Stock Market Latest Updates: Benchmark indices erase losses, Sensex, Nifty close marginally lower; auto, bank stocks decline

Sensex, Nifty close marginally lower 
 

Benchmark indices closed marginally lower after staging a sharp recovery from the intraday losses and the Nifty ended above 9,100-mark. 
 

Sensex fell 25.16 points or 0.08 percent to 31,097.73, while Nifty was down 5.90 points or 0.06 percent at 9,136.85 at close amid a volatile session. 

M&M, Axis Bank, IndusInd Bank, Hero MotoCorp, Sun Pharma, ICICI Bank, Bajaj Auto and Ultra Cement were the top losers in the Sensex pack.

Gainers included Bharti Airtel, Asian Paints, Tata Steel, Reliance, NTPC and HUL.

On sectoral front, auto, bank, IT, pharma remained under pressure, while metal, energy and infra witnessed buying.

Moody's outlook for Indian power sector turns negative

Moody's Investors Service has changed its outlook for the Indian power sector to negative from stable on declining power demand, payment delays and an adverse impact from government measures that favour consumers over utility companies.

It said power demand will drop at least four to 5 percent in fiscal 2021 due to slowing activity and policy actions. Besides, companies are vulnerable to policy moves and payment delays from state-owned distributors.

"In addition to declining power demand  -- which will hit short-term power prices and the utilisation of coal-based power plants -- state-owned distribution companies that rely on subsidies could delay making payments to power companies as the government is likely to pivot subsidies towards social and healthcare spending amid efforts to contain the outbreak," said Abhishek Tyagi, Moody's Vice President and Senior Analyst.

Hindustan Zinc board approves interim dividend of Rs 16.50/share for FY20

The board of Hindustan Zinc (HZL), a subsidiary of Vedanta, has approved an interim dividend of Rs 16.50 per equity share for FY20 amounting to Rs 6,972 crore.

Vedanta owns 64.9 percent stake in the company, while the centre retains a 29.54 percent stake.

HZL has intimated that its board of directors, through resolution passed by circulation on Tuesday, has approved interim dividend of Rs 16.50 per equity share - 825 percent on face value of Rs 2 per share for the financial year 2019-20 amounting to Rs 6,972 crore, Vedanta informed the BSE on Friday.

HZL is one of the largest integrated producers of zinc and lead and a leading producer of silver.

Indices stages sharp recovery; Sensex above 31,000-mark, Nifty at 9,133

Indices erased most of the losses ahead of Finance Minister Nirmala Sitharaman’s press conference at 4 pm on Friday.

It is expected that the finance minister may announce relief package for agriculture and aviation sectors. 

Sensex was trading 48.51 points or 0.16 percent lower at 31,074.38 while the Nifty was down 9.95 points or 0.11 percent at 9,132.80 at around 3 pm.

M&M, Axis Bank, IndusInd Bank, Hero MotoCorp, Sun Pharma and ICICI Bank were the major losers in the Sensex pack.

Bharti Airtel, Asian Paints, Tata Steel and NTPC were the gainers.

Airline stocks rise ahead of FM's media briefing

Lesser-known firms win ONGC's 49 oil, gas fields

Lesser-known firms such as Duganta Oil and Gas and Orissa Stevedores Ltd have won 49 small and marginal oil and gas fields that state-owned ONGC had bid out on government direction.

ONGC had at the close of bidding in January received bids for 50 out of the 64 small and marginal oil and gas fields it offered in a bidding round for raising production by involving private companies.

Of these, the company has now awarded 49 of them.

"Oil and Natural Gas Corporation Ltd (ONGC) placed Notice of Award (NoA) to seven successful bidders in 13 contract areas comprising of 49 marginal oil and gas fields," the company said in a statement.

ONGC clubbed the 64 fields in Gujarat, Assam, Andhra Pradesh, and Tamil Nadu into 17 onshore contract areas by clubbing some of them. These have a cumulative 300 million tonnes of oil and oil equivalent natural gas reserves.

As many as 12 companies made 28 bids for 50 fields at the close of bidding on 17 January. Sources said 28 bids were received for 14 clusters, covering 50 fields, but none for three clusters that cover 14 fields.

German economy shrinks 2.2% in Q1 as virus hits

The German economy shrank by 2.2 percent in the first quarter compared with the previous three-month period as shutdowns in the country and beyond started to bite, official data showed Friday.

The figures from the Federal Statistical Office offered a first glimpse of the damage caused by the coronavirus crisis to Europe's biggest economy, which the government is trying to limit with a raft of rescue programs.

The decline in the January-March period was the biggest since 2009.

March was the month in which the coronavirus pandemic hit Europe, with first Italy and then other countries imposing sweeping restrictions on public life and businesses.

Germany itself started shutting down in mid-March.

One Nation, One Ration card much-needed

Puneet Chopra, Partner, MSC (MicroSave Consulting) said, “The announcement of One Nation One Ration Card is much needed. On the lines of a unique Aadhaar and digitization of various subsidies, it will allow a range of temporary migrants to avail  PDS benefits".

"Free food grains to migrants for two months will ensure food security for over 8 crore people at this time, when livelihoods have been taken away from them. It will also ensure the cultivators from whom government procures food grains receive some returns, as they have struggling to market their produce and generate some income for their dependents"

Reliance Industries stock up

Wage hikes, easy credit facilities, to aid migrants, street vendors

Manu Gupta, Co-Founder, SEEDS (Sustainable Environment and Ecological Development Society), a not-for-profit organisation, said, "The finance minister's announcements regarding the relief measures for the migrant workers and street vendors is heartening, after having seen their plight and hearing their painful stories from across the country since the lockdown began. The wage hikes, easy credit facilities and food security measures that were announced will be a big support for their recovery. By the virtue of the informal nature of their professions and lives, civil society can aid the process of the benefits reaching the last mile through better targeting and community-based efforts. Concurrently, we can also deliver the necessary information to keep themselves safe while getting back to their usual lives.”

Office leasing activity drops in Mumbai, Delhi, Bengaluru: Knight Frank

Office leasing activity across India's three tier-one cities -- Mumbai, Delhi and Bengaluru -- witnessed a drop due to the impact of COVID-19, according to the latest Knight Frank Asia Pacific market bulletin released on Friday.

Given the present situation, the lockdown in India coupled with the challenges of a global recession is likely to dent prospects for the Mumbai Metropolitan Region (MMR) office market.

Bengaluru's office market witnessed its highest gross take-up in a decade and the strong leasing momentum continued into Q1 20.

In 2019, office rents in the National Capital Region of Delhi rose by four percent, driven by growth in co-working sector. Despite the record leasing activity last year, Knight Frank expects demand for grade A office space to soften.

"The situation is extremely dynamic and hence it would be challenging to provide a forecast for the year," said Shishir Baijal, Chairman and Managing Director of Knight Frank India.

FM's announcement aimed at infusing liquidity

Harish Sharma, Executive Director, REPL (Rudrabhishek Enterprises), said, "The first tranche came as breather amid corona crisis as the MSME sector received a big push. The announcements have been made with an aim to infuse liquidity and ease the functioning of the MSME. By tweaking the definition of MSMEs, the benefits will extend to a lot of units. Along with this, the collateral-free automatic loan for MSMEs worth Rs 3 lakh crore for four years coupling it with a no repayment of principal amount for the first 12 months will give a big relief to almost 45 lakh units. The 50,000 crore equity infusion through Fund of Fund will help the MSME units in leveraging it at daugter-fund levels and in expanding their size. By disallowing global tenders from the project worth Rs 200 crore, the government has eased out the competition for the MSMEs. This will give more opportunities to them and therefore, enormous growth can be expected in time to come."

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Atma Nirbhar Bharat Abhiyan, a much-needed booster for MSMEs

Ravi Saxena, MD, Wonderchef, said, "The first installment of 'Atma Nirbhar Bharat Abhiyan' comes as a much-needed booster for the MSME sector. Collateral free loans of 3 Lakh crore, and equity oriented Fund of Fund Rs 50,000 crore will give much needed liquidity to the companies in such a time of crisis. 20,000 cr worth of subordinate debt can prevent many companies from bankruptcy. By disallowing global tenders in government procurement up to Rs 200 crore the government has paved the way for MSME units to embark on a new journey of growth. Change in dedication of MSME is a small but very meaningful step in the right direction. Boosters to the real estate sector, NBFC’s and DISCOMs are also very pragmatic in nature. Cash flow of companies has been helped with measures like support in TDS and EPF while practical considerations have been given to assessment and filing dates of returns," he said.
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Economic stimulus package gives push to liquidity

NBFC Financepeer Founder Rohit Gajbhiye said, "The major emphasis has been laid on improving the Liquidity which is the need of the hour. NBFCs have been reeling from quite some time and COVID19 pandemic added to the injury. The special liquidity scheme and the partial credit guarantee scheme 2.0 will provide much respite to the sector. This is a very well planned move given the fact that banks and other debt markets have low risk taking ability the govt has taken the onus on itself. This paves way for improving the credit flow in the system through a sustainable approach."

Rupee ends flat

Sensex falls 131 points, Nifty above 9,100-mark 

Indices continued to recover as Sensex was trading 131.37 points or 0.42 percent lower at 30,991.52 while the Nifty was down 30.05 points or 0.33 percent at 9,112.70 at around 2 pm.

M&M, Axis Bank, ICICI Bank, IndusInd Bank and Bajaj Finance were the major losers.

HC asks RBI, Centre to respond to plea for action against Google Pay for flouting UPI rule

The Delhi High Court has sought response of the Reserve Bank of India (RBI) and the Centre on a plea seeking action and suspension of operations of the Google India Digital Service in UPI through its application ''Google Pay'' till it fully complies with interoperability.

Justice Asha Menon, who conducted the hearing through video conferencing, issued notices to the RBI, the Centre and Google India Digital Service Pvt Ltd and granted them three weeks to file their responses.

The petitioner approached the high court after Google Pay did not allow him to contribute to the PM CARES Fund, without making another VPA or UPI ID on its own app.

Petitioner Shubham Kapaley tried to use his already existing VPA/ UPI ID for other transactions as well, however, the same issue of denial of interoperability persisted.

Franklin Templeton MF gets in touch with investors for voting process

After winding up its six debt schemes, Franklin Templeton Mutual Fund has now taken the first step towards returning investors'' money as it has started getting in touch with them with regard to voting process to get their consent.

However, a negative outcome in the voting may delay the process to liquidate assets of the scheme and payment of money to investors, the fund house said.

The move comes days after markets regulator Sebi asked the fund house to focus on repaying investors at the earliest.

In a letter to investors on Thursday, Franklin Templeton India President Sanjay Sapre said,” Franklin Templeton is committed to ensuring an orderly and equitable exit for all investors at the earliest possible time and we have been working hard to expedite the process of returning your money.”

Mumbai Airport wins best staff award

GVK-MIAL managing Chhatrapati Shivaji Maharaj International Airport (CSMIA) has been recognized under the Best Airport Staff in India and Central Asia 2020 by Skytrax.  The airport also ranked amongst the top 10 best airports worldwide under the 40-50 million passenger’s category.

Talks on raising states' borrowing limits underway

Vedanta gives seeds to Odisha farmers

The Vedantas alumina refinery in Odishas Lanjigarh has provided seeds to the needy peasants in the area to help them develop a vegetable cultivation plan, a company official said.

The initiative aims to mitigate the effects of COVID- 19 on agriculture and allied activities in the area, the official said.

In the fight against the global pandemic, the alumina refinery is looking at restoring and sustaining the livelihood of the local communities, he said in a statement.

As part of this effort, the Vedanta team has helped develop a vegetable cultivation plan for the local farmers, whose source of income has been impacted adversely by COVID- 19.

Sharad Pawar writes to PM, seeks aid for crisis-hit sugar industry

NCP chief Sharad Pawar has written a letter to Prime Minister Narendra Modi seeking bail out for the sugar industry from the crisis "aggravated exponentially" by the unprecedented lockdown imposed to contain the spread of COVID-19.

Pawar noted that Modi -- even before the lockdown came into force in March-end -- had taken some "important" policy initiatives like MSP, export of sugar, buffer stock and interest subvention on capex for ethanol production duly supported by financial measures, seeing the key industry was faced with a crisis.

In his letter, sent on Thursday, Pawar sought the prime minister's "urgent intervention" to bail the industry out from the crisis now aggravated by the lockdown.

Mahindra Lifespace appoints Arvind Subramanian as MD, CEO

Realty firm Mahindra Lifespace Developers on Friday said it has appointed Arvind Subramanian as Managing Director and Chief Executive Officer of the company with effect from 1 July.

The board approved the decision in its meeting on Thursday.

He will succeed Sangeeta Prasad who resigned on 7 February this year. She had worked with the Mahindra group for over 11 years.

Arvind joined the company as chief executive officer of Mahindra Happinest, the affordable housing business, in September 2018.

Arun Nanda, Chairman, Mahindra Lifespaces Developers said, the company is poised for strong growth in a rapidly consolidating market. At Happinest, Subramanian has demonstrated his ability to imagine and engineer a new future for the sector, for the company and for our customers.

Cause of employee earnings strengthened

Lohit Bhatia, President, Indian Staffing Federation said, "The second set of announcements by the Government seems to strengthen the cause of employee earnings (via proposal of national floor minimum wages), social security format for coverage of Gig and platform workers, as well as enhancing the coverage of ESIC to include all workers in a hazardous industry, besides extending to employers with less than 10 workers also as an option. Thursday’s announcement read in line to Wednesday's focus on MSME sector with over 3.5 lakh cr of liquidity infusion coupled with turnover up to 100Cr treated as MSME will allow these 45 lac enterprises to grow further, employ more, and cover under social security schemes like ESIC providing healthcare benefits to nearly 12 cr workers and families. We wait to read the fine print and details of the said announcements which clearly show a movement towards Formalization will begin in the coming years"   

Nirmala Sitharaman may announce package for agriculture sector 

Stimulus package addresses marginalised sections

Anand Ramanathan, Partner, Deloitte India, said, "The government has addressed the needs of the marginalized sections such as small farmers, urban poor, tribals and migrant labour through the announcements today. The inclusion of the unorganized sector in the labour code will have implications for a large part of the informal economy across sectors.  Overall, existing schemes such as a kisan credit, MNGREGA, MUDRA yojana, Food security and PDS have been used to positively  impact over two thirds of the country's population from a food, health, livelihood and housing perspective.

Standard Chartered GBS donates Rs 3.4 cr  in fight against COVID-19

Standard Chartered Global Business Services Pvt Ltd (GBS) has donated Rs 3.4 crore to support the fight against COVID-19 virus in India.

GBS has extended its support to the National Centre for Biological Sciences (NCBS), a unit of Tata Institute of Fundamental Research (NCBS-TIFR) to develop local reagents, a solution that is used during the RNA testing to detect the virus.

It is also supporting NCBS for testing of 2,800 underprivileged people. With United Way, Bengaluru, GBS is funding 2,000 protective kits comprising of three-layer masks, disposable shoe covers, surgical gloves etc., and 2000 COVID-19 test kits that will be handed over to government hospitals.

GBS has also donated 25,000 face masks to Concern India, who in turn will be handing over these masks to the government hospitals and health workers.

Markets trading with minor losses at half-time

The Indian markets at half-time are trading with minor losses as headline index Nifty consolidates between 9,040-9,120, said Aditya Agarwala, Senior Technical Analyst, YES Securities.

Further, bulls have absorbed the initial selling pressure and have kept the Index above the lower end of the broad trading range i.e., 9,000, he said.

"A sustained trade beyond 9,120 could trigger short covering rallies taking the Index to levels of 9,200-9,250. On the flip side, if bears maintain their selling pressure and push the Index below 9,040, then it can slide to lower to 8,970-8,900," said Agarwala.

Banks, auto and media stocks continue to drag the Index lower while oil and energy stocks are active in trade on Friday.

European markets have opened with in the green with gains of 1 percent across all major markets which could bring some buoyancy in our markets as well, he said.

Indices recover as Sensex down 214 points, Nifty close to 9,100-mark 

Market recovered slightly in the afternoon session as Sensex was trading 214.29 points or 0.69 percent lower at 30,908.60 while the Nifty was down 54 points or 0.5 percent at 9,088.75 at around 1 pm.

M&M, Axis Bank, ICICI Bank, IndusInd Bank, Hero MotoCorp and Bajaj Finance were the major losers.

The gainers included Bharti Airtel, Tata Steel, NTPC, HUL and Nestle India.

MFI industry hopes repayments to start from June

The micro-finance institutions (MFIs), which have been hit severely in the wake of the coronavirus-triggered lockdown, are expecting that the repayments of loans given to the borrowers will actually start from June, an official of the industry body said on Friday.

Most employees of micro lenders have come back to their offices in green zones and have been able to establish contacts with their clients, either over phone or visiting them physically, Microfinance Institutions Network (MFIN) CEO Harsh Shrivastava said.

"No state is disallowing opening of the MFI offices in green zones. The MFI portfolio is spread across the country and a substantial portion of that is in the green zones," Shrivastava told PTI.

Since 4 May, the begining of the third phase of the lockdown, employees of micro lenders have joined their offices in green zones, though collections and disbursements have not been started, he said.

Sensex recovers from early losses

Airbus must be 'resized' to tackle crisis, bosses told, says report

Planemaker Airbus has told top staff that the company must be “resized” in plans to be set out by around end-June and is ready to cut jet production again to tackle any second wave of the coronavirus crisis, people briefed on the matter said.

Chief Executive Guillaume Faury told Airbus bosses to “face reality” in a briefing on the crisis, which has left an estimated 14,000 aircraft or two thirds of the global airliner fleet idle and manufacturers and airlines battling to save cash.

Faury once again warned that Airbus may not survive without change and insisted that “radical,” “proactive” and urgent steps were needed, according to people briefed on the presentation.

Biocon Q4 net profit falls 42% to Rs 123 cr 

Biotechnology major Biocon has reported a 42 percent decline in its consolidated net profit to Rs 123 crore for the quarter ended March 2020, mainly on account of one-time coronavirus-related impact on its biologics business.

The company had posted a net profit of Rs 214 crore for the corresponding period of the previous fiscal, Biocon said in a statement.

Consolidated total income of the company rose up by 6 percent to Rs 1,644 crore as against Rs 1,557 crore for the same period year ago, it added.

"Q4FY20 witnessed a muted growth of 6 percent with revenues at Rs 1,644 crore due to operational challenges including one-time COVID-19 related impact on our biologics business," Biocon Executive Chairperson Kiran Mazumdar-Shaw said.

IEX Q4 net rises 20% to Rs 45.61 cr

Power sales volume jumped nearly 40 percent at Indian Energy Exchange (IEX) to 13,835 million units (MU) in the January-March period, following which its March quarter consolidated net profit witnessed a significant rise.

The IEX had recorded electricity sales volume of 9,908 MU in the quarter ended 31 March 2019, IEX said in a statement on Friday.

For the 2019-20 financial year, IEX recorded power sales volume of 53,862 MU, up from 52,189 MU in 2018-19.

Elaborating further the company said, "TAM (term ahead market) volumes increased 89 per cent year-on-year. The southern distribution utilities continued their preference for TAM contracts. On the price front, the day ahead market saw an overall decline in prices by 14 percent during Q4 FY’20."

InterGlobe Enterprises inks pact to take part in sale process of Virgin Australia

Relief needed to cushion bottom of pyramid

Wilfred Sigler, Director – Marketing & Sales, CRIF High Mark, a microfinance credit bureau said, "The slew of relief measures announced by the Finance minister  is much -needed to cushion the bottom of the pyramid. This aid at the grassroot levels will ensure the health and safety of the workers and farmers who are most hit by the pandemic. The Rs 1500 crores interest subvention for the Mudra-Shishu Loans will be instrumental in helping small businesses bounce back and strengthen the microfinance segment. Rs 2 lakh crore concessional credit for farmers, fishermen through Kisan Credit Cards is an additional measure to empower and boost rural economy. Collectively, these measures will instil more credit and confidence among the deserving Indian population."

Stimulus package to push India-bound investments

Rajesh Narain Gupta, Managing Partner, SNG & Partners, said "This is one chance to showcase finest reforms to push India bound investments and therefore labour reforms need to be progressive in line with international experience. In zeal to protect labour it should not so happen that there are more bureaucratic hurdles. Business being the golden goose need to be kept alive and a fine balancing is required to ensure that the entrepreneurship is encouraged"

Labour codes announced will provide benefits for workers

Rohit Poddar, Managing Director, Poddar Housing and Development Ltd. and Joint Secretary, NAREDCO Maharashtra, said "The government has rightly focused on ensuring an ecosystem to provide essential resources to migrant workers and daily wage earners, while the sector is eagerly waiting for a fiscal package for revival. Labour codes announced will enable better compliance along with a plethora of benefits for the workers. Rs. 70,000 cr boost to housing and MIG through extension of CLSS shall help in creating job opportunities leading to investment of Rs.70000 cr in housing. This shall also stimulate the demand for steel, cement, transport and other raw construction material. We look forward to the Affordable Rental Housing complexes for migrant workers and urban poor that shall help in addressing the housing problems for these workers."

Sensex tumbles 301 points, Nifty at 9,065

Sensex tumbled 301.18 points or 0.97 percent to 30,821.71 while the Nifty was down 78.00 points or 0.85 percent at 9,064.75 at around 11.55 am.

M&M was the top loser in the Sensex pack dropping over 5 percent. Other losers included Axis Bank, ICICI Bank, Bajaj Finance, IndusInd Bank and Hero MotoCorp.

NTPC, Bharti Airtel, Tata Steel and Nestle India were the gainers. 

Nearly 47% of Rs lakh cr stimulus package covered

DK Srivastava, Chief Policy Advisor, EY India, said, “Considering first and second stimulus tranches together, nearly 47% of the targeted Rs 20 lakh crore stimulus package has now been covered. Today’s package replicates the basic design of financing large stimulus magnitudes with minimal fiscal cost. Today’s measures are a mix of short-term relief provisions and preparing for the new normal as reflected in the Affordable Rental Housing Scheme for migrant workers and urban poor. This second tranche focused on the poorer segments of the society including migrant labour, small and marginal farmers and urban poor. The emphasis is largely on the supply side of the economy. To invigorate the economy, more direct support to demand stimulation may now be needed.”

Manappuram Finance shares gain over 7% as Q4 net profit jumps

Shares of Manappuram Finance on Friday jumped over 7 percent after the company reported nearly 44 percent increase in net profit for the quarter ended March 2020.

On the BSE, the scrip advanced 7.23 percent to Rs 131.90. It jumped 7.19 percent to Rs 131.90 on the NSE.

The non-banking financial company on Thursday reported nearly 44 percent increase in net profit at Rs 398.20 crore for the quarter ended March 2020 on robust interest income.

It had posted a net profit of Rs 277.39 crore during the corresponding period of the preceding fiscal.

Relief for migrants, farmers, street vendors, tribals

Chandrajit Banerjee, Director General, CII, said, "The second tranche of stimulus package rightfully focussed on providing relief to poor including migrant workers, farmers, street vendors and members of tribal community which have borne the brunt of the lockdown necessitated due to COVID-19 outbreak. It is heartening to note that the immediate availability of Rs 30,000 crores of Emergency Working Capital Funds through NABARD for the small & marginal farmers is expected to meet post-harvest rabi and current kharif related work. In addition, the Rs 2 lakh crore concessional credit boost to farmers through the Kisan Credit Cards will ensure that the ongoing agricultural operations are not interrupted due to lack of funds.

"For the migrant workers the availability of free food grains, concessional rental housing complexes, among other measures are expected to alleviate their stress by providing them some succour in the current challenging scenario. The measure to extend Credit Linked Subsidy Scheme (CLSS) for middle income group is expected to give a boost to the all-important housing sector which has significant multiplier impact on rest of the economy," Banerjee said..

Second phase of stimulus measures 'laudable'

Arun Singh, Chief Economist, Dun and Bradstreet India said, "The 2nd phase of the stimulus measures targeted for the migrants and farmers is laudable. It has targeted the section of the population who has not only lost employment opportunities but faces a huge risk of finding new employment opportunities as business continue to work with lower workforce given subdued demand and fear of contagion impose limited reverse migration.

"Portability of welfare benefits for migrant workers and one Nation One Ration Card is expected to provide huge benefits to the weaker section of the population who will need to access the benefits given by the government from their current place of stay. Besides, the initiative to provide free food grain supplies to migrants for two months and making migrants who are neither covered under the National Food Security Act or State Card beneficiaries eligible to receive the benefit will support the poor section of the workforce. As per ILO estimates, working poverty rate percentage of employed were living below US$ 1.90 (PPP) per day India was 11% in 2019. These initiatives would especially support them." Singh said.

PayU India introduces EFT payment option

PayU, online payment solutions provider, has introduced the EFT payment option, allowing merchants to offer a wider variety of payment options for their customers.  Through EFT, PayU offers merchants an outreach to those customers who browse online, but lack access or are reluctant to engage in digital payments. This payment solution caters to organizations that require fast and seamless solutions for high-value transactions but are unwilling to transact online. The new offering from PayU will help merchants who would like to make inroads in Tier-2 and Tier-3 cities and towns, where customers’ preferred mode of payment transactions is through banks. 

Alim Khan, Senior Vice-President of Compulsive Businesses, PayU India, said “There is a large segment of the population who are comfortable browsing online but are reluctant while making online payments, and several organisations which don’t authorise their employees to initiate payments digitally. Through this solution, we have enabled merchants to reach out to customers and corporations who require semi-online solutions for payments.”

Fynd Platform to support entrepreneurs in Omnichannel

Fynd has announced Fynd Platform, a solution built for SMEs and omnichannel brand partners to create and manage their own brand websites and mobile applications. The platform aims to remove the barriers that entrepreneurs face when building an online business and provides tools to connect with customers anywhere. The platform offers entrepreneurs the ability to completely control their website customizations, digital marketing strategies, and communication activities with an assurance of honest pricing.

Telcos seek soft loans against Rs 35,000 cr of GST Input Tax Credits

Global economy could witness losses worth up to $8.8 trillion: ADB

The global economy is expected to suffer $5.8-8.8 trillion in losses due to the coronavirus pandemic, Asian Development Bank (ADB) said on Friday.

Of this, the impact on south Asian gross domestic product (GDP) will be to the tune of $142-218 billion.

"The global economy could suffer between $5.8 trillion and $8.8 trillion in losses - equivalent to 6.4 percent to 9.7 percent of the global GDP - as a result of the novel coronavirus disease (COVID-19) pandemic,” ADB said in a new report subsequent to its economic outlook released in early April.

The GDP in south Asia will also be lower by 3.9-6.0 percent, mainly reflecting the tight restrictions in place in countries like Bangladesh, India and Pakistan, ADB said in is updated assessment of the Potential Economic Impact of COVID-19.

World Bank approves $1 bn to support India's fight against COVID-19

The World Bank on Friday approved $1 billion ''Accelerating India’s COVID-19 Social Protection Response Program'' to support the country''s efforts for providing social assistance to the poor and vulnerable households, severely impacted by the pandemic.

This takes the total commitment from the World Bank towards emergency COVID-19 response in India to $2 billion.

A $1 billion support was announced last month to support India''s health sector.

The response to the COVID-19 pandemic around the world has required governments around the world to introduce social distancing and lockdowns in unprecedented ways, said Junaid Ahmad, World Bank Country Director in India in a webinar interaction with the media.

Multiplex stocks plunge

Sensex down 286 points, Nifty below 9,100-mark 

Indices extended the losses as Sensex dropped 286.09 points or 0.92 percent to 30,836.80 while the Nifty was down 73.10 points or 0.8 percent at 9,069.65 at around 11 am.

Mumbai students use crowdfunding to fund 2.3 lakh meals for migrants

Around 75 students from schools and colleges across Mumbai started a crowdfunding campaign on Fueladream.com and have already raised Rs 46 lakh in just over 14-days to fund more than 2.34 lakh meals for daily wage labor, the poor, and migrant workers across Maharashtra. This is being done in partnership with the NGO - Akshaya Patra under the banner of the Alpha Urbane Project.

The meals are cooked in Akshaya Patra kitchens and the last mile distribution is done by the local authorities- govt and civic body teams. The cost per meal is Rs 20.  The Alpha Urbane Project is a platform aims s to equip adolescents with the skills essential to tackle adversity and embrace opportunities that the 21st century has to offer. The students had an average goal of approx Rs 56,000 that would fund 2,800 meals. They had a collective goal of Rs 42.4 lakh which was to be achieved. 

Auto workers' tenuous return a ray of hope in jobs crisis in US

Defying a wave of layoffs that has sent the US job market into its worst catastrophe on record, at least one major industry is making a comeback: Tens of thousands of auto workers are returning to factories that have been shuttered since mid-March due to fears of spreading the coronavirus.

Until now, it was mostly hair salons, restaurants, tattoo parlors and other small businesses reopening in some parts of the country. But the auto industry is among the first major sectors of the economy to restart its engine.

With it comes about 133,000 US workers pouring back into assembly plants that will open in the coming week, or just over half of the industry''s workforce before the pandemic, according to estimates by The Associated Press.

In addition, parts-making companies began cranking this week to get components flowing, adding thousands more workers.

Yellow taxis to ply in Kolkata from Monday ​with 30% fare hike

The ubiquitous yellow taxis are likely to be back in the city's streets from Monday with a 30 percent hike in fares, Bengal Taxi Association (BTA) secretary Bimal Guha said in Kolkata on Friday.

He said that the association, in a meeting with senior West Bengal Transport department officials on Thursday, proposed the 30 per cent hike over meter readings at present rates.

The BTA secretary said that as per the government''s guidelines, a maximum two passengers would be allowed to board the metered taxis and that both would have to sit in the back seat.

Credit-linked subsidy scheme helpful for housing finance industry: Keki Mistry

Focus on affordable housing in second installment of announcements

Shishir Baijal, Chairman & Managing Director, Knight Frank India, said, "Thursday’s announcement has reemphasized on government’s agenda of promoting ‘Affordable Housing’ and ‘Housing for All’. The extension of CLSS for another year will help demand for the affordable housing sector to inch back as and when the economy starts to revive. This in turn will help the construction sector to restart operations at the earliest possible. However, for demand for housing to return, irrespective of the category, the economy must start growing at a stable rate providing individuals financial security. Thus, to assess the overall impact on the real estate sector, we await Finance Minister’s future announcements, including for infrastructure and other steps for demand augmentation.”

Nirmala Sitharaman's 3rd press meet on economic package at 4 pm today

'Stimulus package to provide incentive to migrant workers'

Sharda Mittul, CEO, Motilal Oswal Real Estate Fund, said, “One of the biggest challenges faced by the real estate sector in reviving activity pertained to migrant labour. The FM’s announcement of providing free food grains to 8 crore migrant workers over the next 2 months and soon making their PDS cards portable across states will provide an incentive to the migrant works to return to the sites more quickly.

"Announcing the scheme on providing affordable rented houses to migrant labour under the PMAY scheme will provide long term stability to them and may help in reinstating their faith in the current crisis. The Credit Linked Subsidy Scheme (CLSS) under which middle income group could avail reduced EMI under the PMAY scheme was applicable till March 2020. With interest rates already reduced, extending the CLSS scheme till March 2021 may provide the necessary boost in reviving demand for affordable housing.”.

Rupee rises 8 paise to Rs 75.48 in opening trade

Sensex slips over 200 points, Nifty below 9,100-mark

Sensex dipped 245.33 points or 0.79 percent to 30,877.56 while the Nifty was down 62.35 points or 0.68 percent at 9,080.40 at around 10 am.

M&M, Hero MotoCorp, Maruti and Axis Bank were the major losers in the Sensex pack. 

Tata Trusts to develop four hospital in UP, Maharashtra

Tata Trusts is upgrading four government hospital buildings, two in Uttar Pradesh and two in Maharashtra, into Covid-19 treatment centres. The facilities, including both in-patient and out-patient wings, are permanent and will enduringly enhance health care in their locations, even after the immediate purpose is met.

The Trusts’ intervention follows the Chairman Ratan N. Tata’s statement that “urgent emergency resources need to be deployed to cope with the needs of fighting the Covid-19 crisis, which is one of the toughest challenges the human race will face.”

In Maharashtra, the hospitals are at Sangli (50 beds) and Buldhana (106 beds), and in Uttar Pradesh at Gautam Buddha Nagar (168 beds) and Gonda (106 beds). The treatment centres in Uttar Pradesh are in collaboration with a partner organisation. The decision to upgrade existing infrastructure was to bring speed and make use, wherever possible, of existing capabilities and services. The Trusts are attempting to hand over the facilities by June 15, 2020.

Each hospital will be armed with critical care capabilities, minor operation theatres, basic pathology and radiology, facilities for dialysis and blood storage and telemedicine units, the company said in a statement.

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Sensex falls over 100 points, Nifty below 9,200

Stimulus package to boost affordable housing

Sharad Mittal, CEO, Motilal Oswal Real Estate Fund, said, “One of the biggest challenges faced by the real estate sector in reviving activity pertained to migrant labour. FM’s announcement of providing free food grains to 8 crore migrant workers over the next two months and soon making their PDS cards portable across states will provide an incentive to the migrant works to return to the sites more quickly.

"Announcing the scheme on providing affordable rented houses to migrant labour under the PMAY scheme will provide long term stability to them and may help in reinstating their faith in the current crisis. The Credit Linked Subsidy Scheme (CLSS) under which middle income group could avail reduced EMI under the PMAY scheme was applicable till March 2020. With interest rates already reduced, extending the CLSS scheme till March 2021 may provide the necessary boost in reviving demand for affordable housing," he said.

Hope no bureaucratic hurdles for labour

Rajesh Narain Gupta, Managing Partner, SNG & Partners, said, "This is one chance to showcase finest reforms to push India bound investments and therefore labour reforms need to be progressive in line with international experience. In zeal to protect labour it should not so happen that there are more bureaucratic hurdles. Business being the golden goose need to be kept alive and a fine balancing is required to ensure that the entrepreneurship is encouraged," he said.

Relief for migrant workers will open newer avenues in realty

Anshuman Magazine, Chairman & CEO - India, South East Asia, Middle East & Africa, said, "Following the announcement made by Finance Minister Nirmala Sitharaman, the industry welcomes the measures announced today by the Government. The announcement on rural infrastructure and affordable rental accommodations for urban and migrant workers under PPP partnership will open newer avenues for the construction industry. For middle-income group, the extension of Credit Linked Subsidy Scheme (CLSS) upto March 2021, is a positive step and will further strengthen demand in the affordable housing segment," Magazine said..

WTO chief to step down on 31 August

The World Trade Organisation (WTO) chief Roberto Azevedo on Thursday resigned unexpectedly, amidst the coronavirus pandemic that has affected the world economy, and trade at an unprecedented level.

"At a virtual meeting of all WTO members on 14 May, WTO Director-General Roberto Azevedo announced that he would step down on 31 August, cutting his second term short by exactly one year," WTO said in a statement.

The 62-year-old Brazilian career diplomat's second four-year term was not scheduled to end until September 2021.

'Focus should have been on direct fiscal transfer'

Dhiraj Relli, MD & CEO, HDFC Securities, said, "The second round of the stimulus announcements expectedly deals with ways to alleviate the hardships caused to the farmers, migrant workers and street vendors due to the coronavirus-induced lockdown restrictions. A special drive to provide concessional credit to PM-Kisan beneficiaries, extension of interest subvention schemes for farmers at concessional rates, liquidity support for farmers and rural economy, extension of credit linked subsidy scheme for affordable housing for middle income groups  are some intended ways to provide relief to these categories.

"Again the focus has been more on providing concessional credit and liquidity support rather than direct fiscal transfer (except for interest subvention and free food). The measures are welcome from human suffering alleviation perspective (although proliferation of schemes could have been avoided) and the modus operandi could relieve the feared pressure on the fiscal situation. However this may not result in direct and immediate boost to demand and hence the economic revival could take some time," Relli said.

Certain level of economic activity will continue despite lockdown extension: M&M

Demand stimulus needed

Sanjay Kumar, CEO & MD, Elior India, said, "The extension on the interest subvention till 31 May, 2020, sanctioning loans with low interest rates to the marginal farmers, refinancing worth 29,500 crore to the rural state, district and regional cooperative banks and the moratorium provided by the RBI will further strengthen the farmers in standing firm during this economic typhoon.

"Having said that, the basic premise to address the demand issue lies in the conundrum of the agriculture economy. Farmers are expected to reduce their credit risk and as their income is hit, they are likely to reduce land acreage for vegetable crops. This will lead to consumers paying a higher price for the essential food. However, with uncertainty in job market, the middle income group is likely to make conservative spends higher leading to crash in prices materialising into volatility in prices.

"The first two sets of announcement on the stimulus package focused rightly on the capital formation amongst the industries ensuring the commodity supply for consumption in the economy. What is now important to hear from the government, what comes as the fifth pillar in the  Bharat – Demand. Without the demand stimulus, the scaling of consumption will not happen; translating into demand-supply disequilibrium.

We look forward towards the facilitation directed towards increment of demand that will be possible the reduction of tax on consumption and cutting down on GST rates,said Mr. Sanjay Kumar, CEO & MD, Elior India.”

Lufthansa Group plans to resume flight services to India in June

Airline group Lufthansa on Thursday said it plans to restart services to India, which is currently under hiatus due to coronavirus-induced lockdown, by June this year.

In an official statement, the airlines said that is expecting to operate to over 130 destinations world over. The services in India will be restored to Mumbai from Frankfurt subject to regulatory approvals.

"I am quite proud of our decision to have Mumbai as one of the first destinations for increasing our long-haul services. It reflects the robust demand for flights to and from India, even in these unprecedented times," said George Ettiyil, Senior Director Sales, South Asia at Lufthansa Group.

NovaLead Pharma to conduct Phase 3 clinical trial for COVID-19

NovaLead Pharma, Pune-based firm, has announced that it has received ‘in principal’ clinical trial permission with DCG(I) for its Repurposed Drug discovery to treat moderate COVID-19. This approved drug codenamed NLP21 is in human use for several years for its original use without any side effects of concern, it said in a statement. 

In a comparable viral assay study conducted by reputed laboratories in South Korea and United States, NLP21 has shown better viral inhibition ability than Remdesivir®, Fevipiravir, Hydroxychloroquine, Lopinavir/Ritonavir etc. All these drugs at some point or the other have been considered as probable treatments for COVID-19 but their clinical outcome is as yet inconclusive, the company said.

Supreet Deshpande, CEO, said"  “NLP21 shows promising ability of acting on COVID-19 through multiple relevant targets. This enables NLP21 not only to prevent virus binding to the human cells and reduce the viral load but also clears damaged human cells to allow regeneration of healthier cells all of which are essential to address COVID-19 infection effectively,” he said.

Temporary relief to migrant workers

Ashok Mohanani, Chairman, EKTA World & President-Elect NAREDCO, Maharashtra, said, "“The recent announcement of the Finance Minister where the Centre would be accommodating Rs 11,000 crores to the states that will help set up basic necessities like food, water and shelter will give a temporary relief to the migrant workers. This measure will stop 60 to 65 percent of reverse migration which in turn will revive the construction activities and the economy.

"The extension of the Credit Linked Subsidy Scheme (CLSS) with the infusion of Rs 70,000 crore that will assist in boosting the housing sector and middle income group will act as an added benefit. CLSS scheme will bring in cash flows for the Real Estate sector, thereby saving the affordable housing segment. This in a larger perspective will cater to the demand side of the economy as expected unlike yesterday which catered to the supply side.

"Incentivizing the state government agencies and converting government funding houses into affordable rental housing complexes will build trust and give a reason for migrants to stay back adding a feather to completion of ‘Housing For All 2022’. This stimulus package as a whole will act in a positive note if urgent implementation and planning is followed impacting relevant beneficiary for all businesses.”

Strengthening economy by addressing livelihood, food and housing needs

Ramesh Nair, CEO and Country Head (India), JLL, said, "The second set of special economic measures were announced as a part of PM Modi’s ‘Self-Reliant India’ movement. These measures focused on resolving the problems of migrant workers, street vendors and farmers.

"The Government of India is committed towards generating employment opportunities while ensuring that people across the nation get access to necessities such as food and shelter. ‘Housing for All’ has been a major focus of the Government and the affordable rental accommodation scheme for migrant workers and urban poor will go a long way in ensuring the same. Moreover, this availability of organised housing facilities will lead to decongestion of urban spaces by reducing unauthorized occupancy & encroachment and thus, facilitate better town planning" he said.   

Biocon Q4 net down 42% at Rs 123 crore

Biocon Ltd''s net profit declined 42 per cent to Rs 123 crore in the fourth quarter of 2019-20 compared to the same period in the previous fiscal following muted revenue growth due to COVID-19 related impact on its biologics business, the company said.

The Bengaluru-headquartered biopharmaceuticals company said Q4FY20 revenue was up six per cent at Rs 1,644 crore. FY20 revenue grew 15 per cent at Rs 6,529 crore, while net profit (before exceptional item) rose four per cent to Rs 760 crore, according to a company statement.

Commenting on the results, Kiran Mazumdar-Shaw, Executive Chairperson, said Q4FY20 witnessed a muted growth of six per cent with revenues at Rs 1,644 crore due to operational challenges including one-time COVID-19 related impact on the companys biologics business.

Nifty drops below 9,100-mark

Bharti Infra, UPL among top losers

Markets open with minor gains

Giving grains for those without ration card a good move

Prof K.R Shyam Sundar, XLRI, said, "The Finance Minister's second trance of relief measures have sought to address issues concerning generally the urban poor and more specifically the migrant workers and the street vendors. The biggest take-away and the only credible relief measure amongst the host of announcements made today is that migrant workers even without the ration card can avail 5 kg of rice or wheat and 5kg chana per family.

"The FM has announced that this document-free free ration will benefit approximately 8 crore people.  During the announcement of measures during the COVID-19 times, when it comes to claimed beneficiaries numbers often easily run into crores! What are the sources of these data, especially when we do not have any scientific basis save the 2011 Census to even guesstimate migrant population save by extrapolations which will be based on some linear growth assumptions.  Even assuming that the government has credible database, does not this statistic reveal that 8 crore people have been rendered without a ration card and they must have been deprived of the rights of foodgrains promised under the first relief measure by the FM on 26 March?  Could the government not have realised that such a huge measure of population that too vulnerable lot have been left out?," he asked.

Extension of Credit link subsidy scheme to give relief to lower MIG 

Sushil Mohta, Chairman, Merlin Group and President, Credai West Bengal, said, "Affordable rental housing scheme announced today is interesting, if proper business model is developed with support by Govt it can bring lot of cleanness in our cities and create a new asset class. We need to study the scheme in details and suggest the government to make it workable. Affordable Rental housing for white / blue collar is a great idea, as currently they stay in slums or Chawls in inhuman conditions. In many countries like Dubai etc, this scheme is applicable, but to deal with individual and collect rent will be very difficult unless one can rent out to corporates or suitable amendments are brought in currant rent laws. Govt should exempt this housing from land ceiling and give exemptions/ concession on income tax , municipal taxes in gst and banks should be asked to lend liberally at concessional rate

ICC welcomes stimulus package 

Rajeev Singh, Director General, Indian Chamber of Commerce, said, "A package of Rs 2.30 lakh crore was extended to farmers  through Kisan Credit Cards and NABARD along with Interest Subvention on Crop Loans till May 31. A special credit scheme is being launched for street vendors only which would benefit 50 lakh of them . A special interest subvention of 2% has been extended to borrowers  under Mudra Shishu  Category (<= Rs 50,000) after the ending of the moratorium period.  The successive measures of Quantitative Easing in the last two days, would help to maintain aggregate demand and supply at present levels and maintain the economic equilibrium, which is deeply appreciated by the Indian Chamber of Commerce.

Extension of PMAY CLSS for MIG significant

Siddhartha Mohanty, MD & CEO of LIC Housing Finance, said "The extension of PMAY CLSS for the MIG segment of borrowers in the income range Rs.6 to Rs.18 lacs is significant move.  Government has been relentlessly focusing on promoting affordable housing in its mission of  "Housing for All" by 2022.  For HFCs, loans coming under the ambit of PMAY CLSS  has been a major growth driver during the last two years.  With an envisaged investment of Rs.70,000 cr, we can expect a major fillip to this segment.  The positive effects will also accrue to the allied sectors like  steel, cement etc besides generating employment opportunities”.

Realty hoping for liquidity push

Surendra Hiranandani, Chairman and Managing Director, House of Hiranandani, said, "Housing has always been a critical component of any economy. Government’s efforts to trigger pace and activity in the sector through a Rs 70,000-crore stimulus package is commendable. Extension of the Credit Linked Subsidy Scheme will encourage more demand and aid in clearing unsold inventory. The announcement to build rental housing complexes via public-private partnership will stimulate demand for raw materials, generate employment and thus provide a thrust to affordable housing . Overall today’s announcement will certainly alleviate stress to a certain extent from the sector. The sector is hopeful for a liquidity push which has been a prime concern for the sector," Hiranandani said.

Power demand to fall in FY21: Moody's

Markets expected to open flat today

Aditya Agarwala, Senior Technical Analyst, YES Securities, said, "It will be a flat start to the Friday’s session for the Indian markets as suggested by the SGX Nifty which is currently trading marginally higher by 30 points. The Asian markets are mostly trading in the red with mind cuts between 0.10%-0.30%, barring the TAIWAN market which is trading mildly higher. Overnight the US markets recovered smartly towards the end of the session to shut shop in the green. Currently, Dow Jones Futures is trading with minor losses of 0.20%.  

"The Nifty ended the previous session deep in the red extending its weakness as the day progressed after a Gap-down opening. Further, bulls need to protect the immediate support of 9100 following a flat opening. A sustained trade above 9100 could trigger short covering rallies taking the Index higher to its 20-DMA placed at 9255 and then 9300. However, failure to do so and a trade below 9100 could lead to extended selling pressure dragging the Index lower to levels of 9000 being the lower end of the range. Overall our markets continue to oscillate in trading band between 9000-9450," Agarwala said..

Crude prices mixed after big gains

Oil prices were mixed on Friday after big gains a day earlier when the International Energy Agency (IEA) predicted crude stockpiles would start to shrink in second-half 2020 after surging while the coronavirus pandemic slashed fuel demand.

Brent crude was up 1 cent at $31.13 a barrel by 0115 GMT, after rising nearly 7 percent on Thursday. The global benchmark is roughly flat on the week after rising for the previous two weeks.

Giving up earlier gains, West Texas Intermediate (WTI) oil was down 13 cents, or 0.5 percent, at $27.43 a barrel, having jumped 9 percent in the previous session. WTI is still heading for a third weekly gain, up more than 10 percent.

Prices have been lifted by more signs that oil output is falling among OPEC and other major producers, a grouping known as OPEC+. But the market mood remains cautious, with the coronavirus pandemic far from over and new clusters emerging in countries where lockdowns have been eased.

China's factory output posts first increase for 2020 

China’s industrial output rose 3.9 percent in April from a year earlier, data showed on Friday, expanding for the first time this year as the world’s second-largest economy slowly emerged from its coronavirus lockdown.

That was faster than the 1.5 percent increase forecast in a Reuters poll on analysts and followed a 1.1 percent fall in March.

After months of lockdowns, China is slowly reopening its economy as the coronavirus outbreak on the mainland has come under control.

However, it continues to face major challenges in recovery as the pandemic has now swept the globe, affecting other major economies and trading partners.

The National Bureau of Statistics said China’s economy was recovering but still faced many challenges as the coronavirus spread globally.

Stocks to watch out for today

Markets could open flat

Deepak Jasani, Head Of Research, HDFC Securities, said "The markets could open flat as bounce in global markets offset local disappointment. Indian markets could open flat today following a sharp rebound in US markets on Wednesday and Asian markets that are mildly up this morning.

"The Dow staged the biggest turnaround in about two months on Thursday, as investors overlooked data that showed 2.98 million Americans lost jobs last week, bringing the total unemployed to about 36.5 million since COVID-19 pandemic began. A rebound in large financial stocks helped to turn stocks around in afternoon action, as investor skittishness abated with signs of recovering demand as some U.S. states reopen their economies.

"Crude-oil prices rose on news of production cuts and stronger demand forecasts, with West Texas Intermediate Crude for June delivery up $2.27, or 9%, to end at $27.56 a barrel. The price of an ounce of June gold rose $24.50, 1.4%, to settle at $1,740.90 an ounce.

"Asian stocks were mildly up on Friday amid investor optimism about the re-opening of the U.S. economy from coronavirus lockdowns and possibly more stimulus that could fuel a recovery. In April, China’s industrial output grew by 3.9 per cent, retail sales fell by 7.5 per cent and fixed asset investment fell by 10.3 per cent, suggesting an uneven recovery.

"In the second round of stimulus announcements made yesterday, the focus has been more on providing concessional credit and liquidity support rather than direct fiscal transfer (except for interest subvention and free food). The measures are welcome (although proliferation of schemes could have been avoided) and this could relieve the feared pressure on the fiscal situation but may not result in direct and immediate boost to demand. Hence the economic revival could take some time.  

"Indian benchmark indices wiped out all the previous session gains with Nifty ending below 9150 level on May 14 due to unenthusiastic response to the relief package announcements made on Wednesday and amid weak global cues. Nifty closed down 240.80 points or 2.57% at 9142.75. Capital Goods and Media stocks were up while IT, Metals, Financials, and Telecom shares were down.

"Technically, Nifty has fallen with a down-gap and closed near its intraday low. The trend continues to be down. On upmoves it could face resistance at 9236, while 9044 could offer support to the Nifty on down moves," said Jasani.