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.

Sensex zooms over 1,000 points, Nifty above 9,000-mark in afternoon trade 

The benchmark indices extended gains as Sensex soared 1021.44 points or 3.42 percent to 30,915.40 and the Nifty was up 297.60 points or 3.4 percent at 9,046.35 at around 12.05 pm.

IDBI Bank shares jump over 10% on fund-raising plans

Shares of IDBI Bank on Thursday jumped 10.6 percent after the company said it has targeted to raise up to Rs 7,500 crore in the current fiscal.

The scrip gained 10.57 percent to Rs 21.95 on the BSE. On the NSE, it climbed 6.34 percent to Rs 20.95.

The private sector lender on Wednesday said it has targeted to raise up to Rs 7,500 crore through rupee bonds in the current fiscal.

The borrowing programme comprises additional Tier I bonds up to Rs 3,000 crore, Basel III Tier 2 bonds up to Rs 3,500 crore and senior/ infrastructure bonds up to Rs 1,000 crore by way of private placement during 2020-21.

German exports up in February, but China trade slows on virus

German exports rose in February but trade with China slowed sharply as Europe’s largest economy felt the initial effects of the coronavirus pandemic, the Federal Statistics Office said on Thursday.

Seasonally adjusted exports increased by 1.3 percent on the month while imports fell by 1.6 percent. The trade surplus widened to 21.6 billion euros from an upwardly revised 18.7 billion euros in the prior month, the Statistics Office said.

Economists polled by Reuters had expected exports to fall by 0.9 percent and saw imports down 0.7 percent. The trade surplus was expected to come in at 17.5 billion euros.

Asian LNG prices edge up from record low

Asian spot liquefied natural gas (LNG) prices edged up this week from record lows in the previous week as Chinese buyers re-entered the market, but stale demand elsewhere capped the rise in prices.

The average LNG price for May delivery into northeast Asia rose by 10 cents to an estimated $2.40 per million British thermal units (mmBtu) this week, several traders said.

Prices for cargoes delivered in June are estimated to be around $2.50 per mmBtu, they added.

Four LNG tankers carrying U.S. LNG are on their way to China after Beijing started granting tax waivers to some importers, trade sources said.

Rickshaw pullers, street food sellers turn to selling veggies in Lucknow

Restricted to their dwellings during the lockdown, hundreds of rickshaw pullers and street food sellers in the city have turned to selling vegetables and fruits to earn a living.

Sale of fruits and vegetables is allowed during the lockdown period as they are in the list of essential items permitted by the government.  

As the district administration is also emphasising on home delivery of essentials, these hand carts are really helping the needy to earn and also help in ensuring that people don’t venture out.

A senior administration official said, “For ensuring doorstep delivery we need more hands and these persons are really doing a great job and helping the administration”.

Galaxy Surfactants partially resumes operations 

Galaxy Surfactants has announced the partial reopening of operations at its plants, in effect since April 6. U Shekhar, Founder & MD of co talks to us #OnCNBCTV18, here’s what he says pic.twitter.com/B6LjankvEq

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

India’s GDP for FY21 projected at 4.8%: UN report

India’s GDP growth for the current fiscal is expected to slow down to 4.8 percent, a UN report has said, warning that the COVID-19 pandemic is expected to result in significant adverse economic impacts globally.

The UN ‘Economic and Social Survey of Asia and the Pacific (ESCAP) 2020: Towards sustainable economies’ said that COVID-19 is having far-reaching economic and social consequences for the region, with strong cross-border spillover effects through trade, tourism and financial linkages.

India’s GDP growth for the fiscal year 2019-2020 was estimated at 5 percent and is forecast to slow down to 4.8 percent for the current fiscal 2020-21. The economic growth for the country could stand at 5.1 percent for fiscal year 2021-22, the report said.

The report noted that these are very preliminary forecasts based on the data and information available up to 10 March.

“As the COVID-19 pandemic is still evolving rapidly and showing no signs of abating as of 31 March 2020, its negative impacts on economic performance of countries and territories in Asia and the Pacific will likely be very significant,” a disclaimer accompanying the GDP chart for economies in the Asia and Pacific in the report says.

Market stages comeback as Sensex soars over 900 points, Nifty reclaims 9,000-mark

The market staged a comeback as Sensex surged 989.24 points or 3.31 percent to 30,883.20 while the Nifty was up 264.30 points or 3.02 percent at 9,013.05 at around 11.40 am.

Fourth quarter EBITDA may see ‘modest decline’: Marico

FMCG major Marico said its January-March quarter EBITDA may see “modest decline” following disruptions on account of COVID-19 pandemic and associated lockdowns.

During the lockdown period, there was a spike in the sales of its cooking oil brand Saffola as people were stocking household items, but overall, it had a “low single-digit volume decline” in the domestic business, Marico said in a regulatory filing.

Though its India business had signs of “improvement across categories until early March”, but it was offset by disruptions in the last 12 days in March, following lockdown in some states to contain the outbreak of COVID-19, Marico said.

HDFC Bank cuts lending rate by 0.20%

Largest private sector lender HDFC Bank has cut its lending rate by 0.20 percent, amidst a gradual decline in cost of borrowing across the system.

The marginal cost of funds based lending rate (MCLR) has been reviewed across tenors since Tuesday, according to its website.

The revised overnight MCLR stands at 7.60 percent, while the one-year MCLR, to which a host of loans are linked, has been reviewed to 7.95 percent.

The three-year MCLR stands at 8.15 percent from 7 April onwards, it said.

Max Life says not worried about new sales now

#Covid_19 Impact | Max Life Says company is completely functional with everyone working from home. It will honour every COVID-19 claim that comes in pic.twitter.com/B7hiW4NCoh

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

Bengaluru voted best city for IT professionals: Survey

Even as there are traffic snarls, most IT professionals consider Bengaluru as the best city to work for as the city offers high living standards, highest appraisal and career growth opportunities, according to a survey.

Over 40 percent of information technology (IT) professionals voted Bengaluru as the top city to work, according to TechGig’’s survey.

Hyderabad and Pune secured the second and third spots, respectively, with 13 percent and 11 percent votes, it said.

Delhi-NCR (20 percent) secured the least votes among the preferred city chart, it said.

While Kolkata with 21 percent votes fared slightly better than Delhi-NCR, it added.

Sensex up 655 points, Nifty holds 8,900-mark

The market trimmed morning gains as Sensex was trading 654.61 points or 2.19 percent higher at 30,548.57 while the Nifty was up 196.50 points or 2.25 percent at 8,945.25 at around 11.15 am.

Minimal impact on students’ job offers, summer internships: IIM-C

At a time when most business schools of the country are finding it difficult to safeguard students’’ placements and summer internships in the wake of the COVID-19 outbreak, the Indian Institute of Management-Calcutta claimed to have weathered the blow with minimal rescinding of job offers.

Out of the 442 students successfully placed in 2020 with close to 10 per cent rise in pay packet over 2019, only six offers have been revoked by a recruiter amid the coronavirus outbreak.

“Due to the COVID-19 pandemic, the global headquarter of one recruiter has rescinded six job offers. Another recruiter has taken the internal business decision to postpone the joining date from May to July,” IIM-C placement committee chairperson, Abhishek Goel, told PTI.

One startup has communicated business difficulties, but “our latest information is that its job offers to our students are firm”, he claimed.

V-Guard says company will take up to 45 days post-lockdown for operations to normalise

#Covid_19 Impact | V-Guard says company will take at least 30-45 days post lockdown for operations to normalise pic.twitter.com/OeTDas6lLk

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

RBI asks HDFC Bank to submit proposal on two appointments after new CEO takes over

Private lender HDFC Bank on Wednesday said the RBI has asked it to examine and submit the proposal regarding two crucial appointments only after a new CEO assumes charge later this year.

On 28 November 2019, the Mumbai-headquartered lender had informed the stock exchanges about appointment of Sashidhar Jagdishan and Bhavesh Zaveri by the board of directors each as additional director and executive director (whole-time director) of the bank, subject to the approval of the Reserve Bank of India (RBI) and the shareholders.

“We are now in receipt of a communication dated 7 April 2020 from RBI stating that since these are important positions in the bank, the bank is advised to examine and submit the proposal after a new MD and CEO assumes charge later this year,” HDFC Bank said in a regulatory filing.

BSE, NSE tell investors to trade cautiously in around 480 illiquid stocks

To safeguard interests of investors, leading stock exchanges BSE and NSE have advised their members to take extra caution while trading in nearly 480 illiquid stocks.

Illiquid stocks are those that cannot be sold easily because they see limited trading. These stocks pose higher risks to investors because it is difficult to find buyers for them as compared to frequently traded shares.

In similar-worded circulars, both the exchanges advised their trading members “to exercise additional due diligence while trading in these securities either on own account or on behalf of their clients”.

BSE and NSE have listed out 440 and 38 illiquid stocks, respectively, where additional due diligence is required.

World Bank says sub-Saharan Africa will enter recession in 2020

The World Bank forecasts the sub-Saharan Africa region’s economic growth for 2020 will contract because of the impact of the coronavirus outbreak, going into a recession for the first time in 25 years, it said on Thursday.

The bank’s Africa’s Pulse report said this year’s growth will be between minus 2.1 percent to minus 5.1 percent from 2.4 percent last year, and that the coronavirus will cost sub-Saharan Africa $37 billion to $79 billion in output losses this year due to trade and value chain disruption, among other factors.

Coronavirus Outbreak impact: Cinema revenues at zero

#CNBCTV18Exclusive | Ajay Bijli, CMD of @_PVRCinemas says, ‘Cinema halls were the first ones to be asked to close when #pandemic hit & we will be the last ones to open because of the nature of our business’ #Lockdown21 pic.twitter.com/cz8YKWBGaH

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

Rupee rises 23 paise to 76.11 against dollar in early trade

The Indian rupee appreciated by 23 paise to 76.11 against the US dollar in early trade on Thursday tracking positive opening in domestic equities.

Forex traders said higher opening in domestic equities supported the local unit, while concerns over coronavirus outbreak weighed on the local unit.

At the interbank foreign exchange the rupee opened at 76.11, registering a rise of 23 paise over its previous close.

On Wednesday, rupee had settled at 76.34 against the US dollar.

Traders said investor sentiments remain fragile amid concerns over the impact of coronavirus outbreak on the domestic as well as global economy.

Pandemic has set number of air travellers back decades

The number of Americans getting on airplanes has sunk to a level not seen in more than 60 years as people shelter in their homes to avoid catching or spreading the new coronavirus. The Transportation Security Administration screened fewer than 100,000 people on Tuesday, a drop of 95 percent from a year ago.

The official tally of 97,130 people who passed through TSA checkpoints exaggerates the number of travellers – if that is possible – because it includes some airline crew members and people still working at shops inside airport security perimeters.

Historical daily numbers only go back so far, but the nation averaged 97,000 passengers a day in 1954, according to figures from trade group Airlines for America. It was the dawn of the jet age.

The de Havilland Comet, the first commercial jetliner, was just a few years old, and Boeing was running test flights with the jet that would become the iconic 707.

As air travel became safer and more affordable, the passenger numbers grew nearly every year. There was no commercial air travel in the U.S. for several days after the terror attacks on 11 September, 2001, and people were slow to get back on planes in following months.

Market rebounds as Sensex zooms over 800 points, Nifty above 8,900-mark

The market rebounded in the early morning trade as Sensex soared 843.55 points or 2.82 percent to 30,737.51 while the broader Nifty was up 240.45 points or 2.75 percent at 8,989.20 at around 10.15 am.

Maruti and Hero MotoCorp were the top gainers in the Sensex pack.

IndusInd Bank shares fall

#CNBCTV18Market | IndusInd Bank slips 6% from highs pic.twitter.com/RyOEHSD3kM

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

Rupee opens marginally high

#Rupee opens slightly higher against yesterday's close, but remains above 76 Vs US dollar pic.twitter.com/Jty03Smr5o

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

Sensex down 250 points

#CNBCTV18Market | #Sensex slips 250 points from day's high pic.twitter.com/mlC47yNEiS

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

Cipla, Abbot, Cadilla hit 52-week highs on NSE

Cipla, Cadila Healthcare from pharma sector hit 52-week highs on NSE.

Abbott India, Cadila Healthcare, Cipla, Divi’s Laboratories, Dr Reddy’s, Ruchi Soya and Torrent Pharma hit 52-week highs on NSE.

HDFC among top gainers; HUL lags

HDFC was the top gainer in the Sensex pack, surging up to 5 percent, followed by Maruti, Bharti Airtel, Bajaj Finance, Tata Steel, Hero MotoCorp and ICICI Bank.

On the other hand, HUL was the sole laggard.

Cipla gains over 15%

#CNBCTV18Market | Cipla surges to 52-week high pic.twitter.com/eRzaZVpDlh

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

Sensex, Nifty extend gains

Indian indices extended the gains with Nifty reclaimed 9,000 mark.

The Sensex is up 838.61 points or 2.81 percent at 30732.57, and the Nifty up 251.30 points or 2.87 percent at 9000.05. About 1260 shares have advanced, 204 shares declined, and 61 shares are unchanged.

Retail inflation likely to have dropped to 4-month low

Retail inflation is expected to have dropped to a four-month low in March on softer food and fuel prices and as already slowing demand likely plummeted due to a nationwide lockdown towards the end of the month, a Reuters poll found.

Price pressures will probably ease further this month as economic activity ground to a halt after Prime Minister Narendra Modi imposed a 21-day lockdown from March 25 in an attempt to curb the spread of the coronavirus.

“Inflation will continue to edge lower. Perhaps, at a faster rate than we had earlier expected on account of a slowdown in activity and decline in food inflation spikes,” said Sakshi Gupta, senior India economist at HDFC Bank.

Cipla, Vedanta among top gainers

#CNBCTV18Market | Cipla top #Nifty gainer after US FDA approves first generic version of Proventil HFA inhaler pic.twitter.com/SjyOMcBQ2a

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

Coronavirus Outbreak: Economic impact can be higher than expected

Economic impact on earnings can be higher than earlier anticipated; focussed on good quality cos with strong balancesheet and steady cash generation, says Manishi Raychaudhuri, BNP Paribas #OnCNBCTV18 pic.twitter.com/b81OSh6V1A

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

Brazil turns to local industry to build ventilators as China orders fall through

Brazil’s health minister said on Wednesday that the country’s attempts to purchase thousands of ventilators from China to fight the coronavirus epidemic fell through and the government is now looking to Brazilian companies to build the devices.

“Practically all our purchases of equipment in China are not being confirmed,” Minister Luiz Henrique Mandetta said at a news conference.

An attempt to buy 15,000 ventilators in China failed and Brazil was making a new bid, he said, but the outcome is uncertain in the intense competition for medical supplies in the global pandemic.

Midcap stocks gain

#CNBCTV18Market | Some midcap names that are trading with healthy gains in opening hour pic.twitter.com/XeujYJEXo1

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

Japan’s economy faces ’extremely high’ uncertainty on pandemic hit

Uncertainty over Japan’s economic outlook is “extremely high” as the coronavirus pandemic hits output and consumption, central bank Governor Haruhiko Kuroda said, stressing his readiness to take additional monetary steps to prevent a deep recession.

While aggressive central bank actions across the globe have eased financial market tensions somewhat, corporate funding strains were worsening, Kuroda told a quarterly meeting of the Bank of Japan’s regional branch managers on Thursday.

“The spread of the coronavirus is having a severe impact on Japan’s economy through declines in exports, output, demand from overseas tourists and private consumption,” he said.

Gold inches up on weak dollar, pandemic peaking hopes cap gains

Gold prices rose slightly on Thursday ahead of a US weekly jobless claims report as the dollar inched lower, while increasing appetite for risk on hopes that the new coronavirus pandemic is nearing a peak limited the metal’s upside.

Spot gold rose 0.1 percent to $1,646.81 per ounce by 0059 GMT, resuming its march toward a near one-month peak scaled on Tuesday. US. gold futures eased 0.1 percent to $1,682.70.

The dollar was down 0.1 percent against key rivals, making gold cheaper for investors holding other currencies.

Asian stocks gain on hopes pandemic is approaching peak

Asian shares rose on Thursday on hopes the COVID-19 pandemic is nearing a peak and that governments would roll out more stimulus measures, while expectations of an oil production cut agreement bolstered crude prices.

MSCI’s broadest index of Asia-Pacific shares outside Japan was up 0.6%, following a strong Wall Street close.

Shares in China, where the novel coronavirus first emerged late last year, rose 0.54%. Australian shares were up 1.52 percent.

Economic growth to plummet to 1.6%: Goldman Sachs

India’s economic growth is likely to plummet to 1.6 percent in 2020-21 due to Covid-19, lockdowns and social distancing, Goldman Sachs said in one of the bleakest forecasts on GDP yet.

Indian policymakers have not been aggressive enough in their response till now to the crisis, and will need to eventually intensify their efforts, it said.

Stock markets open on positive note

#CNBCTV18Market | Indian market opens with gains on weekly expiry day following strong global cues#Nifty #Sensex pic.twitter.com/Ben6wHuZaT

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

Sensex, Nifty trade high in pre-opening session

Benchmark indices are trading higher in the pre-opening session with Nifty near to 9,000 level.

At 09:01 hrs IST, the Sensex is up 423.54 points or 1.42% at 30317.50, and the Nifty up 236.65 points or 2.70% at 8985.40.