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Stock Market Latest Updates: Sensex surges over 900 points, Nifty reclaims 9,300-mark; Nifty Bank zooms over 7%

FP Staff May 27, 2020, 16:02:49 IST

Stock Market Latest Updates: Sensex surges over 900 points, Nifty reclaims 9,300-mark; Nifty Bank zooms over 7%

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Stock Market Latest Updates: Sensex surges over 900 points, Nifty reclaims 9,300-mark; Nifty Bank zooms over 7%
May 27, 2020, 15:56:08 (IST)

Sensex surges 996 points, Nifty above 9,300-mark 

Indices staged a sharp recovery in the afternoon trade after opening in the green on Wednesday. The rally witnessed Nifty reclaiming 9,300-level while the Sensex went past 31,000-mark supported by the gains in banking and IT heavyweights.

Sensex surged 995.92 points or 3.25 percent at 31,605.22 while the Nifty was up 285.90 points or 3.17 percent at 9,314.95. 

Axis Bank was the top gainer in the Sensex pack zooming over 13 percent. Other gainers included ICICI Bank, HDFC Bank, IndusInd Bank, Bajaj Finance and SBI.

On the Nifty, the major gainers were Axis Bank, ICICI Bank, Wipro, Grasim Industries and HDFC Bank, while losers were Sun Pharma, UltraTech Cement, Titan, Shree Cements and Asian Paints.

Among Sectors, Nifty Bank rose 7 percent followed by IT, metal and energy space, while pharma index ended marginally lower.

May 27, 2020, 15:46:38 (IST)

Sun Pharma Q4 profit falls 37%

May 27, 2020, 15:42:48 (IST)

Govt may launch coal blocks auction process under commercial mining on 11 June

The Centre is likely to launch the process of coal blocks auction under commercial mining on 11 June 11 and around 50 mines are expected to go under the hammer.

An official on the condition of anonymity said the “government will come out with the notice inviting tender (NIT) for auction of coal mines for sale of coal on 11 June.”

The official further said around 50 coal blocks are likely to be put on sale.

May 27, 2020, 15:39:47 (IST)

Donations to PM CARES fund to now be considered as CSR spend

May 27, 2020, 15:36:09 (IST)

445 domestic flights carrying 62,641 passengers operated on Tuesday: Hardeep Singh Puri

A total of 445 domestic flights carrying 62,641 passengers operated on Tuesday, said Civil Aviation Minister Hardeep Singh Puri on Wednesday, asserting the airports functioned smoothly on the second day of the recommencement of domestic services in India.

On Monday, a total of 428 flights had operated in the country.

India resumed its domestic services on Monday after a gap of two months. All scheduled domestic services were suspended in India from March 25 to May 24 due to the coronavirus pandemic.

“Our skies & airports are busy again. On 26 May, the 2nd day of recommencement of domestic passenger flights in India, our airports handled 62,641 flyers on 445 departures & 447 arrivals.  All airport functioning was smooth. Only 6 departures were rescheduled,” Puri said on Twitter on Wednesday.

May 27, 2020, 15:34:23 (IST)

Moderate participation expected in upcoming spectrum auctions: ICRA

The Telecom Regulatory Authority of India (TRAI) recommended auctions with one of the largest quanta of spectrum on offer – more than 8,500 MHz, which at reserve price is valued at around Rs 5.7 lakh crore.

ICRA expects a relatively muted participation fetching around Rs 55,000–60,000 crore to the exchequer. This, along with the impending AGR dues, are expected to result in further elevation of the industry debt to around Rs. 4,60,000 crore as on 31 March, 2021 despite sizeable deleveraging done by the telcos as well as the anticipated improvement in cash flow generation post the tariff hikes. 

Such a high valuation is on account of high reserve prices and high quantity of spectrum for the newer bands i.e. 700 MHz and 3300-3600 MHz, which are primarily expected to be used for 5G.

The 700 MHz was put to auction in October 2016 where it went unsold and thereafter the price for this band has been revised downwards for the forthcoming auction.

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May 27, 2020, 15:33:03 (IST)

TCS iON readies exam centers with social distancing norms
 

TCS iON, a unit of Tata Consultancy Services, has announced a new standard operating procedure called social distanced assessments (SD-Assessments) drawn up in consultation with medical and public health experts.

This will help it conduct secure, proctored in-center assessments for recruitment and academic admissions in the post lockdown phase, without compromising on the safety of the candidates and proctoring staff, the company said in a statement.

The SD-Assessments norms lay out the rules to be followed before, during and after an exam, to ensure that the necessary precautions, hygiene and social distancing requirements are adhered to. This will ensure the smooth and safe conduct of in-center exams at TCS iON’s centers.

Venguswamy Ramaswamy, Global Head, TCS iON, said, “Exam-conducting authorities are eager to resume assessments and at the same time, are anxious about the safety of students and everyone involved. We are grateful to the health experts from AIIMS and PHFI for providing invaluable inputs to our process for conducting social distanced assessments with all the necessary rigor and care.”

May 27, 2020, 15:29:39 (IST)

Lego Group ties up with NITI Aayog, Save The Children

The Lego Group, the toy brand, in collaboration with two highly reputed organisations, NITI Aayog and Save The Children, introduced targeted initiatives in India to promote ‘Learning Through Play’ and support home-based learning during these unprecedented times.

The Lego Group aligned with Save the Children to promote responsive care-giving and play-based learning practices for children aged 3-8 years both at state and national levels.

The initiative will also improve access to quality pre-school education through the Integrated Child Development Services (ICDS) and pre-school Centres when they re-open.

It will focus on building capacity of pre-school anganwadi workers, anganwadi helpers and ICDS functionaries to support the development and school readiness of young children.

May 27, 2020, 15:21:32 (IST)

Sensex surges 1,000 points, Nifty regains 9,300-mark 

Benchmark extended the rally as Sensex soared 1006.71 points or 3.29 percent to 31,616.01 while the broader Nifty was up 294.25 points or 3.26 percent at 9,323.30 at around 3 pm.

The market rally was led by gains in banking and information technology heavyweights such as HDFC Bank, ICICI Bank, HDFC, Infosys, Kotak Mahindra Bank and Axis Bank.

Axis Bank was the top gainer in the Sensex pack soaring over 13 percent. Other gainers included ICICI Bank, IndusInd Bank, HDFC Bank, Kotak Mahindra Bank, Bajaj Finance and SBI.

May 27, 2020, 15:12:31 (IST)

Tata BlueScope Steel launches smart steel structures

To address the ever-increasing demand for high quality, ready-to-install health infrastructure, Tata BlueScope Steel, manufacturers of coated steel, steel building products and solutions have introduced high strength, modular and quick to install steel structures which would help to combat COVID-19.  

The structures are specially designed for anyone seeking to install such facilities in their premises or locality. 

Riten Choudhury, MD Tata BlueScope Steel said, “With COVID-19 pandemic, optimising healthcare facilities for the affected is the need of the hour. Only way is to develop alternatives that are secure and quick to erect. At Tata BlueScope Steel, we are committed to fight back the virus with our easy to build and maintain structures that are designed, keeping in mind pa=ent’s comfort and healthcare worker’s security.”

May 27, 2020, 15:00:31 (IST)

COVID-19 impact: Spending pattern in urban, rural areas witnesses major change

May 27, 2020, 14:56:43 (IST)

Tamil Nadu inks deals for over Rs 15,100 cr investments, to create nearly 50k jobs

The Tamil Nadu government on Wednesday said it has inked pacts with 17 companies for bringing in fresh investments of over Rs 15,100 crore that will create job opportunities for about 47,150 people in the state.

The investments, to the tune of Rs 15,128 crore will be in diverse sectors including manufacturing of commercial vehicles and energy, the government said adding nine pacts were signed at the Secretariat in the presence of Chief Minister K Palaniswami and eight other companies firmed up the deals via a virtual link.

Finland-based Salcomp will invest Rs 1,300 crore for an expansion project that is set to provide jobs for 10,000 people, the government said in an official release.

Salcomp, which had last year entered into a Memorandum of Understanding with the government at the Global Investors Meet for Rs 500 crore investment, has gone in for an expansion within a year in view of the conducive environment for industrial growth, it added.

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May 27, 2020, 14:54:24 (IST)

Aegon Life Insurance launches first Life Plus hospitalisation cover for COVID-19 with Flipkart

Aegon Life Insurance on Wednesday announced the launch of ‘Life Insurance with COVID-19 Cover’ for hospitalisation expenses up to Rs 1 lakh along with Flipkart, India’s homegrown e-commerce marketplace.

This launch is aimed to provide Flipkart customers with a comprehensive insurance cover against COVID-19, that can be availed on the Flipkart app instantly along with the base life insurance plan, the company said.

It said, the offering of ‘Life Insurance with COVID-19 Cover’ supports the policyholder by covering hospitalisation costs of up to Rs 1 Lakh on minimum 24 consecutive hours of hospitalisation on the first-ever diagnosis of COVID-19 condition along with death benefit from the life cover.

May 27, 2020, 14:52:57 (IST)

CREDAI seeks RBI intervention for relieving pressure on borrowers

CREDAI, the developer’s body, has written a letter to Reserve Bank of India Governor Shaktikanta Das requesting to pass on the benefit of repo rate cut and reverse repo rates to NBFCs and HFCs.  

During the current crisis emanating from the COVID-19, RBI has announced various measures to infuse liquidity in the system, however, real estate sector has not been able to leverage the benefits of this reduction in repo rates, CREDAI said in a statement.

One of the major restricting factor remains that while the RBI has reduced 2.50 percent in repo rate since January 2019, but the maximum reduction passed on by the bank to the borrowers has been between 0.7-1.3 percent largely from August 2019 till date, and in some case the benefit has not been passed at all, it said.

The real estate industry is still getting access to finance at much higher rates, therefore, provision of appropriate directions to the banks for percolating the benefits of the rate cuts to the NBFCs/HFCs needs to be made, the realty body said.

May 27, 2020, 14:47:51 (IST)

SFIO to probe Jaiprakash Associates, Jaypee Infratech for financial irregularities

The Serious Fraud Investigation Office (SFIO) will probe Jaypee group’’s flagship firm Jaiprakash Associates and bankruptcy-bound Jaypee Infratech for alleged financial irregularities, according to a source.

The probe agency comes under the corporate affairs ministry. The source said the ministry has ordered an SFIO probe against Jaiprakash Associates and Jaypee Infratech.

Jaypee group, which is into construction, cement, power, real estate, hotel and hospital businesses, has been facing crisis in the last few years due to defaults in debt repayments and huge delays in completion of housing projects in Noida and Greater Noida.

May 27, 2020, 14:44:38 (IST)

NTPC plans to acquire majority stake in Rel Infra-led BSES discom 

May 27, 2020, 14:36:15 (IST)

Sensex surges over 900 points, Nifty above 9,250 

Benchmark staged a big recovery as Sensex soared 917.43 points or 3 percent to 31,526.73 while the broader Nifty was up 259.60 points or 2.88 percent at 9,288.65 at around 2.25 pm.

On BSE, Axis Bank was the top gainer surging over 11 percent. ICICI Bank, Kotak Mahindra Bank, Bajaj Finance, IndusInd Bank, HDFC Bank and SBI were also among the gainers.

The losers included Ultra Cement, Titan, Asian Paints and PowerGrid.

May 27, 2020, 14:29:21 (IST)

Vijay Mallya likely to seek asylum in Britain

Beleaguered liquor baron Vijay Mallya may seek political asylum in Britain and reportedly filed an application in this regard, said a news report.

Mallya’s lawyers had been working on the option of asylum as a last resort, if his appeal challenging the extradition proceedings were rejected, reported The Economic Times citing legal sources in the UK.

The request seeking asylum for the 64-year-old businessman has already been sent to the office of UK home secretary Priti Patel, the report said.

On 14 May, ​Mallya lost his application seeking leave to appeal in the UK Supreme Court, setting a 28-day clock on extradition proceedings.

It marked a big legal blow to Mallya, who last month lost his High Court appeal against an extradition order to India on charges of fraud and money laundering related to unrecovered loans to his now-defunct Kingfisher Airlines.

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May 27, 2020, 14:16:24 (IST)

Rupee falls 6 paise to 75.72 at close

May 27, 2020, 14:02:30 (IST)

Indian Oil Corp issues NCDs worth Rs 3,000 cr 

May 27, 2020, 13:55:34 (IST)

Sensex surges over 800 points, Nifty reclaims 9,200-mark 

Benchmark gained sharply as Sensex surged 818.32 points or 2.67 percent to 31,427.62 while the broader Nifty was up 232.40 points or 2.57 percent at 9,261.45 at around 1.45 pm.

On BSE, Axis Bank was the top gainer soaring nearly 10 percent. 

Other gainers included ICICI Bank (7.98 percent), Bajaj Finance (5.21 percent), Kotak Mahindra Bank (4.55 percent), IndusInd Bank (4.48 percent), and SBI.

May 27, 2020, 13:44:12 (IST)

IDFC FIRST Bank launches video KYC for online savings accounts

IDFC First Bank on Wednesday announced the launch of video KYC for its online savings accounts opening.

Amit Kumar, Head – Retail Liabilities, IDFC First Bank, said, “Customers can start earning 7 percent interest and maximise their returns on funds held or invested anywhere else.”

The RBI-sanctioned video based KYC process for opening of online savings account allows customers to open a full-fledged savings account with no limit on maximum account balance.

When a savings account is opened online, customers are sent a user-specific video KYC link and the Bank’s representative completes the KYC on the video call.

May 27, 2020, 13:38:44 (IST)

Markets positive at half-time

The Indian markets at half time is trading with handsome gains of 1.70 percent, led by short covering rally in the banking stocks, said Aditya Agarwala, Senior Technical Analyst, YES Securities.

Further, bulls have successfully managed to keep the index beyond the 9,150 resistance zone indicating strength in the market, he said.

“Going ahead, it is now approaching upper end of the range which also happens to be the 20-DMA placed at 9,220-9,230, if bulls push the Index beyond this crucial resistance mark this short covering can have more legs in upside to levels of 9300,” said Agarwala.

May 27, 2020, 13:37:13 (IST)

Axis Bank says reports on $1 bn fund infusion by Carlyle speculative

Axis Bank has come out with a clarification after reports claimed that PE firm Carlyle may infuse $1 billion to own up to 8 percent of Axis Bank.

The private lender clarified that the report is speculative and the bank has not taken any such decision in this regard, it said in a filing to BSE.

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May 27, 2020, 13:18:10 (IST)

Sensex surges over 500 points, Nifty above 9,150

Benchmark extended gains as Sensex soared 511.47 points or 1.67 percent higher at 31,120.77 while the broader Nifty was up 153.55 points or 1.7 percent at 9,182.60 at around 1.10 pm.

Axis Bank was the top gainer in the Sensex pack zooming over 5 percent followed by ICICI Bank, Bajaj Finance, Kotak Mahindra Bank and HDFC

Nifty Bank jumped over 3 percent led by Axis Bank, ICICI Bank, Kotak Mahindra Bank and HDFC Bank.

May 27, 2020, 12:57:47 (IST)

India may witness 5% fall in growth during current financial year: Fitch

May 27, 2020, 12:41:55 (IST)

Sensex soars over 350 points, Nifty at 9,141

Benchmark gained sharply as Sensex zoomed 378.55 points or 1.24 percent to 30,987.85 while the broader Nifty was up 112.10 points or 1.24 percent at 9,141.15 at around 12.30 pm.

Axis Bank jumped over 5 percent. Other top gainers included ICICI Bank, Bajaj Finance, L&T, HDFC Bank, Kotak Mahindra Bank and Hero MotoCorp.

The losers included Ultra Cement, M&M, Titan, ITC, Maruti and Asian Paints.

May 27, 2020, 12:33:26 (IST)

Air India cancels 92 flights due to lack of slots at major airports 

May 27, 2020, 12:29:58 (IST)

French economy could contract 20% in second quarter: Report

France’s economy is on course to contract 20 percent in the second quarter from the previous three months as the country emerges from a nationwide coronavirus lockdown, the INSEE official statistics agency estimated on Wednesday.

That would mark a sharp deterioration in France’s recession after the euro zone’s second-biggest economy contracted 5.8 percent in the first quarter.

INSEE said the economy could contract 8 percent for the whole of 2020 in the unlikely scenario that activity returned to pre-crisis levels by July.

INSEE estimated that France’s economic activity was running at 21 percent below normal levels after the lockdown in place from mid-March was lifted on 11 May. Activity was down 33 percent in early May.

May 27, 2020, 12:28:25 (IST)

Gold hits two-week low on optimism around reopening of economies

Gold prices touched a two-week low on Wednesday due to optimism around reopening of several economies, but increasing Sino-U.S. frictions over Beijing’s proposed security law for Hong Kong tempered losses.

Spot gold dipped 0.3 percent to $1,705.94 per ounce, after hitting its lowest level since 13 May of $1,703.40 earlier in the session. US gold futures were down 0.6 percent to $1,695.80.

On Tuesday, gold had dropped as much as 1.3 percent, to touch $1,707.10, a near two-week low.

“What we saw over the preceding 24 hours was a break of relatively meaningful support at about $1,715,” said DailyFx currency strategist Ilya Spivak.

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May 27, 2020, 12:11:45 (IST)

Dyeing units in Surat resume operations

May 27, 2020, 12:02:59 (IST)

BPCL bid deadline extended to 31 July

May 27, 2020, 11:58:17 (IST)

Sensex rises 251 points, Nifty regains 9,100-mark

Benchmark extended gains as Sensex was trading 251.47 points or 0.82 percent higher at 30,860.77 while the broader Nifty was up 76.20 points or 0.84 percent at 9,105.25 at around 11.45 am.

On BSE, Axis Bank remained the top gainer rising over 4 percent followed by ICICI Bank, L&T, Bajaj Finance and Kotak Mahindra Bank.

The losers included Ultra Cement, M&M, Titan, ITC and Maruti.

May 27, 2020, 11:46:22 (IST)

SBI slashes retail term deposit rates by 40 bps

May 27, 2020, 11:44:18 (IST)

Russian minister, oil majors discuss output cut extension 

Russian Energy Minister Alexander Novak met with domestic major oil companies on Tuesday to discuss the implementation of global oil production curbs and the possible extension of the current level of cuts beyond June, sources familiar with the plans told Reuters.

The meeting is a further sign that Moscow is committed to supporting any future joint steps to stabilise oil markets for as long as may be required, after slashing its production to close to its quota under the global deal.

A source, familiar with the meetings detail, said no decision was made.

“Novak has just asked for opinions, whether to extend (the deal) or not. The opinions were divided almost equally,” the source said.

May 27, 2020, 11:43:21 (IST)

Better Malaysia-India ties to boost crude palm oil prices: MPOB

Crude palm oil prices may rise to 2,300-2,400 ringgit ($528.37-$551.34) per tonnne in the coming months as Malaysia’s relationship with top importer India improves, industry regulator the Malaysian Palm Oil Board (MPOB) said on Wednesday.

The newly appointed MPOB Chairman Ahmad Jazlan Yaakub said in a statement the rally will come as a relief to industry participants and the tens of thousands of smallholders in the country.

Malaysian benchmark crude palm oil prices have plunged nearly 30% since the start of the year to trade at 2,227 ringgit per tonne on Wednesday after global lockdowns to contain the coronavirus outbreak shuttered restaurants and curbed travel, reducing demand for the edible oil.

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May 27, 2020, 11:38:44 (IST)

GE Power India appoints Mahesh Palashikar as chairman

GE Power India (GEPIL) on Wednesday said it has appointed Mahesh Palashikar as its Chairman.

Palashikar assumed the role of Chairman on Wednesday and succeeded Vishal K Wanchoo, a company statement said.

“We are delighted to have Mahesh join the GEPIL Board as Chairman. Mahesh brings deep knowledge and vast experience with a strong proven leadership,” GE Power India Managing Director Prashant Jain said.

Palashikar is currently the President and CEO of GE South Asia.

“I look forward to this exciting opportunity to be a part of GEPIL’’s continued efforts in contributing to the growth of the power generation sector in India,” Palashikar said.

May 27, 2020, 11:24:49 (IST)

Sensex up 211 points, Nifty at 9,094

Benchmark trimmed gains as Sensex was trading 211.13 points or 0.69 percent higher at 30,820.43 while the broader Nifty was up 65.45 points or 0.72 percent at 9,094.50 at around 11.15 am.

Axis Bank, ICICI Bank, L&T, Bajaj Finance, Kotak Mahindra Bank, HDFC Bank and IndusInd Bank were the top gainers.

The losers included Ultra Cement, ITC, M&M, Maruti and Titan.

May 27, 2020, 11:11:53 (IST)

Nifty Bank jumps over 400 points

May 27, 2020, 11:06:11 (IST)

Glenmark gets USFDA nod to market generic drug for muscle pain

Glenmark Pharmaceuticals on Wednesday said its subsidiary has received approval from the US health regulator to market Chlorzoxazone tablets, used to treat muscle pain, in the American market.
 

Glenmark Pharmaceuticals Inc, USA has been granted final approval by the US Food and Drug Administration (USFDA) for Chlorzoxazone tablets USP, in strength of 375 mg and 750 mg, the drug maker said in a statement.

This marks company’s first abbreviated new drug application (ANDA) approval out of its new North American manufacturing facility based in Monroe, North Carolina, it added.

Stock Market Latest Updates: Sensex surges over 900 points, Nifty reclaims 9,300-mark; Nifty Bank zooms over 7% New York: Asian shares shed some of their recent gains on Wednesday as investor concerns about rising tensions between the United States and China tempered optimism about a re-opening of the world economy. US President Donald Trump said late on Tuesday he is preparing to take action against China this week over its effort to impose national security laws on Hong Kong, but gave no further details. Worsening relations between the world’s two biggest economies will further hobble global growth, already in the doldrums due to the coronavirus pandemic worldwide. E-Mini futures for the S&P 500 ESc1 edged down 0.05 percent, just short of the 3,000 chart level. The index had cleared 3,000 points in Wall Street overnight before pulling back, as some traders returned to the New York Stock Exchange floor for the first time in two months. The Nikkei share average slipped 0.1 percent, unwinding some of the gains made on Tuesday when it climbed to their highest in nearly 12 weeks. Australia’s ASX 200 lost 0.9 percent in early trade and South Korea’s KOSPI fell 0.2 percent. “The S&P 500 looked to be set to close above 3,000 until the late headline that the United States was considering a range of sanctions on Chinese officials and businesses should China go ahead with its legislation regarding Hong Kong,” analysts at the National Australia Bank said in a note. “The extent of those possible sanctions is uncertain,” the analysts said. China’s plans to impose national security laws in Hong Kong have triggered the first big street unrest in the Asian financial hub for the first time since last year. Overnight, hundreds of riot police took up posts around Hong Kong’s legislature in anticipation of protests on Wednesday. Indeed, some analysts warned that even the recent jump in share prices showed signs of caution. “Stock buying in the last 24 hours has a strong defensive bent,” Michael McCarthy, chief market strategist at CMC said in a note. “Beaten down consumer and financial stocks are leading markets higher, at the expense of the previously popular tech and healthcare sectors.” Moderating demand for risk helped the safe-haven US dollar index to edge up 0.03 percent to 99.042, reversing from losses overnight. US Treasury yields retreated from levels struck overnight, with two-year yields hovering at 0.170 percent, up from a record low of 0.105 percent struck on 8 May, but still under 0.20 percent. Gold prices rebounded from losses as some investors played it safe, with spot gold unchanged at $1,711.45 per ounce. The retreat from risk led oil prices to give up earlier gains. US West Texas Intermediate crude futures were down 0.3 percent.

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