Stock Market Latest Updates: Sensex declines 242 points, Nifty slips below 9,200-mark; ONGC, NTPC among major losers

Udacity Partners, AWS to launch scholarships 

Udacity has recently announced its partnership with Amazon Web Services (AWS) to offer scholarships to help prepare the global workforce for the demand for machine learning capabilities.

With this scholarship, applicants will have an opportunity to take the foundational course titled AWS Machine Learning Foundations Course. 

The top 325 performers who successfully complete the course and score highly on the subsequent test will get a scholarship to Udacity’s Machine Learning Engineer Nanodegree programme.

SBI slashes lending rates

.@TheOfficialSBI reduces lending rates by 15 bps across all tenors.

1-year lending rate comes down to 7.25% from 7.40% effective May 10 pic.twitter.com/h3A9ONdMjg

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

Smart Pass to decongest cafeteria during peak hours

SmartQ, a B2B food-tech platforms, announced the launch of Smart Pass-an initiative to decongest the cafeteria during peak hours. 

SmartQ’s Smart Pass is a slot-based booking and allocation system, focusing on the safety and convenience of the user while providing the authority and flexibility of booking time slots based on their schedule.

The user can book the desired slot and also pre-order the food. The technology allows the user to view the seats booked and seats available for each slot on a real-time basis, said the company in a press release.

Sensex down 218 points, Nifty at 9,205 

Indices continued to stay in the red as Sensex was trading 218.48 points or 0.69 percent lower at 31,467.27 while the Nifty was down 65.80 points or 0.71 percent at 9,205.10 at around 3.15 pm.

Air France-KLM report $1.9 bn in losses, outlook grim

Air France-KLM lost 1.8 billion euros ($1.9 billion) in the first quarter, mostly just in a few weeks in March as travel restrictions grounded planes worldwide, and said Thursday that it will take several years to recover.

The partner airlines, which have already won billions of euros of bailout loans from the French and Dutch governments, forecast that the second quarter will be far worse, with traffic down 95 percent.

Air France-KLM predicted a slow resumption of activity over the summer, but estimated it would still be down 80 percent in the third quarter compared to previous years.

In a statement, the company forecast a “prolonged negative impact on passenger demand, not expected to recover to pre-crisis levels before several years.”

World food prices fall sharply in April: UN

World food prices fell for a third consecutive month in April, hit by the economic and logistical impact of the coronavirus pandemic, the United Nations food agency said on Thursday.

The Food and Agriculture Organization (FAO) food priceindex, which measures monthly changes for a basket of cereals,oilseeds, dairy products, meat and sugar, averaged 165.5 points last month, down 3.4 percent on March.

The FAO sugar price index fell to a 13-year low, plunging 14.6 percent from March, with the coronavirus crisis hitting demand and tumbling crude oil prices also reducing the need for sugarcane to produce ethanol, the Rome-based agency said.

Lufthansa’s Austrian unit mulls 15% job cut: Report

Lufthansa’s Austrian unit could cut 15 percent of its 7,000 jobs and reduce salaries by 13 percent as part of a package designed to convince the Austrian government of its future viability and persuade it to grant the group state aid, newswire APA reported.

Austrian Airlines (AUA) declined to comment on the APA report on Thursday. Its supervisory board met on Wednesday to discuss survival strategies as the coronavirus lockdown measures have brought the airline to a standstill with no income.

The group has applied for 767 million euros ($828 million) in state aid, but the Austrian government has demanded job guarantees and an assurance that the group will keep Vienna as a transfer hub before committing to any financial support.

LG Chem share falls nearly 2% after gas leak in Andhra Pradesh facility

The share price of South Korean chemicals and battery maker LG Chem Ltd dropped almost 2 percent on Thursday after a gas leak at a factory operated by a unit in India killed at least nine people, and led to hundreds more being treated in hospital.

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Uber to lay off 3,700 employees, 17% of workforce; CEO to forgo base salary

Uber Technologies Inc will cut about 3,700 full-time jobs and Chief Executive Officer Dara Khosrowshahi will forgo his base salary for the remainder of the year, the company said on Wednesday, as the COVID-19 pandemic decimates ride-hailing businesses.

Uber and rival Lyft Inc have been under investor pressure to show profits but the coronavirus-led lockdowns have forced them to cut costs and withdraw their full-year financial outlooks as demand for app-based rides have dropped sharply across the world.

Uber said the layoffs, affecting 17 percent of its employee count, included its customer support and recruiting teams, and expects to incur about $20 million in costs for severance and related charges.

Sensex dips 249 points, Nifty below 9,200-mark 

Indices extended losses as Sensex dropped 249.23 points or 0.79 percent to 31,436.52 while the Nifty was down 71.90 points or 0.78 percent at 9,199 at around 2.10 pm.

CAIT flags traders’ inability to pay full salary for April, seeks govt’s intervention

As the country battles COVID-19, traders’ body CAIT on Thursday said traders are facing tremendous financial crunch and payment of full salary for April to their staff was next to impossible.

The Confederation of All India Traders (CAIT) has written to Commerce and Industry Minister Piyush Goyal seeking his intervention in the matter. 

“If such payments are made, the business of the traders will fall like anything and in absence of any inflow of money, such payments will be disastrous for the retail trade of the country and in turn will badly affect the economy,” CAIT secretary general Praveen Khandelwal said in the letter to Goyal.

He said it is becoming difficult for traders to pay full salary for the month of April to their employees since they are experiencing “tremendous financial crunch and any full payment of salary to the employees for the April month is next to impossible”.

Domestic aviation industry to face Rs 24,000-25,000-cr revenue loss this fiscal: Crisil

The domestic aviation industry, which has been severely hit by the coronavirus outbreak and the subsequent lockdown, is expected to crash-land this fiscal with a massive revenue loss of Rs 24,000-25,000 crore, a Crisil report said on Thursday.

Airlines will be the worst-affected segment, contributing more than 70 per cent to the losses (around Rs 17,000 crore), said Jagannarayan Padmanabhan, Director and Practice Leader, Transport and Logistics, Crisil Infrastructure Advisory, during a webinar.

Airport operators are likely to suffer losses worth Rs 5,000-5,500 crore and airport retailers will see a hit of Rs 1,700-1,800 crore, he noted.

Crisil estimates indicate that the Indian aviation industry will “crash-land this fiscal”, witnessing a revenue losses worth Rs 24,000-25,000 crore.

IndusInd Bank stock jumps over 6%

#CNBCTV18Market | IndusInd Bank extends gains, up over 6% pic.twitter.com/T8myNEqXlo

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

Markets trading with mild gains at half-time

The Indian markets at half-time are trading with mild gains as Nifty has entered in a narrow sideways consolidation with demand at 9,130 and supply at 9,350-levels, said Aditya Agarwala, senior technical analyst, YES Securities.

The bulls are trying to defend the 20-DMA support at 9,130, a sustained trade beyond this support could trigger some long build up taking the Index to levels of 9,350-9,450, he said.

“On the flip side if bears push the Index below the 20-DMA i.e. 9,130 fresh bouts of selling would drag it lower to levels of 8,930. European markets have all opened up in the green with gains of half a percent providing some support to our markets. Bank Nifty is the key Index which needs to sustain beyond the 19,800 for a meaningful rally to materialise,” Agarwala said.

Kotak Mahindra Bank declares 10% pay cut for staff with over Rs 25 lakh annual salary

Kotak Mahindra Bank has decided on a 10 percent pay cut for the employees earning above Rs 25 lakh per annum, in a business sustainability move amid the COVID-19 pandemic, according to a communication.

The move comes weeks after the top management voluntarily surrendered 15 percent of their payments for 2020-21.

The COVID-19 crisis is expected to have a heavy impact on the economy and many corporates have been cutting salaries.

Some have also retrenched staff, with the unorganised sector being hit the most. The unemployment rate in India touched 27 percent in the week to 3 May, according to think-tank CMIE.

MSMEs need govt push to benefit from advantage over China-made goods: Report

The government needs to give direct push to MSMEs to ramp up export of consumer goods to reap the benefits of its comparative advantage over products made in China in the post-pandemic world, a report said.

India can look in the range of incremental exports growing by $20 billion (in the least favourable outcome) to a significant $193 billion jump in the five-year horizon, only if it builds its capabilities and captures share from China, according to SBI’s Ecowrap report released on Thirsday. 

“Although, the revealed comparative advantage (RCA) for India is lower than China as far as capital goods exports are concerned, India can still capitalise on this opportunity to push its capital goods exports.

ArcelorMittal reports $1.1 bn net loss in March quarter

ArcelorMittal on Thursday reported a net loss of $1.1 billion for the first quarter ended 31 March 2020 amid the coronavirus crisis.

The world’s largest steelmaker had posted a net income of $0.4 billion in the year-ago quarter, the company said in a statement.

“ArcelorMittal recorded a net loss for quarter 1, 2020 of $1.1 billion… as compared to a net loss for quarter 4, 2019 of $1.9 billion and a net income for quarter 1, 2019 of $0.4 billion,” the company said.       

The world’s leading integrated steel and mining company follows January-December fiscal year.

Sensex down 176 points, Nifty holds 9,200-mark 

Indices erased some of the losses as Sensex was trading 176.41 points or 0.56 percent lower at  31,509.34 while the Nifty was down 50.75 points or 0.55 percent at 9,220.15 at around 1.15 pm.

ONGC, Asian Paints, NTPC, Kotak Mahindra Bank, Bharti Airtel and Ultra Cement were the top losers in the Sensex pack.

SOLV launches COVID-19 emergency credit line programme for MSMEs 

SOLV, a B2B digital platform for MSMEs backed by the Standard Chartered Group, in association with FICCI-CMSME, announced the launch of its COVID-19 emergency credit line programme for MSMEs.

The nation-wide lockdown has badly hit business sustainability for the MSME segment due to the lack of cash-flows to meet their fixed cost. In this scenario, the COVID-19 emergency credit line is aimed at easing the financial pain being faced by the MSME sector, ensuring their growth is not hampered.
 

Using technology and an extensive partner network, SOLV’s COVID-19 emergency credit line is set to rapidly address the urgent financing needs of MSMEs who are exploring ways of maintaining their cash flow and staying relevant in the new market conditions.

New academic session in standalone B-schools to begin from July: AICTE

New academic session in standalone business schools or management colleges offering post graduate diploma or certificate courses will begin from 1 July and the institutions will not be allowed to hike fees, according to the All India Council for Technical Education (AICTE).

The new academic session for freshers will begin from 1 August.

“All standalone institutions offering Post Graduate Diploma in Management (PGDM) and Post Graduate Certificate in Management (PGCM) courses will have to follow the new academic calendar. Institutions may start the session as per notified dates in online mode and should only shift to regular face to face mode only after instructions from HRD Ministry,” AICTE member secretary Rajive Kumar said.

India plans to woo global companies for investment

India to step up its investment pitch, sources tell @rituparnabhuyan. Here's a list of the sectors & countries targetted#CNBCTV18Exclusive pic.twitter.com/FwX6sIljKx

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

All visas, OCI cards for foreign nationals outside India remain suspended

All visas for foreign nationals and the OCI card visa free travel for Indian-origin people, who are not in the country, remain suspended till the restrictions on international travel to and from India are in place, the Indian embassy in Washington said on Wednesday.

However, for all foreign nationals inside the country whose visas have expired and cannot travel out of India due to the international travel restrictions, can apply for their visa extension without any additional fee, it said in a statement.

Visa free travel facility granted to Overseas Citizenship of India (OCI) card holders who are not in India presently, will continue to remain in abeyance till prohibition on international air travel of passengers from/to India is lifted.

The OCI card of a traveller presently in India shall remain valid, the embassy said.

Daimler India Commercial Vehicles resumes plant operations

Daimler India Commercial Vehicles (DICV) on Thursday said it has resumed plant operations in a phased manner.

The company said it was able to restart operations at the plant in less than 24 hours after receiving permission from local authorities as it had started intensive preparation even before the lockdown in India came into effect in March, DICV said in a statement.

Commenting on the resumption of operations, DICV Managing Director & CEO Satyakam Arya said, “Being part of the Daimler global network allowed us to see the implications of COVID-19 well before the lockdown was announced here in India. We immediately initiated a Crisis Management Team (CMT) to steer us safely through this difficult situation.”

HMSI starts rebooting dealership operations

Honda Motorcycle and Scooter India (HMSI) on Thursday said it has commenced opening up of dealerships in various parts of the country.

Following various state government guidelines and respecting red, orange and green zoning in letter and spirit, company showrooms and workshops have started reopening with effect from 4 May, HMSI said in a statement.

The company dealers are ensuring 100 percent adherence to all the mandated safety, sanitisation and social distancing protocols, before re-start of their respective operations, it added.

TRAI begins online OHDs, but tariff floor price issue may not be taken up for now

Telecom regulator TRAI on Wednesday resumed its customary open house discussion (OHD) on pending matters through video-conference but the issue of floor price of tariffs is unlikely to be taken up via online mode for now, till the ongoing situation arising from COVID-19 pandemic stabilises, a source said.

The TRAI source said the regulator may soon come out with a consultation paper dealing with bill shocks in international mobile roaming, that will seek to address the issues faced by consumers in terms of loss of connectivity, and high bills.

The modalities of the consultation paper will be finalised soon, and it may be released within a month.

JM Financial reports almost flat net at Rs 130.6 cr

JM Financial on Wednesday reported a marginal 1.5 percent rise in consolidated net income to Rs 130.6 crore for the three months period to March on a 6.12 percent growth in revenue.

The numbers would have been higher had it not been for a one-time provision of Rs 175 crore to deal with the uncertainties arising from COVID-19 pandemic, the company said in a statement.

The company reported a total revenue of Rs 840.58 crore in the reporting quarter, registering a growth of 6.12 percent over the same period previous fiscal, it said.

For the full year, consolidated net profit declined 4.75 percent to Rs 545 crore, while revenue slipped a marginal 1.3 percent to Rs 3,453.55 crore.

BSNL employee union backs purchase from foreign firms

A BSNL employee union on Wednesday extended support for the company’s Rs 9,300 crore 4G tender that has a clause to facilitate procurement of network equipment from foreign companies and restrict purchase from Indian companies.

The All Unions and Associations of BSNL (AUAB) in a letter to Prime Minister Narendra Modi on 5 May said that Indian companies do not have experience of managing large mobile networks and the state-run firm “cannot afford to procure sub-standard equipment from inexperienced companies”.

Domestic telecom product and equipment promotion body TEPC has charged BSNL of violating policy to give preference to indigenous technology companies and incorporating clauses that restrict the participation of Indian companies.

Trade unions protest states’ move to cut staff pay, curb migrant workers’ movement

Trade unions on Wednesday strongly protested against the decision of some state governments to cut their employees’ pay, increase working hours and delay movement of migrant workers who wish to return home amid the lockdown.

As many as 12 central trade unions raised various issues during a webinar with Labour Minister Santosh Gangwar and senior officials of the ministry on Wednesday.

The unions demanded effective implementation of Inter-State Migrant Workmen Act, 1979 and also pitched for bringing a national policy for migrant workers.

Coal output unlikely to be scaled down, inventory to substitute fuel import: EY

India’s coal production is unlikely to be scaled down as the demand far outstrips the local supply available, global consultancy firm EY on Wednesday said.

It further said that the buffer inventories of coal will be consumed once the downstream plants start running at full capacity after the lockdown is lifted.

“Given that India’s demand of coal far outstrips the supply available locally, miners are unlikely to reduce output of operations but continue to build receivables in the hope the inventories will eventually substitute imports of coal once the downstream businesses stabilise to normal…,” Saurabh Bhatnagar, partner and national leader, metals and mining, EY India, said.

Volkswagen Passenger Cars India appoints Abbey Thomas as head of marketing

Volkswagen Passenger Cars India on Wednesday announced appointment of Abbey Thomas as head of marketing with immediate effect.

With over 25 years of expansive automotive industry experience, Thomas who had previously worked with Audi India as head of planning (product & sales) will be spearheading marketing strategy for the VW brand in India, the company said in a statement.

Thomas takes over from Bishwajeet Samal, who moves to Wolfsburg, Germany for an international assignment with Volkswagen AG, the company added.

He joined the VW Group in 2011. Prior to joining the group, he worked with several European and Asian car manufacturers across the globe.

ITC shares down over 1%

#CNBCTV18Market | ITC fails to hold morning gains, slips to day's low pic.twitter.com/OLJZDodP6N

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

HCL Technologies shares jump over 4% after Q4 earnings

Shares of HCL Technologies on Thursday jumped over 4 percent after the company posted 22.8 percent rise in its consolidated net profit for the March quarter.

On BSE, the scrip advanced 4.38 percent to Rs 542.40, while on NSE it rose 4.37 percent to Rs 541.80.

Earlier in the day, the IT firm posted 22.8 percent rise in consolidated net profit at Rs 3,154 crore for the March quarter driven by strong growth across verticals.

It had registered a net profit of Rs 2,568 crore in the January-March 2019 quarter, HCL said in a regulatory filing.

Yes Bank shares zoom 20% on quarterly profit

Shares of Yes Bank on Thursday zoomed 20 percent after the company reported a net profit of Rs 2,629 crore for the March quarter.

The stock jumped 19.92 percent to Rs 31.60 on BSE, while it rallied 19.96 percent to Rs 31.55 on NSE.

Yes Bank on Wednesday reported a net profit of Rs 2,629 crore for the March quarter, helped by a massive gain of over Rs 6,200-crore arising out of a controversial write-off of bond investors’ investment.

Karnataka hikes excise duty on liquor by 11%

The Karnataka government hiked excise duty on liquor by 11 percent to mop up revenues, two day after allowing its sale, following the easing of COVID-19 induced lockdown.

This hike is in addition to the six per cent that was announced in the budget.

“Yes, this 11 percent increase in excise duty is in addition to the six per cent announced in the budget,” Chief Minister BS Yediyurappa told reporters.

According to sources, the hike will translate into a consumer paying Rs 5 more for an 180 ml bottle of liquor. The hike is applicable on brandy, whisky, gin and rum, but not to  beer, wine, toddy and feni, they said.

NITIE ties up with edu-tech firm to conduct exams online amid lockdown

The National Institute of Industrial Engineering (NITIE), a prominent B-schools has tied up with edu-tech company mUni Campus for conducting their exams online with live proctoring for students amid the coronavirus-forced lockdown.

According to Manoj Kumar Tiwari, Director, NITIE, students were provided an opportunity to practice online demo test for over two days to get comfortable with this new way of giving exams online. 

“The examination was conducted in a quite innovative way. Students were able to appear for the exam comprising of a mix of MCQs, short and long descriptive questions,” he said.

Some auto firms resume production, others prepare to restart manufacturing

Automobile majors, including Maruti Suzuki India, Mercedes-Benz, TVS Motor, and Royal Enfield, on Wednesday announced resumption of or plans to restart production at their respective manufacturing units following relaxation of guidelines by the government for the third phase of lockdown.

The country’s largest carmaker Maruti Suzuki India (MSI) said it would resume operations at its Manesar plant from 12 May.

The Gurugram district administration had allowed MSI to run Manesar facility on a single shift basis, while fixing the total number of employees at plant at 4,696.

The company’s Manesar (Haryana) plant is outside the limits of Gurugram Municipal Corporation, while its Gurugram plant falls within the city limits.

Govt to run awareness campaign in 1 lakh villages on fertiliser use

Agriculture Minister Narendra Singh Tomar on Wednesday said the government will run a mission mode awareness campaign this fiscal in over 1 lakh villages for promoting use of bio/organic fertilisers and reducing consumption of chemical soil nutrients.

A decision in this regard was taken after reviewing the progress of the Soil Health Card (SHC) scheme, launched in 2015.

Under the scheme, soil health cards are given to farmers at an interval of two years. The cards provide information to farmers on nutrient status of their soil along with recommendations on appropriate dosage of nutrients to be applied for improving soil health and fertility.

Bad Bank idea in consultation stage: SBI chief  

SBI Chairman says these are some initial thoughts at IBA level that it’s the right time for structure along the lines of a Bad Bank can be worked out pic.twitter.com/pbYl1OGhpW

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

Sensex slips 237 points, Nifty at 9,205

Indices extended the losses as Sensex dipped 236.84 points or 0.75 percent to 31,448.91 while the Nifty was down 65.90 points or 0.71 percent at 9,205 at around 12.20 pm.

ONGC was the top loser in the Sensex pack falling over 3 percent. Other losers included Kotak Mahindra Bank, Titan, Ultra Cement, Bharti Airtel, Asian Paints and PowerGrid.

Liquor outlets reopen in Madhya Pradesh after talks between traders, govt

Liquor shops reopened in Madhya Pradesh on Wednesday following talks between traders and the state government.

Traders wanted some kind of relief from the government to make up for the loss of business as the shops remained closed for over a month this fiscal due to the lockdown imposed to contain the coronavirus pandemic.

Though the shops opened after 41 days, there were no scenes of tipplers jostling to buy alcohol and forcing the police to use their batons, unlike in Delhi and some other places in the country after the lockdown was relaxed.

Bengal allows home delivery of liquor

The West Bengal government on  Wednesday allowed home delivery of liquor and the State Beverages Corporation (BEVCO) launched a website through

which people over 21 years of age can place orders.

The move was aimed at avoiding large gatherings at standalone ‘OFF’ shops which reopened on Monday, industry sources said.

Customers can place orders through the website https://excise.wb.gov.in/eRetail/Page/eRetail_Login.aspx after registering themselves by providing necessary details such as address and mobile number, among others.

Govt saves Rs 89,122 cr in 2018-19 through energy efficiency

India saved Rs 89,122 crore through energy efficiency in 2018-19 and reduced energy intensity by 20 percent in the fiscal compared to 2005 level, according to a report.

India has set a target to reduce the energy intensity by 33-35 percent by 2030 as compared to 2005 level.

“The energy efficiency initiatives by BEE (Bureau of Energy Efficiency) led to savings worth Rs 89,122 crore in 2018-19,” a report released by Power Minister RK Singh on Wednesday.

While unveiling the e-book, Singh said, “We have pledged in COP-21 that we will bring down energy intensity of economy by 33-35 percent compared to 2005 levels by 2030. Now, with our energy efficiency initiatives we have already reduced the energy intensity of our economy by 20 percent compared to 2005 levels which is a very good performance indeed.”

Home delivery of liquor to start in Punjab from today

Home delivery of liquor will start from 7 May in Punjab with the state excise and taxation department issuing an order for opening of liquor vends on Wednesday.

The liquor stores would be allowed to open only during the curfew relaxation period, officials said.

Meanwhile, the Punjab government on Wednesday evening changed the curfew relaxation timing to ensure no overcrowding at shops. Now the shops will open at 7 am till 3 pm. Earlier, the relaxation was given from 9 am till 1 pm.

However, the timing of delivery of liquor will be decided by the respective assistant excise and taxation commissioners in consultation with deputy commissioners, the order stated.

Uber offers free transport service to medics of 11 hospitals in West Bengal

App cab aggregator Uber on Wednesday said it will provide free rides to healthcare workers of 11 hospitals in Kolkata and Howrah to help fight the Covid-19 outbreak.

The company said it has partnered with the West Bengal government to offer the service, coined UberMedic, and it will deploy 70 cars for the purpose.

The hospitals will get dedicated support by UberMedic, which will be launched in a day or two.

Besides healthcare workers, the cars will also transport non-covid patients, the app cab aggregator said in a statement.

All UberMedic cars are being fitted with roof-to-floor plastic wall to enclose the driver, thereby limiting contact with riders.

Delhi govt issues guidelines on allowing industrial units to work during lockdown

The Delhi government on Wednesday issued detailed guidelines on allowing industrial and in situ construction works during lockdown, including compulsory download of Aarogya Setu app, confusion persisted over the opening of units manufacturing non-essential goods.

The guidelines were issued by district magistrates that prescribed among other things, downloading of ‘Arogya Setu’ mobile application by all workers and employees for alerts on proximity of coronavirus positive people.

“Delhi Industries Minister Satyendar Jain in a meeting with representatives of industries in the city, organised by AAP Trade Wing, said all industries having ‘access control’ can start work,” Brijesh Goyal, convener of AAP Trade Wing, said.

Different types of non-essential shops to remain open in Pune

In Pune, five shops selling non-essential merchandise of various categories will be allowed to remain open outside the containment zones between 7

am and 7 pm during the coronavirus-induced lockdown period till 17 May.

In the fresh order issued on Wednesday, the Pune Municipal Corporation (PMC) has explained the type of the shops that will be allowed to remain open under an alternate day arrangement and timings.

The previous order issued on 3 May was silent on the category of shops that are allowed to function and their timing of operation. However, the city police had said that non-essential shops would be allowed to function between 10 am and 6 pm.

Cochin Shipyard resumes operations; Kolkata, Mumbai units still shut

Cochin Shipyard Limited (CSL) on Wednesday said it has resumed operations with reduced strength after Ernakulam district was notified as a green zone.

The public sector ship repair and building yard, however, has not resumed operations at its Mumbai and Kolkata units.

Amid the coronavirus pandemic outbreak, the company had suspended its operations with effect from March 23, 2020 to ensure safety of its employees and to contain further spread of COVID-19.

“Pursuant to the Ernakulam district being notified as Green Zone, CSL has resumed its operations in two shifts of 5:45 hrs each, strictly complying with the government directives issued in this regard by both the Central and state governments,” CSL said in a filing to the BSE.

IOB, Bank of Maharashtra cut lending rates

State-owned Indian Overseas Bank and Bank of Maharashtra on Wednesday announced a reduction in their marginal cost of funds based lending rate (MCLR). 

“Our Bank has revised the MCLR w.e.f 10.05.2020 until further review,” Indian Overseas Bank said in a regulatory filing.  

The Chennai-headquartered lender said the MCLR for the benchmark one-year tenor loan has been cut by 0.10 percent to 8.15 percent, with effect from 10 May.  

The one-year MCLR is the benchmark for most consumer loans, including personal, car and home.

Cold chain operators seek subsidy on power tariff

Promoters of cold chain projects on Wednesday demanded that the government should provide subsidy on power tariff as they are facing cash crunch because of the nationwide lockdown.

The demand was made by cold chain promoters during an interaction via video conferencing with Food Processing Minister Harsimrat Kaur Badal.

The minister emphasised the importance of food processing enterprises, especially the Integrated Cold Chain Network, in the present uncertain and evolving circumstances in view of the COVID pandemic, an official statement said.

This network saves the farmers from uncertain circumstances and also facilitates stabilization of market prices, it added.

Higher taxes on liquor to be counterproductive in long-run: Industry bodies

The levy of additional tax on liquor by several state governments, in some cases as high as 75 percent, will be counterproductive in the long-run as it will hit sales and reduce total collections, industry bodies said.

According to the Confederation of Indian Alcoholic Beverage Companies (CIABC) and All India Brewers’ Association (AIBA), presently liquor distribution is around 25 percent only as most shops, bars and restaurants are closed.

States like Andhra Pradesh, Delhi and West Bengal have imposed 75 percent, 70 percent and 40 per cent additional levy on liquor, respectively. Window sales resumed from Monday after a gap of almost 40 days during the ongoing coronavirus lockdown.

HDFC to raise Rs 5,000 cr via bonds

HDFC Ltd plans to raise up to Rs 5,000 crore by issuing bonds on private placement basis to meet its business requirements.

HDFC will issue secured redeemable non-convertible debentures on private placement basis with an issue size of Rs 2,500 crore and an option to retain over-subscription of up to Rs 2,500 crore, according to a regulatory filing.

The coupon on the bonds, to be maturing in December 2021, has been fixed at 7.06 percent per annum.

“The object of the issue is to augment the long-term resources of the Corporation. The proceeds of the present issue would be utilised for financing /refinancing the housing finance business requirements of the Corporation,” HDFC said.

Its shares closed 2.49 percent higher at Rs 1,732.95 apiece on the BSE on Wednesday.

Air India’s repatriation flights postponed

Air India’s repatriation flights under the ‘Vande Bharat’ mission could not be operated on Wednesday as the crew members’ COVID-19 tests were not done on time, senior airline officials said.

The ‘Vande Bharat’ mission plans to bring stranded Indians from abroad amid the coronavirus-induced lockdown.

The flights under the mission will start operating from Thursday, the officials clarified.

Air India’ first fight was scheduled to depart at 3.30 am on Wednesday from Delhi to San Francisco. The second flight was scheduled to depart at 6.30 am on Wednesday from Mumbai to London, they said.

NHAI may lose Rs 2,100-2,200 cr in toll over March-June

CRISIL Infrastructure Advisory on road sector

Road developers/ toll operators may incur toll revenue loss of Rs 3,450-3,700 crore during Mar-Jun

NHAI may lose Rs 2,100-2,200 crore in toll over Mar-June

NHAI long-term asset monetisation programme may take a hit@CNBCTV18Live

— Anu Sharma (@awnusharma) May 7, 2020

Jet Airways lenders panel holds meeting

The Committee of Creditors of Jet Airways met on Wednesday to discuss the way forward for the grounded airline.

This was the 11th meeting of the CoC of the airline. The tenth CoC meeting of the grounded airline was held on 24 April 2020 and the e-voting was concluded on 29 April 2020.

In March this year, the National Company Law Tribunal (NCLT) had allowed 90 days’ extension for the corporate insolvency resolution process of the airline.

The airline’s resolution professional had filed an application in NCLT seeking 90 days’ extension for the insolvency process after failing to attract any bidder.

The CoC had on 18 February set a new deadline of March 10 for submission of bids for the grounded airline after South American conglomerate Synergy Group and New Delhi-based Prudent ARC failed to meet the previous deadline.

Assam tea suffers Rs 500 cr loss due to lockdown, says minister

ea production in Assam has declined by 32 million kg due to the lockdown, resulting in a financial loss of over Rs 500 crore, state industries minister

Chandra Mohan Patowary said on Wednesday.

The tea sector is the ‘biggest industry’ in the state, and production was severely hit as the lockdown coincided with the beginning of a new season, he said.

“Tea production at 715.49 million kg in Assam in 2019 was 51.51 percent of the total crop output in the country. But due to the lockdown, decline in production is estimated at 32 million kg, amounting to a loss of more than Rs 500 crore,” the minister told reporters.

Following the guidelines, issued by the Centre for resumption of the economic activity during the third phase of the lockdown, all the 783 big estates and 1.18 lakh small gardens have been reopened, he said.

Flower farming in Jabalpur badly hit 

Madhya Pradesh:Flower farmers in Jabalpur say that their business has slumped amid lockdown. One of farmers,Nawal says,"We could not get labourers&items like pesticides,so plants have been damaged.I've suffered losses of Rs 4-4.5 lakhs. It'll take 3 months for plants to recover". pic.twitter.com/CovsQSi13f

— ANI (@ANI) May 7, 2020

Strides Pharma shares zoom over 6%

#CNBCTV18Market | Sharp surge in Strides Pharma, up over 6% pic.twitter.com/SFQfvfKPfr

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

PNB opens emergency credit line for MSMEs, eased working capital norms

Punjab National Bank on Wednesday said it has opened an emergency credit line for the MSME sector to help it tide over liquidity issues amid the coronavirus crisis.

It has also liberalised the working capital assessment (LWCA) model for MSME borrowers having limits of Rs 5 crore and above, the state-owned lender said at a webinar hosted with industry body PHD Chamber to address the issues of micro, small and medium enterprises.

There is a facility of standby line of credit for MSMEs as well as PNB COVID-19 Emergency Credit Facility (PNB-CECF), the bank said.

Disappointed over negative reports about our products in India: Chinese firms

Two Chinese pharma companies, which supplied five lakh rapid testing kits for COVID19, said they were very disappointed over negative reports about their products in India, days after the Indian Council of Medical Research asked the states not to use them over poor quality.

In separate statements, Guongzhou Wondfo Biotech and Livzon Diagnostics said their products were being used by various countries and that ensuring strict quality control has been a focus area for them.

The ICMR on 27 April asked the states and union territories to stop using the test kits procured from the two Chinese companies due to “wide variations” in their performance while conducting tests in “field conditions”.

Indices extend losses as Sensex down 172 points, Nifty below 9,250

Indices continued to stay in the red zone as Sensex was trading 172.27 points or 0.54 percent lower at 31,513.48 while the Nifty was down 50.25 points or 0.54 percent at 9,220.65 at around 11.15 am.

Informal sector warrants special focus, workers need fixed income support for 3 months

The government should lay a special focus on supporting the informal sector as well as micro, small and medium enterprises to revive economic activities reeling from the coronavirus crisis, according to academics.

They also stressed the need for providing a fixed income support for at least three months to informal sector workers, saying they play a major part in running the economy.

Addressing a webinar on ‘Indian economy during COVID-19’ on Wednesday, former professor of University of Hyderabad D Narasimba Reddy said the focus should be on the informal sector, which contributes significantly in the country’s GDP.

Ban on export of alcohol-based sanitisers to continue, says govt

The government on Wednesday said only alcohol-based sanitisers, which are effective against the new coronavirus, are prohibited for exports.

However, the industry can now export non-alcohol based sanitisers.

In March, the Directorate General of Foreign Trade (DGFT) issued a notification prohibiting export of all kinds of sanitisers with immediate effect.

Amending that 24 March notification, DGFT said that only alcohol-based hand sanitisers are prohibited for exports.

There was a shortage of hand sanitisers and face masks in the market amid the coronavirus outbreak as people resorted to panic buying.

BMC allows reopening of single electronics, hardware shops

The Brihanmumbai Municipal Corporation (BMC) has amended its previous order and allowed reopening of standalone electronics and hardware shops in the

city during the lockdown, saying there is an urgent need to keep such shops open to some extent.

BMC Commissioner Praveen Pardeshi on Wednesday night directed all assistant commissioners of wards to permit one standalone electronic and hardware shop on each road to remain open during the coronavirus-enforced lockdown.

“It has been observed that many essential and life-saving medical equipment, IT systems related to health systems and machines, vehicles are in a state of disrepair due to closing down of electronics and hardware shops. Hence, there was an urgent need to keep such shops open to some extent,” said the BMC’s amended order signed by Pardeshi.

Despite lockdown, Chhattigarh’s rural economy strong: Govt

Despite the lockdown, the rural economy of Chhattisgarh remains strong due to extensive works started under the Mahatma Gandhi National Rural Employment

Guarantee Scheme (MGNREGA) across the state, a government official has said.

Labourers have been taking all precautions against coronavirus by wearing face masks or covering their faces with scarves, maintaining physical distance and regularly washing their hands while working on the field, he said.

Chhattisgarh has so far recorded 59 COVID-19 cases. These cases have been reported from seven out of the total 28 districts of the state.

“In April alone, 10.24 lakh MGNREGA job-card holder families were provided employment of 1.23 crore man-days. Wages worth Rs 548.41 crore have been paid to labourers in April for the ongoing and previous works,” a state public relations official said.

SBI likely to extend moratorium to shadow lenders

State-run State Bank of India (SBI) reportedly decided to extend the loan moratorium to NBFCs after reports that the RBI was considering a proposal for extending the moratorium on bank loans by another three months to help people and industry, said a news report.

SBI board’s executive committee reportedly gave its final approval to extend the central bank moratorium to shadow lenders, which will have to individually apply to avail the benefit, said a report in The Economic Times.

Accordingly, the eligible beneficiary must produce evidence of liquidity crunch and they should not use the relief to divert funds for other purposes, the report said.

Market off-lows

#CNBCTV18Market | Indices gradually losing grip as they slip further into the red; Nifty now testing 9,200 pic.twitter.com/0WKZDbDbl6

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

Madhya Pradesh may announce minor changes in labour laws today

Madhya Pradesh CM Shivraj Singh Chouhan to announce some changes in labour laws today, including allowing maximum production in factories with minimum restrictions. Govt may allow to increase working hours of workers in factories and allow an overtime of up to 72 hours a week. pic.twitter.com/lQrQxG72pf

— ANI (@ANI) May 7, 2020

HCL Tech Q4 net up 22.8% at Rs 3,154 cr

HCL Technologies on Thursday posted 22.8 percent rise in consolidated net profit at Rs 3,154 crore for the March quarter driven by strong growth across verticals.

The IT major had registered a net profit of Rs 2,568 crore in the January-March 2019 quarter, HCL said in a regulatory filing.

Its revenue grew 16.3 percent to Rs 18,590 crore in the quarter under review, from Rs 15,990 crore in the corresponding quarter last year, as per US GAAP.

For FY'20, HCL Tech’’s consolidated net profit increased 9.3 percent to Rs 11,062 crore, while revenue grew 17 percent to Rs 70,678 crore from the previous financial year.

Asia stocks relieved by China export surprise, US bonds face debt flood

Asian shares pared early losses on Thursday after Chinese exports proved far stronger than even bulls had imagined, while US bond investors were still daunted by the staggering amount of new debt set to be sold in coming weeks.

Beijing reported exports rose 3.5 percent in April on a year earlier, completely confounding expectations of a 15.1 percent fall and outweighing a 14.2 percent drop in imports.

The surprise stoked speculation the Asian giant could recover from its coronavirus lockdown quicker than first thought and support global growth in the process.

The news helped regional market steady after a shaky start and MSCI’s broadest index of Asia-Pacific shares outside Japan was back to near flat.

Sensex falls 138 points, Nifty at 9,238
 

Sensex fell 138.28 points or 0.44 percent to 31,547.47 while the Nifty was down 32.40 points or 0.35 percent at 9,238.50 at around 10 am.

Kotak Mahindra Bank, ONGC and Titan were the major losers in the Sensex pack.

Currency market closed due to Buddha Purnima

Money market to remain shut today on account of Buddha Pournima#Rupee #Dollar pic.twitter.com/KGvCwGCHdG

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

Virus lockdowns pummel global gas demand, force LNG output cuts

Lockdowns to slow the coronavirus pandemic are pummelling gas demand in the world’s biggest buyers of liquefied natural gas (LNG), pushing Asia’s spot prices to record lows and forcing some suppliers to start cutting output. Economies worldwide have ground to a halt as virus containment measures have taken their toll, slashing gas demand for power generation, heating, cooking, vehicles and chemical manufacture. The world’s biggest LNG markets – Japan, China, South Korea and India – are all seeing a drop in demand.

Asia’s spot LNG prices dropped to $1.85 per million British thermal units (mmBtu) last week, the lowest ever, as cargoes have flooded the market.

“At prices in the $2/mmBtu range … some producers are getting close to not recovering cash costs of their operations. We are likely to see some producers start to ‘shut in’ (production),” said Alex Dewar, senior manager at the centre for energy impact at Boston Consulting Group (BCG).

Trump admin urges US court not to block work permits to spouses of H1B visa-holders

In a major relief to thousands of Indians living in the US, the Trump administration has urged a federal district court not to block an Obama-era rule allowing certain categories of spouses of H-1B visa-holders to work in the country, saying that American workers have not been irreparably harmed by such work authorisation.

An H-4 visa is issued by the US Citizenship and Immigration Services (USCIS) to the immediate family members (spouse and children under 21 years of age) of the H-1B visa-holders, most of whom are Indian IT professionals.

They had obtained work permits under a special order issued by the previous Obama administration in 2015. It is normally issued to those who have already started the process of seeking employment-based lawful permanent resident status in the country.

As of December 2017, the USCIS had approved 1,26,853 applications for employment authorisation for H-4 visa-holders. According to a 2018 report by the Congressional Research Service (CRS), 93 per cent of approved applications for H-4 employment authorisation were issued to individuals born in India and five per cent to individuals born in China.

Railways’ isolation coaches to be deployed at 215 stations

The government has earmarked 215 railway stations for the deployment of railways’ isolation coaches to be used as ‘COVID Care Centres’ for suspected or confirmed patients categorised as mild or very mild cases.

These stations will be deployed across 23 states and Union Territories, a health ministry document has stated.

“Considering the possibility of increase in cases of COVID- 19, a view is taken to utilize Railway coaches for COVID care centre,” the guidelines issued by the Health ministry on Wednesday, said.

According to a ‘guidance document on appropriate management of suspect/confirmed cases of COVID-l9: Railway Coaches – COVID Care Centre’ released by the health ministry on Wednesday, the patients lodged in the coaches will be observed for their symptoms and clinical condition. 

In cases of deterioration of the symptoms or clinical conditions, they would be referred to a designated centre or hospital for further management, the document said.

Separate coaches for suspect and confirmed cases should be ensured to avoid cross infection, the document says.

The coaches will be spread across all major hotspots in India and cover both the big cities as well as rural, far-off places.

US April jobs data shows epic losses and soaring unemployment

The economic catastrophe caused by the viral outbreak likely sent the U.S. unemployment rate in April to its highest level since the Great Depression and caused a record-shattering loss of jobs.

With the economy paralyzed by business closures, the unemployment rate likely jumped to at least 16% — from just 4.4% in March — and employers cut a stunning 21 million or more jobs in April, economists have forecast, according to data provider FactSet. 

If so, it would mean that nearly all the job growth in the 11 years since the Great Recession had vanished in a single month.

Yet even those breathtaking figures won’t fully capture the magnitude of the damage the coronavirus has inflicted on the job market.

Many people still employed have had their hours reduced. Others have suffered pay cuts. Some who’ve lost jobs won’t have been able to look for work amid widespread shutdowns and won’t even be counted as unemployed. A broader measure — the proportion of adults with jobs — could plunge to a record low.

“

HCL Tech, Bajaj Finance among top gainers

#CNBCTV18Market | HCL Tech amongst too Nifty gainers after Q4 earnings pic.twitter.com/fJjr7X82GE

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

Sensex, Nifty low in opening session

#CNBCTV18Market | #Sensex & #Nifty trade with minor cuts pic.twitter.com/MmRWE7wbZ7

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

Currency markets closed on account of Buddha Purnima

The currency market is shut today on account of Buddha Purnima.

The rupee depreciated 9 paise to close at 75.72 against the US dollar on Wednesday, following a strong American currency overseas and fears of a renewed trade war between the US and China.

Forex traders said the weakness in the rupee was largely due to the strengthening of the US dollar and sustained foreign fund outflows.

Moreover, rising coronavirus cases in the country also weighed on the local unit.

The rupee opened weak at 75.77 at the interbank forex market and then pared some losses to finally settle at 75.72, down 9 paise over its last close.

It had settled at 75.63 against the US dollar on Tuesday.

“The risk tone has been tepid and will remain like that on renewed US-China spat. The trade war can reignite going ahead and prop up the safe-haven dollar demand.

Oil gains as US inventories grow less than feared 

Oil prices rose on Thursday after U.S. inventories swelled less than expected, but market watchers predicted further gains could be capped by the ongoing glut in crude supplies as the coronavirus pandemic crushes fuel demand.

Brent crude was up by 12 cents, or 0.4%, to $29.84 a barrel 0044 GMT, after falling earlier in the Asian session and dropping 4% on Wednesday.

U.S. oil gained 19 cents, or 0.8%, to 24.18 a barrel, after declining more than 2% in the previous session.

“The latest report (on U.S. inventories) added to tentative evidence that – after a catastrophic few weeks – the pressure on the U.S. oil market is beginning to lessen,” Capital Economics said in a note. “That said, we wouldn’t rule out more turbulence in the coming weeks.”

Yes Bank needs to seggregate NPAs

#CNBCTV18Exclusive | Prashant Kumar, MD, CEO of @YESBANK says need to look at the co from the date of moratorium imposition, not year-on-year numbers #4QWithCNBCTV18 pic.twitter.com/uBwXzmnDGI

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

HCL Tech Q4 results better than expectations

#BREAKING | @hcltech's Q4 results above expectations, $ revenue comes in at $2,543 m Vs CNBC-TV18 poll of $2,450 m pic.twitter.com/U76FiqkwzS

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

Asia stocks to track soft Wall Street lead

Asian stocks were set to come under pressure on Thursday as downbeat economic data pushed investors to safe havens and growing worries about falling demand sent oil prices lower.

Traders continue to be torn between signs that consumers and businesses are emerging from the economic paralysis caused by the coronavirus and the reality that the pandemic continues to choke global demand.

Also in focus are fresh hostilities between Beijing and Washington after U.S. President Donald Trump said he was watching closely whether China would meet its commitments to increase U.S. goods purchases under the Phase 1 trade deal.

Markets on track for weak start

Aditya Agarwala, Senior Technical Analyst, YES Securities, said: " The Indian markets are on track for another weak start to the weekly F&O expiry session with a 100 points GAP down opening as indicated by the SGX Nifty which is currently trading lower by 1.10%.

“Early risers in Asia are trading mixed. HANGSENG, NIKKEI and SHANGHAI markets are trading marginally in the red while TAIWAN and KOSPI are trading with modest gains. Overnight the European and the US markets ended in the red led by late sell off, baring the Nasdaq which had closed in the green. However, Dow Jones Futures is trading in the green at the moment suggesting a mild recovery may be in the offing. 

“Nifty ended its previous session with gains of 65 points after bulls managed to defend the 20-DMA support line which is currently placed at 9130. However, following a sharp GAP down opening of 100 points this 20-DMA support line is going to be retested and a breakdown today could lead to an extended sell off dragging the Index lower to  levels of 9040-8900. On the flip side, if bulls manage to successfully defend this support again a short covering rally could be triggered taking the Index higher to levels of 9400-9500.Key Index to watch out today will be the Bank Index which has been underperforming this week and is currently trading below the 20-DMA which is at 19770, bulls need to take the Bank Nifty beyond this resistance for any meaningful short covering rally to materialize,” Agarwala said.

Yes Bank posts Rs 2,629 cr net profit on gains from AT-1 bond write-off

#4QWithCNBCTV18 | Yes Bank's Q4 gross slippages of Rs 493 cr; recoveries & upgrades Rs 1,903 cr pic.twitter.com/MyilDSVdlr

— CNBC-TV18 (@CNBCTV18Live) May 6, 2020