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

Market ends in green as Sensex rises 199 points, Nifty at 9,251

Benchmark indices closed in gains after a volatile session on Friday and profit booking in the final hour of trade pulled the Nifty below 9,300.

Sensex jumped 199.32 points or 0.63 percent to 31,642.70 while the Nifty was up 52.45 points or 0.57 percent at 9,251.50. 
 

HUL, Nestle India, Tech Mahindra, Sun Pharma, Reliance Industries, Infosys and Ultra Cement were the top gainers in the Sensex pack.

Buying was seen in the pharma, FMCG, energy, IT and infra space, while auto, bank and metal sectors witnessed selling. 

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

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

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

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

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

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.

Provide financial support to Air India to clear wage backlog: Pilot unions to govt

Air India''s pilot unions IPG and ICPA has urged Civil Aviation Minister Hardeep Singh Puri to 'urgently' provide financial support to the national carrier amid private airlines' cry for a bailout package in the wake of the COVID-19 outbreak.

"The Air India management has not taken paying wages on time seriously for a long time, but as of today, we have a wage backlog of three months, having not been paid full wages since February.

"This is well before the coronavirus crisis began so reduced cash flow cannot be used as an excuse. Even our basic salary, which is a fraction of our wages, is not released on time.

MoveInSync launches free office commute solution and hotspot tracker 

MoveInSync, office commute platform, has announced the launch of ‘ETS lite’. The free offering provides a combination of MoveInSync’s advanced SaaS product to enable automation for employees, drivers and the entire transport team.

The solution is aimed at supporting companies with the necessary technology backing that can help them navigate their employee transportation operations during these unprecedented times.
 
 

ETS lite includes a transport console that allows enhanced data management where data bulk upload can be scheduled and manual data sync for employees can be managed.

RIL rises over 4%

With 45% of national intake, southern states draw 10-15% revenue from liquor: Report

The five southern states source 10-15 percent of their revenue from excise duty on liquor but account for nearly half of the total consumption, says a report.

The financial position of these states is precarious as the coronavirus lockdown completely dried up this crucial liquidity tap for them in April.

The five southern states of Andhra Pradesh, Telangana, Tamil Nadu, Karnataka and Kerala together consume as much as 45 per cent of all liquor sold in the country, the report by Crisil said on Thursday.

"The denizens of this quintet quaff as much as 45 per cent of all liquor sold in the country annually. But not a drop was sold in April, and given the dire state of their revenues, these states have been anxious to make good the losses by opening up the vends," it said.

Mahindra launches online sales platform amid coronavirus pandemic

Mahindra & Mahindra (M&M) on Friday said it has launched an integrated online platform that will provide end-to-end sales experience for prospective buyers amid the coronavirus pandemic.

Under the new initiative -- Own-Online, a customer can finance, insure, exchange, accessorise and own a company vehicle, in four simple steps, from the comfort of their homes, the auto major said.

"With our pre and post purchase online solutions already in place, reimagining the car purchase experience was a logical next step for us," M&M CEO – automotive division Veejay Nakra said in a statement.

Sensex above 31,500, Nifty holds 9,300-level

Indices gave up some of the early gains as Sensex was trading 451 points or 1.43 percent higher at 31,894.38 while the broader Nifty was up 123 points or 1.34 percent at 9,322.05 at around 10.45 am.

Rupert Murdoch to forgo his News Corp annual cash bonus

Executive Chairman Rupert Murdoch will forgo his cash bonus for the current fiscal year due to the impact of COVID-19 pandemic on business, the company said on Wednesday.

Chief Executive Officer Robert Thomson will also forgo 75 percent of his annual cash bonus, the Wall Street Journal owner added. The collective cuts in bonuses and other cost initiatives will have a positive impact on the company’s profitability and cash position, News Corp said.

Murdoch, who is also the chairman of Fox Corp, last month agreed to forgo his Fox salary through 30 September, in response to the coronavirus crisis.

Rupee jumps 45 paise to Rs 75.27 in early trade

India's rating outlook reflects rising risk of slower GDP growth: Moody's

Moody's Investors Service on Friday said the negative outlook on India's rating reflects increasing risks that GDP growth will remain significantly lower than in the past and partly hints at weaker policy effectiveness to address economic and institutional issues.

Moody's had, in November 2019, downgraded India''s outlook to negative from stable on concerns of lower economic growth. The agency had, however, affirmed country's 'Baa2' rating.

In its update to the November forecast released on Friday, the agency said India's credit profile is supported by its large and diverse economy, and stable domestic financing base.

Mexico auto plants to reopen as country weighs virus risks

On a day Mexico saw its worst daily increase yet in coronavirus cases, foreign-owned auto plants began setting dates for reopening.

Volkswagen de Mexico said late Thursday it is planning to reopen its assembly plant in Puebla state and its engine factory in Guanajuato state on 1 June.

General Motors said it hadn''t fixed “an exact date” for reopening its plant, also in the Guanajuato city of Silao, but some workers there reported getting notices to report for work on 18 May.

Toyota, Nissan and Ford did not immediately respond to requests for comment on possible re-openings of their plants in Mexico.

Gold hovers near two-week high ahead of US jobs data

Gold on Friday was hovering near a two-week high hit in the previous session as investors awaited the US jobs report to gauge the health of the economy after grim economic indicators raised the prospects of more rate cuts by the Federal Reserve.

Lower interest rates would further weigh on bond yields and boost demand for non-yielding bullion, which hit a near two-week peak in the last session.

Spot gold was steady at $1,715.23 per ounce having hit its highest since 27 April at $1,721.76 in the previous session. US gold futures added 0.1 percent to $1,727.

Rupee opens 34 paise higher at Rs 75.42

Asian shares up as US, China trade negotiators talk

Asian shares rose on Friday as investors focused on talks between US and Chinese trade officials and solid corporate earnings rather than the looming release of data expected to show the worst US unemployment rate in more than 70 years.

Having opened higher following gains on Wall Street overnight, Asian markets had a further boost late in the morning on Chinese state media reports that US and Chinese trade representatives had held a phone call and pledged to cooperate on carrying out the countries’ Phase 1 trade deal.

The news lifted US stock futures, pushing E-minis for the S&P 500 up 1.06 percent to 2,910.5.

Pandemic sets Japan on course for deep recession as spending, services plunge

Japan’s household spending plunged in March and service-sector activity shrank at a record pace in April, reinforcing expectations that the coronavirus pandemic is tipping the world’s third-largest economy into deep recession.

Overtime pay - a barometer of strength in corporate activity - also plunged at a record pace in March, data showed, a sign companies were hit by shrinking business even before the government announced a state of emergency in early April.

The weak readings make it a near certainty the economy suffered a second straight quarter of contraction in January-March, the technical definition of a recession, and was on track for a deeper decline in the current quarter as the health crisis kept shoppers home and businesses closed.

Inflation likely fell to a five-month low in April: Poll

Retail inflation eased to a five month low in April as the nationwide lockdown imposed to try to quell the spread of the coronavirus and subsequent sluggish demand drove price pressures down, a Reuters poll found.

The 5-7 May poll median of more than 40 economists predicted India’s annual consumer price inflation fell to 5.68 percent in April from March’s 5.91 percent, still above the Reserve Bank of India’s (RBI) medium-term target of 4 percent.

Forecasts in the poll ranged between 4.50 percent and 7 percent and about 80 percent of participants expected inflation to be below the upper band of the RBI’s inflation target range of 2.00-6 percent.

“The economic inactivity caused by the lockdown has been a big driver for inflation in April, leading to a broad-based deceleration in price pressures across all components except food,” said Rini Sen, India economist at ANZ.

GSK sells $3.4 bn Hindustan Unilever stake in largest India block trade

GlaxoSmithKline has sold its stake in Unilever’s Indian business for $3.4 billion, marking India’s largest block trade, which will help the British company in its goal of reinvigorating its drug development pipeline.

The transaction GSK announced on Thursday comes as it pursues a two-year programme to split into two entities after it made costly bets on experimental cancer treatments and future cell and gene therapies amid sluggish revenue growth.

The drugmaker is cashing in a 5.7 percent stake it took in Hindustan Unilever, which produces everything from deodorant to soup, as payment for the sale of its malted drink brand Horlicks and other nutrition brands to Unilever in 2018.

The 133.77 million shares were offloaded on average for Rs 1,905, according to a statement from GlaxoSmithKline.

Cadila Pharma shuts formulations unit after spate of coronavirus cases at plant

Cadila Pharmaceuticals, one of the largest privately held pharma companies in the country, shut down its formulations manufacturing plant in Ahmedabad on Thursday after more than two dozen of its employees tested positive for the new coronavirus.

A senior government official said late on Thursday that five employees had tested positive for COVID-19 six days back, while 21 others tested positive this week.

“We had collected samples of 30 employees of Cadila on 5 and 21 May of the samples returned positive a day later,” said Arun Mahesh Babu, the District Development Officer of Ahmedabad.

Sensex up 464 points, Nifty at 9,344-level

Benchmark indices continued to stay in the green zone as Sensex was trading 464 points or 1.48 percent higher at 31,907.38 while the broader Nifty was up 145.85 points or 1.59 percent at 9,344.90 at around 9.40 am.

IndusInd Bank was the top gainer in the Sensex pack jumping over 4 percent. Other top gainers included HUL, Kotak Mahindra Bank, Axis Bank, ICICI Bank, Bajaj Finance and Reliance.

China-backed AIIB approves $500 mn loan for India's COVID-19 response

Beijing-backed Asian Infrastructure Investment Bank (AIIB) said on Friday it had approved a $500 million loan to India to help the country navigate the coronavirus pandemic.

The loan is intended to help India’s government strengthen its public health system, prepare for future outbreaks, and limit the transmission of cases, a statement from AIIB said. The project, which will be cofinanced by the World Bank, will also support medical equipment purchases and research.

The loan is part of a $10 billion funding facility the AIIB has announced to help public and private sector entities deal with the pandemic.

IndiGo employees to get pay cuts from May 

Indices trading strong in pre-opening

Aditya Agarwala, Senior Technical Analyst, YES Securities said, "The Indian markets may open in the positive territory with a 100 points Gap-up opening as indicated by the SGX Nifty which is currently trading higher by 1.20%. The entire Asia pack is trading in the green led by NIKKEI with gains of almost 2% followed by KOSPI, HANGSENG, TAIWAN, STRAIT and SHANGHAI markets which are trading with gains of 0.50%-0.80%. Overnight the European and the US markets ended trade with handsome gains and currently, Dow Jones Futures is trading in the green with gains of 1.20% triggering this pullback rally in the rest of the markets.   

"The Nifty ended its previous session marginally lower with a cut of 70 points as bulls and bears fight it out at the 20-DMA support line which is currently placed at 9130. However, following a GAP up opening of 100 points if bulls manage to hold to Index beyond the 9340 mark then short covering rallies may be triggered taking the Index higher to levels of 9450-9540. On the flip side if bears step in and push the Index lower from 9350 resistance level then Index could retest 9250-9130 levels. Key Index to watch out today will be the Bank Index which has been underperforming this week and is currently trading below the 20-DMA which is at 19800, bulls need to take the Bank Nifty beyond this resistance for any meaningful short covering rally to materialize," Agarwala said.

Tata Motors withdraws NCD issue

Tata Motors company has decided to withdraw the issue for private placement of unsecured NCDs worth Rs 1,000 crore in view of the higher cost expectations from the market participants due to the tight money market conditions.

This is in view of the higher cost expectations from the market participants due to the tight money market conditions, the company said in an exchange filing.

The company, however, highlighted that it has no liquidity constraints and will consider another issue once market conditions improve.

Markets to open positive, track Asian cues

Deepak Jasani, Head Of Research, HDFC Securities says, the markets could open up tracking Asian markets even as Nasdaq retraced its entire coronavirus losses. The stock markets could open in the positive today following positive Asian markets today and US markets that closed up on Thursday. Technically, although the Nifty is in a downtrend, the pace of fall has slowed and we could soon see a bounce in Nifty.

"US stock benchmarks closed in positive territory Thursday, finishing off their best levels, with a rally in shares of energy and financials powering the day’s moves and a clutch of upbeat earnings reports led by PayPal. A rally in the technology-related Nasdaq helped to drive the index retrace its coronavirus-induced selloff of the past two months.

"The gains came despite a US weekly jobless claims report showing another 3.2 million Americans lost their jobs (bringing the total to over 33 million), but investors appeared relieved that the pace of job losses is ebbing as some states begin to reopen their economies.

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