaching the crucial resistance cluster of 9,400-9,420, failure to take out this cluster of resistance would again drag the Index lower to levels of 9200-9100, he said.

“On the flip side, a breakout beyond 9,400 would extend this ascend to levels of 9,560-9,580. Intermediate trend though remains sideways unless a decisive breakout is witnessed on the index beyond 9,400 on the upside,” said Agarwala.

Banks, NBFC, IT and metal stocks are leading the gains on Monday, with a tad bit of underperformance by the broader markets, he said.

European markets have opened in the green with gains of around 2 percent for all the three major Indices i.e. FTSE, CAC and DAX. Therefore, traders should watch out for the crucial 9400 mark above which more short covering rallies could be triggered, said Agarwala.

Banks have done nothing to help retailers, says industry body RAI

Banks have done ‘sweet nothing’ to provide financing to retailers to tide over the lockdown crisis, and the government intervention is needed to avoid mass unemployment in the sector, according to RAI.

The retail industry body claimed that despite the Reserve Bank of India (RBI) circulars to banks to lend support to businesses, on the ground retailers are finding it difficult to access funds from banks for various reasons.

“The banks are not giving any kind of finance to retailers although RBI has stepped in. It is not happening on the ground. Banks have done sweet nothing in this whole situation to help retailers in this country,” Retailers Association of India (RAI) CEO Kumar Rajagopalan told PTI.

He claimed that the RBI circulars have been ‘set aside for want of various things, including new business plans’ as a result of that retailers are unable to get financing from banks which would have been otherwise used for “paying salaries” and other fixed costs as they have zero income at present.

Rupee falls to day’s low of 76.27 in afternoon trade

#CNBCTV18Market | #Rupee trading at day's low

Note: Refer the chart as per Dollar pic.twitter.com/KUclHzYMOW

— CNBC-TV18 (@CNBCTV18Live) April 27, 2020

Sensex soars 701 points, Nifty above 9,350

The benchmark indices extended gains as Sensex surged 701.11 points or 2.24 percent to 32,028.33 while the Nifty was up 201.70 points or 2.2 percent at 9,356.10 at around 1.10 am.

Ducati to resume production at Borgo Panigale factory 

Ducati is set to gradually return to normal, with the steady resumption of production in its Borgo Panigale factory, scheduled to begin on Monday. Operations were suspended in its Bologna plant on 13 February.

This is a first phase of return, which at the moment will only involve a part of the workers destined for the production lines. Workshop staff will begin first, then engine assembly workers and, from 28 April, motorcycle assembly workers.

As for employees, the use of smart working will remain mandatory, only those who are not in a position to carry out their work from home will be allowed to access the factory, according to a company statement. 

“We are ready to go, we have worked hard over the past few weeks to minimize any risk,” said Claudio Domenicali, Ducati CEO.

P Chidambaram welcomes RBI’s special liquidity facility for mutual funds

Former Finance Minister P Chidambaram on Monday lauded the RBI’’s prompt action in announcing a Rs 50,000 crore special liquidity facility for mutual funds.

The Reserve Bank of India on Monday announced a Rs 50,000 crore special liquidity facility for mutual funds, days after Franklin Templeton Mutual Fund decided to close six debt schemes.

“I welcome the RBI’’s announcement of a Rs 50,000 crore special liquidity facility for Mutual Funds. I am glad that RBI has taken note of the concerns expressed two days ago and requesting prompt action,” the Congress leader said on Twitter.

Team Sirona, makers of PeeBuddy, launches fundraiser campaign

Team Sirona, makers of feminine hygiene products like PeeBuddy, has launched a fundraiser campaign, which aims to donate menstrual sanitary supplies to women who can’t access or afford these otherwise.

To help it further the cause of women’s menstrual hygiene needs, one can make a donation on their campaign or spread a word about it. Even a seemingly meager donation of Rs 150, can ensure two months of sanitary supplies for a woman.

Raising concerns over the current situation in the country, Deep Bajaj, founder and CEO of Sirona said, “The pandemic has uprooted everyone in different ways, but it is the marginalised women, who are the hardest hit. The government, companies, and individuals are helping people from economically weaker sections with food and medical support. Yet, the menstrual hygiene needs of women, which are critical to their health, are largely going unnoticed.”
 

Sirona is distributing its biodegradable pads which it claims is bio-based and free of toxins and chemicals.

European markets open higher

#CNBCTV18Market | Markets across Europe open higher; DAX starts the session with gains of more than 200 points while CAC trades up 2% pic.twitter.com/UTYKVWj5CQ

— CNBC-TV18 (@CNBCTV18Live) April 27, 2020

Swelect Energy Systems resumes operations at Bengaluru plant

Rooftop solar installation company Swelect Energy Systems on Monday said it has resumed operations at Solar Photovoltaic Modules Manufacturing Plant located in Bengaluru with effect from 25 April. 

The company had shut down operations at its plants located in Bengaluru and Salem from 24 March due to the lockdown announced to combat COVID-19. 

“In order to execute an energy supply project to Airport Authority of India, we had requested the DIC office for granting us permission to run our facility with a skeletal strength as per MHA (Home Ministry) guidelines,” a regulatory filing said.

Mideast economies take massive hit with oil price crash

Iraq is planning painful cuts in social benefits relied on by millions of government workers. Saudi Arabia will likely have to delay mega-projects.

Egypt and Lebanon face a blow as their workers in the Gulf send back less of the much-needed dollars that help keep their fragile economies afloat.

The historic crash in oil prices in the wake of the coronavirus pandemic is reverberating across the Middle East as crude-dependent countries scramble to offset losses from a key source of state revenue — and all this at a time when several of them already face explosive social unrest.

The economies of all the Arab Gulf oil exporters are expected to contract this year, as much as 5 percent in Iraq, according to the International Monetary Fund.

Govt, industry collaboration critical for global air travel recovery: AAPA

The global air transport industry is actively engaging with governments and regulatory authorities besides public health and medical experts to discuss measures needed to restore public confidence in the safety of air travel and develop comprehensive plans for orderly resumption of services, the Association of Asia Pacific Airlines (AAPA) said on Monday.

“Work must begin on a multilateral basis to develop the necessary protocols to safeguard public health while restoring international connectivity including air services,” said AAPA director general Subhas Menon.

Aviation drives economic and social development as part of a much wider travel and tourism sector, which in turn supports global trade, development and business activity.

ONGC rises nearly 3%

#CNBCTV18Market | Sharp surge in ONGC pic.twitter.com/sJUiiBlfPA

— CNBC-TV18 (@CNBCTV18Live) April 27, 2020

Indian Overseas Bank introduces special loans for SHGs

Indian Overseas Bank (IOB), has introduced a special loan scheme for Self Help Group (SHG) borrowers as emergent financial assistance to fight against COVID pandemic.

The scheme is valid up to 30 June 2020. The eligibility for availing this loan is that the borrowers need to have a good track record and should have availed a minimum of two doses of credit from the Bank.

As per the Bank’s rule, only those SHGs whose existing loans are standard and performing as on 1 March 2020 are eligible to avail loan under this special scheme.
 
SHG borrowers can submit their applications either to the Branch directly or through Business Correspondents. The loan amount will be disbursed in the savings account of the SHG.

The maximum loan amount is Rs 5,000 per each member of the group with a cap of Rs1 lakh only for the group.

Sensex above 31,000-mark, Nifty jumps 187 points
 

Sensex was trading 646.24 points or 2.06 percent higher at 31,973.46 while the Nifty was up 187.25 points or 2.05 percent at 9,341.65 at around 12.10 am.

Kotak Mahindra Bank, IndusInd Bank, Axis Bank, Bajaj Finance and HDFC were the major gainers in the Sensex pack.

Adidas expects sales to fall at least 40% in second quarter

German sportswear firm Adidas expects to take a bigger hit from the coronavirus lockdowns in the second quarter, predicting that sales will fall more than 40 percent after it reported a decline of 19 percent in the first quarter.

Adidas said over 70 percent of its stores were currently closed worldwide, with a 35 percent rise in e-commerce in the first quarter only partially offsetting lost sales, which fell to 4.753 billion euros in the quarter, below average analyst forecasts.

Its operating profit fell 93 percent to 65 million euros, also missing analyst forecasts. Adidas said due to the uncertainties around how long its stores would stay closed, it is not able to provide an outlook for the full year.

AMCs, financial stocks jump up to 13% after RBI move

Shares of asset management companies (AMCs) and other financial sector related firms zoomed as much as 13 percent on Monday after the Reserve Bank of India announced a Rs 50,000 crore special liquidity facility for mutual funds.

RBI’s announcement follows Franklin Templeton Mutual Fund’’s move to close six debt schemes amid liquidity crunch.

Nippon Life India Asset Management jumped 12.78 percent and HDFC Asset Management Company gained 7.95 percent on the BSE.

Other financial stocks also witnessed demand, with ICICI Prudential Life Insurance Company rising 11 percent, Manappuram Finance 9.99 percent, Aditya Birla Capital 7.75 percent, Mahindra & Mahindra Financial Services 6.47 percent, HDFC Life Insurance Company 6.64 percent.

Tata Steel board approves allotment of debentures worth Rs 1,000 cr at 7.7%

Tata Steel board approves allotment of debentures worth Rs 1,000 cr at 7.7% to identified investor on private placement basis pic.twitter.com/ytyiWEmHMh

— CNBC-TV18 (@CNBCTV18Live) April 27, 2020

IRB Infrastructure board approves fund raising of Rs 2,500 cr 

The board of directors at IRB Infrastructure Developers has approved fund raising of up to Rs 2,500 crore to meet ongoing and planned capex requirements besides cash flow mismatches as well as for general corporate purposes in wake of COVID-19 lockdown impact.

“We plan to use these funds to meet payments to creditors, firm up project expenses as well as the general corporate purposes during the ongoing lockdown situation due to COVID-19,” said chairman and managing director Virendra Mhaiskar.

“In view of the company’s track record of more than 20 years, in-house capabilities, rich domain expertise and experience, we do not see any difficulty in raising money,” he said in a statement.

Shapoorji Pallonji Infra announces deal with KKR to sell 5 solar assets for Rs 1,554 cr

KKR and leading infrastructure developer Shapoorji Pallonji Infrastructure Capital announced the signing of agreements under which KKR will acquire five solar energy assets from SP Infra for total consideration of Rs 15.54 billion (approximately $204 million).

The portfolio comprises of assets with a capacity of 169 MWp in Maharashtra and assets with a capacity of 148 MWp in Tamil Nadu.

Shapoorji Pallonji Group, based in Mumbai, operates in over 70 countries with a global turnover of over $5billion. SP Infra is the infrastructure development arm with assets and businesses in the renewable and gas-based power, highways, port and terminals in India and overseas.

Indian market laggard in recovery

Atul Suri, CEO of Marathon Trends Advisory #OnCNBCTV18 says Indian markets will catch up if an economic stimulus package is announced soon; he also adds, #Brent crude to remain in a range between $24-40/bbl pic.twitter.com/sM3uJRqR4t

— CNBC-TV18 (@CNBCTV18Live) April 27, 2020

RBI’s liquidity measure to boost MFs

In light of Franklin Templeton MF closing six debt funds schemes last week, debt markets were on the edge especially with higher yields on Friday for lower-rated papers, said Amit Singh, Head, Investica-an online platform for investing in mutual funds.

“As expected, RBI’s liquidity initiative announced on Monday will ease pressure and help mutual funds to finance the redemption using this facility rather than selling exiting papers at a discount and denting its net asset value. We believe, that this measure will stabilize the performance of short-term debt funds and improve investor sentiment about the debt market,” he said.

US crude skids as oil prices set for another volatile week

Oil prices looked set for another volatile week, having fallen in eight of the last nine weeks.

US crude even traded below zero last week as demand collapsed 30 percent due to the pandemic, leaving more oil than could be stored.

US crude slid $1.61 to $15.33, while Brent crude futures slipped 46 cents to $20.98 a barrel.

Balkrishna Industries resumes partial operations 

Balkrishna Industries resumes partial operations of manufacturing activities pic.twitter.com/5zpQndnUbX

— CNBC-TV18 (@CNBCTV18Live) April 27, 2020

Asian shares rally as BOJ buys more bonds

Asian shares bounced on Monday as the Bank of Japan (BOJ) announced more stimulus steps to help cushion the economic impact of the coronavirus, while oil took another spill as the world ran short of space to store it.

MSCI’s broadest index of Asia-Pacific shares outside Japan rose 1.8 percent, taking back a chunk of last week’s 2.6 percent decline. Japan’s Nikkei gained 2.6 percent, and Chinese blue chips 1 percent.

After a soft start, E-Mini futures for the S&P 500 climbed 1 percent, while EUROSTOXX 50 futures added 2.6 percent and FTSE futures 1.5 percent.

The BOJ matched market speculation by pledging to buy unlimited amounts of government bonds, removing its previous target of 80 trillion yen per year.

EU firms hit by coronavirus can get loans of up to 5% of turnover: Report

Companies in the European Union hit by the coronavirus will be able to ask for a government loan of up to 5 percent of their 2019 turnover under a measure proposed by the European Commission, a person familiar with the matter said on Sunday.

Several EU countries had asked for such a measure, other sources with direct knowledge of the matter told Reuters on Saturday, declining to provide details.

The size of the loan could also be up to 40 percent of the beneficiary’s annual wage bill, the person said.

Such loans will be considered as subordinated debt, ranked below senior debt holders in the event of a liquidation. Due to that high risk, there will be strict conditions tied to such loans.

Sensex up 653 points, Nifty holds 9,300-mark

The benchmark indices continued to remain in the green as the Sensex was trading 652.70 points 2.08 percent higher at 31,979.92 while the Nifty was up 189.20 points or 2.07 percent at 9,343.60 at around 11.15 am.

Investors bet on testing, treatments for restart of US economy

Investors are pinning their hopes for the reopening of the US economy on the potential for wider availability of testing for COVID-19 cases and on drug trials for treatments of the deadly disease but said, until there is concrete progress in these areas, further stock market gains may be limited. 

Much of the S&P 500’s almost 27 percent advance above its 23 March low has been due to hopes that massive US fiscal and monetary support would dampen the economic blow from stay-at-home orders designed to contain the coronavirus pandemic.

But recently, the index has reacted to reports about trials and in particular Gilead Science’s remdesivir experimental treatment for COVID-19, the respiratory illness caused by the new coronavirus. Remdesivir, which previously failed as a treatment for Ebola, is designed to keep a virus from replicating and overwhelming a patient’s immune system.

Mindtree shares zoom 10% after Q4 earnings

Shares of IT firm Mindtree on Monday rallied 10 percent after the company reported 3.9 percent rise in consolidated net profit for March 2020 quarter.

The scrip zoomed 9.99 percent to Rs 858.75 on the BSE. On the NSE, it jumped 9.99 percent to Rs 858.35.

After market hours on Friday, Mindtree reported 3.9 percent rise in consolidated net profit to Rs 206.2 crore for March 2020 quarter, and said it anticipates softness in demand ahead as clients defer spending due to COVID-19 pandemic.

Inox Wind resumes production at all three manufacturing plants

Wind turbine maker Inox Wind Ltd on Monday said it has resumed operations at all three manufacturing plants.

These plants are located at Barwani (Madhya Pradesh), Ahmedabad (Gujarat) and Una (Himachal Pradesh).

In a regulatory filing Inox Wind said it has resumed operations at its three plants.

“… after obtaining requisite permission from concerned district administration, the company has now resumed operations at all its three manufacturing plants in compliance with all the safety guidelines/ directives issued by the central/state governments and local administration to safeguard the employees, labourers and all other stakeholders to prevent the spread of COVID-19,” the filing said.

RBI’s special liquidity facility of Rs 50,000 cr for MFs boosts financials in trade

#CNBCTV18Market | @RBI's announcement of special liquidity facility of Rs 50,000 cr for MFs (SLF-MF) boosts financials in trade pic.twitter.com/pYuxLkfpM1

— CNBC-TV18 (@CNBCTV18Live) April 27, 2020

SBI business correspondent reaches doorstep of customers to help withdraw money

Sumi Khatun, a ‘business correspondent’ of State Bank of India moves around several villages in West Bengal’s Birbhum district to help people make modest withdrawal or deposit money during the COVID-19 induced lockdown.
 

Sumi, who has been given permission by the administration to cover around 50-km of distance in the district having a large number of farmers, day labourers travels in an e-rickshaw criss-crossing Lohapur-Nalhati-areas.

On being chosen as the business correspondent in the first week of April, to help the small savings holders in their hour of need and getting permission for outsourcing, Sumi saw how the elderly and infirm had to wait for hours at her kiosk in the scorching heat and decided to herself reach out to them at their households.

“That is allowed by our bank and after having word with our bank manager, I decided to reach the doorsteps of our customers on my own,” she told reporters on Sunday.

Plum fruit growers in Himachal Pradesh seek relaxations during lockdown

Himachal Pradesh: Plum fruit growers in Rampur seek relaxations in lockdown, ahead of plucking season next month. J Kayat, a plum grower says, "Labourers,&wooden boxes that are used to store plum come from other states, they have stopped now. Appeal to govt to look into it"(26.4) pic.twitter.com/QbBSRJZvog

— ANI (@ANI) April 26, 2020

Rupee rises 41 paise to 76.05 on weak greenback

The  rupee appreciated by 41 paise to 76.05 against the US dollar in early trade on Monday tracking positive opening in domestic equities and weakening American currency in the overseas market.

Forex traders said the uptick in the currency counter was largely because market participants expect more stimulus measures from top central banks to support their respective economies reeling under the COVID-19 pandemic.

At the interbank foreign exchange the rupee opened at 76.14, then gained ground and touched 76.05, registering a rise of 41 paise over its previous close.

Reliance rises 3% after reports of JioMart launching services on WhatsApp

#CNBCTV18Market | Reliance Ind up 3% on news of JioMart launching services on WhatsApp pic.twitter.com/HPEdvwD8o7

— CNBC-TV18 (@CNBCTV18Live) April 27, 2020

Sensex zooms over 700 points, Nifty above 9,350-mark

The market continued the rally as the Sensex soared 711.31 points or 2.27 percent to 32,038.53 while the Nifty was up 203.45 points or 2.22 percent at 9,357.85 at around 10.30 am.

Kotak Mahindra Bank was the top gainer in the Sensex pack rising nearly 6 percent. Other gainers included Axis Bank, IndusInd Bank, HDFC, Reliance and Infosys.

Rupee rises 38 paise to 76.08 in early trade

The rupee rose by 38 paise to 76.08 against the US dollar in early trade on Monday tracking strong opening in domestic equities.

The domestic unit had depreciated by 40 paise to settle at 76.46 (provisional) against the greenback on Friday,

RBI announces Rs 50,000 cr special liquidity facility for Mutual Funds

. @RBI announces Rs 50,000 crore Special Liquidity Facility for Mutual Funds (SLF-MF) pic.twitter.com/DBMrSOYPqo

— CNBC-TV18 (@CNBCTV18Live) April 27, 2020

Oil falls as crude in US storage nears all-time high

Oil prices fell on Monday on signs that worldwide oil storage is filling rapidly, raising concerns that production cuts will not be fast enough to catch up with the collapse in demand from the coronavirus pandemic. US oil futures led losses after US crude inventories rose to 518.6 million barrels in the week to 17 April, near an all-time record of 535 million barrels set in 2017, while floating crude oil storage has hit an all-time high of 160 million barrels. 

US West Texas Intermediate futures fell $1.22, or 7.2 percent, to $15.72 a barrel, while Brent crude was down 33 cents, or 1.5 percent, at $21.11 a barrel.

Oil futures marked their third straight week of losses last week – and have fallen for eight of the past nine – with Brent ending down 24 percent and WTI off around 7 percent.

Madhya Pradesh manufacturing 12,000 PPE kits every day: Official

Madhya Pradesh is manufacturing 12,000 personal protective equipment (PPE) kits per day for frontline warriors battling COVID-19, as against its daily

requirement of 10,000 kits, a government official has said.

Since the coronavirus outbreak, 1.5 lakh PPE kits have so far been manufactured in the state and out of these, about 75,000 each have been sent to Indore and Bhopal, State Industrial Development Centre’s managing director Kumar Purushottam said.

“Madhya Pradesh needs 10,000 PPE kits per day, whereas the state is producing 12,000 kits every day,” Kumar said in a release, adding that the state has surplus stock of PPE kits for the ‘corona warriors’.

IndusInd Bank share price gains 6% 

The company will report its Janurary-March quarterly earnings today.

The private lender is expected to register an 80 percent year-on-year fall in Q4 FY20 profit due to pressure on its operating earnings and higher provisions.

Auto sector to do well going ahead

Expect #Nifty to hover between 9,000 & 10,000 till December. Expect autos to do much better going ahead; conducive to buy banks rather than NBFCs, says Manish Sonthalia of Motilal Oswal Asset Management #OnCNBCTV18 pic.twitter.com/nwZB9HmkAe

— CNBC-TV18 (@CNBCTV18Live) April 27, 2020

USFDA raises HCQs concerns; Cadilla, IPCA Labs shares down

#CNBCTV18Market | Cadila & Ipca slips after US FDA warns against use of HCQS outside hospitals pic.twitter.com/Wd9l4ur3yf

— CNBC-TV18 (@CNBCTV18Live) April 27, 2020

Bank of Japan expands stimulus again

The Bank of Japan expanded monetary stimulus on Monday for the second straight month to ease corporate funding strains and finance huge government spending aimed at combating the deepening economic fallout from the coronavirus pandemic.The move puts the BOJ in line with other major central banks that have unleashed unprecedented amounts of monetary support amid the health crisis.

The BOJ boosted the maximum amount of corporate bonds and commercial paper it pledges to buy to a combined 20 trillion yen ($186 billion) from around 7 trillion yen. The central bank also clarified its commitment to buy unlimited amounts of government bonds by scrapping loose guidance to buy them at an annual pace of 80 trillion yen.

IITs, IIITs not to hike tuition fee for any course in academic year 2020-21

The Indian Institutes of Technology (IITs) and Indian Institutes of Information Technology (IIITs) will not increase the tuition fee for any course for academic year 2020-21, HRD Minister Ramesh Pokhriyal “Nishank” said here on Sunday.

“After consultation with the chairman of the Standing Committee of the IIT Council and directors of IITs, it has been decided that these institutes will not increase the tuition fee for academic year 2020-21 for any course,” the minister said.

“In case of the IIITs, it has been decided that for those which are centraly-funded, the standard 10-per cent hike in the tuition fee for undergraduate programmes will not be implemented this year. I have also requested them not to increase the fee for other courses.

“On similar lines, I have requested the IIITs run in the public-private partnership mode not to increase the tuition fee for the coming academic year for any of their courses,” he added.

Sensex, Nifty up

Sensex up 580 points, at 31,907.69; Nifty at 9315 pic.twitter.com/WgMo6r3fae

— ANI (@ANI) April 27, 2020

Railway’s SW division ropes in e-com conglomerates to send parcel trains to Howrah

The South Western Railway said   on Sunday said that its Bengaluru Division has for the first time roped in e-commerce conglomerates and started sending its

consignments through time-tabled parcel trains from Bengaluru to Howrah.

One of the e-commerce companies loaded consignments totalling 10,500 kg till date and following its success, Another e-commerce company has come forward and loaded 500 kg, the SWR said in a statement.

“E-commerce companies have so far loaded 11 tonnes of parcel. The diversification of e-commerce companies to send consignment through Railway will open a new partnership with Railways which will help both Railways and e-commerce conglomerates,” it said.

Mindtree shares up

#CNBCTV18Market | Mindtree trading with healthy gains after Q4 earnings pic.twitter.com/FWnHSt08Vm

— CNBC-TV18 (@CNBCTV18Live) April 27, 2020

HDFC, Max Fin shares trade high

#CNBCTV18Market | HDFC Life & Max Fin higher after ICICI Pru maintains its guidance for next 23-4 years pic.twitter.com/sIZCvoFGwx

— CNBC-TV18 (@CNBCTV18Live) April 27, 2020

Cadilla, IPCA shares fall

#CNBCTV18Market | Cadila & Ipca slips after US FDA warns against use of HCQS outside hospitals pic.twitter.com/Wd9l4ur3yf

— CNBC-TV18 (@CNBCTV18Live) April 27, 2020

CBDT initiates inquiry on IRS officers

The CBDT on Sunday said an inquiry is being initiated against 50 IRS officers of the I-T department who have penned an unsolicited report on revenue mobilisation to fund COVID-19 relief measures and made it public without permission.

In a statement, the Central Board of Direct Taxes (CBDT), which is the apex policy making body for direct tax policies, said it has never asked IRS Association or these officers to prepare such a report and no permission was sought by them before making the report public. “It is unequivocally stated that CBDT never asked IRS Association or these officers to prepare such a report.

“No permission was sought by the officers before going public with their personal views and suggestions on official matters, which is a violation of extant Conduct Rules. Necessary inquiry is being initiated in this matter,” the CBDT said.

It further said the “impugned report” does not reflect the official views of CBDT/Ministry of Finance in any manner.

These 50 officers from the Indian Revenue Service (IRS) Association in a report titled ‘FORCE (Fiscal Options & Response to the COVID-19 Epidemic’) suggested raising tax rate to 40 percent for those with income above Rs 1 crore, from 30 percent at present, and levy of wealth tax for those with over Rs 5 crore annual income.

Index gainers at this hour

#CNBCTV18Market | IndusInd Bank amongst top #Nifty gainers ahead of Q4 earnings pic.twitter.com/AdXjUPWoTH

— CNBC-TV18 (@CNBCTV18Live) April 27, 2020

Sensex, Nity in green in opening session

The benchmark indices opened on positive note with Nifty above 9,300 level.

At 09:17 IST, the Sensex is up 544.57 points or 1.74% at 31871.79, and the Nifty up 158.05 points or 1.73% at 9312.45. About 749 shares have advanced, 161 shares declined, and 35 shares are unchanged.

Benchmark indices open higher

#CNBCTV18Market | Market starts Monday trade higher, in-line with Asian peers. #Nifty above 9,200, #Sensex up more than 300 points pic.twitter.com/MUIjOcl1c7

— CNBC-TV18 (@CNBCTV18Live) April 27, 2020

Brazilian jetmaker Embraer scrambles for elusive plan B

Brazilian planemaker Embraer SA has been thrust into an uncertain future with no immediate plan B, while not ruling out seeking a bailout after Boeing Co jettisoned a $4.2 billion commercial aerospace tie-up amid the coronavirus crisis.

The company’s shell-shocked chief executive, in the job for a year with little aerospace experience, sought to rally staff after the board held late-night talks to review the collapse of plans for surviving mounting aerospace competition.

“Our history is full of difficult moments, and we have overcome all of them,” Francisco Gomes Neto told Embraer’s 20,000 staff before giving them a thumbs up.

But Embraer now faces a historic crisis with its isolation reinforced by the breakup – two years after Europe’s Airbus absorbed Embraer’s main competitor, the Canadian-designed A220. “For Embraer, it could be very damaging,” said Teal Group consultant Richard Aboulafia, noting it was the only significant independent jetmaker.

Boeing breaks ties with Brazil’s Embraer 

.@Boeing terminates joint venture agreement with Brazil’s @embraer pic.twitter.com/WQTit9Pxab

— CNBC-TV18 (@CNBCTV18Live) April 25, 2020

Airbus warns staff on jobs with its ‘survival at stake’

European planemaker Airbus issued a bleak assessment of the impact of the coronavirus crisis, telling the company’s 135,000 employees to brace for potentially deeper job cuts and warning its survival is at stake without immediate action.

In a letter to staff, Chief Executive Guillaume Faury said Airbus was “bleeding cash at an unprecedented speed” and that a recent drop of a third or more in production rates did not reflect the worst-case scenario and would be kept under review.

Airbus said it did not comment on internal communications. The letter was sent to employees late on Friday, days before the company is due to give first-quarter results overshadowed by a pandemic that has left airlines struggling to survive and virtually halted jet deliveries since mid-March.

Airbus has begun implementing government-assisted furlough schemes starting with 3,000 workers in France, “but we may now need to plan for more far-reaching measures,” Faury said.

Virus has wrecked havoc

World is at the mercy of the virus!
Predicting economy, markets & stocks now is meaningless unless you're cousin or relative of the virus (insider)! What I know is WORLD WILL NOT GO BACK TO NORMAL - personally never liked the 'old normal' - unsustainable, sub-human ways of life!

— Porinju Veliyath (@porinju) April 27, 2020

Mutual funds reach out to RBI, SEBI

Franklin Templeton fund closure: MFs reach out to RBI, SEBIhttps://t.co/RNIPHMlaX9

— CNBC-TV18 (@CNBCTV18Live) April 27, 2020

Stock to watch out 

#StocksToWatch | Here's the list of stocks that are in focus going into trade today pic.twitter.com/WIOYTb0vYz

— CNBC-TV18 (@CNBCTV18Live) April 27, 2020

Asian markets in green

Aditya Agarwala, Senior Technical Analyst, YES Securities said: “The Indian markets are slated to start the week on a positive note with a GAP up opening as indicated by the SGX Nifty which is currently trading higher by 0.90% or 80 points. The Asian pack has also started trade in the green and the gains are led by NIKKEI which is currently trading higher by 2.20% followed by TAIWAN, HANGSENG and KOSPI which are up just under 2%. Dow Jones Futures currently is also trading in the green with gains of 0.50%. 

“Nifty ended another volatile week in the red with a cut of 1.2%. However, intermediate trend as turned sideways as it continues to oscillate between 9400 on the upside and 8900 on the downside.

“Following a GAP up opening in trade today it will be important for the bulls to take the Index beyond 9300 and then eventually 9400 which has been acting as a stiff resistance for sometime now. Failure to do so will invite the bears to push the Index down with fresh shorting and drag it to levels of 9100-9000. Any significant trending move will only emerge on a successful breakout on either side from the range and close beyond this trading range of 500 points,” Agarwala said.

Hopes over on outcome of Bank of Japan meeting

Deepak Jasani, Head Of Research, HDFC Securities said, “Indian markets could open in the positive today following positive Asian markets today and higher US markets on Friday.

Indian benchmark indices ended on negative note after a volatile session on 24 April. This was after two days of gains. Nifty closed down 159.50 points or 1.71% at 9154.40. For the week, the index was down 0.8 percent, its first weekly drop after gaining for back-to-back weeks. Technically, with the Nifty correcting on Friday, traders will need to watch if the Nifty index can now hold above the immediate supports of 8946-8908 early next week for the bulls to regain control. Else, the Nifty could resume its intermediate downtrend. On upmoves, 9314 can provide resistance

“US stock indexes closed higher on Friday but logged weekly losses as investors digested economic data, mixed corporate results, and the latest economic aid package from Congress to combat the COVID-19 pandemic. For the week, the Dow fell 1.9%, the S&P 500 declined 1.3% and the Nasdaq retreated 0.2%.

“Oil futures booked a third gain in a row after their recent plunge, but ended down sharply for the week. West Texas Intermediate crude for June delivery gained 44 cents, or 2.7%, to settle at $16.94 a barrel, but the most-active contract notched a weekly drop of 32%, its worst weekly fall on record based on the most-active contract. In economic data, U.S. orders for durable goods slumped 14.4% in March. A final reading on consumer sentiment from the University of Michigan for April came in at 71.8 from 89.1 in March.

“The US Fed meets Tuesday and Wednesday, and while it’s not expected to take any new action, it will likely discuss the many programs it quickly rolled out to support the economy and provide liquidity. Asian shares inched higher on Monday ahead of a busy week for earnings and central bank meetings, with much talk the Bank of Japan (BOJ) will announce more stimulus steps,” Jasani said.

US economy faces historic shock, with 16% joblessness possible, says Trump adviser

The shuttering of the US economy due to the coronavirus pandemic is a shock of historic proportions that will likely push the national unemployment rate to 16% or higher this month and require more stimulus to ensure a strong rebound, a White House economic adviser said on Sunday.

“It’s a really grave situation,” President Donald Trump’s adviser, Kevin Hassett, told the ABC program “This Week.” “This is the biggest negative shock that our economy, I think, has ever seen. We’re going to be looking at an unemployment rate that approaches rates that we saw during the Great Depression” of the 1930s, Hassett added.

Govt brushes off officers’ proposal for wealth, coronavirus tax on super rich

A group of Indian Revenue Service officers have recommended taxing the super rich, and foreign companies, to help pay for the coronavirus economic fallout, but the government brushed off the idea, saying it did not reflect official views.

Some 50 officers of the Indian Revenue Service (IRS) recommended raising the highest tax rate to 40 percent for people with annual income above Rs 1 crore  ($131,130) or a wealth tax for those with net worth of Rs 5 crore  or more in a report sent to the Central Board of Direct Taxes (CBDT) and shared on Twitter on Saturday.

In a tweet late on Sunday the Income Tax Department, governed by the CBDT, said the report did not reflect the official views of the CBDT and the Finance Ministry. It said an inquiry was being launched into why the report was shared with the public.

Oil futures open lower in electronic trading

US oil futures dipped in electronic trading Sunday evening, extending losses from last week that marked the eighth week of losses out of the last nine.

Trading was extremely volatile last week, in an extension of the selling that has dominated trading since early March as demand collapsed 30 percent due to the pandemic. Global production cuts have not kept pace with the collapse in demand.

US West Texas Intermediate CLc1 futures were down 32 cents to $16.62 a barrel as of 6:15 PM ET (2215 GMT), while Brent futures LCOc1 rose 12 cents, or 0.6 percent, to settle at $21.56 a barrel.

Oil futures marked their third straight week of losses last week, with Brent ending down 24 percent and WTI off around 7 percent.

Asian shares inch higher ahead of busy week for earnings, central bank meetings

Asian shares inched higher on Monday ahead of a busy week for earnings and central bank meetings, with much chatter the Bank of Japan (BOJ) will announce more stimulus steps.

MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.1 percent in early trade, having shed 2.6 percent last week. Japan’s Nikkei gained 1.1 percent, while E-Mini futures for the S&P 500 ESc1 dipped 0.4 percent.

There is considerable speculation the BOJ will pledge to buy unlimited amounts of government bonds, removing the current target of 80 trillion yen per year, even though it has not been near reaching it.

It is also expected to raise purchases of corporate and commercial debt, and perhaps launch a new loan programme to help companies struggling with cash flow.