Stock Market Today Latest Updates: Market at 3-week high as Sensex soars over 1,200 points, Nifty above 9,100; M&M zooms nearly 17%

IFFCO Tokio General Insurance appoints Anamika Roy Rashtrawar as MD, CEO

IFFCO Tokio General Insurance Company on Thursday said it has appointed Anamika Roy Rashtrawar as its managing director and chief executive officer.
The appointment is effective 27 March, the company said in a statement.

Rashtrawar, who takes over from Warendra Sinha after his retirement, is the first woman MD and CEO of a large private sector general insurance company in India, it said.

“She is a dynamic woman leader who has been on the board of the company and has successfully led many businesses in the company, especially the digitalisation projects. I am confident that Rashtrawar will take the company to the next level of performance in terms of customer service, sustained growth and profitability,” IFFCO MD US Awasthi said.

Cement industry to see successive decline in demand in FY21: Ind-Ra

The domestic cement industry is likely to face yet another decline in demand in FY21 after posting negative growth last fiscal, India Ratings and Research said.

The ratings agency expects a “washout” in April 2020 due to the ongoing lockdown, followed by demand decline of around 40 percent in May. However, it expects a gradual recovery thereafter.

The agency expects a low single-digit growth in Q2 (July-September) period and a significant recovery happening only in Q3 (October-December).

Cement demand had declined in FY20, which was only the second instance of a decline in the past 15 years, after the demonetisation affected FY17.

Blue Dart cuts retail tariff rates by 25% amid coronavirus crisis

Express logistics services provider Blue Dart Express on Thursday said it has reduced retail tariff prices by 25 per cent, aiding the country in its fight against the coronavirus crisis.

Blue Dart Express, part of Deutsche Post DHL Group (DPDHL), operates six dedicated Boeing 757 freighters each with a capacity of 34 tonnes.

These aircraft have been operating during the lockdown period across Indian cities enabling essential shipments like medical equipment and pharmaceutical products reach the first responders in hospitals and medical institutions with the promise of secure and timely deliveries.

“In order to provide customers with a solution for their shipping needs during these trying times and to further use our Air Express Logistics service to keep the essential supply chain continuity, Blue Dart Express has reduced its Retail Tariff Prices by 25 percent. This will be applicable to all local retail customers as well as all MSMEs,” the company said in a statement.

Apparel retailers likely to offer huge discounts after lifting of lockdown

Apparel retailers are expected to offer large-scale discounts to clear old stocks and also perk up consumer sentiments once the lockdown is lifted, according to industry players.

A series of lockdowns around the world has severely impacted the fashion retail ecosystem as stores all over the world shuttered, resulting in cancellations of late Summer and Autumn merchandise and a build-up of unsold Summer 2020 within the business, they said.

Benetton India managing director and CEO Sundeep Chugh told PTI that although “there is certainly no specific discounting strategy post lockdown, as a brand we would want to uplift the sentiments of our consumers through a welcome-back strategy encapsulating season specific offers and engagements at our stores”.

Chugh further said,“We anticipate the lockdown would be lifted by/during mid-season, and that’s the time when generally mid-season offers prevail and we would mostly align with the same as per the market ecosystem.”

Fuel consumption falls 18% as coronavirus eviscerates energy demand

India’s fuel consumption in March shrank by 18 percent, the biggest decline in more than a decade, as a nationwide lockdown halted economic activity and travel.

India’s petroleum product consumption fell 17.79 percent to 16.08 million tonnes in March as diesel, petrol and aviation turbine fuel (ATF) demand fell, according to official data released on Thursday.

Diesel, the most consumed fuel in the country, saw demand contract by 24.23 percent to 5.65 million tonnes.

This is the biggest fall in diesel consumption the country has recorded as most trucks went off-road and railways stopped plying trains. Petrol sales dropped 16.37 percent to 2.15 million tonnes as the 21-day nationwide lockdown enforced to prevent the spread of COVID-19 took most cars and two-wheelers off the road.

Union Minister Nitin Gadkari chairs meeting with MSME officials via video-conferencing

Delhi: Union Minister Nitin Gadkari chaired a meeting with MSME officials through video-conferencing today. Its main purpose was to get the Ministry & MSME ready for the future. The Minister reviewed status of existing schemes and discussed the future course of action. #COVID19 pic.twitter.com/yE16GiDQYL

— ANI (@ANI) April 9, 2020

Apollo Tyres raises Rs 500 cr through private placement of NCDs

Apollo Tyres on Thursday said it has raised Rs 500 crore via allotment of non-convertible debentures (NCDs) through private placement.

The present issue is for allotment of 5,000 NCDs of face value of Rs 10,00,000 each aggregating to Rs 500 crore, Apollo Tyres said in a regulatory filing.

The date of allotment is April 9, 2020 while the same for maturity is April 9, 2030 and the interest rate is at 8.75 percent per annum, the company said, adding penal interest for delay of payment is pegged at 2 percent per annum.

The company, however, did not disclose to whom the private placement of NCDs has been made.

Market at day’s high as Sensex soars over 1,200 points, Nifty above 9,100-level

Market soared to day’s high as Sensex was trading 1233.41 points or 4.13 percent higher at 31,127.37 while Nifty was up 355.40 points or 4.06 percent at 9,104.15 at around 3.15 pm.
 

Mahindra & Mahindra surged over 17 percent while Maruti, Titan and HDFC were other gainers in the Sensex pack.

Worldwide semiconductor revenue to decline 0.9% in 2020

Due to the impact of the coronavirus on semiconductor supply and demand, worldwide semiconductor revenue is forecast to decline 0.
9 percent in 2020, according to Gartner Inc.

This is down from the previous quarters forecast of 12.5 percent growth, the research and advisory firm said.

The wide spread of COVID-19 across the world and the resulting strong actions by governments to contain the spread will have a far more severe impact on demand than initially predicted, said Richard Gordon, research practice vice-president at Gartner, was quoted as saying in a statement.

“This years forecast could have been worse, but growth in memory could prevent a steep decline,” he said.

Realtors’ body​ Naredco seeks $200 bn stimulus to revive economy

Realtors’ body Naredco on Thursday demanded a stimulus package of at least $200 billion to revive the Indian economy from the adverse impact of COVID-19 as well as suspension of insolvency law provisions for six months to prevent companies from becoming bankrupt and acquired by foreign entities.

Pointing out that real estate sector will incur a loss of at least Rs 1 lakh crore because of the lockdown to control the coronavirus pandemic, Naredco President Niranjan Hiranandani said the government must allow one-time debt restructuring of the real estate industry and extra liquidity to kickstart business activities.

Hiranandani said property prices will fall by 10-15 per cent and there could be lay-offs and salary cuts in the absence of any relief package. He sees labour shortages till June because of harvesting of winter crops and sowing of summer crops.

“This is probably the worst recession I have seen in my 40 years of career. There is real demand erosion that has taken place,” Hiranandani told reporters through a video conference.

Taj Hotels offers slew of hampers for those craving gourmet foods

If your tastebuds are craving for gourmet foods, Taj Hotels is now offering take-outs from its popular restaurants — Shamiana, La Patisserie, Capital Kitchen, Vista, Southern Spice, Blue Ginger, Cal 27, Machan – across city hotels in Mumbai (Taj Lands End), Delhi (Taj Palace and Taj Mahal Hotel), Bangalore (Taj West End), Chennai (Taj Coromandel), Hyderabad (Taj Krishna) and Kolkata (Taj Bengal).

The Taj gourmet hamper is priced from Rs 10,000, while hampers from bakery and confectionery includinga range of baked breads, home-made chocolates, teas or coffee to among other things costs Rs 5,000 onwards.

There is also a Wellness hamper from its Jiva Spa, including scrubs, essential oil blends and foot soaks  priced from Rs 15,000 onwards. 

The hotel will also do the laundry for guests an simply drop off their clothing and linen at the hotel and pick it up, washed and pressed to perfection, in 24 hours from the hotel lobby.

Sensex regains 31,000-level, Nifty above 9,100

Market rebounded in the late evening trade as Sensex zoomed 1213.13 points or 4.06 percent to 31,107.09 and Nifty was up 351.80 points or 4.02 percent at 9,100.55 at around 3 pm.

Mahindra & Mahindra soared nearly 15 percent while Maruti also jumped over 12 percent.

NIIT launches free course to facilitate remote working

Skills and talent development company NIIT Ltd on Thursday said it has specially designed and launched a ‘‘Remote Work Excellence Kit’’ course to support the fight against Covid-19 crisis.

Aimed at helping facilitate remote working for adults, the Remote Work Excellence Kit is suited for corporate executives, small and medium businesspersons, and management students, a statement said.

The online course covers areas such as how to set up a remote office, establishing a remote presence, setting up and running virtual meetings, time management while working from home, remote business etiquettes, and also best practices, it added.

“It is abundantly clear that the COVID-19 pandemic not only poses a massive health challenge, it will also lead to economic slowdown and a change in how businesses are conducted worldwide,” NIIT Ltd vice-chairman and managing director Vijay Thadani said.

Inflows in equity MFs touch 1-year high of Rs 11,485 cr in March

Inflows into equity mutual funds surged to Rs 11,485 crore in March, the highest level in a year, even as the broader market witnessed heavy volatility amid concerns over the impact of coronavirus.

Overall, the mutual fund industry witnessed a net outflow of Rs 2.13 lakh crore across all segments, mainly owing to withdrawal from liquid or money market category, data by the Association of Mutual Funds in India showed on Thursday.

In comparison, an outflow of just Rs 1,985 crore was seen in February.

The outflow has pulled down the assets under management of the 44-players mutual fund industry to Rs 22.26 lakh crore in March-end from Rs 27.23 lakh crore in February-end.

States permitted to take 50% of FY borrowing in first 9 months: RBI

#JustIn | @RBI clarifies that states have been allowed to borrow 50% of their FY borrowing in the first nine months pic.twitter.com/UCI4Uvba2R

— CNBC-TV18 (@CNBCTV18Live) April 9, 2020

Lanxess India donates Rs 2 cr to PM CARES Fund

Lanxess India, a specialty chemicals firm, has announced a donation of Rs 2 crore to the Prime Minister’s Citizen Assistance and Relief in Emergency Situations Fund (PM CARES Fund) as part of its CSR initiative.

Lanxess India has pledged an additional Rs 30 lakh for donation of material such as face masks, disinfectants, hand sanitizers, liquid soaps, groceries, etc. in Maharashtra, Gujarat and Madhya Pradesh, around the areas in which its sites operate. 

The firm  had recently donated its surface disinfectant Rely+On Virkon to Thane Municipal Corporation (TMC) to reduce cross contamination of COVID-19 in civic hospitals and other establishments. 

Commenting on the contributions, Neelanjan Banerjee, vice chairman and managing director, India said, “The coronavirus continues to cause fatalities every day across the globe. We hope that our contribution to the PM CARES Fund and material donation will support the government in fighting the disease and help communities get immediate relief from COVID 19.”

Benchmark indices trim gains as Sensex up over 800 points, Nifty holds 9,000-level

Market trimmed the gains as Sensex was trading 894.59 points or 2.99 percent higher at 30,788.55 and Nifty was up 254.35 points or 2.91 percent at 9,003.10 at around 2.30 pm.

Doordarshan highest-watched channel in India during week ended 3 April: BARC

Getting back classic programmes like Ramayan to keep locked down people entertained has catapulted Doordarshan (DD) to be the highest watched channel in India for week ended 3 April, BARC said on Thursday.

The national broadcaster could achieve the feat, which involves a nearly 40,000 per cent jump in viewership in the evening and morning bands, despite a surge reported by the private broadcasters who are also experiencing higher viewership, the Broadcast Audience Research Council (BARC) said.

Starting with the Hindu mythology series ‘Ramayan’, DD has got back other classics like ‘Mahabharat’, ‘Shaktiman’ and ‘Buniyaad’ to serve the audiences during the three-week lockdown. Most of these were produced when DD monopolised TV broadcasting in the country.

BARC attributed the telecast of ‘Ramayan’ and ‘Mahabharat’ for DD’’s emergence to the top, while the other programmes also helped improve its position in select time slots.

Vegetable farmers claim exploitation by middlemen

The COVID-19 lockdown may have inflated the price of vegetables for the average Mumbaikar, but without access to large markets, vegetable farmers in neighbouring Thane district are forced to sell their produce at throwaway prices to agents and middlemen.

Murbad tehsil, located around 60 km from Mumbai, is among the major producers of export-quality okra, with 90 per cent of farmers in 35 villages involved in cultivating the vegetable.

However, in villages of Borgaon (Shindipada), Manivali, Khodpe, Bhadane, Koltan, Wadavali, cultivators are unable to sell the produce at town markets because of lack of transportation due to the lockdown.

Farmers are forced to sell theirs crops at throwaway prices to middlemen, who make 10 times more money by supplying the vegetable to the APMC market in Navi Mumbai or to markets in Mumbai and Thane.

Gold futures rise on firm spot demand

Gold prices on Thursday rose Rs 173 to Rs 45,114 per 10 gram in futures trade as speculators were indulged in creating fresh positions on positive global cues.

On the Multi Commodity Exchange, gold contracts for June traded higher by Rs 173, or 0.38 percent, to Rs 45,114 per 10 gram in a business turnover of 17,298 lots.

The yellow metal for August delivery edged up by Rs 152, or 0.34 percent, to Rs 45,280 per 10 gram in a business turnover of 1,895 lots.

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

Globally, gold prices rose 0.99 percent to $1,700.90 per ounce in New York.

Godrej Consumer partners Zomato, ShopKirana, Zoomcar for delivery of essential items

FMCG major Godrej Consumer Products Limited (GCPL) on Thursday announced partnership with food delivery app Zomato, B2B supply chain startup ShopKirana and car rental company Zoomcar for delivery of essential goods during lockdown.

Zomato will deliver GCPL products directly to consumers at their doorsteps while ShopKirana will deliver them to individual retailers by connecting with GCPL directly, said a statement.

Zoomcar, self-drive mobility platform, will facilitate timely delivery of various essential products under the personal care, hair care, home care and household insecticide categories, to distributors, it added.

HMSI pledges financial support to dealers

Honda Motorcycle and Scooter India (HMSI) on Thursday said it has lined up a slew of measures, including buyback of unsold BS-IV stock, in order to support its sales partners during the unprecedented nationwide lockdown due to the coronavirus pandemic.

The two-wheeler major said it plans to buy back the BS-IV inventory lying unsold with few dealers, majorly in Delhi-NCR area,  and provide advanced payments of incentives and reimbursements across the three functions — sales, service and spare parts.

The company will also entirely bear the interest cost of BS-VI inventory (physical plus transit) with the dealers for the 21 days of the lockdown, it added.

“The support package will effectively provide immediate liquidity to our dealer partners and we are confident that it will comprehensively ease their business continuity anxiety and improve cash flow,” HMSI  director – sales & marketing Yadvinder Singh Guleria said in a statement.

AirAsia India operates two flights on Coimbatore-Mumbai route to carry essential supplies

Amid a 21-day lockdown in India to contain the COVID-19 pandemic, AirAsia India on Thursday conducted two special flights on Coimbatore-Mumbai route to transport essential supplies, including health care products. 

These are first special flights of AirAsia India. Other airlines such as IndiGo, SpiceJet and Air India have been operating such special flights to transport essential items across India during the lockdown.

“AirAsia India flight i5 9131 today carried 6500 kilos of healthcare essentials including protective equipment and masks from Coimbatore to Mumbai,” said the spokesperson for the airline. 

“Flight i5 9130 from Mumbai to Coimbatore also carried relief material required by the government of Kerala,” the spokesperson added.

Market extends gains as Sensex soars over 1,200 points

Market extended gains in the afternoon trade as Sensex soared 1206.76 points or 4.04 percent to 31,100.72 while Nifty was up 344.75 points or 3.94 percent at 9,093.50.

Mahindra, Maruti and Bajaj Auto zoomed over 10 percent in the Sensex pack.

L&T shares rise on fund-raising decision

#JustIn | L&T board approves raising funds up to Rs 9,000 cr via various instruments pic.twitter.com/C0HQ1KapGv

— CNBC-TV18 (@CNBCTV18Live) April 9, 2020

Consumer electronics industry sales may fall 50% in Q1: Panasonic

Appliances and consumer electronics industry may see 50 percent decline in sales in April-June due to the lockdown, but a recovery is expected in the second quarter when festive sales begin, a top official of Panasonic India said.

Having suffered an unprecedented sales decline of 6-7 percent in 2019-20, the industry will be up against challenges in both supply and demand sides due to the coronavirus pandemic, Panasonic India and South Asia president and CEO Manish Sharma told PTI.

“Demand in Q1 might be half of which it should be. In April, it may be only 25 to 30 percent of the normal demand. While in the month of May, it would be half of the normal demand,” he said.

It would take at least three more months for the appliances market to get back to normal, Sharma added.

India may unveil second coronavirus stimulus of Rs 1 lakh cr

A second stimulus package India is poised to announce in coming days will be worth around Rs 1 lakh ($13 billion) and focus on help for small and medium businesses weathering the coronavirus outbreak, two senior officials said on Wednesday.

Last month, India outlined a Rs 1.7-lakh crore ($22.6-billion) economic stimulus plan providing direct cash transfers and food security measures to give relief to millions of poor hit by an ongoing 21-day nationwide lockdown.

“The second package could be focused largely on MSMEs,” one of the senior government officials, with direct knowledge of the plan told Reuters, using an acronym for micro, small and medium enterprises.

The official said a separate package could be announced for bigger companies after assessing the extent of the hit they have faced due to the lockdown imposed to fight the outbreak.

Market rally on hopes of further stimulus measures

Market is trading on a firm note in today’s session up by 3.4 percent amid gains in global and Asian peers on hopes that the COVID-19 pandemic is nearing a peak in major hotspots countries and that governments would roll out more stimulus measures, said Sundar Sanmukhani, head of fundamental research desk, Choice Broking.

“The government is likely to unveil a second stimulus package in coming days to focus on help of MSME. Oil prices extended gains on expectation  of an oil production cut agreement,” he said.

Sectorally, all indices were trading in the green with auto and pharma index leading the rally. Broader indices too  joined the rally and were trading with  a gain of more than 3 percent, said Sanmukhani.

“Investors will keep a close eye on stimulus measures likely to be announced by the government and the possibility of extension of lockdown amid rising numbers of coronavirus cases,” he said.

Govt extends Central Electronics bid deadline to 16 May 

The government has extended the deadline to bid for Central Electronics Ltd (CEL) by a month to 16 May on account of the situation arising due to the coronavirus outbreak.

On 3 February, the Department of Investment and Public Asset Management (DIPAM) came out with an expression of interest inviting global bids for sale of 100 percent government stake in CEL.

The last date for bid was March 16, which was extended to 16 April.

The DIPAM has now extended the bid submission deadline till 16 May citing “situation related to COVID-19”.

Oil rises on hopes of OPEC-plus meet to result in supply cut

Oil prices rose on Thursday on expectations the world’s largest oil producers would agree to cut production at a meeting later in the day as the industry grapples with a coronavirus-driven collapse in global oil demand.

Brent crude futures rose by almost 2.6 percent, or 87 cents, to $33.71 a barrel. The contract rose to an intra-day high of $33.90, climbing for a second day.

US West Texas Intermediate (WTI) crude futures were up 5 percent, or $1.27 cents, at $26.36 a barrel, after earlier climbing by as much as 6.1 percent.

JSW Steel jumps over 9% in afternoon trade

#CNBCTV18Market | JSW Steel surges, up nearly 10% pic.twitter.com/hv4rXPwOOM

— CNBC-TV18 (@CNBCTV18Live) April 9, 2020

Bank of Baroda rolls out mobile ATM in Mumbai

Public sector lender Bank of Baroda on Thursday said it has rolled out a mobile ATM which will move in various parts of Mumbai to help customers withdraw money in their localities.

The mobile ATM will move around various residential colonies of the city.

“Mobile ATM is yet another way of making the bank easily accessible to customers in conducting basic banking transactions,” its Executive Director Murali Ramaswami said in a release.

The lender is also planing to take the ATM to the business correspondent touchpoints or branches in view of the withdrawal of Rs 500 by women beneficiaries of the Prime Minister Jan Dhan Yojana accounts.

Airlines selling tickets without clarity on lockdown period unfair to consumers: CAPA

Aviation consultancy Centre for Asia Pacific Aviation (CAPA) on Thursday said allowing domestic airlines to take advance bookings from 15 April is ‘unfair’ to consumers since a decision on lifting the nationwide lockdown is yet to be taken.

During the lockdown period, only special flights approved by aviation regulator Directorate General of Civil Aviation (DGCA), medical evacuation flights and those carrying cargo, including medical equipment, to and from different parts of the country are operational.

While the government is yet to decide on lifting the lockdown, Indian airlines have started taking bookings for travel on domestic flights from 15 April. Air India has suspended sale of tickets for domestic and international flights till 30 April.

“The decision to allow opening of advance bookings from April 14 without a decision on lifting of the lockdown and likely structure of the transition period post the lockdown needs to be immediately reviewed as this is unfair to consumers,” CAPA said in a statement.

Sensex surges over 1,100 points to reclaim 31,000-mark

Market extended gains as Sensex soared 1,120.72 points or 3.75 percent to 31,014 while Nifty was up 328.05 points or 3.75 percent at 9,076.80 at around 12.50 pm.

All the sectoral indices are trading in the green zone.

Net office space leasing in 7 major cities drops 30% in January-March: Report

Net office space leasing across seven major cities declined 30 percent during January-March period at 8.6 million sq ft as corporates deferred expansion plans amid coronavirus pandemic, according to a JLL India report.

The net office space leasing stood at 12.3 million sq ft during the year-ago period. The new supply of office space fell 40 per cent to 8.6 million sq ft during the first three months of this calendar year.

“The evolving COVID-19 crisis is prompting corporates to re-evaluate their commercial real estate strategies, with a focus on enhancing resilience measures,” JLL India CEO and country head Ramesh Nair said.

“There will be a greater emphasis on cost management, employee wellbeing and sustainability, and the adoption of flexible working practices as resilience practices ramp up,” he added.

Sensex approaching 31,000-mark, Nifty soars 296 points

Sensex surged 1018.99 points or 3.41 percent to 30,912.95 and the Nifty was up 296.35 points or 3.39 percent at 9,045.10 at around 12.45 pm.

Bajaj Auto and Hero MotoCorp were to major gainers in the Sensex pack zooming nearly 10 percent.

Video conference on evolving kharif sowing strategy next week

The Centre on Thursday called a national-level video conference on April 16 for chalking out a strategy for sowing the rain-fed kharif crops, such as rice, and ensuring safety of farmers in the wake of the COVID-19 outbreak.

The video conference assumes importance as quick and effective policy responses are required to be taken as farmers prepare for the kharif (summer) season during the time of lockdown.

Kharif sowing begins with the onset of the June-September south-west monsoon.

“Kharif National Conference will be held on 16 April 2020, through video conferencing,” Union agriculture minister Narendra Singh Tomar said in a statement.

A decision in this regard was taken after reviewing the relief measures taken for farmers with state agriculture ministers and senior officials through a video conference on Wednesday.

Coronavirus Outbreak: Lockdown to impact economic activity in country, says RBI

RBI's Monetary Policy Report says NSO's estimate of real GDP growth at 5% in 2019-20 maybe at risk. Aggregate demand expected to be impacted by likely global recession; domestic production will be impacted due to nationwide #lockdown pic.twitter.com/gnkKNjyWk3

— CNBC-TV18 (@CNBCTV18Live) April 9, 2020

‘Placing humanity above short-term profits need of hour’

The richest may have seen erosion of their net-worth by as much as a third with the collapse of stocks, bonds, real estate, commodities and other investments, said Amit Patni, director, Campden Family Connect, an ultra HNI membership community.

The opportunity here is to earn real wealth in terms of people’s perception and respect by helping daily wage earners in India or taking the high road by looking after employee welfare, he said. 

Even though the richest may have seen erosion of their net-worth by as much as a third with the collapse of stocks, bonds, real estate, commodities and other investments, the opportunity here is to earn real wealth in terms of people’s perception and respect by helping daily wage earners in India or taking the high road by looking after employee welfare, Patni said.

“There is a lot of expectations from business leaders, powerful business houses, ultrahigh net-worth families and family offices. In this battle to save lives, the livelihood is getting severely impacted especially for daily wage earners. A few things where we can contribute is by ensuring wage-continuity of the workers and employees, plan and contribute to a welfare fund for poorest of the poor. Placing humanity above short-term business profits is the need of an hour,” Patni said.