Stock Market Latest Updates: Sensex surges over 600 points, Nifty above 9,050-level; HDFC, Tata Steel among major gainers

Sensex surges over 600 points, Nifty above 9,050

Benchmark indices ended in the green for the straight second day while Nifty regained 9,000-mark. 

The Sensex surged 622.44 points or 2.06 percent at 30,818.61 while the broader Nifty was up 187.45 points or 2.11 percent at 9,066.55. 

HDFC was the top gainer in the Sensex pack zooming over 5 percent. Other gainers included M&M, Tatat Steel, L&T, Bajaj Finance, HDFC Bank and Sun Pharma.

The losers included IndusInd Bank, Hero MotoCorp and Bharti Airtel

Dr Reddy's Labs, Shree Cements, HDFC, M&M and BPCL were among major gainers on the Nifty, while losers were Bharti Infratel, IndusInd Bank, Hero MotoCorp, Vedanta and Bharti Airtel.   

All the sectoral indices ended higher, with Nifty Pharma rose over 4 percent followed by the auto, energy and bank. BSE Midcap and smallcap indices rose over 1 percent each. 

Fiscal, monetary measures announced 'substantial': FinMin

Greek economy to shrink up to 13% due to coronavirus, finance minister says

Greece’s economy may shrink 10 to 13 percent this year following a lockdown imposed to stem the spread of the novel coronavirus, but the government will take steps to mitigate the impact, the country’s finance minister said on Wednesday.

Finance Minister Christos Staikouras told Greek radio Real FM that the economy, which emerged from a decade-long debt crisis and three international bailouts in 2018, can withstand a possible second wave of infections in autumn.

The conservative government will support businesses and protect jobs, he said, and plans to take measures that could contain the estimated recession by as much as 8 points.

Saudi pips Iraq as top oil supplier to India in April 

Saudi Arabia replaced Iraq as the top oil supplier to India in April after a gap of three months as refiners in Asia’s third largest economy were drawn by deep discounts on Saudi crudes, data obtained from sources showed.

Refiners in India, the third largest oil importer, requested higher volumes for April from Saudi Aramco and UAE’s Abu Dhabi National Oil Co (ADNOC), which both increased output while cutting prices last month.

India’s oil imports in April totalled 4.63 million barrels per day (bpd), up 5 percent from March but down 4.1 percent from April 2019, the data showed.

Franklin Templeton appoints Kotak Mahindra Bank as advisor to wind up 6 schemes 

Franklin Templeton Trustee Services has appointed Kotak Mahindra Bank to work together with Franklin Templeton Asset Management (India) to assist the trustees in monetising portfolios of the six schemes that are being wound up.

Kotak Mahindra Bank, through its debt capital markets team, will work closely with the Franklin Templeton Trustees, to assist with all portfolio actions in these six schemes that are being wound up, Franklin Templeton Mutual Fund said in a statement.

Trustees of Franklin Templeton MF said that Kotak Mahindra Bank, a highly reputed firm with strong corporate governance practices and deep financial market experience, will, wherever required, act as their agent and provide its independent advice and assistance to the trustees through the entire process.

Tata Motors' JLR rolls out first Range Rover made under social distancing measures

The first Range Rover made under new social distancing measures in place to combat coronavirus drove off the production line at the Tata Motors’ owned Jaguar Land Rover’s manufacturing plant in Solihull in the West Midlands region of England on Wednesday, following a recent temporary pause in production due to the pandemic.

The luxury carmaker said that effective social distancing, hygiene and health monitoring measures are in place following an extensive review of all production lines, engineering facilities, office areas and communal spaces as the company starts a phased return to manufacturing.

“Seeing the first Range Rover come off our line today is a defining moment for Jaguar Land Rover, for all of us who work for the company and the many businesses in our supply chain. It marks the end of our temporary shutdown and signals the beginning of a return to normality. But, of course, this is a new normal,” said Grant McPherson, Jaguar Land Rover Executive Director, Manufacturing.

TCS CEO pay package reduces 16% to Rs 13.3 cr in FY20

Pay package of Tata Consultancy Services CEO and MD Rajesh Gopinathan shrank more than 16 percent to Rs 13.3 crore in 2019-20 compared to the previous fiscal, according to the company''s annual report.

In 2018-19, Gopinathan had received a total remuneration of Rs 16.02 crore.

According to TCS' annual report for 2019-20, Gopinathan received Rs 1.35 crore in salary, Rs 1.29 crore in perquisites, Rs 10 crore in commission (at 0.02 percent of profit) and Rs 72.82 lakh in allowances.

In the previous year, Gopinathan had received Rs 1.15 crore in salary, Rs 1.26 crore in perquisites and Rs 60.35 lakh in allowances. However, he had drawn a higher commission of Rs 13 crore in 2018-19 at 0.03 percent of profit.

Britain's Rolls-Royce to axe 9,000 jobs in air travel slump

Rolls-Royce plans to cut at least 9,000 jobs, or more than a sixth of its workforce, in the latest blows to the UK economy and aviation industry dealt by the coronavirus pandemic.

The company, which makes engines for planes such as the Boeing 787 and Airbus 350, said on Wednesday it could also close factories as it shrinks to fit the smaller market it expects to emerge from the crisis.

Airlines and their supplies have been among the hardest hit businesses by lockdowns to contain the pandemic, with passenger air travel grinding to a virtual halt.

Britain, like many other economies, is also bracing for a deep recession, with jobless claims in April leaping to the highest in nearly 24 years.

Pradhan Mantri Vaya Vandana Yojana gets extension

Gold futures surge on spot demand

Gold prices on Wednesday rose by Rs 220 to Rs 47,270 per 10 gram in futures trade as speculators created fresh positions on firm spot demand.

On the Multi Commodity Exchange, gold contracts for June traded higher by Rs 220, or 0.47 percent, to Rs 47,270 per 10 gram in a business turnover of 11,420 lots.

The yellow metal for August delivery edged up by Rs 197, or 0.42 percent, to Rs 47,500 per 10 gram in a business turnover of 10071 lots.

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

Khatabook raises $60 mn funding led by B Capital Group

Khatabook, which provides solutions to help micro, small and medium-sized businesses track business transactions, on Wednesday said it has raised $60 million (over 454 crore) in funding led by B Capital Group.

The series-B round also saw participation from new and existing investors, including Sequoia India, Partners of DST Global, Tencent, GGV, RTP Global, Hummingbird Ventures, Falcon Edge Capital, Rocketship.vc and Unilever Ventures, a statement said.

Angel investors Kevin Weil, Alexander Will, Kunal Shah, Kunal Bahl and Rohit Bansal (Snapdeal founders) also participated, it added.

The latest funding will allow Khatabook to ramp up their products and services offerings for India's merchants, as the company builds technology solutions around financial services and a large merchant-focused distribution platform, the statement said.

Sensex soars over 500 points, Nifty at 9,049

Sensex surged 558.63 points or 1.85 percent to 30,754.80 while the Nifty was up 170 points or 1.91 percent at 9,049.10 at around 3 pm.

Benchmark indices were trading near day's high. Almost all the sectoral indices are trading in the green.
 

HDFC was the top gainer in the Sensex pack zooming nearly 6 percent followed by M&M, Tata Steel, L&T, Bajaj Finance, Sun Pharma and Ultra Cement.

HDFC Bank shares up

CEAT Tyres reopens sales, service centres at select locations

CEAT Tyres on Wednesday announced the reopening of its sales and service network and also the launch of doorstep service to customers at select locations.

CEAT Tyres has resumed its services at their dealerships ''Shoppes'', in various parts of the country as per the various guidelines issued by the Central and state government with regards to activities permitted in various zones, the tyre maker said in a release.

These dealerships provide a one-stop solution for car owners encompassing all tyre-related services.

As many as 165 dealerships of the total 302 across the country have resumed operations, a company spokesperson told PTI.

Coir geo-textiles to be used in rural road construction under PMGSY-III

The government on Wednesday said coir geo-textiles will be used in the construction of rural roads under the third phase of Pradhan Mantri Gram Sadak Yojana (PMGSY-III).

Coir geo-textiles are permeable fabric, which are natural, strong, highly durable, resistant to rots, moulds and moisture, and free from any microbial attack.

They will be used for construction of rural roads under the PMGSY-III, according to a communication from the National Rural Infrastructure Development Agency under Union Ministry of Rural Development.

"This is a very significant development as we have now been successful in deploying coir geo-textiles in road construction. The decision will give a big boost to the coir industry especially in these difficult times of COVID-19 pandemic," Nitin Gadkari, Minister of MSME and Road Transport and Highways said in a statement.

Kerala govt set to re-open liquor shops this weekend

Kerala is set to re-open liquor outlets by this weekend as the state government is awaiting a security certificate for the newly developed mobile application for online sale of liquor.

A mobile application is being developed by an Ernakulam-based private firm by which tipplers can book an e-token and go to the prescribed outlet or bars to purchase the liquor.

The idea is to reduce crowding at the outlets. With an e-token, the person will be directed to a particular outlet or bar which is near to him as per the GPS location, Kerala State Beverages Corporation Sparjan Kumar told PTI. 
    

Rupee falls 16 paise to Rs 75.79 at close

Indices extend gains; Sensex zooms 429 points, Nifty regains 9,000-mark

Indices extended gains as Sensex zoomed 428.63 points or 0.95 percent to 30,624.80 while the Nifty was up 130.10 points or 1.47 percent at 9,009.20 at around 2 pm.

L&T was the top gainer in the Sensex pack jumping over 4 percent. 
 

Mahindra & Mahindra, Tata Steel, HDFC, ITC, Ultra Cement, Tech Mahindra, Kotak Mahindra Bank, NTPC and HDFC Bank were other gainers

IndusInd Bank was the top loser falling over 3 percent followed by Hero MotoCorp, Bharti Airtel and Infosys.

Hackers, cyber attacks now evolving faster than ever before: Tech firm Subex

Digital technology provider Subex said on Wednesday it has detected 46 percent increase in attacks on smart homes, enterprises and control systems connected to critical infrastructure as the global cyber threat landscape alters amid the ongoing coronavirus pandemic.

The company also detected and reported a spurt in deceptive attacks on critical infrastructure elements across the world, especially in Eastern Europe, where these attacks are growing in volume.

The most attacked regions include North America, South Asia, and the Middle East. The quality of these attacks is also improving with each passing week, it said while releasing findings of its quarterly threat landscape report for the first quarter of 2020.

The report has been prepared using data gathered and analysed from Subex's global network functional across 62 cities around the world.

CESC board panel approves raising Rs 300 cr via NCDs

Power utility company CESC on Wednesday said a board panel has approved raising Rs 300 crore through issuance of non-convertible debentures (NCDs).

"An issue of 3,000 NCDs having a face value of Rs 10 lakh each for cash at par aggregating to Rs 300 crore, on a private placement basis has been approved today," the company said in a BSE filing.

The proceeds of the issue will be utilised for capital expenditure and general corporate purposes.

The proceeds from the NCDs will not be used, either in part or full, for capital market activities, including subscription/purchase of shares & debentures, acquisition or purchase of land or any other speculative business activity.

Tata Steel raises Rs 1,000 cr via NCDs

Tata Steel on Wednesday said its committee of directors has approved allotment of non-convertible debentures (NCDs) worth Rs 1,000 crore on private placement basis.

"The Committee of Directors has today approved allotment of 10,000 - 8.25 percent unsecured, rated, listed, redeemable, NCDs of face value Rs 10,00,000 each, for cash aggregating to Rs 1,000 crore, to identified investor on private placement basis," Tata Steel said in a filing to BSE.

The NCDs are proposed to be listed on the Wholesale Debt Market Segment of BSE , the filing said.

Dr Reddy's Q4 net profit surges 

Ola to layoff 1,400 staff as COVID-19 pandemic hits revenues

Cab aggregator Ola is laying off 1,400 staff from rides, financial services and food business as revenues declined by 95 percent in the last two months due to coronavirus pandemic, a note by CEO Bhavish Aggarwal said.

In an email to employees, Aggarwal made it clear that the prognosis ahead for the business is "very unclear and uncertain" and the impact of this crisis is "definitely going to be long-drawn for us".

"The fallout of the virus has been very tough for our industry in particular. Our revenue has come down 95 percent over the past 2 months. Most importantly, this crisis has affected the livelihoods of millions of our drivers and their families across India and our international geographies," he said.

Markets trading in green at half-time

The Indian markets at half time are trading with gains of 80 points after bulls managed to keep the Nifty Index above the 8,900 level, said Aditya Agarwala, Senior Technical Analyst, YES Securities.

Further, a sustained trade beyond the resistance zone of 9,040 can trigger short covering rallies taking the Index to levels of 9,120-9,160. However, failure to hold the Index above 8,900-level may lead to more downside dragging the Index to levels of 8,820, he said.

"Broader markets are gaining momentum in line with the headline Indices. FMCG, auto, media and pharma stocks are leading the charge today while PSU banks stocks continue to remain under pressure. European markets however, have opened on a weak note which keep upside capped in our markets as well," Agarwala said.

NCDEX to launch futures contract on Agridex

The National Commodity and Derivatives Exchange (NCDEX) on Wednesday announced the beginning of trading in India's first agri futures index called NCDEX Agridex.

Its futures contracts expiring in the months of June, July, September and December will be available for trading from 26 May.

"Agriculture is a key pillar of the Indian economy and contributes significantly to employment and economic growth. NCDEX has always played an important role in providing risk management tools for the Indian agricultural value chain," said Managing Director and CEO Vijay Kumar.

Sensex jumps 287 points, Nifty above 8,950-mark

Indices extended tains as Sensex was trading 287.59 points or 0.95 percent higher at 30,483.76 while the Nifty was up 89.05 points or 1 percent at 8,968.15 at around 12.50 pm.

M&M, Tata Steel, Titan, L&T, ITC, HDFC, Ultra Cement, Reliance and Kotak Mahindra Bank were the top gainers in the Sensex pack.

IndusInd Bank, Hero MotoCorp, Bharti Airtel, Infosys, Asian Paints and SBI were the losers.

Piramal board approves Rs 500-cr NCD issue

Diversified group Piramal Enterprises on Wednesday said its board has approved the proposal to raise up to Rs 500 crore through issue of securities on a private placement basis.

The meeting of administrative committee of the board of directors has approved the issue of secured, rated, listed, redeemable non-convertible debentures (NCDs) on private placement basis, Piramal Enterprises said in a regulatory filing.

The NCDs are proposed to be listed on wholesale debt market segment of NSE, it added.

Truckers stare at inability to pay EMIs

JLR resumes production at Solihull plant in UK after temporary suspension

Jaguar Land Rover (JLR), a part of Tata Motors, on Wednesday announced the rollout of first unit from Solihull facility in the UK, marking the end of temporary suspension of production at the plant due to coronavirus pandemic.

The first Range Rover made under new social distancing measures drove off the production line at the company''s manufacturing plant in Solihull on Wednesday, JLR said in a statement.

Social distancing, hygiene and health monitoring measures are in place following an extensive review of all production lines, engineering facilities, office areas and communal spaces as the company starts a phased return to manufacturing, it added.

"Seeing the first Range Rover come off our line today is a defining moment for Jaguar Land Rover, for all of us who work for the company and the many businesses in our supply chain," JLR Executive Director, Manufacturing, Grant McPherson said.

APM Terminals Pipavav starts training villagers in mask making

APM Terminals Pipavav on Wednesday said it has started imparting training to villagers surrounding its port in Gujarat in mask making, a move that will help in generating employment to the villagers during the lockdown and thereafter.

The port aims to reach out to 50 villages by facilitating training on mask making so that villages are self-reliant with reference to masks, which is a vital component for the prevention of COVID-19.

APM Terminals Pipavav has commenced the mask making training with the help of Gopi Mahila Mandal, the company said in a statement.

Hyundai Motor India launches new version of mid-sized sedan Verna

Hyundai Motor India Ltd (HMIL) on Wednesday launched the new version of its mid-sized sedan Verna priced between Rs 9.3 lakh and Rs 15.09 lakh (ex-showroom Delhi).

Named as ''Spirited New Verna'', the new offering comes in BSVI-compliant three engine variants of 1.5 litre petrol and diesel, and petrol 1-litre turbo engine. It also has automatic transmission options.

While the 1.5 litre petrol version is priced between Rs 9.3 lakh and Rs 13.85 lakh, the 1.5 litre diesel option is tagged at Rs 10.65 lakh to Rs 15.09 lakh. The petrol 1-litre turbo engine version is priced at Rs 13.99 lakh (ex-showroom Delhi).

World Bank announces $160 bn assistance to 100 countries

The coronavirus pandemic is expected to put over 60 million people into extreme poverty globally, the World Bank has said as it announced emergency operations worth $160 billion in 100 developing countries to fight the deadly virus.

"The pandemic and shutdown of advanced economies could push as many as 60 million people into extreme poverty -- erasing much of the recent progress made in poverty alleviation, World Bank President David Malpass told reporters during a conference call on Tuesday.

"The World Bank Group has moved quickly and decisively to establish emergency response operations in 100 countries, with mechanisms that allow other donors to rapidly expand the programmes," he said.

Of the 100 countries, home to 70 percent of the world's population, 39 are in Sub-Saharan Africa. Nearly one-third of the total projects are in fragile and conflict-affected situations, such as Afghanistan, Chad, Haiti, and Niger.

Demand likely to recover in a couple of months: CG Consumer

Ujjivan Small Finance Bank rallies over 6% post Q4 earnings

Shares of Ujjivan Small Finance Bank rose over 6 per cent on Wednesday after the company reported a 15 percent rise in net profit for the fourth quarter ended March 2020.

The company''s stock gained 6 percent to Rs 28.15 on BSE. It rallied 6.40 percent to Rs 28.25 on NSE.

Ujjivan Small Finance Bank on Tuesday reported a 15 percent rise in net profit to Rs 73.15 crore for the fourth quarter ended March 2020.

The bank had posted a net profit of Rs 63.78 crore in the year-ago period, it said.

Indices trim gains; Sensex up 219 points, Nifty above 8,900-mark

Indices trimmed the gains as Sensex was trading 219.24 points or 0.73 percent higher at 30,415.41 while the Nifty was up 67.35 points or 0.76 percent at 8,946.45 at around 12.05 pm.

L&T, Tata Steel, M&M, ITC, Titan, Reliance and Nestle India were the top gainers in the Sensex pack.

Hero MotoCorp, IndusInd Bank, Bharti Airtel, Infosys and Maruti were the losers.

CSMIA handles 1,500 tonne of COVID-19 supplies to states

GVK MIAL managing Chhatrapati Shivaji Maharaj International Airport (CSMIA) has transported 1,500 tonne of supplies such as PPE, masks, gloves, and COVID-19 diagnostic kits by over 370 flights including scheduled freighters and non-scheduled charters to Maharashtra, Gujarat, Chennai, Hyderabad as well as the remote areas of the country where these essentials are scarce.

Till now, CSMIA has transported a total of 12,000 tons of Pharma, 2,700 tons of agro exports and 200 tonnes of live goats’ export.

The air cargo at CSMIA has also witnessed approximately 240 ATM’s of passenger aircraft which have been converted to freighters contributing 11 percent of the overall freight during the lockdown.

Despite transport constraints, CSMIA has processed a total of 30,000 tonnes of cargo which include 18,000 tonnes of export products and over 12,000 tonnes of imports. Mumbai air cargo has earmarked space of 4500sq.mt. approximately for processing the vast flow of imports.

M&M at day's high

Over 1 crore people avail free treatment under Ayushman Bharat so far: NHA

Over one crore people have availed treatment worth around Rs 13,412 crore for free in hospitals across the country under the Ayushman Bharat health insurance scheme since its launch in September 2018, officials said.

Also, 2,132 patients have availed or are currently undergoing treatment for COVID-19 under the Ayushman Bharat Pradhan Mantri Jan Arogya Yojna (AB-PMJAY) in the country, the National Health Authority (NHA), which is responsible for implementing the scheme, said on Wednesday.

Responding to the COVID-19 outbreak, the Union Ministry of Health has made testing and treatment for the coronavirus infection free under the insurance scheme for its 53 crore beneficiaries.

More than 21,565 hospitals, including private hospitals, have been empanelled under the programme so far, the NHA said in its statement.

Tata Power shares surge 7% on 2-fold jump in Q4 profit

Shares of Tata Power on Wednesday rallied 7 percent after the company posted a two-fold rise in its consolidated net profit for the January-March quarter compared to the year-ago period.

The scrip gained 6.95 percent to Rs 34.60 on BSE, while it surged 6.62 percent to Rs 34.60 on NSE.

Tata Power on Tuesday posted a two-fold jump in its consolidated net profit to Rs 475 crore in the January-March quarter compared to the year-ago period.

Tamil Nadu to provide relief to unregistered handloom weavers

The Tamil Nadu government on Wednesday decided to extend the lockdown relief provided to handloom weavers, by giving assistance to those not registered with a relevant board.

The government was already reaching out to a little over 1.03 lakh registered handloom weavers by providing a cash relief of Rs 1,000 each in two installments, an official release here said.

It has received request from unregistered weavers that they also be given assistance, an official release here said.

Apollo Tyres shares decline over 2% after Q4 earnings

Shares of Apollo Tyres on Wednesday fell over 2 per cent after the firm reported a 7.36 percent decline in its consolidated net profit for the fourth quarter ended March 2020.

The stock declined 2.23 percent to Rs 89.70 on BSE. On NSE, it fell 2.23 percent to Rs 89.75.

The company on Tuesday reported a 7.36 percent decline in its consolidated net profit to Rs 77.8 crore for the fourth quarter ended 31 March 2020.

The company had posted a net profit of Rs 83.99 crore for the January-March period of 2018-19.

Bajaj Fin's March numbers not indicative of slippages

IATA outlines layered approach for airline industry re-start

The International Air Transport Association (IATA) has released details of its proposed temporary layered approach to biosecurity for re-starting passenger flights amid the COVID-19 crisis.

It has published 'Biosecurity for Air Transport: A Roadmap for Restarting Aviation' which outlines IATA's proposal for a layering of temporary biosecurity measures.

The roadmap aims to provide the confidence that governments will need to enable the re-opening of borders to passenger travel and the confidence that travellers will need to return to flying.

"There is no single measure that will reduce risk and enable a safe re-start of flying. But a layering measures that are globally implemented and mutually recognised by governments can achieve the needed outcome," said IATA's Director General and CEO Alexandre de Juniac.

"This is the greatest crisis that aviation has ever faced. A layered approach has worked with safety and with security. It is the way forward for biosecurity as well," he said in a statement.

Infosys inks tie-up with State of Rhode Island

IRCTC shares zoom 5%

IRCTC shares jumped 5 percent after Railway Minister Piyush Goyal announced that 200 non-air conditioned, time-tabled trains will start services from 1 June.

Shares of Indian Railway Catering & Tourism Corporation (IRCTC) were 5 percent up at Rs 1,334 apiece at around 10.45 am. 

As many as 5,203 shares changed hands on the counter. 

The IRCTC e-ticket booking for these special non-AC passenger trains is expected to begin online soon.

Sensex rises 211 points, Nifty at 8,944

Sensex rose 210.70 points or 0.70 percent to 30,406.87 while Nifty was up 64.70 points or 0.73 percent at 8,943.80 at around 10.45 am.

ITC was the major gainer in the Sensex pack jumping over 3 percent. 

Other gainers included L&t, Tata Steel, Reliance, Nestle India, Titan, Sun Pharma, HCL Tech, Bajaj Auto and HUL.

Top losers included IndusInd Bank, Hero Motocorp, Infosys, Bharti Airtel, Maruti and TCS.

Rupee rises 6 paise to Rs 75.60 in early trade

The rupee appreciated 6 paise to 75.60 against the US dollar in early trade on Wednesday tracking positive opening of domestic equities.

Forex traders said a positive start of domestic stocks supported the local unit, while sustained foreign fund outflows and concerns over coronavirus pandemic weighed on the local unit.

At the interbank foreign exchange, the rupee opened at 75.60, registering a rise of 6 paise over its previous close.

On Tuesday, the rupee had settled at 75.66 against the US dollar.

Bharti Airtel stock falls 

Johnson & Johnson to stop selling talc-based baby powder in US, Canada

Johnson & Johnson on Tuesday announced that it would stop selling its talc-based Johnson’s Baby Powder in the United States and Canada, making the decision after a consumer products “portfolio reassessment related to COVID-19.”

The US healthcare conglomerate said it would wind down sales of the product, which makes up about 0.5 percent of its U.S. consumer health business, in the coming months, but that retailers will continue to sell existing inventory.

J&J faces more than 16,000 lawsuits from consumers claiming its talc products, including Johnson’s Baby Powder, caused their cancer. The majority are pending before a US district judge in New Jersey.

Global green energy growth to fall for first time in 20 years: IEA

Global growth in new renewable energy capacity will experience its first annual decline in 20 years this year amid the coronavirus pandemic but is expected to pick up next year, the International Energy Agency said on Wednesday.

The world is set to build fewer wind turbines, solar plants and other installations that produce renewable electricity this year as energy demand has been reduced across commercial and industrial sectors and logistics issues delay projects.

“Countries are continuing to build new wind turbines and solar plants, but at a much slower pace,” IEA executive director Fatih Birol said.

“Even before the Covid-19 pandemic struck, the world needed to significantly accelerate the deployment of renewables to have a chance of meeting its energy and climate goals.”

HSBC sees double-digit wealth asset growth in Asia by 2023

HSBC Holdings PLC expects to achieve double-digit asset growth in its newly combined wealth business in Asia Pacific in the next three years, as it looks to grab a bigger share of the growing rich population, the unit’s regional head told Reuters.

The Asia-focused lender in February announced the merger of its global private banking and retail wealth businesses to create a new wealth and personal banking unit, part of a radical strategy overhaul at Europe’s largest lender by assets.

The combined wealth business, which came into effect on 1 May, manages assets worth about $1.3 trillion globally, with nearly half of that in Asia, where bulk of it is accounted for by its fast-growing mass affluent customer base.

IndusInd Bank falls nearly 4%

Fujifilm shares fall after report Avigan not showing clear efficacy in some COVID-19 trials

Shares of Fujifilm Holdings Corp fell on Wednesday after Kyodo news agency reported that so far there has been no clear evidence of efficacy for its drug Avigan in treating the novel coronavirus in some clinical trials.

The data reported to Japan’s health ministry by hospitals treating people showing mild or no symptoms raises doubts about whether the drug can be approved by the end of this month as sought by Japan’s government, the report said, citing unidentified sources.

Fujifilm spokeswoman Kana Matsumoto said the company was not involved in the clinical research conducted mainly at Fujita Health University or other observational studies.

Oil rises on signs of firmer demand, fall in US crude stocks

Oil prices rose on Wednesday amid signs of improving demand and a drawdown in US crude inventories but worries over the economic fallout from the coronavirus pandemic capped gains.

Brent crude futures for July delivery were up 23 cents, or 0.7 percent, at $34.88 per barrel.

US West Texas Intermediate (WTI) crude futures for July were up 14 cents, or 0.4 percent, at $32.10 a barrel. The July contract closed on Tuesday at $31.96, up 1 percent.

The June contract expired on Tuesday at $32.50 a barrel, up 2.1 percent, as the WTI futures market avoided the chaos of last month’s May expiry, when prices sank below zero.

Rupee rises 8 paise to Rs 75.56 in opening trade

Sensex jumps over 300 points, Nifty above 8,900 mark

Indices extended the early gains as Sensex jumped 314.40 points or 1.04 percent to 30,510.57 while Nifty was up 99.50 points or 1.12 percent at 8,978.60 at around 9.50 am.

IT index was down marginally, while all other sectoral indices were trading in the green.

L&T, Tata Steel, ITC, Bajaj Finance, Reliance, Nestle India, HDFC and Kotak Mahindra Bank were the major gainers in the Sensex pack.

Hero MotoCorp, IndusInd Bank, Infosys and TCS were the losers.

L&T Infotech jumps nearly 7%

Snapdeal resumes pan-India deliveries

Snapdeal, India’s leading e-commerce platform, on Tuesday announced that it restored service to 100 percent of the pin codes that it was serving before the COVID-19 linked restrictions disrupted deliveries.

Effective Tuesday morning, it has switched on all locations for delivery, excluding the containment zones, which continue to remain inaccessible for e-commerce deliveries as per guidelines issued by the Central and state governments, the company said in a statement.

To help in logistics planning, Snapdeal has engaged Legistify, a law tech platform, that provides live trackers of latest regulations in red, orange, green and containment zones, including the trends and micro details from such areas.

Sensex up

Asian stocks adrift as vaccine rally falters

Asian stocks struggled to extend the week’s rally on Wednesday and gold and bonds firmed as a sceptical press report dented some hopes for a COVID-19 vaccine and concerns about bumps in the global recovery from the pandemic returned.MSCI’s broadest index of Asia-Pacific shares outside Japan was flat. The risk-sensitive Australian dollar retreated from an overnight two-month high and safe-haven demand drove U.S. Treasury yields back under 0.7%.

The moves follow a downbeat end to the day on Wall Street, after a report from medical news website STAT cast doubt over positive early results from a Moderna Inc COVID-19 vaccine trial. The report said the results, which had rallied global stocks this week, lacked detail.

Tata Power does well after Q4 earnings

HDFC, UPL up 

Indices open high

The Indian indices opened higher on 20 May with Nifty above 8,900 level.

At 09:16 IST, the Sensex was up 148.28 points or 0.49% at 30344.45, and the Nifty was up 42.85 points or 0.48% at 8921.95. About 392 shares have advanced, 220 shares declined, and 29 shares are unchanged.

Markets open in green

Stocks to watch out for on bourses today

RIL rights issue opens today

Oil-to-telecom conglomerate's Reliance Industries Ltd (RIL) rights issue - the biggest-ever rights issue -- will open for subscription for shareholders tomorrow (20 May) and close on 3 June. One share will be offered for every 15 shares held at Rs 1,257.

Markets expected to open in green

Aditya Agarwala, Senior Technical Analyst, YES Securities, said, "The Indian markets are expected to open in the green as guided by the SGX Nifty which is currently trading at 8,920, up 40 points from previous close back home. Further, Asia markets are showing a mixed reaction in opening trades. NIKKEI, TAIWAN, KOSPI are trading in the green while HANGSENG, JAKARTA and STRAIT are trading marginally in the red. Overnight US markets ended trade in the red, however, Dow Jones Futures currently is trading in the green with gains of 0.50%. 

"The Nifty ended trade the previous session marginally in the green, but at the low point of the day as bulls failed to take the Index beyond the 9040 resistance mark leading to profit booking in late trade. Further, following an expected GAP up opening bulls need to push the Index beyond the 9040 resistance level for any significant short covering rally to materialize taking the Index to levels of 9160. However, failure to do so will again drag it down to levels of 8900-8800. On shorter time frame technical indicators are at oversold territory and price is also at the lower end of the range suggesting a possible short covering rally maybe in the witnessed in the coming trading sessions,” Agarwala said.

Markets likely to take Asian cues

Deepak Jasani, Head Retail Research, HDFC securities, said, "The markets could open up in line with other Asian markets but again run into sell-offs at higher levels. The Indian markets could open up today following a largely positive mood in Asian markets and despite negative US markets on Tuesday due to doubts on an early COVID-19 vaccine.

US stocks finished lower Tuesday, losing steam in the final hour of trade, after a report cast doubt on Moderna’s coronavirus vaccine candidate and Wall Street braced for a potentially protracted economic recovery. Partly tripping up the bullish mood was a report from Boston Globe Media’s STAT news service, which cast doubt on Moderna Inc.’s coronavirus vaccine candidate.

Wall Street also digested two hours of congressional testimony from Federal Reserve Chairman Jerome Powell and U.S. Treasury Secretary Steven Mnuchin and parsed earnings reports from major retailers, including Dow components Walmart and Home Depot. Also on traders’ radar Tuesday were comments by President Trump late Monday threatening to permanently cut off U.S. funding to the World Health Organization, a move experts say could undercut global health.

Stocks in Asia Pacific were mixed in Wednesday morning trade as China’s benchmark lending rate was left unchanged. China held its benchmark lending rate steady as expected on Wednesday, mirroring the central bank’s decision last week to keep borrowing costs on medium-term funding for financial institutions unchanged.

Indian indices ended higher on Tuesday breaking a 3-days losing streak, however they failed to hold on to morning gains. At close, the Nifty was up 55.85 points or 0.63% at 8879.10. The Nifty Bank index ended 0.5 percent lower at 17,486, nearly 700 points off the day's high of 18,175. Technically, markets are getting sold off on rallies reflecting weak sentiments. 8806 is the support for the Nifty while 9044 remains a resistance.