Stock Market Latest Updates: Market ends in green as Sensex rises 199 points, Nifty at 9,251; HUL, Nestle India among top gainers

Travel sector suffers, micro businesses clock sharp growth

While the increase in food and retail is justified by the demand for essential supplies, travel restrictions imposed during COVID-19 have resulted in an obvious dip in the travel sector, and also vehicle services, said Sampad Swain, co-founder and CEO, Instamojo.

“While several sectors are impacted due to lockdown in the country, micro businesses in particular experienced a meteoric growth owing to the implementation of novel ideas. Given the size of these businesses, they have the bandwidth to be flexible, and explore unique ideas with low risk involved. Also small-sized digital payment transactions from these businesses have picked up rapidly, contributing to a major percentage of growth volumes,” he said.

Rapido launches on-demand person-to-person delivery service 

Rapido, a bike taxi app, has announced the launch of Rapido Box, a new on-demand delivery service where customers can request pick and drop of food, groceries and medicine on the app, from or to another customer.

The person to person (P2P) on demand delivery service will enable users to exchange food, groceries or medicines with their family and friends who are not able to step out of their homes for essentials or have run out of certain essential items, in times of need. 

The company will leverage its already existing fleet of aaptains to ensure quick and prompt deliveries across three cities – Bangalore, Kolkata and Hyderabad. The newly-launched service will also aim to boost the utilisation & revenue of the Captains on road, amid lockdown.

The base price of the new service will be Rs 35 for 2 km and Rs 15/km after 2 km.

Users will be able to track their orders through an Order Tracking URL which will be shared with them through SMS. In order to avail this service, customers are required to update their Android app.

Adani Gas Q4 profit up 61% at Rs 122 cr

Power utility major Adani Gas on Friday reported 61 percent hike in its profit after tax of Rs 122 crore in the January to March quarter compared to Rs 76 crore in the year-ago period.

The revenue declined by 1 percent to Rs 490 crore in Q4 FY20 from Rs 494 crore in Q4 FY19.

However, operating earnings before interest, tax, depreciation and amortisation (EBITDA) moved up by 20 percent to Rs 168 crore from Rs 140 crore in the same period.

The company said that COVID-19 pandemic and consequential nationwide lockdown impacted the current ongoing demand of CNG and PNG by industrial and commercial segments.

States get about Rs 103 cr as upfront payment for coal mines

A total of Rs 102.7 crore has been transferred to the coal-bearing states including Odisha and Chhattisgarh on account of upfront payment for blocks that were auctioned and allotted last year.

The amount towards upfront payment to the coal-bearing states i.e. Chhattisgarh, West Bengal, Madhya Pradesh and Odisha was sanctioned, an official said.

Of Rs 102.7 crore, the maximum amount of Rs 71.4 crore was transferred to Odisha, followed by Rs 21.4 crore to Chhattisgarh, Rs 5.4 crore to West Bengal and Rs 4.4 crore to Madhya Pradesh.

The coal ministry had in January received a sum of Rs 41.2 crore as first installment of upfront payment from Vedanta for Jamkhani coal block in Odisha, which the company had bagged in the auction held last year.

Digital transformation way ahead post-coronavirus outbreak

Regionalisation shall become a trend for things that can be produced and consumed in close proximities.

While it has been difficult, every firm is trying to move its business or a part of it online while being forced to stay relevant online at this hour, said Debprotim Roy, CEO, Canvas.

Event firms have generally pivoted to webinars, schools and colleges have turned to online education, town halls are being held over video calling platforms and workforces are slowly accepting that remote work could become a tested norm in the future, he said.

“As experts had even earlier expected, remote work will not replace work as we knew a few months back, but it shall become a part of it, naturally. Working remote won’t be something you need permission for anymore,” Roy said.

ATM industry seeks lower GST rate, stimulus to address COVID-19 challenges

The ATM industry has pitched for a stimulus package along with several relaxations, including lowering of the GST rate, saying the current lockdown due to the coronavirus infection has hit transactions and posed severe challenges.

In a letter to Finance Minister Nirmala Sitharaman, the Confederation of ATM Industry (CATMi) mentioned that it has been recognised by the government as a crucial player to further the financial inclusion.

The COVID-19 situation has caused a sharp decline in the ATM transactions and has posed severe business challenges to the ATM industry, the CATMi stated.

Indices remain volatile; Sensex up 245 points, Nifty at 9,260-mark

Indices remained volatile and gave up most of the early gains. Sensex was trading 244.89 points or 0.78 percent higher at 31,688.27 while the broader Nifty was up 61.40 points or 0.67 percent at 9,260.45 at around 3 pm.

Reliance Industries m-cap at Rs 10 lakh cr

#CNBCTV18Market | Reliance Industries hits market cap of Rs 10 lakh cr. It’s market cap is higher than that of these three private banks’ together pic.twitter.com/CJVaWmN0vH

— CNBC-TV18 (@CNBCTV18Live) May 8, 2020

Gold futures surge on positive demand

Gold prices on Friday rose by Rs 44 to Rs 46,205 per 10 gram in futures trade as speculators created fresh positions on firm spot demand.

On the Multi Commodity Exchange, gold contracts for June traded higher by Rs 44, or 0.1 percent, to Rs 46,205 per 10 gram in a business turnover of 13,615 lots.

The yellow metal for August delivery edged up by Rs 63, or 0.14 percent, to Rs 46,442 per 10 gram in a business turnover of 7,105 lots.

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

Rico Auto Industries resumes operations at several plants across country

Rico Auto Industries on Friday said it has resumed operations at several plants across the country following relaxation of guidelines by the government in the third phase of the coronavirus lockdown.

The auto components maker said its plants at Dharuhera, Bawal, Pathredi, Gurugram, Haridwar and Halol have resumed operations between 27 April and 8 May.

However, the Chennai plant is yet to reopen although the company has received permission to restart functions, the company said in a regulatory filing.

Operation will be started in remaining facilities shortly after complying with the due regulations, it added.

SEBI officer tests positive for COVID-19

An officer working with capital markets regulator SEBI has tested positive for COVID-19, prompting the regulatory authority to get its headquarters here completely sanitised as per the necessary protocols while ensuring that all its functions continue uninterrupted, officials said.

While most of the staff at SEBI’s head office in the Bandra Kurla Complex area have been working from home ever since the lockdown began on 25 March, some have been coming to office as per the government guidelines.

Necessary arrangements are already in place for the work to continue uninterrupted, officials said.

All capital market entities, including stock exchanges and commodities bourses, have been functioning during the lockdown as part of relaxations given for essential services.

Zydus Cadila launches generic prostate cancer drug at nearly 70% less price in India

Drug firm Zydus Cadila on Friday said it has launched generic Enzalutamide capsules used for the treatment of prostate cancer which costs nearly 70 percent less than the currently available similar products in India.

The company’’s product under the brand name ‘Obnyx’ is priced at Rs 23,980 per month. The current maximum retail price (MRP) of Enzalutamide drug ranges from Rs 70,000 to 80,000 for a monthly therapy, Zydus Cadila said in a statement. 

This price reduction will benefit many prostate cancer patients to adhere to the treatment, it added.

MMDR Act likely to be amended

Sources on mining reform proposals: MMDR Act to be amended to free up over 700 mining blocks for auction. Here’s more. pic.twitter.com/A1VLmKdTbL

— CNBC-TV18 (@CNBCTV18Live) May 8, 2020

Rupee settles 18 paise higher at Rs 75.54

The rupee appreciated 18 paise to provisionally settle at 75.54 against the US dollar on Friday, tracking higher domestic equities and weakness in the American currency.

Forex traders said positive cues from domestic equities and significant foreign fund inflows supported the local unit.

At the interbank foreign exchange, the rupee opened at 75.36, then pared some initial gains to finally close at 75.54 against the US dollar, registering a rise of 18 paise over its previous close.

During the day, the domestic unit hit an intra-day high of 75.27 and a low of 75.59 against the US dollar.

On Wednesday, the rupee had settled at 75.72 against the US dollar.

Indices give up gains; Sensex up 314 points, Nifty above 9,200-mark

Indices gave up the gains as Sensex was trading 313.67 points or 1 percent higher at 31,757.05 while the broader Nifty was up 87.80 points or 0.95 percent at 9,286.85 at around 2.25 pm.

Novelis Q4 sales dive 12% to $2.7 bn as commodity prices fall

Novelis Inc, a subsidiary of Aditya Birla-led Hindalco Industries, has reported 12 percent year-on-year decline in net sales to $2.7 billion for the fourth quarter of fiscal 2020 due to lower average LME aluminum prices and local market premiums, and a 7 percent decline in shipments.

The decline in flat rolled product shipments to 811 kilotonnes was against a strong prior year record level, and partially due to the initial impacts from COVID-19 related disruptions in March.

Adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) increased 7 percent to $383 million in the fourth quarter of fiscal 2020 compared to $357 million in the prior year period.

P&G HHCL reports 6% fall in Q4 sales 

FMCG major Procter & Gamble Hygiene and Health Care Ltd  (PGHHCL) on Friday reported sales of Rs 656 crore in the quarter ending March, down 6 percent from Rs 699 crore in the year-ago period.

The profit after tax, however, moved up 1 percent to Rs 91 crore from Rs 90 crore in the same period.

The company was forecasting high single-digit sales growth for the quarter before the lockdown.

“But following the nationwide lockdown to contain the spread of COVID-19, the business operations were severely disrupted across the country,” it said in a statement.

Equity inflows in April decline

April #MFData | Equity inflows in the month of April come in 47% lower at Rs 6,108 cr, lowest in 2020 pic.twitter.com/iwSlvOsG09

— CNBC-TV18 (@CNBCTV18Live) May 8, 2020

Qatar Airways plans to rebuild flight network in phased manner

Persian Gulf carrier Qatar Airways, which reportedly plans to lay off an unspecified number of employees in the wake of the coronavirus outbreak, said it will rebuild its flight network in a phased manner starting this month.

As part of this plan, the airline is looking to resume flights to India by June, subject to regulatory approval, Qatar airways said in a release.

At present, the airline continues to operate flights to more than 30 destinations around the world.

Caspian Debt gets $20 mn investment from US financial firm

Caspian Debt on Friday said it has received an investment of $20 million (over Rs 150 crore) from US International Development Finance Corporation (DFC).

“The new facility, which is a combination of subordinated and senior debt will support Caspian Debt in providing customised, collateral-free loans digitally to professionally managed enterprises operating in high impact sectors in India,” a statement said.

These sectors include microfinance, SME finance, affordable housing, affordable healthcare, sustainable agribusiness and education, it added.

Markets trade in green at half-time

The markets at half time are still trading with gains of 120 points on Nifty amidst bouts of volatility as bears continue to defend the 9,350 mark, said Aditya Agarwala, senior technical analyst, YES Securities.

Further, on shorter time frame, index has broken out from a downward sloping trendline resistance and in the intraday pullback it tested the trendline which is now acting as a support placed at 9,260 levels, he said.

“A sustained trade above this support line may extend the recovery to levels of 9,350 level which is currently acting as a stiff resistance. If bulls take the index beyond 9,350 some long build up and short covering can take it to levels of 9,450-9,500. On the flip side if bears push the Index below 9,260 fresh selling pressure could drag the Index back to the 20-DMA i.e. 9,130,” said Agarwala.

European markets have opened in the green with gains of half a percent to a percent providing support to our markets. Today’s gain has been led by Reliance which is trading higher by almost 5 percent followed by private sector bank and pharma stocks, he added.

Sensex zooms 488 points, Nifty at 9329

Indices extended the gain as Sensex jumped 487.98 points or 1.55 percent to 31,931.36 while the broader Nifty was up 130.15 points or 1.41 percent at 9,329.20 at around 1.20 pm.

Embassy Industrial Parks distributes dry ration packets to 225 families

Embassy Group announced it is distributing dry ration packets to 225 families– mainly Dhamangaon and Kashivali from Embassy Industrial Parks office in Bhiwandi, near Mumbai.

The industrial and logistics parks company marking in the process of acquiring land to set up their industrial park in Bhiwandi. 
 

AdityaVirwani, COO, Embassy Group and spokesperson Embassy Industrial Parks said, “Bhiwandi is a hub for business and offers great opportunity, it is just a matter of time we recover from the pandemic but till then we need perseverance and it is essential we extend our helping hand to the ones in need.”

Yes Bank plans to raise Rs 5,000 cr

#CNBCTV18Exclusive | @YESBANK kick-starts process for 2nd tranche of capital raising worth Rs 5,000 Cr, reports @_ritusingh pic.twitter.com/p7Chjk5jY2

— CNBC-TV18 (@CNBCTV18Live) May 8, 2020

Indices trade higher, Nifty holds 9,300-mark

Indices continued to trade in the green Sensex rose 436.75 points or 1.39 percent to 31,880.13 while the broader Nifty was up 118.50 points or 1.29 percent at 9,317.55 at around 12.30 pm.

Reliance Industries was the top gainer in the Sensex pack zooming over 4%.

IMF approves $18 bn emergency financing for 50 countries during COVID-19

International Monetary Fund (IMF) has already authorised financial assistance for 50 member countries during the coronavirus pandemic, said IMF spokesperson Gerry Rice on Thursday (local time) during a virtual press briefing.

“The IMF’s executive board has approved financing under the emergency facilities at record speed for 50 countries, totalling about 18 billion dollars at this point. It is an IMF moving at an unprecedented speed in an unprecedented way to meet this unprecedented challenge,” he said.

Rice said the emergency assistance for COVID-19 is not comparable with normal IMF programmes since the funds are not tied to certain conditions.

Punjab procures 105 lakh metric tonnes of wheat so far

Despite the #COVID19 challenges, staggered procurement process, and bad weather, we have procured 105 lakh metric tonnes of wheat so far from the farmers. Our target is to procure 135 lakh metric tonnes of wheat: Punjab Food and Supplies Minister Bharat Bhushan Ashu pic.twitter.com/B0GHT4g86o

— ANI (@ANI) May 8, 2020

Fitch assigns Future Retail’s final rating at CCC-plus on liquidity pressures

Fitch Ratings has assigned Future Retail Ltd (FRL) a final long-term issuer default rating (IDR) of CCC-plus.

At the same time, FRL’s 500 million dollars 5.6 percent senior secured notes due in 2025 have been assigned a rating of CCC-plus with a recovery rating of RR4.

“The final IDR and rating on the notes are one notch below our expected ratings of B-(EXP) assigned on 2 April due to the impact of coronavirus-related shutdowns on FRL’s liquidity,” it said in a statement.

Onsitego launches remote troubleshooting services in green zones

Onsitego- after-sales services company, has launched remote troubleshooting services for free for people who are facing issues with devices and appliances like mobile phones, laptops, air conditioners and water purifiers.

The on-demand doorstep repair services are available in green zone locations where such services are permitted by concerned authorities. We are providing services for critical devices and appliance in these zones as well.

Kunal Mahipal, CEO, Onsitego said, “The support team can remotely access, diagnose and resolve a user’s issue."

MapmyIndia COVID-19 Tools, APIs to help businesses resume operations

MapmyIndia, digital maps and location-based technologies, has launched COVID-19 Tools and APIs (https://www.mapmyindia.com/corona) including map APIs, location-based analytics and GIS (geographical information systems), navigation and route planning, location tracking, fleet and field workforce management to help organisations and businesses open up safely post-lockdown.

MapmyIndia’s pan-India hyperlocal safety assessment, planning, operational and visualisation software/tools/APIs will help businesses to assess, visualise, analyse, plan, generate real-time location-based alerts and operate their pan India strategy and activities at a micro- and hyper-local level.

According to a statement, organisations and developers can also integrate MapmyIndia COVID-19 Tools and APIs into their internal employee and external consumer-facing web and mobile applications.

Caspian Debt gets $20 mn investment from US International Development Finance Corp

Caspian Debt on Friday said it has received an investment of $20 million (over Rs 150 crore) by US International Development Finance Corporation (DFC) as long-term debt.

“The new facility, which is a combination of subordinated and senior debt will support Caspian Debt in providing customised, collateral-free loans digitally to professionally managed enterprises operating in high impact sectors in India,” a statement said.

These sectors include microfinance, SME finance, affordable housing, affordable healthcare, sustainable agribusiness and education, it added.

Disney World restaurant, entertainment complex to reopen

Walt Disney World plans to reopen its restaurant and entertainment area later this month, though the theme parks and hotels will remain closed.

Disney Springs vice president Matt Simon posted Thursday on the official Disney Parks Blog that the area will reopen 20 May with enhanced safety measures to help prevent the spread of the coronavirus.

Those measures include increased cleaning procedures, the use of appropriate face coverings by both cast members and guests, limited-contact guest services and additional safety training for cast members.

Moody’s Investors Service sees India’s economic growth at ‘zero’ in FY21

Moody’s Investors Service on Friday said it estimates India’s GDP growth to hit ‘zero’ in FY21 and pointed to a wide fiscal deficit, high government debt, weak social and physical infrastructure, and a fragile financial sector.

The quality of India’s economic growth has declined in recent years, demonstrated by financial stress among rural households, relatively low productivity and weak job creation, the agency said.

In its forecast for FY21, the agency estimated India’s gross domestic product (GDP) growth at zero, meaning the country’s economic growth will remain flat this financial year, and the same is seen accelerating to 6.6 per cent in FY22.

Dr Reddy’s gets USFDA inspection closure report for Srikakulam plant

Drug major Dr Reddy’s Laboratories on Friday said the US health regulator has closed inspection of its manufacturing facility in Srikakulam, Andhra Pradesh.

The US Food and Drug Administration (USFDA) had issued a warning letter to the facility in November, 2015, after inspecting it in 2014.

“We have received the establishment inspection report from the USFDA, for the Srikakulam facility, indicating closure of the audit and the inspection classification of this facility,” Dr Reddy’s Laboratories said in a regulatory filing.

With this, all facilities under warning letter are now determined as ‘voluntary action indicated’, the drug major said.

Cyient shares plunge nearly 9% on poor Q4 results

Shares of IT firm Cyient on Friday tumbled nearly 9 percent after the company reported a 74.4 percent decline in consolidated net profit for March 2020 quarter.

On the BSE, the stock slumped 8.50 percent to Rs 212. Shares of the IT firm plunged 8.82 percent to Rs 211.20 on the NSE.

Cyient on Thursday reported a 74.4 percent decline in consolidated net profit at Rs 45.2 crore for March 2020 quarter.  

The Hyderabad-based company had posted a net profit of Rs 176.8 crore in the year-ago period, it said in a regulatory filing.

Chumbak appoints Vasant Nangia as CEO

Design-led lifestyle brand, Chumbak Design Private Limited has appointed Vasant Nangia as chief executive officer.

Founder Vivek Prabhakar, will continue as head of Marketing and Digital, and co-Founder Shubhra Chaddha will continue to head Product and Design.

Vasant was Senior Vice-President, Asia Pacific of the Fossil Group, managing some of the most diverse and complex markets in the world, including Japan, Korea, Australia and South East Asia based out of Hong Kong.

Vasant was instrumental in turning around the business of the Group in the region, with a focus on building its e-commerce, omni-channel and analytics capabilities. Previously, Vasant led Fossil India, building it from scratch to one of the Group’s largest global subsidiaries.

Sensex jumps 478 points, Nifty above 9,300-mark

Sensex jumped 478.31 points or 1.52 percent to 31,921.69 while the broader Nifty was up 134.05 points or 1.46 percent at 9,333.10 at around 11.40 am.

ICICI Securities’ shares zoom nearly 14% after Q4 earnings  

Shares of ICICI Securities on Friday jumped nearly 14 percent, a day after the company reported a 28 percent rise in profit after tax for the March quarter.

The scrip zoomed 13.80 percent to Rs 429 on the BSE. On the NSE, it rose 13.77 percent to Rs 430. 

ICICI Securities on Thursday reported a 28 percent increase in profit after tax at Rs 156 crore for the March quarter on account of growth in revenue and changes in statutory tax rates.

Meghalaya collects Rs 6-cr revenue from liquor sales

The Meghalaya government has collected over Rs 6 crore as revenue from liquor sales after wine shops were allowed to open earlier this week as part of the lockdown relaxations, Deputy Chief Minister Prestone Tynsong said.

Tipplers have been queueing up outside liquor outlets in the state since they reopened on Monday, officials said.

Authorities, however, have urged customers and shop owners to stricty abide by social distancing norms, failing which they would be asked to down shutters.