Stock Market Latest Updates: Market rebounds as Sensex soars over 1,000 points, Nifty above 8,500-level; ITC, Reliance Industries among top gainers

 Swiggy establishes COVID-19 relief fund for delivery partners

To support its delivery partners, Swiggy has set up a relief fund called ‘Swiggy Hunger Savior Covid Relief Fund’ which will be used towards the safety and welfare of delivery partners and their families.

The corpus for the fund will be created by Swiggy with primary contributions from the founders, senior leaders, employees and investors, as well as donations from customers and well-wishers.

As a start, Sriharsha Majety, CEO at Swiggy, has committed 50 percent of his annual salary towards this fund.

CDSL Group contributes Rs 6.82 cr to relief fund

Central Depository Services (India) Limited (CDSL) group has contributed Rs 6.82 Crore in support to all on-going relief efforts. 

A contribution of  Rs 4 crore and Rs 1.99 crore has been given towards Prime Minister’s National Relief fund and Chief Minister’s Relief Fund (Maharashtra) respectively.

The group’s fully-owned subsidiary CDSL Ventures has contributed an amount of Rs 55 lakh towards Prime Minister’s National Relief fund and Rs 27.99 lakh Chief Minister’s Relief Fund (Maharashtra) respectively.

           
Nehal Vora, CDSL – MD & CEO, said “Our initiative is to support the battle against this pandemic. The board of directors of CDSL, the entire management and all employees are in strong support of the government’s initiative in every possible way. I urge the people of India to stay home, stay safe and transact digitally.”

Paytm Mall waives off penalties on merchants

Paytm Mall, owned by Paytm Ecommerce, announced that it has waived off order delay and cancellation penalities on merchants due to the ongoing COVID-19 pandemic until 22 April 2020. 

Service level agreement (SLA) is a commitment to follow the best practices and the metrics by which service is measured. It charts out penalties if the service levels are not achieved.

As the coronavirus spreads across India, forcing the government to take tough calls and restricting the movement of goods and people, Paytm Mall has decided to help its merchant partners who are facing issues with stocking up on inventory and fulfillment of orders by waiving off SLA.

Cyient gets nod to manufacture assemblies for COVID-19 diagnosis units, X-ray system

Tech major Cyient on Tuesday said its Mysore facility has received clearance to run med-tech manufacturing lines to support production of medical equipment that is critical in the fight against COVID-19.

Cyient is producing assemblies that are used in X-ray generators from GE Healthcare and diagnosis units from Molbio Diagnostics to enable rapid disease testing in India, a statement said.

“We are proud to support our customers in the healthcare industry at this critical time. We will continue to do everything we can to help reduce the impact of this crisis on our customers’ operations as they focus on delivering the technology needed to fight COVID-19 at a national and global level,” Rajendra Velagapudi, senior vice president and CEO at Cyient DLM, said.

Kalyani Group contributes Rs 25 cr to PM CARES Fund

Auto components major Bharat Forge, the flagship company of Kalyani Group, and other group firms on Tuesday pledged Rs 25 crore contribution to the Prime Minister’s Citizen Assistance and Relief in Emergency Situations Fund (PM-CARES) to fight against the coronavirus pandemic.

The group is also looking at using its R&D facilities to meet requirements of critical medical equipment such as ventilators, respiratory equipment and other sanitation/hygiene goods.

The other group companies involved in the donation are Kalyani Steel, Saarloha Advanced Material Pvt Ltd, Automotive Axles and Hikal Ltd, the group said in a statement.

Lockdown impact severe on service sector

The lockdown situation across the country due to the COVID-19 outbreak has already had a severe direct and indirect impact on many sectors. The services sector is the most affected, followed by manufacturing, which was working partially, and may suspend operations during the lockdown period, said Brickwork Ratings.

Direct impact is on sectors such as aviation, tourism, hospitality, restaurants, poultry, and infrastructure utilities such as toll road collections, seaports and railways.

Rajat Bahl, chief ratings officer, Brickwork Ratings, said, “We are closely monitoring the situation across sectors and the impact of the nationwide lockdown on credit markets, as well as on our rated clients. Most critically, we are assessing the immediate-term liquidity of all our rated clients to meet timely debt servicing as corporates across the country realign to the 21-day lockdown”.

UK supermarkets record busiest month in history

British supermarkets had their busiest month in history as demand soared from people preparing to stay at home to avoid the new coronavirus.

New figures from market research firm Kantar show that British grocery sales jumped by 20.6 per cent in March compared with a year earlier, making it the fastest rate of growth on record.

As Britain prepared for a lockdown, images of supermarket shelves stripped of essentials like pasta and toilet paper circulated on social media, prompting British supermarkets to take out newspaper ads urging people not to panic buy.

Grocery sales totaled 10.8 billion pounds ($13.3 billion) over the past four weeks, surpassing the level seen during the busy Christmas season, Kantar said. The average household bought the equivalent of five extra days of groceries, it found

Urgent need for bank reforms, says former CAG Vinod Rai

With Indian banks now showing signs of weak financial health, urgent steps are needed to prepare a roadmap for sustainable reforms, Vinod Rai, former Comptroller and Auditor General (CAG) of India, said in a paper.

“Earlier these reforms are implemented, the faster the economy will be able to regenerate,” said Rai, a Distinguished Visiting Research Fellow at the Institute of South Asian Studies (ISAS).

Any lack of confidence of a depositor in a bank is bound to erode the trust that the depositor would have in placing his savings in the bank, he said.

Oil, gas bid deadline extended; bid rounds merged

The government has extended the last date of bidding for the 11 oil and gas blocks on offer in the fifth bid round, and decided to merge the next two rounds into one in view of the COVID-19 lockdown in the country.

The fifth bid round under Open Acreage Licensing Policy (OALP) opened in January and was to initially close on 18 March. However, the bid date was earlier this month extended to April 16. Now it has been further extended.

“In view of the lockdown due to the COVID-19 pandemic, the OALP bid Round-V last date for bid submission will be extended. The revised date shall be notified soon,” the directorate general of hydrocarbons (DGH) said in a tweet.

ITC starts producing Savlon hand sanitisers from fragrances factory

FMCG major ITC on Tuesday said it has started production of Savlon hand sanitisers from its Manpura facility in Himachal Pradesh, which has been designed to produce premium fine fragrances to meet soaring demand due to coronavirus pandemic.

The company said it has re-purposed the perfume facility to help produce an additional 1,25,000 litres of Savlon hand sanitisers as there has been an unprecedented surge in demand for hand hygiene products like sanitisers.

Commenting on the step, ITC personal care products chief executive Sameer Satpathy said, “Addressing a larger national requirement during the coronavirus pandemic, ITC has re-purposed its recently commissioned perfume manufacturing facility in Manpura, Himachal Pradesh to manufacture Savlon hand sanitisers.”

Samsung, LG to provide preventive kits, other electronic products to hospitals in India

LG Electronics India on Tuesday said it has also partnered with Akshaya Patra Foundation to sponsor one million meals to migrant labourers and daily wage workers, who are struggling amid the 21-day lockdown in the country.

“With the rise in confirmed cases of COVID-19, LG has taken a pledge to support India’s fight against the pandemic. LG is committed to offer active support to people in need in this current situation,” it said in a statement.

LG Electronics India will donate products like water purifiers, air conditioners, refrigerators and TVs to the hospitals for their quarantine/isolation wards, covering 50 state and district hospitals across the country.

Samsung India, on the other hand, will provide preventive kits to hospitals, which includes a surgeon gown, face mask, gloves, preventive eye wear, hood cap and shoe cover.

Online consultation of doctors on rise after lockdown declaration

Lybrate, a health and wellness app, said it has witnessed over 60 percent increase in doctor consultation on its platform in the backdrop of lockdown throughout the country on account of coronavirus crisis.
 

The platform, which allows consultation on its platform via text, audio and video, has particularly experienced a jump in video consultation over the last two weeks when situation pertaining to coronavirus began to turn grim, and with announcement of total lockdown in the country, such consultations increased sharply.
 

The Union health ministry had on 27 March urged people to take advantage of telemedicine services during the ongoing lockdown.
 
“The healthcare burden on the country is gigantic around this time. People can consult doctors on platforms like ours  across specialties and so on other platforms, letting hospitals tend to more serious patients,” said Saurabh Arora, founder & CEO, Lybrate.

IBA puts up FAQs on moratorium on its website

Indian Banks' Association (IBA) puts up FAQs on the moratorium on its website https://t.co/grnmLWiJCO#RBIActs #Banks #banking #moratorium pic.twitter.com/IzA4nWD6MM

— CNBC-TV18 (@CNBCTV18Live) March 31, 2020

Piramal Group commits Rs 25 cr to COVID-19 relief effort

Piramal Group has pledged Rs 25 crores towards the Prime Minister’s Citizen Assistance and Relief in Emergency Situations Fund (PM CARES Fund) set up by  Prime Minister Narendra Modi.

Piramal Group, stands in solidarity with the efforts of the government to overcome this pandemic that is impacting millions of lives and countries across the globe, the company said in a statement. 

The monetary commitment comes on the heels of the manpower and services that have already been deployed in collaboration with central and state government entities to address the unprecedented challenges created by this crisis.

Refined soya oil futures dip on soft demand

Refined soya oil prices on Tuesday fell Rs 7.6 to Rs 830 per 10 kg in futures trade as speculators reduced holdings amid subdued demand at spot market.

On the National Commodity and Derivatives Exchange, refined soya oil for delivery in April declined by Rs 7.6, or 0.91 percent, to Rs 830 per 10 kg in 37,965 lots.

The refined soya oil contracts for May dropped by Rs 10.8, or 1.32 percent, to Rs 810 per 10 kg in 14,850 lots. Market analysts said cutting down of positions by participants against ample stocks mainly influenced refined soya oil prices.

Torrent Group donate Rs 100 cr to PM CARES Fund

#JustIn | Torrent Group announces Rs 100 cr for fighting #COVID19 in India.

The group will donate Rs 50 cr to PM_CARES Fund & rest Rs 50 cr under various Centre, state & NGO initiatives pic.twitter.com/5vkUqyAixe

— CNBC-TV18 (@CNBCTV18Live) March 31, 2020

Swedish economy may shrink 4% in 2020 as pandemic hits

Sweden’s economy is seen shrinking 4 percent this year the coronavirus outbreak hits supply and demand, a plunge rivaling that experienced during the global financial crisis more than a decade ago, finance minister Magdalena Andersson said on Tuesday.

The government has introduced a raft of measures, including subsidies for shorter working hours, tax rebates, loan guarantees and easier rules for claiming benefits, to soften the blow from the virus outbreak. Still, Andersson warned there were tough times ahead.

“We see growth falling and unemployment rising in a way we have not seen since the financial crisis,” she told reporters.

HPCL set to post biggest single-day gain since October 2018

#CNBCTV18Market | HPCL set to post the biggest single-day gain since October 2018 pic.twitter.com/jHNkeaEBUA

— CNBC-TV18 (@CNBCTV18Live) March 31, 2020

SpiceJet to cut 10-30% salary of all employees in March

Budget carrier SpiceJet has decided to cut 10-30 per cent salary of all its employees in March, with Chairman Ajay Singh opting for highest 30 percent trimming in compensation, the airline said in an e-mail communication to the staff on Tuesday.

“SpiceJet management has decided to implement a pay cut between 10-30 percent in March across our employee base. Our chairman and managing director (Ajay singh), in fact, has opted for the highest cut of 30 percent in compensation,” the airline said in the communication.

Other budget carriers IndiGo and GoAir have already announced similar move earlier.

“These are extremely tough time and call for appropriate and exceptional measures to sale through the exceptional challenge,” it said.

SBI employees to donate Rs 100 cr to PM CARES Fund

Around 2,56,000 employees of @TheOfficialSBI to donate two days’ salary to fight the #coronavirus pandemic pic.twitter.com/4en1v6IzW1

— CNBC-TV18 (@CNBCTV18Live) March 31, 2020

Sensex zooms over 1,000 points, Nifty regains 8,600-level
 

Sensex zoomed 1089.94 points or 3.83 percent to 29,530.26 while Nifty also soared 322.90 points or 3.9 percent to 8,604.00 at around 2.30 pm.

ONGC and Reliance Industries were the top gainers in the Sensex pack.

Domestic airlines, cargo operators transport over 15 tons of medical supplies

Amid the lockdown imposed to help curb the spread of coronavirus, domestic airlines and cargo operators along with the Indian Air Force have transported 15.4 tons of medical supplies in 62 flights between 26 March and 30 March, said civil aviation minister Hardeep Singh Puri on Tuesday.

“The cargo essentially included COVID-19 related reagents, enzymes, medical equipment, testing kits & personal protective equipment (PPE), masks, gloves & other accessories of HLL & cargo requisitioned by State/union territories governments & postal packets,” Puri said.

The civil aviation ministry has formed a committee to facilitate movement of cargo across the country during the 21 day-lockdown period.

Indian Bank cuts lending rate

Indian Bank announced a cut its lending rates following a 0.75 percentage point reduction in the repo rate by the Reserve Bank last week.

The bank has revised the different lending rates with effect from 1 April, 2020, Indian Bank said in a regulatory filing. It has cut the benchmark one-year tenor marginal cost of funds based lending rate (MCLR) by 0.15 percent to 8.10 percent.

It is the rate against which most of the personal and consumer loans are set.Indian Bank said this is applicable for the amalgamated entity. As the mega banks’ merger kicks-in from 1 April, Indian Bank will amalgamate Allahabad Bank into itself.

For other tenors in MCLR, from overnight to 6 months lending, the rates have been slashed in the range of 0.05 to 0.10 percent.

Confusion prevails among borrowers over three-month moratorium

With many getting payment reminders, confusion prevails among borrowers, term-plan investors and credit cardholders over the implementation of the three-month moratorium on all loan repayments amid disruptions caused by the coronavirus outbreak.

Many borrowers, credit cardholders and mutual fund investors have received SMSes from their lenders reminding them that they need to maintain sufficient balance on the due date. Among others, such messages have been received by people who have taken personal, auto and home loans.

An SBI Cards customer from the city received an SMS on Sunday asking him to pay the minimum balance for payment on the annual charge even though the person is yet to activate his credit card.

On Saturday, a Navi Mumbai homemaker who has a monthly investment plan from ICICI Lombard received a message asking her to maintain the EMI amount in the bank account. On Sunday, her husband got a call from his insurance broker regarding payment towards a plan taken from HDFC Ergo.

An American Express credit card customer from the city also received a payment reminder on Monday.

BSNL, MTNL release over Rs 10,000 cr for VRS

State-run telecom firms BSNL and MTNL have released over Rs 10,000 crore for employees who have opted for voluntary retirement scheme, according to a statement.

A total of 78,569 employees of BSNL and 14,387 staffers of MTNL have opted for the voluntary retirement scheme (VRS) which closed on 3 December, 2019.

“BSNL has released Rs 4,100 crore exgratia payment on Friday and Rs 4,900 Crore for leave encashment on Monday. Similarly, MTNL has also released Rs 1050 Crore towards payment of leave encashment, EPF, CPF and gratuity,” the communications ministry said in a statement on Monday.

Vodafone Idea offers prepaid validity extension for low-income feature phone subscribers

Vodafone Idea on Tuesday announced extension of validity on prepaid plans availed by low income customers using feature phones till 17 April, and Rs 10 talktime credit to help such users stay connected during the lockdown to contain coronavirus pandemic.

Telecom operator Bharti Airtel on Monday had announced an extension in the validity period of more than 8 crore pre-paid connections until 17 April as well as credited talk time of Rs 10 in these accounts.

State-owned telecom operators BSNL and MTNL too have announced they will extend validity period of their prepaid mobile services till 20 April and offered Rs 10 additional talktime even after zero balance, to enable users, especially poor and underprivileged, to stay connected during the 21-day nationwide lockdown.

“The unprecedented situation arising from the outbreak of COVID-19 has created several hardships, especially for low income, prepaid customers using feature phones. To ensure that such customers remain connected amidst these troubled times, Vodafone Idea Limited (VIL)…today announced extension in validity of its prepaid plans, availed by low income customers using feature phones, till 17th April 2020,” VIL said in a statement.

Market falls from day’s high, Nifty above 8,500-mark

The market fell from day’s high and was trading in the green as coronavirus cases registered rise in the country. 

Sensex jumped 903.12 points or 3.18 percent to 29,343.44 while Nifty was up 275.55 points or 3.33 percent at 8,556.65.

Current financial year 2019-20 not being extended 

#FactCheck: No! The current Financial Year 2019-20 is NOT being extended to June/July 2020.

Please don't fall for such fake news circulating on social media. The F.Y 2019-20 is as usual closing on 31.03.2020.

Details: https://t.co/dHsjvlD0UX pic.twitter.com/PnSTTYImBz

— PIB Fact Check (@PIBFactCheck) March 31, 2020

Paras Healthcare scales up tele-consultation services across 8 hospitals

Paras Healthcare has thrown open tele-consultation services at all its hospitals across India with an objective to allow a greater number of patients to seek medical consultation from the safety of their homes, as the country locks down to prevent the spread of the COVID-19 outbreak.

Paras Group of hospitals across Gurugram, Patna, Darbhanga, Panchkula, Ranchi and Udaipur are actively offering tele-consultations to patients seeking medical opinions for a wide variety of ailments including suspected cases of COVID-19 who require monitoring under quarantine.

Paras Healthcare is also working to scale up its preparedness for the impending rise in cases of COVID-19 by initiating a series of measures such as procuring adequate safety and protection equipment for doctors, ventilators as well as creation of isolation wards.

Surging COVID-19 cases not a cause for worry: Kiran Mazumdar-Shaw

Surging coronavirus positive cases is not a cause for worry, biotech entrepreneur Kiran Mazumdar-Shaw said on Tuesday and voiced confidence that India

would be able to manage theCOVID-19 crisis so long it keeps the number of infected patients needing critical care small.

The government reported 227 fresh cases of infections nation-wide  the highest for a day  on Monday.

The death toll has risen to 32 and the total number of positive cases in the country was 1251.

“One thing we must not forget is we will have a surge in the number of positive patients. People should not worry about that,” the chairman and managing director of Biocon Ltd told PTI.

Tech Mahindra tweaks logo in solidarity with fight against COVID-19

IT services major Tech Mahindra has temporarily tweaked its brand logo to show solidarity with the fight against COVID-19 that has claimed thousands of lives globally.

The tweaked logo shows the “e” in Tech Mahindra as boxed inside a house for the next few weeks, and showcases how the company’s over 1.3 lakh associates have adjusted to the crisis, it said in a statement on Saturday.

These employees are working towards keeping critical systems running for global clients, including governments, public-sector institutions, healthcare institutions and leading service companies, it added.

Tech Mahindra Conveys Solidarity in Global Fight against COVID-19 through Temporary Tweak in Brand Logo

👉Read more: https://t.co/m9mJt0A27B #TechMAgainstCovid19 #DistantButConnected #Covid_19 #CoronaUpdate pic.twitter.com/ckKb1V0UIX

— Tech Mahindra (@tech_mahindra) March 28, 2020

China factory data lifts sentiment despite spike in India’s coronavirus cases

The market bounced back from Monday’s decline and were trading up by 3 percent as value buying emerged in blue chip shares like RIL,HDFC twins and Infosys among others amid recovery in global equities, said Sundar Sanmukhani, head-fundamental research desk, Choice Broking.

A relatively better factory output data from China also helped the sentiments  despite spike in corona virus cases, he said.

“All sectoral indices were trading on a positive note with metal indices being top gainer. Broader indices too participated in the rally. Investors will continue to track development related to corona virus and measures taken by the government to minimize its impact,” said Sanmukhani.

Rupee extends gains, trading at day’s high

#CNBCTV18Market | #Rupee extends gains, trading at day's high pic.twitter.com/EYUuBKiL7D

— CNBC-TV18 (@CNBCTV18Live) March 31, 2020

Indian bonds rally on new foreign investment category

Indian bonds rallied on Tuesday after the Reserve Bank of India (RBI) announced a new category for foreign investors, while hopes of a reduction in April’s borrowing or cancellation ahead of the first-half borrowing plan aided sentiment.

The RBI said on Monday it was introducing a new category called the “fully accessible route” for foreign investors, in line with the budget announcement earlier this year.

Investors can buy all fresh issuance of 5-, 10- and 30-year bonds starting April 1 under this category, while five existing papers will also become eligible to be held under this, the RBI said.

AI operating cargo flights to move medicines, medical equipment on Saturday

National carrier Air India and its regional arm Alliance Air are operating a host of cargo charter flights — mostly with medical equipment and medicines — on several routes on Saturday, an Air India spokesperson said.

The flights are being operated with a mix of Boeing 787, A320 and regional jets ATRs, he said.

On Friday, a civil aviation ministry announced the setting up of an air cargo management group to move essential commodities across the country, which is lockdown to prevent the spread of coronavirus.

Delhi-Mumbai-Delhi, Delhi-Imphal-Delhi, Delhi-Raipur-Bhubaneshwar-Delhi, Kolkata-Agartala-Kolkata and Mumbai-Pune-Raipur-Mumbai are the routes where these flighst are being operated, the spokesperson said.

Air India has deployed its flagship aircraft Boeing 787-8 (Dreamliner)   for Delhi-Mumbai flights, and A320 for Imphal flights, he said, adding the rest of the routes are being operated with Tray Retrieval System (ATRS).

Domino’s UK names former Costa Coffee chief as CEO

Britain’s biggest pizza delivery company Domino’s Pizza Group on Tuesday named former Costa Coffee chief executive officer Dominic Paul as its top boss replacing David Wild, whose departure was announced last year.

Paul, who led Costa Coffee from 2016 to 2019 ahead of its 3.9 billion pounds ($4.82 billion) sale to Coca-Cola last year, will join Domino’s on 1 May.

Sensex soars over 1,000 points, Nifty above 8,500-mark in afternoon trade

The market continued its opening rally in the afternoon trade and Sensex 1007.59 points or 3.54 percent 29,447.91 and Nifty was up 308.45 points or 3.72 percent at 8,589.55 at around 12.45 pm.

In the Sensex pack, ONGC and HDFC zoomed over 6 percent.

Indonesia plans to relax budget deficit limit

Indonesia is planning to issue an emergency regulation to allow the government to manage a wider fiscal deficit and increase spending on response to COVID-19 which will effectively revise the state finances law, a cabinet minister said on Tuesday.

The state finances law currently caps the government’s budget deficit at a maximum 3 percent of gross domestic product for a fiscal year.

The new rules will allow the government to exceed that limit for three consecutive fiscal years, but the cap will be reinstated in 2023, Luhut Pandjaitan, a senior minister who oversees investment and natural resources, said in a video statement.

Mukesh Ambani donates additional Rs 500 cr to PM’s emergency fund

Billionaire Mukesh Ambani on Monday gave an additional Rs 500 crore to the Prime Minister CARES Fund on top of the multi-crore initiative of the country’s first COVID-19 hospital as he leads the Indian industry in pledging resources to fight the crisis.

Ambani’s Reliance Industries said that besides donating Rs 500 crore to the the PM-CARES Fund, it will also provide Rs 5 crore each to the governments of Maharashtra and Gujarat to support their fight against the coronavirus pandemic.

These are in addition to the 100-bedded dedicated coronavirus hospital in Mumbai, manufacturing 1 lakh protective face masks per day, 50 lakh free meals to the needy through non-governmental organisations (NGOs) and fuel to emergency vehicles carrying COVID-19 patients.

Reliance Industries announces Rs 500 crore contribution to #PMCARES Fund In addition to its multi-pronged on-the-ground fight against Covid-19 #RIL #CoronaHaaregaIndiaJeetega pic.twitter.com/06Rsm4XLaX

— Reliance Foundation (@ril_foundation) March 30, 2020

Income tax collection expected to decline 10%

The income tax collection may fall by about 10 percent this fiscal as the collection is expected to be around Rs 10.5 lakh crore as against the target of Rs 11.7 lakh crore, said a news report.

The Income Tax Department reportedly collected Rs 9.84 lakh crore which is 84.26 percent of the total collection as on 28 March, said a report in Moneycontrol.

“The Income Tax Department may reach around 90-92 percent of collection as compared to the revised target. Then, there will be a major shortfall in tax collection,” the report said quoting a source in the know of the matter.

BASF India suspends select manufacturing operations across country

Chemical maker BASF India on Tuesday said it has suspended manufacturing operations across the country except certain essential services.

In a regulatory filing, the company informed that “due to the global outbreak of coronavirus (COVID-19) and in compliance with the directives of the government of India/state governments, the company has, over the last few days, suspended its manufacturing operations across India (except for certain essential services).

The uncertainty around the situation makes it difficult to ascertain the exact financial impact on the business at this stage, it added.

Govt extends validity of vehicle permits till June-end

The Centre on Monday extended till June 30 the validity of documents like driving licenses, permits and registration that expired since February 1, in a move to ensure hassle-free transportation of cargo amid the lockdown over the novel coronavirus pandemic.

In an advisory to all states and Union Territories, the Ministry of Road Transport and Highways has asked them to treat such documents as valid till June 30.

The decision was taken to facilitate the citizens facing difficulties in renewing the validity of various documents related to the Motor Vehicles Act and the Central Motor Vehicles Rules due to nationwide lockdown in the country and closure of government transport offices, according to the advisory.

Govt appeals top firms to make contributions to PM fund

Seeking more funds for the fight against coronavirus pandemic, the government has appealed to top corporates to make contributions to the PM-CARES Fund.

Donations made to the fund will also be exempt from tax.

Corporate Affairs Secretary Injeti Srinivas has made an appeal for contributions to chiefs of top 1,000 companies in terms of market capitalisation.

The corporate affairs ministry, which is implementing the Companies Act, has already clarified that contributions to the fund will qualify as CSR expenditure.

TVS Motor contributes Rs 5 cr to Tamil Nadu CM’s Public Relief Fund

TVS Motor Company on Tuesday announced a contribution of Rs 5 crore towards Tamil Nadu Chief Minister’s Public Relief Fund to fight the battle against coronavirus pandemic.

The contribution has been made through Srinivasan Services Trust (SST) – the CSR arm of TVS Motor Company, the company said in a statement.

TVS Motor Company and group firms have already pledged Rs 25 crore to the PM-CARES fund to fight COVID-19.

The SST has taken up several initiatives in Tamil Nadu in the fight against coronavirus outbreak, including making and supplying one million protective face masks for essential service providers within the state.

About 11 million could be driven into poverty in East Asia, Pacific: World Bank

About 11 million people could be driven into poverty in East Asia and the Pacific as a result of the coronavirus pandemic that has impacted over 780,000 people and killed more than 37,000 globally, the World Bank has warned.

The Washington-based global lender, in a report released on Monday, said that prior projections had estimated that nearly 35 million people would escape poverty in East Asia and the Pacific in 2020, including over 25 million in China alone.

“If the economic situation were to deteriorate further, and the lower-case scenario prevails, then poverty is estimated to increase by about 11 million people,” it said in its April 2020 Economic Update for East Asia and the Pacific ahead of the annual spring meeting of the International Monetary Fund and the World Bank.

Growth in the developing East Asia and Pacific, the bank said, is projected to slow to 2.1 percent in the baseline and to negative 0.5 percent in the lower-case scenario in 2020, from an estimated 5.8 percent in 2019.

Sensex zooms over 800 points, Nifty above 8,500-mark

The market continued to rally in the afternoon trade and Sensex soared 862.42 points or 3.03 percent to 29,302.74 and Nifty was up 265.60 points or 3.21 percent at 8,546.70 at around noon.

ONGC and HCL Tech were the top gainers in the Sensex pack.

JSPL announces Rs 25 cr contribution to PM-CARES Fund

Private steel maker JSPL on Tuesday announced a Rs 25 crore contribution to the PM-CARES Fund to fight the outbreak of coronavirus in the country.

“To support India’s war against COVID-19, @JSPLCorporate is making an immediate contribution of Rs 25 crores to the PM Cares Fund. We will continue to extend every possible support to our nation in this fight against Covid-19,” JSPL Chairman Naveen Jindal said in a tweet.

JSPL Foundation is providing food and other essential supplies to the local communities in the vicinity of its manufacturing locations.

Bidders likely to miss 16 April deadline to submit bids for DHFL, seek extension

#CNBCTV18Exclusive | Bidders likely to miss April 16 deadline to submit bids for DHFL, seek an extension from lenders, say Banking sources to @_ritusingh pic.twitter.com/eO3qTWoflP

— CNBC-TV18 (@CNBCTV18Live) March 31, 2020

Pune-based startup develops ion generator, device can curb virus load in infected areas

A Pune-based startup has developed a negative ion generator that reduces the viral load of infected areas within a room significantly within an hour, the Department of Science and Technology said on Monday.

The DST has released Rs 1 crore to the start-up ‘Jclean Weather Technologies’ to manufacture and scale up the product, and 1,000 of them will soon be ready for installation in various hospitals in Maharashtra, it said.

The technology has been developed under the NIDHI PRAYAS programme initiated by the Department of Science and Technology, it said.

“The negative ion generator titled Scitech Airon, which helps to control the virus, bacteria, and fungal infections in a closed environment, could clean up the air and disinfect areas which are exposed to the infection through COVID-19 positive cases and suspects,” DST said in a statement.

One hour of operation of ion generator machine reduces viral load within a room by 99.7 per cent depending on room size.

Sun Pharma recovers nearly 3% from lows

#CNBCTV18Market | Sun Pharma recovers nearly 3% from lows pic.twitter.com/KQ2qQc96nk

— CNBC-TV18 (@CNBCTV18Live) March 31, 2020

Indians have to wait for decades for Green Card: CRS

Employment-based backlog for legal permanent US residency is expected to double by 2030 and Indians will have to wait for decades for the coveted Green Card, according to a latest Congressional report.

A Green Card allows a non-US citizen to live and work permanently in America.

Indian IT professionals, most of whom are highly skilled and come to the US mainly on the H-1B work visas, are the worst sufferers of the current immigration system which imposes a seven per cent per country quota on allotment of the Green Card.

The Congressional Research Service (CRS) report said that the time frame would reduce a bit even if the per country cap on its allocation is removed by the Congress.

Rupee rises 8 paise to 75.51 against dollar in early trade

The Indian rupee appreciated by 8 paise to 75.51 against the US dollar in early trade on Tuesday tracking positive opening in domestic equities.

Forex traders said the rupee is trading in a narrow range as the higher opening in domestic equities supported the local unit, while sustained foreign fund outflows and strengthening of the American currency weighed on it.

At the interbank foreign exchange the rupee opened at 75.52, then gained ground and touched 75.51, registering a rise of 8 paise over its previous close.

On Monday, rupee had settled at 75.59 against the US dollar.

H1B workers seek 180 instead of 60-day stay in US after job loss 

Foreign IT professionals, a majority of them Indians with H-1B visas in the US, have urged the Trump administration to extend their permissible stay from 60 to 180 days after job loss, amidst the massive layoffs in America due to the coronavirus pandemic.

The H-1B visa, most sought after among the Indian IT professionals, is a non-immigrant visa that allows the US companies to employ foreign workers in speciality occupations that require theoretical or technical expertise.

Companies depend on it to hire tens of thousands of employees each year from countries like India and China. The current federal rules require an H-1B visa holder to leave the US along with their family within 60 days of losing their job.

Ford, GE to produce 50,000 ventilators in 100 days

Ford Motor Co said on Monday it will produce 50,000 ventilators over the next 100 days at a plant in Michigan in cooperation with General Electric’s healthcare unit, and can then build 30,000 per month as needed to treat patients afflicted with the coronavirus.

Ford said the simplified ventilator design, which is licensed by GE Healthcare from Florida-based Airon Corp and has been cleared by the Food and Drug Administration, can meet the needs of most COVID-19 patients and relies on air pressure without the need for electricity.

Officials in states hard hit by the pandemic have pleaded with the Trump administration and manufacturers to speed up production of ventilators to cope with a surge in patients struggling to breathe. Hospitals in New York already are using one ventilator to sustain two patients. New Orleans has a fraction of the ventilators it needs for a surge of COVID-19 patients, Louisiana officials said.

Midcap stocks buzzing in trade

#CNBCTV18Market | Midcap stocks buzzing in trade pic.twitter.com/2Dh4cJA64r

— CNBC-TV18 (@CNBCTV18Live) March 31, 2020

Bharti Enterprises commits Rs 100 cr for fight against COVID-19

Sunil Bharti Mittal-led Bharti Enterprises on Tuesday committed a Rs 100 crore commitment to support the combat against the coronavirus pandemic.

In a statement, Bharti Enterprises said that a significant portion of the corpus will be immediately contributed to the PM CARES Fund and the balance amount is being directed towards sourcing of masks, PPE and other key equipment for the doctors, healthcare workers and essential services personnel who are at the forefront of this massive battle.

Over a million N-95 masks are being procured and will be made available on an immediate basis, it said

DEA secretary Atanu Chakraborty to address media at 6 pm today 

#JustIn | Atanu Chakraborty, Secretary DEA will address media today at 6 pm to announce H1 market borrowing calendar pic.twitter.com/h0ZPTQS5Gm

— CNBC-TV18 (@CNBCTV18Live) March 31, 2020

Imperative for businesses to join hands with govt, healthcare institutions: Infy CEO

CEO and MD of IT major, Infosys Ltd, Salil Parekh has said it’s imperative for businesses to join hands with the governments, civil society and healthcare institutions in the battle to halt the spread of the novel coronavirus.

The COVID-19 pandemic is one of the toughest challenges that the world has been faced with, he said.

“At such a time, it is imperative for businesses to join hands with the governments, civil society, as well as healthcare institutions to support the communities we live and serve in,” Parekh was quoted as saying in a statement of Infosys Foundation, the Bengaluru-headquartered company’s philanthropic and CSR arm.

World economy will go into recession with likely exception of India, China: UN

The world economy will go into recession this year with a predicted loss of trillions of dollars of global income due to the coronavirus pandemic, spelling serious trouble for developing countries with the likely exception of India and China, according to a latest UN trade report.

With two-thirds of the world’s population living in developing countries facing unprecedented economic damage from the COVID-19 crisis, the UN is calling for a $2.5 trillion rescue package for these nations.

According to the new analysis from United Nations Conference on Trade and Development (UNCTAD), the UN trade and development body titled ‘The COVID-19 Shock to Developing Countries: Towards a ‘whatever it takes’ programme for the two-thirds of the world’s population being left behind’, commodity-rich exporting countries will face a $2 trillion to $3 trillion drop in investments from overseas in the next two years.

The UNCTAD said that in recent days, advanced economies and China have put together massive government packages which, according to the Group of 20 leading economies (G20), will extend a $5 trillion lifeline to their economies.

Market rally continues, Sensex surges over 700 points

The market continued its opening rally tracking broader Asian peers, as unexpected upbeat factory data from China provided hope of a rebound in activity despite a spike in coronavirus cases back home.

Sensex soared 715.64 points or 2.52 percent to 29,155.96 while the broader Nifty was up 218 2.63 percent at 8,499.10 at around 10.30 am.

Vijay Mallya asks finance minister to consider his offer to repay Kingfisher Airlines dues

Embattled liquor baron Vijay Mallya, on Tuesday asked Finance Minister Nirmala Sitharaman to consider his repeated “offer to repay 100 per cent” of the amount borrowed by now defunct Kingfisher Airlines, in this time of coronavirus pandemic.

Mallya, who is wanted in India on alleged fraud and money laundering charges amounting to an estimated Rs 9,000 crore, also said all his companies have effectively ceased operations and manufacturing following the lockdown in India.

“I have made repeated offers to pay 100 per cent of the amount borrowed by KFA to the Banks. Neither are Banks willing to take money and neither is the ED willing to release their attachments which they did at the behest of the Banks. I wish the FM would listen in this time of crisis,” Mallya said in a series of tweets.

He further said, “Indian Government has done what was unthinkable in locking down the entire country. We respect that. All my companies have effectively ceased operations. All manufacturing is closed as well.”

I have made repeated offers to pay 100 % of the amount borrowed by KFA to the Banks. Neither are Banks willing to take money and neither is the ED willing to release their attachments which they did at the behest of the Banks. I wish the FM would listen in this time of crisis.

— Vijay Mallya (@TheVijayMallya) March 31, 2020

Sensex soars over 600 points, Infosys soars over 4%

The Sensex zoomed 650.73 points or 2.29 percent to 29,091.05 while the broader Nifty was up 203.15 points or 2.45 percent to 8,484.25 at around 10.20 am.

Infosys and ONGC were the top gainers in the Sensex pack.

China March factory activity unexpectedly expands

Factory activity in China unexpectedly expanded in March from a collapse the month before, but analysts caution that a durable near-term recovery is far from assured as the global coronavirus crisis knocks foreign demand and threatens a steep economic slump.

China’s official Purchasing Managers’ Index (PMI) rose to 52 in March from a plunge to a record low of 35.7 in February, the National Bureau of Statistics (NBS) said on Tuesday, above the 50-point mark that separates monthly growth from contraction.

Analysts polled by Reuters had expected the March PMI to come in at 45.0.

Free cooking gas for poor during lockdown set to push up India’s imports

India’s liquefied petroleum gas (LPG) imports are set to surge in the June quarter as a move to provide free cooking gas coincides with lower crude processing by refiners hit by collapsing local fuel demand, company officials said.

Sanjiv Singh, chairman of the country’s top refiner Indian Oil Corporation, said meeting LPG demand was “a challenge”.

“When demand for other products is shrinking, consumption of LPG is very high. The challenge may continue if the lockdown is not ended,” he said.

India’s LPG imports could rise by as much as 700,000 tonnes a month, he said, if about 70 percent of the 80 million beneficiaries under the scheme for poorer citizens opt for refills.

India may slash borrowing from market in April amid lockdown

India may slash or even cancel its planned borrowings from the market for April amid a nationwide lockdown prompted by the coronavirus outbreak, two finance ministry sources told Reuters.

The travel curbs have disrupted routine bond market trading and volumes and prompted primary dealers, who underwrite the bond issuances, to seek finance ministry intervention.

“We are looking at various options. Market borrowing is challenging in the current environment,” a senior finance ministry official said.

Oil prices rebound strongly from 18-year lows

Oil prices rebounded strongly in Asian trade Tuesday a day after falling to 18-year lows, as investors took heart from moves by policymakers to support the coronavirus-hit global economy.

US benchmark West Texas Intermediate jumped 7.3 percent to $21.5 a barrel while Brent crude, the international benchmark, was up 3.3 percent at $23.5 a barrel.

In New York on Monday, prices struck their lowest levels since 2002, with WTI briefly falling below $20.

Oil markets have plunged as governments across the planet introduce lockdowns to stem the spread of the virus, hammering demand for the commodity.

World Bank sees outbreak taking a big toll on Asia’s economy

The World Bank is estimating that the cornavirus outbreak will cause economic growth to slow significantly this year in China and other East Asian-Pacific countries, throwing millions into poverty.

Under a worse-case scenario, the region could suffer its sharpest downturn since a devastating currency crisis more than two decades ago, the bank said in an updated forecast released Monday.

The bank’s report projects that growth in the region would slow to 2.1% this year from 5.8 per cent in 2019 under a “baseline” forecast in which economic recovery takes hold this summer.

Bajaj Finance rebounds, gains 7% from lows

#CNBCTV18Market | Bajaj Fin back in the green, gains 7% from lows pic.twitter.com/xwIf53hX80

— CNBC-TV18 (@CNBCTV18Live) March 31, 2020

Market rebounds; Sensex soars 450 points, Nifty reclaims 8,400-mark

The Sensex rebounded from early losses and was trading 451.68 points or 1.59 percent higher at 28,892 while the broader Nifty was up 151.35 points or 1.83 percent at 8,432.45 at around 9.40 am.

Axis Bank and Tata Steel were the top gainers in the Sensex pack.

Nifty slips over 150 points

#CNBCTV18Market | #Nifty slips more than 150 points from highs pic.twitter.com/XyvChkUFNY

— CNBC-TV18 (@CNBCTV18Live) March 31, 2020

Sensex falls from opening highs

#CNBCTV18Market | #Sensex falls more than 550 points from opening highs pic.twitter.com/NF07focMBP

— CNBC-TV18 (@CNBCTV18Live) March 31, 2020

HDFC among major gainers on Nifty

Hindalco Industries, HDFC, JSW Steel, Vedanta and Tech Mahindra are among major gainers on the Nifty.

Indices open higher

The benchmark indices opened higher on 31 March with Nifty above 85000-level.

The Sensex is up 854.52 points or 3 percent at 29294.90, and the Nifty up 248.25 points or 3 percent at 8529.34. About 513 shares have advanced, 82 shares declined, and 27 shares are unchanged.

Hindalco Industries, HDFC, JSW Steel, Vedanta and Tech Mahindra are among major gainers on the Nifty.

Markets regain yesterday’s losses

#CNBCTV18Market | Market regains most of its yesterday's losses, #Nifty reclaims 8,500, #Sensex at 29,300. Reliance & HDFC top contributors#COVID19 #CoronavirusOutbreak pic.twitter.com/jlSNiQOYW0

— CNBC-TV18 (@CNBCTV18Live) March 31, 2020

G20 finance ministers to hold virtual talks on coronavirus crisis

Finance ministers and central bankers of the Group of 20 major economies will hold a second round of virtual talks Tuesday to push ahead the coronavirus response, the Saudi hosts said.

G20 leaders last week pledged a “united front” in the fight against the pandemic, saying they were injecting $5 trillion into the global economy to head off forecasts of a deep recession.

Saudi Arabia, which holds the group’s rotating presidency, said the ministers and bank governors will convene for the second time to “advance a coordinated global response to the COVID-19 pandemic and its human and economic implications”.

US President Donald Trump and Russian President Vladimir Putin joined the emergency summit chaired by Saudi Arabia’s King Salman, who called for coordinated action while facing pressure to end an oil price war between Riyadh and Moscow that has roiled energy markets..

Rupee up 13 paise

#CNBCTV18Market | #Rupee opens 13 paise stronger compared to the previous close pic.twitter.com/LWYlybhopT

— CNBC-TV18 (@CNBCTV18Live) March 31, 2020

Global markets buoyant

#CNBCTV18Market | Dow Jones rose 700 points on Monday led by an 8% surge in Johnson & Johnson which rallied after announcing a vaccine candidate for #Coronavirus pic.twitter.com/6NHb2mJGMx

— CNBC-TV18 (@CNBCTV18Live) March 31, 2020

Asia shares make cautious gains after European, US equities stabilise

Asian share markets managed a tentative rally on Tuesday after European and U.S. equities stabilised, though buying for month and quarter-end book balancing likely flattered the gains.

There were also hopes a survey of Chinese manufacturing due later would show a sizable improvement for March as factories began to re-open.

Forecasts are that the China’s official purchasing manufacturers’ index (PMI) will bounce to 45.0, from a record-low 35.7 in February.

Analysts cautioned the result could even be higher given that the index measures the net balance of firms reporting an expansion or contraction in activity.

Wall Street pushes higher led by surging health care stocks

Stocks pushed higher on Wall Street Monday, led by big gains for health care companies announcing developments that could aid in the coronavirus outbreak.

The rally tacked more gains onto a recent upswing for the market, which is coming off the best week for the S&P 500 since hitting bottom after the financial crisis 11 years ago.

The S&P 500 remains about 23 per cent below its record set last month, and oil tumbled to an 18-year low.