Stock Markets Today Latest Updates: Market posts biggest single-day gain as Sensex reclaims 30,000-mark, Nifty up 708 points

Allow liquor sale; illicit trade burden on exchequer: CIABC to 10 states

The Confederation of Indian Alcoholic Beverage Companies (CIABC) has urged 10 states to allow sale of alcoholic beverages saying that a blanket ban during the lockdown to contain coronavirus has resulted in sale of illicit and spurious liquor while causing burden on exchequer.

The body noted that the nationwide lockdown has resulted in the shutdown of all wholesale and retail shops selling alcoholic beverages.

It said the need to close on-shops (bars) is well understood in light of social distancing.

The CIABC sent letters on Monday to chief ministers of 10 states — Delhi, Haryana, Karnataka, Madhya Pradesh, Maharashtra, Punjab, Rajasthan, Telangana, Uttar Pradesh and West Bengal.

India’s renewables installation could fall by a fifth: Wood Mackenzie

India could face over 21.6 percent of 3 gigawatts (GW) of solar power and wind energy projects being delayed due to the nationwide lockdown imposed to check the spread of coronavirus, Wood Mackenzie said in a report.

While wind projects would be hit by supply and labour disruptions in the peak season, solar photovoltaic (PV) installations are expected to be hit hard as the industry is heavily dependent on Chinese PV module imports, which have been disrupted due to coronavirus.

“Wood Mackenzie projects that India could face over 21.6 percent or 3 gigawatts (GW) of solar photovoltaic (PV) and wind installations being delayed as a result of the country’s lockdown,” it said in the report.

Australian regulator urges banks, insurers to defer dividends

Australia’s prudential regulator on Tuesday asked banks and insurers to consider deferring dividend payouts or use buffers like dividend reinvestment plans until the impact of the coronavirus pandemic is better known.

But the Australian Prudential Regulation Authority (APRA) stopped short of giving an official directive, even as central banks across the world have restricted plans to return capital to investors as the outbreak threatens earnings and disrupts operations.

APRA asked banks and insurers to limit discretionary capital distributions so that they have sufficient capacity to continue essential functions like lending and underwriting insurance.

French firm Total’s arm invests Rs 3,700 cr to form JV with Adani Group

French energy firm Total SA on Tuesday said it has invested Rs 3,707 crore to set up 50:50 joint venture with Adani Green Energy Ltd (AGEL) through its step-down subsidiary.

The JV houses 2,148 GW operating solar projects across 11 states in India, the company said in a statement.

The portfolio includes the Restricted Group 1 & 2 projects, which had recently raised USD 862.5 million from the international bond markets, the statement said.

Restricted Group 2 was the first Investment Grade rated issuance (rated BBB-/Baa3/BBB-) by a renewable business in India and was widely recognized by global capital markets and international publications, it added.

Adani Green Energy (@AdaniOnline) completes 2,148 GW joint venture with @Total, receives Rs 3,707 cr pic.twitter.com/SaOupUqu09

— CNBC-TV18 (@CNBCTV18Live) April 7, 2020

Gujarat Alkalies starts partial operation

#JustIn | Gujarat Alkalies starts partial operation of Poly Aluminium Chloride (PAC) & Hydrogen Peroxide Plants at Dahej unit & Chloromethanes & Poly Aluminium Chloride (PAC) Plants at Vadodara Complex pic.twitter.com/P5dWdyjcMT

— CNBC-TV18 (@CNBCTV18Live) April 7, 2020

Bank of Baroda to provide support to women SHGs, FPOs

State-run Bank of Baroda on Tuesday said it will provide financial assistance of up to Rs 1 lakh to women self-help groups (SHGs) to help meet their funding demand amid the COVID-19 crisis.

The bank has also announced an emergency credit line for farmers producer organisations (FPO/FPC) to deal with any liquidity mismatches.

Under the Additional Assurance to SHGs-COVID19 scheme, the bank will provide support to existing SHGs’ facilities in the form of cash credit or overdraft or term loans.

“The minimum loan amount is Rs 30,000 per SHG and maximum loan amount granted under the scheme is Rs one lakh per member, repayable in 24 months,” the bank said in a statement.

MRPL cuts production of diesel, petrol

With the number of vehicles on roads falling sharply in the lockdown period due to the coronavirus spread, the public sector Mangalore Refinery and

Petrochemicals Limited (MRPL) has cut down production of petrol and diesel by half.

The demand for diesel and petrol had fallen sharply after the lockdown was announced.

MRPL normally produces 2,500 tonnes of LPG, 20,000 tonnes of diesel and 2,500 tonnes of petrol.

The LPG production has now been cut by 25 percent while there has been a 50 percent cut in petrol and diesel production, the company said in a press release.

SpiceJet operates India’s first cargo-on-seat flight, transports 11 tonne of vital supplies

.@flyspicejet operates India’s first cargo-on-seat flight. Co carries 11 tons of vital supplies in passenger cabin & belly space from Delhi to Chennai,

B737 passenger aircraft to do five rotations today carrying crucial supplies pic.twitter.com/Ke3Ei1xKlt

— CNBC-TV18 (@CNBCTV18Live) April 7, 2020

About 46,000 crew, passengers thermal scanned: Shipping ministry 

The government on Tuesday said it is committed to maintaining smooth operations across its shipping ports and has initiated a number of steps, including waiving rentals and thermal scanning of 46,000 crew and passengers, in the wake of COVID-19 outbreak.

Total traffic handling at major ports has also increased marginally by 0.82 percent to 705 million tonnes (MT) during the last fiscal.

“In the wake of unprecedented crisis due to COVID-19, the Ministry of Shipping has been taking pro-active steps to ensure smooth running of shipping and port operations, ease the hardships, and at the same time, following the restrictions imposed during the lockdown,” the Ministry of Shipping said in a statement.

Sensex reclaims 30,000-mark, Nifty up 711 points 

The market continued the rally in the late afternoon trade as Sensex surged 2476.15 points or 8.97 percent to 30,067.10 and the broader Nifty was trading 711.40 points or 8.8 percent higher at 8,795.20 at around 3 pm.

IndusInd jumped nearly 23 percent followed by Axis Bank and Mahindra & Mahindra.

PNB Housing Finance signs pact with JICA to raise $75 million

PNB Housing Finance has signed an agreement with Japan International Cooperation Agency (JICA) to raise 75 million dollars (about Rs 568 crore) with co-financing of 25 million dollars (about Rs 190 crore) by Citibank to finance mortgage loans in the affordable housing segment.

This will provide affordable housing to low-income households in India based on the Facility for Accelerating Financial Inclusion in Asia.

Rupee spurts 49 paise to 75.64 against dollar

The Indian rupee surged by 49 paise to 75.64 (provisional) against the US dollar on Tuesday, taking cues from positive equity market sentiment.

At the interbank foreign exchange, the rupee opened at 75.92 and gained further ground to touch the day’s high of 75.60. The Indian unit finally settled for the day at 75.64, registering a rise of 49 paise over its previous close.

On Friday, the rupee had settled at 76.13 against the US dollar.

Harley-Davidson drives in Low Rider S cruiser in India at Rs 14.69 lakh

American cult bike manufacturer Harley-Davidson on Tuesday said it has launched Low Rider S in India priced at Rs 14.69 lakh (ex-showroom).

The cruiser is built around a Harley-Davidson Softail chassis enhanced by premium suspension components tuned for aggressive riding.

“The look of the new Low Rider S is really rooted in the legacy of the Low Rider models of the 1980s, that has a devoted following which has spread world-wide from origins in Southern California, and in the recent Dyna-based Low Rider S model," Harley-Davidson vice president of Styling and Design Brad Richards said in a statement.

IntelliSmart appoints Anil Rawal as CEO

IntelliSmart Infrastructure, which would implement the government’s smart electric metres project across the country, on Tuesday announced appointment of Anil Rawal as its Chief Executive Officer. 

The company, formed in 2019, is a joint venture of Energy Efficiency Services Ltd (EESL) and National Investment and Infrastructure Fund (NIIF).  It is entrusted with the task of implementing, financing and operating the smart meter rollout programme of power distribution companies.

IntelliSmart will work in collaboration with all stakeholders to procure, deploy and provide operations and maintenance for the smart meter infrastructure, it said in a statement.

Benchmark indices set to register biggest single-day gain since 2009

The equity benchmark indices are all set to register biggest single-day gain since 2009 as Sensex surged 2234.28 points or 8.10 percent to 29,825.23 and the broader Nifty was trading 630.05 points or 7.79 percent higher at 8,713.85 at around 2.30 pm.

As many as 1,695 shares have advanced, 458 shares declined, and 161 shares are unchanged.

Vodafone Idea users face connectivity issues

Several subscribers of Vodafone Idea on Tuesday reported poor call and data connectivity issues. However, Vodafone Idea on twitter said the issue has now been resolved.

According to the Down Detector, which tracks network outage of apps and mobile networks, there was a sudden spike in complaints around 11.20 am from various locations.

More than half the complaints were about data services only and some subscribers even reported complete network outage in their area.

Most of the complaints were from Delhi, Mumbai, Bengaluru, Chennai, Jaipur, Pune, Ernakulam and Gurugram.

The telecom company however said the issue has been resolved.

Railway to make 1,000 PPE per day in 17 workshops

Railways, which has got a nod from the DRDO for making personal protection equipment (PPEs), has now set a target of manufacturing around 1000 of them in its 17 workshops every day.

The PPE overall will offer much needed protection to railway doctors and paramedics working on the front line of COVID care at hospitals of Railways.

“Facilities are being geared up in Railways to make up to 1,000 such protective overall for railway doctors and paramedics every day. As many as 17 workshops would be striving to contribute to this exercise,” the national transporter said in a statement.

Railways is also considering to supply 50 per cent of the innovated PPE garment to other medical professionals of the country.

Govt should spend more on preventing spread of contagion: Urjit Patel

#COVID2019 Pandemic | Former @RBI Governor Urjit Patel says we need to spend more on preventing spread of contagion & that massive testing now could help avoid another lockdown later#StayHome #Coronavirus pic.twitter.com/uV9t1ktgUr

— CNBC-TV18 (@CNBCTV18Live) April 7, 2020

Sensex soars over 2,100 points, Nifty above 8,700-mark 

The domestic equities continued the rally as Sensex surged 2151.67 points or 7.80 percent to 29,742.62 while the broader Nifty was trading 617.80 points or 7.64 percent higher at 8,701.60 in the afternoon trade.

IndusInd jumped nearly 19 percent followed by Axis Bank and Maruti.

Dabur group commits Rs 21 cr in fight against COVID-19

Home grown Dabur group on Tuesday pledged Rs 21 crore to support the relief efforts and help the immediate needs of people affected from the COVID-19 pandemic.

The group will also provide assistance to people engaged in frontline efforts to fight the virus and support to members of vulnerable sections of the society and migrant workers, who are the hardest hit by this pandemic, , according to a statement.

“We have earmarked a fund of Rs 21 crore towards relief efforts… Out of this pledged amount, a sum of Rs 11 crore is being contributed to PM CARES Fund by Dabur India and other entities in the Group,” said Dabur India Ltd chairman Amit Burman said.

Extending its help, group has started providing health and hygiene kits to police personnel across the country which includes face masks, hand sanitisers and immunity-boosting medicines.

Traders ask court to restart antitrust probe into Amazon, Flipkart

A retail group has asked a court to allow the restart of an antitrust investigation into Amazon.com Inc and a Walmart unit that is on hold following a legal challenge by the companies, a court filing seen by Reuters showed. Amazon and Walmart’s unit Flipkart did not immediately respond to a request for comment on Tuesday.

The appeal will likely be heard later this month at a time when both Amazon and Flipkart are battling slowing sales and logistical challenges during India’s lockdown to tackle the coronavirus which has resulted in supply chain disruptions.

The Competition Commission of India (CCI) in January ordered an investigation into business practices of the two e-commerce giants, but the High Court in Karnataka state put it on hold after Amazon argued the CCI did not have sufficient evidence to order it.

165 VIPs urge 20 economic powers for billions for COVID-19

Many former global leaders and other VIPs urged the world’s 20 major industrialised nations to approve $8 billion in emergency funding to speed the search for a vaccine, cure and treatment for COVID-19 and prevent a second wave of the coronavirus pandemic.

In an open letter to governments of the Group of 20 nations, the leaders, ministers, top executives and scientists also called for $35 billion to support countries with weaker health systems and especially vulnerable populations, and at least $150 billion for developing countries to fight the medical and economic crisis.

And they urged the international community to waive this year’s debt repayments from poorer countries, including $44 billion due from Africa.

Sensex zooms over 2,000 points, Nifty up 582 points

Market extended the early gains as Sensex surged 2017.71 points or 7.31 percent to 29,608.66 while the broader Nifty was up 581.65 points or 7.2 percent at 8,665.45 at around 1.45 pm.
 

IndusInd was the top gainer in the Sensex pack soaring nearly 18 percent followed by Axis Bank and ICICI Bank.

Production at SAIL, Tata Steel plants down by 50%

Facing reduction in demand due to the lockdown in the country, steel makers SAIL and Tata Steel have reduced their output by about 50 percent, according to sources.

State-owned Steel Authority of India Ltd (SAIL) and private player Tata Steel both contribute about 20 per cent to India’s total steel production.

As per industry sources, SAIL and Tata Steel have scaled down production by about 50 per cent.

The companies have taken the decision because of the reduced demand in the market after the lockdown, which has impacted logistics movement, the sources said adding that buyers are also reluctant in placing orders.

States scramble for funds as virus takes toll on coffers

States are slashing salaries, demanding an increase in borrowing limits and asking for fund transfers from New Delhi as their tax revenues dry up due to large scale travel restrictions to contain the spread of the flu-like respiratory disease.

The Reserve Bank of India (RBI) has already raised short-term borrowing limits to help tide over the funding crunch, but more outright support from the central bank is going to be critical, analysts said.

“States revenues are unlikely to be adequate in the current circumstances so this is where the RBI will have to step in much more aggressively,” said Upasna Bhardwaj, senior economist at Kotak Mahindra Bank.

Asian companies pose lower dividend risk due to stronger finances

Asian firms appear better equipped to pay stable dividends compared with their western counterparts that are constrained by highly levered balance-sheets and a need to preserve cash during the coronavirus outbreak. As major global central banks push interest rates to near-zero, yield-seeking investors are on the hunt for assets that provide a stable income.

Analysts say that while Asian companies are also pressured by factory shutdowns and falling demand this year, their higher cash flows could help to sustain dividend payments.

“We note that companies in Asia appear to have much more insulation in terms of sustainability of cash outflow items such as capital expenditure and dividends relative to their Western counterparts,” Jim McCafferty, head of Asia-ex-Japan equity research at Nomura in Hong Kong, said in a note.

“We believe this conservatism has roots in the fact that Asia has experienced more crises than the West in recent years.”

Britain’s supermarkets wrestle with coronavirus demand conundrum

Britain’s big supermarkets fear they won’t be able to supply the country’s 60 million people without longer opening hours or a relaxation of social distancing rules introduced to curb the spread of the coronavirus.

Industry executives speaking on condition of anonymity said they expected a jump in demand once Britons under lockdown had worked through supplies amassed at the start of the crisis and as shoppers stocked up for the long Easter weekend holiday.

What’s more, the lockdown has temporarily transferred the eating out market – bars, cafes, restaurants, school meals and workplace canteens – to the home, shifting about 30 percent of the nation’s food consumption back to stores.

“The problem is, can you feed 60 million people at the rate you can get people through the stores with that social distancing?” one industry executive told Reuters.

Pharma stocks soar after India lifts export curbs on 24 drugs

COVID-19 fallout: Pharma stocks are new kings of the ring on D-Street, writes @_anujsinghal https://t.co/C7agdk6zPI

— CNBC-TV18 (@CNBCTV18Live) April 7, 2020

Markets rally continues on firm global cues

Tracking firm global cues and value buying in fundamentally strong stocks, the stock markets were trading on a firm note with a gain of over 6 percent, said Sundar Sanmukhani, head-fundamental research desk, Choice Broking. 

Signs that intensity of coronavirus spread is declining in highly affected areas of the US and Europe kept the sentiments upbeat, he said.

“Meanwhile, investors also took positive cues from the news that India may attract $1.3 billion in passive flows as the country has moved into a new regime in which the FPI limit has been increased to the sector foreign limit. Broad-based buying was witnessed in the market with all sectors trading with healthy gains,” said Sanmukhani.

Pharma sector rallied the most  after the government lifted restrictions on the export of 24 pharmaceutical ingredients and medicines made from them. Pharma stocks have been gaining of late as the sector is better placed to navigate the crisis during the COVID-19 outbreak even though the challenges faced by it are all the same, he said.

“Market sentiment will continue to be driven by the trend in corona virus cases globally as well as in India,” Sanmukhani added.

Market at day’s high as Sensex zooms 1,800 points, Nifty above 8,600

Market soared to day’s high in the afternoon trade as Sensex soared 1857.18 points or 6.73 percent to 29,448.13 and Nifty was up 538.30 points or 6.66 percent at 8,622.10 at around 1.10 pm.

All the sectoral indices are trading in the green. IndusInd Bank surged nearly 18 percent while Axis Bank was up over 15 percent.

Housing sales drop 29% in January-March period

Housing sales fell 29 percent during January-March period across seven major cities to 27,451 units while the value of unsold inventories swelled to Rs 3.65 lakh crore as buyers postponed their buying decisions amid COVID-19 outbreak, according to JLL.

The sale of residential units decreased by 29 per cent to 27,451 units in the Q1 of 2020 calendar year as against 38,628 units in the year-ago period.

“The economic slowdown aggravated by the ongoing health crisis is manifesting itself in the form of a hit to sales with buyers postponing their purchase decisions,” JLL India said in its quarterly report.

European markets up 3% in opening trade

#CNBCTV18Market | European markets open with gains of 3% pic.twitter.com/P3FxUtYZ6G

— CNBC-TV18 (@CNBCTV18Live) April 7, 2020

Online platform for issuance of ‘certificate of origin’ for exporters created

The commerce ministry has designed an online platform for issuance of a key document required for exports to those countries with which India has trade agreements, with a view to facilitate shipments during the COVID-19 crisis.

An exporter has to submit a ‘certificate of origin’ at the landing port of the importing country. The document is important to claim duty concessions under free-trade agreements (FTAs). This certificate is essential to prove where their goods come from.

“The platform has been designed as a single-point access for all FTAs/PTAs, for all designated Certificate of Origin (CoO) issuing agencies and for all export products, and is accessible at – https://coo.dgft.gov.in,” the Directorate General of Foreign Trade (DGFT) said on Tuesday in a notice sent to all exporters, members of trade, designated agencies under FTAs/PTAs, and all embassies of FTA/PTAs partner countries.

CreditAccess Grameen rolls out loan repayment moratorium options

CreditAccess Grameen Limited (CAGL), a microfinance institution has in accordance with the loan moratorium guidelines issued by RBI on 27 March 2020,  framed its loan moratorium policy.

Accordingly, moratorium will be avilable to all the existing borrowers across India. Moratorium will be allowed on all installments falling due between 1 March 2020 and 31 May 2020, it said.

For the borrowers who have already paid installments after 1 March 2020, required adjustments will be made so that moratorium is applicable for the remaining instalments till 31 May 2020.

The asset classification will be according to RBI guidelines. The customer will not be reported as defaulter during the moratorium period. The regular reporting to credit bureaus shall commence after the repayment holiday period.

 Sensex zooms over 1,800 points, Nifty reclaims 8,600-mark

#CNBCTV18Market | Market extends gains, #Nifty at 8,600, #Sensex up more than 1,800 points pic.twitter.com/sJ4ONi6iG4

— CNBC-TV18 (@CNBCTV18Live) April 7, 2020

HC rejects ex-Fortis promoter Shivinder Singh’s bail plea

The Delhi High Court on Tuesday rejected the bail plea of ex-Fortis promoter Shivinder Mohan Singh, arrested for alleged misappropriation of funds from Religare Finvest Ltd (RFL).

Singh had cited COVID-19 infection risk as a reason for seeking the relief.

Justice Mukta Gupta denied him the relief, saying Singh was allegedly involved in offences punishable with more than 7-year sentence and that too in more than one case and “hence does not qualify to be released” as per criteria laid down by a high powered committee.

The court also noted that Singh was also allegedly involved in a money laundering case.

Sensex surges over 1,600 points, Nifty above 8,500-mark in afternoon trade

Benchmark indices continued to extend the morning gains as Sensex soared 1639.51 points or 5.94 percent to 29,230.46 and Nifty was up 474 points or 5.86 percent at 8,557.80 at around 12.20 pm.

IndusInd Bank was the top gainer in the Sensex pack followed by Axis Bank and Mahindra & Mahindra.

India hiring declines 18% in March

Overall hiring activity in India declined by 18 percent in March, with travel and airlines, hospitality and retail industries witnessing a massive 56 per cent drop in offering jobs as compared to March last year, leading job portal Naukri.com said on Tuesday.

The retail sector saw 50 percent drop in hiring, followed by auto/ancillary (38 percent), pharma (26 per cent), insurance (11 percent), accounting/finance (10 percent), IT-software (9 percent) and BFSI (9 percent), according to the ‘‘Naukri JobSpeak Index’’ for March 2020.

According to Pawan Goyal, Chief Business Officer at Naukri.com, the hiring activity for the first 20 days on March 2020 saw only a 5 percent decline.

“However, due to the nationwide lockdown, there was a substantial drop in recruitment activity in the last 10 days, which resulted in overall drop of 18 percent in hiring,” said Goyal.

Britannia partners with Dunzo on home delivery of food essentials

Britannia Industries has partnered with on-demand e-commerce platform Dunzo on home delivery of all its products.

Customers can avail Britannia products through the Dunzo app in under an hour of ordering from the ‘Britannia Essentials’ store, a joint statement said on Tuesday.
 

Dunzo’s no-contact delivery will ensure that Britannia essentials such as biscuits, cakes, rusk, croissants, milkshakes, wafers, ghee and dairy whitener, are delivered safely and securely to users across Mumbai, Pune, Delhi, Gurgaon, Jaipur, Bengaluru, Hyderabad and Chennai, it said

IndusInd Bank deposit shrinks 7% in March quarter

IndusInd Bank has reported a 7 percent decline in deposits during the March quarter due to withdrawals triggered by the Yes Bank crisis.

Deposit base of the bank declined to Rs 2,02,303 crore in the quarter ended March as against Rs 2,16,713 crore in the previous quarter, the bank said in a late-night regulatory filing on Monday.

As a result, the bank’s current account savings account (CASA) ratio slipped to 40.5 percent during the fourth quarter of 2019-20 from 42.4 percent in the third quarter.

On concerns of financial health, IndusInd Bank, promoted by Hinduja Group, has seen withdrawal of bulk deposits from the banks after the Reserve Bank of India (RBI) superseded the board of Yes Bank in the early March.

Japan to compile extra budget to fund coronavirus stimulus

Japan will compile a supplementary budget worth 16.8057 trillion yen ($154.45 billion) to help fund stimulus spending to combat its coronavirus outbreak, according to a draft of the spending plan obtained by Reuters.

The government will issue the same amount of additional government bonds to fund the extra budget, with a construction bond issuance at 2.3290 trillion yen and deficit-covering bonds at 14.4767 trillion yen, the draft showed.

Cipla soars nearly 10%

#CNBCTV18Market | Cipla extends gains, trades above 200-day moving average of 469 pic.twitter.com/BPnFzdnyv2

— CNBC-TV18 (@CNBCTV18Live) April 7, 2020

Oil gains as hopes rise for production cut

Oil rose on Tuesday amid hopes that the world’s biggest producers of crude will agree to curtail production as the coronavirus pandemic ravages the global economy, even as analysts cautioned the cuts may do little to boost demand.

Brent crude was up by 73 cents, or 2.2 percent, at $33.78 a barrel after falling more than 3 percent on Monday. US crude was up by 97 cents, or 3.7 percent, at $27.05 a barrel, having dropped nearly 8% in the previous session.

The world’s main oil producers including Saudi Arabia and Russia are likely to agree to cut output at a meeting on Thursday, although that would also depend on the United States doing its share, sources told Reuters.

Reverse-migration, labour shortage likely to be long-term impact: Report

Reverse migration of workers since the COVID-19 outbreak has serious public-health implications. With basic sustenance support from the government for three months, many interstate migrants may not return to work soon, according to a research report by Anand Rathi Share and Stock Brokers.

Labourer shortage, it is being feared, can hinder economic recovery. The shares of interstate migrants in overall migration and employment are estimated at 15 percent and 20 percent, respectively, it said.

Lack of inter-state migrant labourers may create some shortage but the situation may not turn alarming unless migrants from the same state, too, do not return to work. Worker-deficit states such as Maharashtra, Delhi and Punjab may, however, feel the impact more, the report said.

Labour shortage is already curtailing rabi harvesting. Construction, trade, transportation and hospitality, too, may face temporary shortages. In the medium term, however, the impact of COVID-19 would result in more unemployment rather than labour shortage, the research report said.

Larsen & Toubro wins ’large’ contract from Indian Army

Engineering and construction giant Larsen & Toubro on Tuesday said it has won a ‘’large’’ contract from the Indian Army for setting up an advanced IT-enabled system to operate the Armed Forces network under the Network of Spectrum (NFS).

Though the company did not mention the exact value of the contract, as per its project classification, the value of a large order ranges between Rs 2,500 crore and Rs 5,000 crore.

The Smart World and Communication Business of L&T Construction has secured a large order from the Indian Army to establish an unified network management system to manage, support and operate the countrywide Armed Forces Network under the NFS, the company said in a statement.

Etihad Airways to test health assessment technology at airports

UAE flag carrier Etihad Airways announced that it would trial a new technology at the Abu Dhabi airport that allows to spot travellers with medical conditions, potentially including the early stages of COVID-19.

The technology, developed in cooperation with Australian company Elenium Automation, will be trialed starting late April and throughout May 2020 through volunteers and outbound passengers, Efe news quoted the airlines as saying in a statement on Monday.

The company seeks to “to gain confidence from passengers to return to travel sooner” after it suspended commercial flights in late March in wake of the coronavirus pandemic.

Gold slips from four-week high

Gold prices eased from a four-week high on Tuesday, as the U.S. dollar and global equities strengthened on signs of a slowdown in coronavirus-related deaths.

Spot gold was down 0.2 percent at $1,657.67 per ounce, after rising to a four-week high earlier in the session. The metal climbed 2.8 percent on Monday. US gold futures rose 1.7 percent to $1,723.

Nissan says impact on auto sector to be clear once lockdown lifted

The impact of the COVID-19 pandemic on India’s automobile industry will be clear once the ongoing lockdown is lifted and there is clarity on the time taken by supply chain to resume optimal production, according to a top Nissan Motor India official.

Before the outbreak, the Indian auto sector was already suffering from a prolonged slump.

During the April-February 2019-20 period, passenger vehicle sales had declined by 14.68 percent to 26,32,665 units as against 30,85,528 in 2018-19.

Total vehicle sales across categories had also declined by 15.85 percent at 2,04,98,128 units April-February of 2019-20 as compared to 2,43,58,082 units in the comparable period previous fiscal, according to Society of Indian Automobile Manufacturers (SIAM).

US-India Strategic Partnership Forum, Zoom Video ink pact

The US-India Strategic Partnership Forum (USISPF) is partnering with Zoom Video Communications to provide free access to video technologies for K-12 education institutions in India. 

USISPF and Zoom will work with the Government of India, state governments, and non-profit organizations in education to ensure that the maximum number of school going children are able to access Zoom’s technologies free of cost and continue their education virtually at an extremely challenging time.

Speaking about the partnership, USISPF president Mukesh Aghi said, “American companies are continuing to step up in all ways possible to help citizens of India during these extraordinary circumstances.The partnership is a win-win between American industry’s technological capabilities and the urgent need to solve the education challenges that India’s students face during this health crisis.”

Sensex reclaims 29,000-mark in morning trade

#CNBCTV18Market | #Sensex reclaims 29,000, up over 5% pic.twitter.com/OPZoTXmSqx

— CNBC-TV18 (@CNBCTV18Live) April 7, 2020

East Coast Railway deploys drones to guard assets

In a first, the East Coast Railway headquartered at Bhubaneswar has deployed drones to guard its assets lying idle in yards due to the ongoing coronavirus lockdown, officials said.

“During lockdown, assets like coaches, PRS counters, etc. are out of sight being not in use and locked. This is in addition to the assets in use – yards signalling infrastructure, stations, relay rooms, goods sheds, wagon stock. RPF staff has to ensure safety of each of these assets, whether in use or not,” said Principal chief security commissioner, ECoR, Raja Ram.

“As a large part of ECOR territory is under LWE (left wing extremism) influence areas, keeping an eye 24×7 on all fixed and moving assets in addition to activity centres is a challenge during lockdown. ECoR has, in a first on IR, deployed drones to keep a 24×7 vigil on the entire ECOR territory,” he added.

Sensex surges over 1,400 points, Nifty reclaims 8,400-mark

Market rebounded as the Sensex surged 1408.44 points or 5.10 percent to 28,999.39 while Nifty was up 398.10 points or 4.92 percent at 8,481.90 at around 11.10 am.
 

IndusInd was the top gainer in the Sensex pack surging 15.45 percent while Axis Bank (9.52 percent), HCL Tech (9.09 percent) and Mahindra & Mahindra (9.04 percent) also zoomed in the morning trade

CRISIL deploys corporate kitchen to serve 10,000 daily meals 

CRISIL has opened up its corporate kitchen facility at its Mumbai headquarters to prepare hygienically cooked, nutritious meals on a daily basis to the economically weaker sections of the society.

Starting at about 5000 meals a day, the facility has been scaled to provide 10,000 daily meals in a few days. 

Under ‘The 10K meals project’, the administration team is utilising the currently idle kitchen facilities at Crisil’s Powai office to be able to offer meals ensuring safety and hygiene protocols.

The food is distributed through its Foundation’s network of non-government organisations (NGOs). Apart from the Foundation, the initiative is supported through funds contributed by CRISIL employees.

Stock market auctions should drive broker innovation

The sharp rise in trading volumes during closing auctions at global stock markets requires more innovation by brokers to capture value for buy-side investors, one of the world’s largest asset managers said on Tuesday.

Norges Bank Investment Management (NBIM), which runs Norway’s $950 billion sovereign wealth fund, said the growing popularity of end-of-trade auctions reflects deep structural changes, including that more money is managed by bigger firms.

Gradually introduced by major stock markets since the late 1990s, auctions held in the final minutes of trade were initially seen as an efficient, hard-to-manipulate way to establish end-of-day prices.

Samsung Electronics beats first-quarter estimates

Samsung Electronics Co Ltd said on Tuesday its first-quarter operating profit likely managed to rise slightly from a slump a year earlier, as solid chip sales helped cushion the blow from the coronavirus pandemic on smartphones and TVs.

The global leader in semiconductors is benefiting from higher demand for chips from laptop makers and data centres amid the coronavirus-driven shift to working from home.

But at the same time the South Korean tech giant is also expecting a bigger hit to its mobile and consumer electronics sales in the current quarter as the novel coronavirus sweeps through Europe and the United States – key markets for its premium smartphones and TVs.

JSW Steel says to recommence operations once lockdown ends

As the 21-day lockdown period is nearing end, private steel maker JSW Steel has started preparing to scale up its production.

On 25 March, the Sajjan Jindal-led JSW Steel said the company has decided to scale down or suspend production during the lockdown due to the coronavirus pandemic.

The manufacturing operations in all of its locations have been either scaled down or suspended, it said adding that consequently, the capacity utilisation is expected to go down significantly during this lockdown period.

Tata Power Solar receives the letter of award for CPSU-II

Tata Power Solar receives the Letter of Award for CPSU-II from NTPC for 300 MW project pic.twitter.com/jYFn65txln

— CNBC-TV18 (@CNBCTV18Live) April 7, 2020

Railway asks cement firms to unload goods from freight trains

The railway has asked cement firms to offload their goods from freight trains so that they can be used to supply essential commodities to various parts of the country, sources said.

With the lockdown in place, the national transporter is using about 50-60 rakes per day to ferry food grains but there is demand for more, the sources said.

Around 300 goods trains full of cement bags are lying idle because cement companies are in no hurry to unload them as the construction business has come to a standstill due to the coronavirus outbreak.

With the railways having waived off its demurrage and wharfage charges, companies were not losing any money by not offloading their goods, officials said.

DeHaat raises Rs 83 cr from investors

Agritech platform DeHaat on Tuesday said it has raised $12 million (Rs 83 crore) from investors, including Sequoia India, for business expansion.

Based in Gurgaon and Patna, and founded in 2012 by IIT, IIM and NIT alumni, DeHaat is a technology-based platform offering full-stack agricultural services to farmers, including distribution of high quality agri inputs, customised farm advisory, access to financial services, and market linkages for selling their produce.

DeHaat has raised $12 million (Rs 83 crore) in Series A round led by Sequoia India, with participation from FMO, the Dutch entrepreneurial development bank.

Crude prices swing after Donald Trump’s tweet

The crude prices surged by 30 percent, skyrocketing for its largest single day percentage gain in history of crude markets on a single tweet from President Trump that Saudi Arabia and Russia would cut production by 10Mb-15Mbpd, said Motilal Oswal Institutional Equities.

The whole market looks like a different planet now after concept of alliance of Saudi-US showed depth of crisis facing the global oil industry as well as its growing importance to the US economy but not at the stage of something that is being seriously considered. Yet, there remains confusion in market as indeed, immediately, Russia shot down the idea that there was some agreement.

The growing momentum for some sort of agreement among major oil producers to reduce the world’s massive oversupply hinges on cooperation from countries beyond OPEC+, notably the US, but how realistic is this? Saudi Arabia is looking toward oil producers among the G20 nations to bolster any OPEC-plus actions.

Of list of G20 countries, only a handful have any significant oil production, and even fewer have any sort of export capabilities. Chief among these is the US, but other major producers include Brazil, Canada and Mexico.

All this has sent prices up, although the “when,” “how,” and “who” of the potential deal remain unclear.

And the larger the universe of players, the more difficult it will be to implement an agreement

Market trims early gains, Nifty slips below 8,300-mark

Market trimmed early gains as the Sensex was trading 1141.42 points or 4.14 percent higher at 28,732.37 while the broader Nifty was up 313.95 points or 3.88 percent at 8,397.75 at around 10.20 am.

India, the world’s main supplier of generic drugs, has lifted restrictions on the export of 24 pharmaceutical ingredients and medicines made from them, the government said in a statement.

Rupee opens 21 paise higher at 75.92 against dollar

The rupee rose 21 paise to 75.92 against the US dollar in the early trade on Tuesday.

HUL surges over 7% to record high

#CNBCTV18Market | HUL surges to record high pic.twitter.com/RBVKIFFsd4

— CNBC-TV18 (@CNBCTV18Live) April 7, 2020

Indonesia raises $4.3 billion in first pandemic bond

Indonesia has raised $4.3 billion in its first so-called “pandemic bond”, which included the longest-dated dollar debt tranche ever issued in Asia, according to a term-sheet seen by Reuters.

The deal was finalised in the US overnight and sold in tranches of 10.5 years and 30.5 years, worth $1.65 billion each, and a $1 billion 50-year tranche.

It was Indonesia’s largest bond deal and the first time a 50-year dollar deal has been issued in Asia, not including rolling hybrid transactions, according to the term-sheet.

Dollar dips as virus worries persist despite some signs of hope

The dollar fell against the yen on Tuesday as US stock futures erased gains and traded lower in a sign some investors remain concerned about the economic shock posed by the coronavirus pandemic.

The pound clawed back some recent losses against the dollar, but sentiment for sterling remains fragile after British Prime Minister Boris Johnson was moved to intensive care after his coronavirus symptoms worsened.

The yen was supported against major currencies after Japanese Prime Minister Shinzo Abe unveiled fiscal stimulus worth almost $1 trillion to offset the economic impact of the coronavirus.

GSV bids $2.5 billion for Malaysia Airlines

Privately held Golden Skies Ventures (GSV) has made a $2.5 billion offer to fully take over the holding company of ailing state carrier Malaysia Airlines, with financing from a European bank, its executives told Reuters on Monday.

GSV, which was set up by former Malaysia Airlines officials and professionals with aviation experience, made the proposal a month ago, as airlines around the world were hammered by travel restrictions following the coronavirus pandemic. 

“(We have secured) in excess of $2.5 billion from the bank. We will take about three to four months to get the long-term financing,” Chief Executive Shahril Lamin told Reuters in a phone interview.

Asian stocks rally

Bourses in Shanghai, Hong Kong, Tokyo and Seoul rallied up to 2 percent. 

MSCI’s broadest index of Asia-Pacific shares outside Japan rose almost 1 percent, after places that took the worst hit from the virus saw an easing in fresh cases and deaths.

Authorities in Italy and Spain were looking to ease lockdowns after steady falls in coronavirus-related fatality rates.

The benchmark exchanges on Wall Street ended over 7 percent in overnight trade.

US banks grapple with system glitches

The US government’s $350 billion small-business rescue program was plagued by paperwork and technical issues as it lurched to the end of a fourth day on Monday, with some banks experiencing major glitches with the processing system, according to industry groups, bankers and an email seen by Reuters.

The problems with the program, which is jointly administered by the Small Business Administration and the U.S. Treasury Department, threatened to delay putting much-needed funds into the hands of small businesses hurt by the coronavirus crisis.

Three banking officials told Reuters US lenders were unable to process loan applications for hours on Monday after the SBA’s online portal crashed around midday. A senior administration official denied the SBA system had crashed, and said the agency continued to process loans and add lenders.

Since the program opened on Friday, banks have struggled to access the clunky system and the paperwork involved has changed more than once, industry sources said.

“We know that your efforts have been frustrated with system issues, policy questions and slower than usual responses,” the Small Business Administration’s regional offices wrote to bankers on Saturday evening, according to an email seen by Reuters.

Stocks in focus

#CNBCTV18Market | These financial names are in focus after reporting Q4 updates pic.twitter.com/ZrEtlwd4pZ

— CNBC-TV18 (@CNBCTV18Live) April 7, 2020

IndusInd shares up 10%

All 30 Sensex stocks were trading in green at 9.22 AM. Private bank stocks are leading gains at this hours.

IndusInd Bank, ICICI Bank, Axis Bank and Kotak Mahindra Bank were among the top gainers on the S&P BSE Sensex.

Sensex, Nifty open high

The benchmark indices opened higher on Tuesday.

At 09:17 hrs IST, the Sensex is up 1,224.05 points or 4.44 percentat 28815.00. The Nifty up 338.90 points or 4.19 percent at 8422.70.

About 766 shares have advanced, 93 shares declined, and 35 shares are unchanged.

RBI reduces trading hours for debt, currency markets from today

The RBI has reduced the trading hours of debt as well as currency markets from Tuesday in view of the lockdown following the outbreak of coronavirus.
The revised market timings will be effective during 7-17 April, 2020, the central bank said in a circular on Friday.

The market will open at 10 AM instead of the current 9 AM and closing timings too have been revised to 2 PM for all segments. The lockdown has adversely impacted the functioning of financial markets, the RBI said.

The market timings have been revised in order to “minimise these risks” and to ensure that market participants maintain adequate checks and supervisory controls while optimising thin resources and ensuring safety of personnel, it said.

Growth could slip below 3% in current fiscal if COVID-19 proliferates: KPMG

India’s growth could slip below 3 percent in the current fiscal if COVID-19 proliferates within India, lockdown extended and global economy slips into recession, a KPMG report said.

It said the three major contributors to GDP — private consumption, investment and external trade — will all get affected due to the spread of the pandemic.

The KPMG report presented three scenarios to explain the economic effects of COVID-19. In the scenario of quick retraction across globe by April-end to mid-May, the report said “India’s growth for 2020-21 may be in the range of 5.3 to 5.7 per cent, though this scenario looks distant at this moment”.

In the second scenario where India is able to control COVID-19 spread, but there is a significant global recession, the KPMG report said India’s growth is expected to be in the range of 4-4.5 per cent.

However if the pandemic proliferates and there is global recession then it would be a double whammy for the economy as it will have to bear the brunt of both domestic and global demand destruction, KPMG report said.

Money market to open at 10 AM

#CNBCTV18Alert | Money market to open at 10 am today as per RBI guidelines pic.twitter.com/uWnB8L1jIw

— CNBC-TV18 (@CNBCTV18Live) April 7, 2020

JSW’s crude steel output down in Q4

#JustI | JSW Steel’s Q4 crude steel production slips 5% 4 mt Vs 4.2 mt; FY20 crude steel production slips 4% at 16.1 mt Vs 16.7 mt (YoY) pic.twitter.com/btadgmIzhP

— CNBC-TV18 (@CNBCTV18Live) April 7, 2020

JLR UK shares slip

March #AutoSales | Tata Motors: Total JLR UK sales slip 30.9% at 17,175 units Vs 24,862 units (YoY)

Total Jaguar UK sales down 41.4% at 4,794 units Vs 8,182 units (YoY)
Total Land Rover UK sales down 25.8% at 12,381 units Vs 16,680 units (YoY) pic.twitter.com/b60S7wdtXp

— CNBC-TV18 (@CNBCTV18Live) April 7, 2020

Sensex,** Nifty trade positive in pre-opening session**

Benchmark indices are trading positive in the pre-opening session with Nifty above 8400.

At 09:01 hrs IST, the Sensex is up 928.30 points or 3.36% at 28519.25, and the Nifty up 381.70 points or 4.72% at 8465.50.

Asian shares poised to climb higher

Asian markets looked poised on Tuesday to attempt another day of gains after stocks rallied on signs of a slowdown in coronavirus-related deaths, as oil prices resumed their decline on doubts about a potential Saudi-Russian pact to cut output.

Hong Kong futures were up and Australia futures also rose in early trade.

Nikkei futures opened lower but were 2.3 percent above the cash close. The yen eased 0.01 percent as traders awaited more details on the government’s stimulus package.

On Monday, Japanese Prime Minister Shinzo Abe pledged to roll out an unprecedented economic stimulus, equal to 20 percent of economic output, as his government vowed to take “all steps” to battle deepening fallout from the coronavirus.

US stocks buoyant

#CNBCTV18Market | US stock market had its best day since March 24. Dow finishes up 1,627 points, posting its third-biggest point gain ever. The S&P 500 jumps 7% to its highest level since March 13 pic.twitter.com/k6ldLHcJHJ

— CNBC-TV18 (@CNBCTV18Live) April 7, 2020