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Stock Market Latest Updates: Sensex surges over 500 points, Nifty at 9,490-level; Larsen & Toubro, HDFC Bank among major gainers New York: Asian shares are likely to dip on Thursday after remarks by US Secretary of State Mike Pompeo that Hong Kong no longer warranted special treatment under US law reignited worries about worsening relations with Beijing. After posting early losses, E-Mini futures for the S&P 500 ESc1 edged up 0.03 percent, while Nikkei futures NKc1 pointed to a loss of 10 points. Pompeo said overnight that China had undermined Hong Kong’s autonomy so fundamentally that the territory no longer warranted special treatment, a potentially big blow to the city’s status as a financial hub. Some investors worry a punitive US response to China on the issue of Hong Kong could result in a tit-for-tat reaction from Beijing, further straining ties between the world’s two biggest economies and further hobbling global growth. “All eyes remain on the US-China relationship,” said Chris Weston, the head of research at Pepperstone, a currency broker. “This is a risk for markets…one questions if the equity markets are too complacent here.” The S&P 500 had closed above 3,000 for the first time in almost 12 weeks, bolstered by bank stocks, as investors hoped that the world economy can recover as it re-opens. The S&P 500 has leapt about 36 percent since the global coronavirus pandemic dragged it to the year’s low on 23 March, but there are concerns the rally may be overdone and susceptible to a protracted pullback given the US economy is mired in its worst downturn since the Great Depression. Bond investors seemed to agree more circumspection is needed. Ten-year US yields dipped to 0.6770 percent from 0.6802 percent overnight. Although 10-year yields are up from an all-time low of 0.4980 percent struck in March, they are still a whopping 120 basis points below highs seen in January. President Donald Trump will now decide how many US economic privileges Hong Kong should still enjoy. Sources have said the US government may suspend Hong Kong’s preferential tariff rates for exports to the United States, a far less severe response than formally revoking Hong Kong’s special status under US law. Trump said he’d announce a response to China’s policies towards Hong Kong later this week. Oil futures took a beating as investors fretted about Trump’s response to China. US crude oil futures CLc1 fell more than 1 percent to $31.45 early Thursday. Uncertainty over Hong Kong’s future dragged the yuan in offshore trade to a record low of 7.1966 per dollar. It recouped some of its losses by early Thursday and was firmer at 7.1792. The euro, however, was buoyed by a 750 bullion euro plan to shore up economies hammered by the coronavirus pandemic. That pushed the euro to an eight-week high and by early Thursday, the common currency had nudged up 0.1 percent to 1.1014, while the US dollar index was down 0.09 percent at 98.927. Gold investors, on the other hand, appeared to shrug off geopolitical risks and focused instead on optimism around the re-opening of the world economy, paring their holdings of the safe-haven metal. Prices extended overnight losses and spot gold traded at $1,708.60 per ounce.
Stock Market Latest Updates: Sensex surges over 500 points, Nifty at 9,490-level; Larsen & Toubro, HDFC Bank among major gainers
Stock Market Latest Updates: Sensex surges over 500 points, Nifty at 9,490-level; Larsen & Toubro, HDFC Bank among major gainers
 "Stock Market Latest Updates: Sensex surges over 500 points, Nifty at 9,490-level; Larsen & Toubro, HDFC Bank among major gainers")
Sensex surges over 500 points, Nifty at 9,490
Benchmark indices continued the morning rally to end the session on a positive note for the second day in a row driven by banking and auto stocks.
The Sensex zoomed 595.37 points or 1.88 percent at 32,200.59, and the Nifty was up 175.15 points or 1.88 percent at 9,490.10.
On the BSE, L&T was the top gainer in the Sensex pack jumping over 6 percent. Other gainers included HDFC Bank, Hero MotoCorp, IndusInd Bank, Maruti, HDFC and HCL Tech. The losers included Bharti Airtel, SBI and ITC.
Zee Entertainment, Eicher Motors, L&T, Hero MotoCorp and IndusInd Bank were among major gainers on the Nifty, while losers included Wipro, Cipla, JSW Steel, BPCL and ITC.
All the sectoral indices ended in the green. BSE Midcap and Smallcap indices rose more than 1 percent each.
Sterling and Wilson appoints Raghu Menon as CEO, CoGen Business
Sterling and Wilson Pvt Ltd, EPC company and part of Shapoorji Pallonji Group, announced the appointment of Raghu Menon as the chief executive officer of its CoGen Business.
He will be responsible for business development, market growth and the P&L for the business. Menon has been with the company as a COO since 2018.
SWCOGEN is a one-stop-shop solutions provider for Open Cycle, Combined Cycle, CHP, gas, liquid fuel, and waste-to-energy based power plants.
Sun Pharma inks licensing pact with SPARC
Sun Pharma & SPARC in licence agreement for SCD-044.
— CNBC-TV18 (@CNBCTV18Live) May 28, 2020
Do note, SCD-044 is a potential treatment for Atopic Dermatitis, Psoriasis pic.twitter.com/mSsxKXA8kj
Sensex soars over 600 points, Nifty close to 9,500-mark
Indices staged a recovery as Sensex surged 615.32 points or 1.95 percent to 32,220.54 while Nifty was up 178.60 points or 1.92 percent at 9,493.55 at around 3.20 pm.
L&T was the top gainer in the Sensx pack jumping over 5 percent. Other gainers included HDFC Bank, Hero MotoCorp, IndusInd Bank, Maruti, HDFC and HCL Tech.
The losers included Bharti Airtel, SBI and ITC.
IIFL Finance signs Rohit Sharma as first-ever brand ambassador
IIFL Finance, one of India’s leading non-banking finance companies (NBFCs), with over Rs 36,000 crore of assets under management, has signed up India’s superstar cricketer Rohit Sharma as its first-ever brand ambassador.
R Venkataraman, Managing Director and Co-Promoter, IIFL Group said, “We are glad to announce India’s leading batsman, Rohit Sharma, as IIFL’s brand ambassador who is renowned for his straight drives. We believe in ‘Seedhi Baat’ or doing business the straight way. We do this by being customer centric, offering relevant and simple products and ensuring transparency in our processes.”
Dr Reddy’s gets inspection closure report from USFDA for Telangana facility
Dr Reddy’s Laboratories on Thursday said the US health regulator has closed inspection of its Telangana-based facility.
The company has received the establishment inspection report (EIR) from the US Food and Drug Administration (USFDA) for Medchal-Malkajgiri-based integrated product development organisation (IPDO) indicating closure of the audit, Dr Reddy’s Laboratories said in a regulatory filing.
The USFDA issues an EIR to a company when an inspection is satisfactorily closed.
SBI cuts interest rates on fixed deposits across tenors
The country’s largest lender State Bank of India (SBI) has reduced interest rates on retail term deposits by up to 40 basis points (bps) across all tenors.
This is the second reduction in fixed deposits interest rates by the lender in May. It had reduced its deposit rates on 12 May.
The new rates of interest, effective from Wednesday, shall be made applicable to fresh deposits and renewals of maturing deposits.
For deposits maturing in seven days to 45 days, the lender is offering an interest rate of 2.90 percent as against 3.30 percent earlier, according to the SBI website.
The revised rate for 180 days to 210 days bracket is 4.40 percent compared to 4.80 percent.
Govt seeks $520 mn from Cairn Oil & Gas; firm slaps arbitration notice
The government has slapped a $520 million (around Rs 3,941 crore) demand notice on billionaire Anil Agarwal’s oil and gas unit Cairn after an audit found alleged discrepancies in cost recovery in the Rajasthan oil and gas fields operated by the company, sources said adding the firm has disputed the demand and initiated arbitration proceedings.
The Directorate General of Hydrocarbons (DGH), the upstream technical arm of the Ministry of Petroleum and Natural Gas, sought $520 million in additional profit petroleum for the government after an audit of capital and operating expenses incurred on the Mangala and other oilfields in the Rajasthan block RJ-ON-90/1, sources with direct knowledge of the development said.
The audit alleged discrepancies in the way capital expenses made on setting up the infrastructure to produce oil were booked.
Federal Bank Q4 profit falls 21%
#4QWithCNBCTV18 | Federal Bank reports Q4: Slippages at Rs 278 cr vs Rs 593 cr (QoQ) pic.twitter.com/WS3SsaZIdA
— CNBC-TV18 (@CNBCTV18Live) May 28, 2020
EasyJet to cut a third of workforce as pandemic hits travel
European budget airline eastJet said Thursday that it plans to cut up to a third of its workforce as it restructures amid the COVID-19 pandemic.
The airline did not specify how many jobs would go, but some 15,000 were employed at the start of 2020.
CEO Johan Lundgren, says the carrier remains focused on doing what is right for the company and its long-term ‘health and success.’
EasyJet plans to resume limited service on 15 June, but estimates that it may take three years to get back to 2019 demand levels.
SEBI fines Rs 10 lakh on Adamina Traders for fraudulent trading
Capital markets regulator SEBI has imposed a penalty of Rs 10 lakh on Adamina Traders Pvt Ltd for fraudulent trading in the scrip of Secunderabad Healthcare Ltd.
SEBI had conducted an investigation into the trading activities in the shares of the Secunderabad Healthcare for the period between November 2011 and January 2015.
During the probe, SEBI found that Adamina Traders manipulated the price of the scrip and created a misleading appearance of trading in the share.
By doing so, it has violated the provisions of the Prohibition of Fraudulent and Unfair Trade Practices (PFUTP) Regulations, the regulator said in an order.
Indices trim gains, Sensex up 495 points, Nifty above 9,450
Indices erased some of the gains as Sensex was trading 495.26 points or 1.57 percent higher at 32,100.48 while Nifty was up 145.75 points or 1.56 percent at 9,460.70 at around 2.45 pm.
Hero MotoCorp, L&T, IndusInd Bank, HDFC Bank, Maruti and HDFC were the top gainers on BSE.
The losers included ITC, SBI, Infosys, TCS and PowerGrid.
Radico Khaitan Q4 profit falls nearly 2%, revenue up over 15%
#4QWithCNBCTV18 | Radico Khaitan reports over 15% jump in revenue and 31% in EBITDA year-on-year, margin remains flat pic.twitter.com/I1m97oUYaW
— CNBC-TV18 (@CNBCTV18Live) May 28, 2020
Gold futures rise on spot demand, global cues
Gold prices on Thursday rose by Rs 4 to Rs 46,535 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 4, or 0.01 per cent, to Rs 46,535 per 10 gram in a business turnover of 4,055 lots.
The yellow metal for August delivery edged up by Rs 79, or 0.17 percent, to Rs 46,786 per 10 gram in a business turnover of 13553 lots.
Fresh positions built up by participants mainly led to the rise in gold prices, analysts said.
Lakme Fashion Week to launch ‘Virtual Showroom’ to support fashion industry
In order to support designers, artisans and the business of fashion amid the coronavirus pandemic-led lockdown, Lakme Fashion Week (LFW) on Thursday announced the launch of ‘Virtual Showroom’.
A first of its kind concept in India, Virtual Showroom will be a marketplace platform for designers and artisans to showcase their past and current collections to consumers, helping them to drive sales of the stocks that have been stuck due to the pandemic, a press release said.
The LFW will be supporting designer sales without charging designers any fee to be a part of the platform.
Rupee falls 3 paise to Rs 75.75 at close
#Rupee ends mildly weaker compared to previous close pic.twitter.com/6Go0XYhPCn
— CNBC-TV18 (@CNBCTV18Live) May 28, 2020
Nissan plans to close Barcelona factories, 3,000 jobs lost
Spain’s government says that Japanese carmaker Nissan Motor Co. has decided to close its manufacturing plants in the northeastern Catalonia region, resulting in the loss of some 3,000 direct jobs.
Spain’s Industry Ministry says in a statement on Thursday that it regrets the company’’s decision despite proposals to keep the plant running, and urges the car manufacturer’’s executives to consider alternatives.
Workers’ unions had warned that 20,000 more jobs in Nissan’’s local supply chain would also be threatened if the company closed its car manufacturing plant in Barcelona and two smaller factories in nearby towns.
Sensex up 515 points, Nifty at 9,469
Indices remained volatile as Sensex was trading 514.94 points or 1.63 percent higher at 32,120.16 while Nifty was up 153.80 points or 1.65 percent at 9,468.75 at around 2.15 pm.
On the BSE, Hero MotoCorp was the top gainer surging nearly 7 percent. Other gainers included L&T, HDFC Bank, IndusInd Bank, Maruti and HDFC.
The main losers were ITC, SBI, TCS and Infosys.
Nissan slashes capacity by a fifth after first loss in 11 years
Nissan Motor Co said on Thursday it would slash its production capacity by a fifth to help reduce its fixed costs by 300 billion yen ($2.8 billion) as it looks to become a smaller, more cost-efficient automaker following a slide in sales.
The Japanese company said its new four-year plan aims to ensure steady growth as opposed to the excessive expansion of the past.
The announcement came after Nissan posted an operating loss of 40.5 billion yen ($376 million) for the year ended March, its first loss in 11 years.
Airtel, NODWIN Gaming ink pact for e-sports promotion in India
. @airtelindia & @NodwinGaming announce partnership to grow E-sports in India pic.twitter.com/bLmgYNGJ8v
— CNBC-TV18 (@CNBCTV18Live) May 28, 2020
Quess Corp stock dives 1.6% after Q4 net loss of Rs 630 cr
The share price of business services provider Quess Corp declined by 1.6 percent on Thursday afternoon after the company reported a net loss of Rs 630 crore in the fourth quarter ended March, marking a 934 percent dive from a profit of Rs 76 crore in Q4 FY19.
In the entire FY20, the company posted a net loss of Rs 432 crore, down 268 percent from a profit of Rs 257 crore.
This included one off non-cash charge of Rs 664 crore on account of goodwill impairment and change in the tax regime.
IIT Roorkee to conduct research for identifying antivirals to tackle COVID-19
Indian Institute of Technology (IIT) Roorkee will conduct research on the identification of antivirals to treat SARS-CoV2. This development comes after a proposal led by Prof. Pravindra Kumar has been given a go-ahead by the Science and Engineering Research Board (SERB).
The study will identify small molecule inhibitors to target key viral replication enzymes- RNA dependent RNA polymerase (nsp12), viral proteases (Mpro and PL2pro) and the Methyltransferase or MTase (nsp14).
These enzymes are virus-specific that are encoded with genetic material (RNA) of the viral pathogens. Virus-specific protease catalyzes the cleavage of specific peptide bonds in viral polyproteins.
The study will be funded under the intensification of Research in High Priority areas (IRHPA) under the Department of Science and Technology (DST).
Govt may consider proposals by states for re-opening hotels, tourism
Centre considering proposals by states for re-opening hotels & tourism. Govt plans laying down an enabling provision in Lockdown 5.0: Sources to @Parikshitl pic.twitter.com/OZi380NskX
— CNBC-TV18 (@CNBCTV18Live) May 28, 2020
Sensex surges over 500 points, Nifty above 9,450
Indices extended gains as Sensex surged 515.48 points or 1.63 percent to 32,120.70 while Nifty was up 155.20 points or 1.67 percent at 9,470.15 at around 1.20 pm.
Hero MotoCorp, IndusInd Bank, L&T, HDFC Bank, Axis Bank, HDFC, Maruti and ICICI Bank were the top gainers.
BSE Midcap and Smallcap indices rose over 1 percent each.
Merchandise exports performance in May to be better: Piyush Goyal
May merchandise exports performance will be better than April which saw 60.28% contraction, says @PiyushGoyal pic.twitter.com/SzsiAw0tef
— CNBC-TV18 (@CNBCTV18Live) May 28, 2020
European shares extend gains on stimulus boost
European shares rose for the fourth straight session on Thursday, as optimism over businesses returning to work and a massive stimulus plan for the European Union outweighed concerns over rising US-China tensions.
The pan-European STOXX 600 rose 0.6 percent, with travel & leisure, telecoms and automakers leading the gains.
The benchmark index has climbed more than 30% from March lows as investors pinned hopes on a gradual recovery with policymakers injecting trillions of dollars in the global economy and drugmakers racing to develop a coronavirus vaccine.
Starup Zenatix launches solutions to safeguard staff, delivery boys
Zenatix, an IoT-based automation and asset management solutions Startup and a portfolio company of Hero Electronix – the Hero Group’s venture into the technology space announced the launch of IoT solutions ZenSafe and ZenMonitor to enable businesses to resume operations safely.
The IoT-based solutions offer real-time monitoring and alert system to ensure safety and compliance at the workplace and for the foot soldiers engaged in providing e-Commerce, logistics and home services in an automated manner without the need for human intervention.
ZenSafe is a cloud-connected three-in-one contactless employee safety and attendance solution for employees and visitors entering a workspace or a business. It uses state-of-the-art facial recognition technology for attendance and access control, and seamlessly interfaces with existing HR systems over cloud APIs.
Suryoday Small Finance Bank raises Rs 62 cr
Small finance lender Suryoday Small Finance Bank (SSFB) on Thursday said it has raised Rs 62.14 crore in equity capital from five of its existing investors including Gaja Capital and Kotak Mahindra Life Insurance.
Other investors include Lok Capital, TIAA and Kiran Vyapar.
The fund was raised through a private placement offer, a release said.
“Our investors have placed immense faith in the organisation’’s strategy and our capability to steer through this difficult time.
Flight services cover entire country now: Hardeep Singh Puri
With operations starting from West Bengal today, we now have the entire country covered.
— Hardeep Singh Puri (@HardeepSPuri) May 28, 2020
This is how the picture looked in a capture from @flightradar24 at 9.16 am this morning.
Our skies & airports are going to get as busy as they always were in coming days.@PMOIndia pic.twitter.com/5BfrntdaDc
NASSCOM, Siemens Healthineers partner to accelerate startup innovations for healthcare
Siemens Healthineers and the National Association of Software and Service Companies (NASSCOM) have entered a partnership for nurturing and supporting innovation in healthcare. They will work with the Indian startup ecosystem to make healthcare more accessible and affordable.
The Technology Accelerator in India will facilitate collaboration between business lines of Siemens Healthineers and the startups through proof-of-concept or co-creation projects with a potential to result in joint development, commercial partnership, or supplier engagement. Siemens Healthineers will support the startups in further validating their solutions, providing domain expertise, and enabling access to technology building blocks.
Sharing her thoughts, Debjani Ghosh, President, NASSCOM, said, “The Indian start-ups have continued to prove their resilience by developing solutions that would help society cope with the pandemic on a daily basis. It is partnerships such as these that will pave the way for sustainable future ahead and ensure we emerge stronger than ever from this crisis.”
Liquor sale resumes in Kerala after two months
After over two month of closure due to COVID-19 induced lockdown, liquor shops reopened in Kerala on Thursday with a new mobile application being used to regulate the crowd.
State-run liquor outlets, bars as well as beer and wine shops have been closed since March 24, when the Centre declared a nationwide lockdown to contain the spread of
Kerala State Beverages (Manufacturing & Marketing) Corporation Ltd (BEVCO) Managing Director G Sparjan Kumar said traffic on Google Playstore to download the app (BevQ) was heavy and resulted in many customers failing to make the booking.
Nirmala Sitharaman chairs 22nd FSDC meeting through video conferencing today
Finance Minister Smt. @nsitharaman chairs the 22nd Financial Stability and Development Council (#FSDC) meeting through video conferencing in New Delhi today. The #FSDC meeting will review the measures to maintain financial stability in the context of #COVID19 pandemic. pic.twitter.com/DntgJzRuKS
— Ministry of Finance (@FinMinIndia) May 28, 2020
Outlook on operating environment for banks negative: Fitch
#JustIn | Outlook on the operating environment for banks is 'negative' due to the pandemic uncertainty, says Fitch on Indian banks pic.twitter.com/OuO5kmrCpx
— CNBC-TV18 (@CNBCTV18Live) May 28, 2020
Sensex up 444 points, Nifty at 9,449
Indices continued to remain in the green as Sensex jumped 444.31 points or 1.41 percent to 32,049.53 while Nifty was up 134.20 points or 1.44 percent at 9,449.15 at around 12.50 pm.
Hero MotoCorp was the top gainer in the Sensex pack rising over 5 percent. Other gainers included IndusInd Bank, L&T, HDFC twins, Maruti, Axis Bank, Reliance and Sun Pharma.
ITC, TCS, Bharti Airtel and Infosys were among the losers.
Coal supply by CIL to power sector dips 22% to 32 MT in April
The supply of coal to the power sector by state-owned Coal India has dropped 22 percent to 31.95 million tonnes in April amid slump in the fuel demand in the country on account of COVID-19-induced lockdown.
Coal India (CIL) had supplied 40.90 million tonnes (MT) of April, 2019, coal ministry said in a report. CIL, the world’’s largest coal producing company, is a major supplier of the dry fuel to the power sector in India.
The coal supply by state-owned Singareni Collieries Company Ltd (SCCL) to the power sector also dropped by 38.6 per cent to 2.86 MT in April, from over 4.66 MT in the year-ago period, the report said.
With the power sector, a major consumer of the dry fuel, witnessing a drop in fuel consumption amid the lockdown, CIL has shifted its focus to overburden removal — the process of removing the top soil and rock to expose coal seams in its open cast mines.
EID Parry jumps nearly 12%
#CNCBTV18Market | EID Parry extends gains, now up 12% following healthy earnings by Coromandel Intl. EID Parry holds over 60% stake in Coromandel Intl pic.twitter.com/jJiSeLlJiA
— CNBC-TV18 (@CNBCTV18Live) May 28, 2020
Tech solutions provider Mindteck reports FY20 loss of Rs 59 cr
Engineering and technology solutions provider Mindteck India on Thursday reported a standalone net loss for the year 2019-20 at Rs 59.24 crore.
It was primarily attributable to a goodwill impairment of the US and Singapore subsidiaries.
The standalone profit before taxes and exceptional items stood at Rs 1.12 crore in FY20. Its standalone revenue for the year was Rs 92.31 crore as against Rs 107.63 crore in 2018-19.
Patanjali’s Rs 250 cr debentures issue subscribed within 3 minutes of opening
Baba Ramdev-led Patanjali Ayurved’s debentures issue worth Rs 250 crore was subscribed within three minutes of opening on Thursday.
The debenture has been rated as AA by Brickwork. The fund-raising will be used to meet the Haridwar-based company’s working capital requirements and strengthen the supply chain network.
The non-convertible debentures (NCDs) carry a coupon rate of 10.1 percent with a tenure of three years. The NCDs listed on the stock exchanges are redeemable.
This is the first-ever issuance of debentures by Patanjali Ayurved. Patanjali spokesperson SK Tijarawala said in the COVID-19 pandemic, demand for Ayurveda-based products, which help in boosting immunity, along with other products has gone up by three-folds.
Sensex up 475 points, Nifty above 9,450
Indices trimmed the gains as Sensex was trading 475.21 points or 1.50 percent to 32,080.43 while the Nifty was up 136.65 points or 1.47 percent at 9,451.60 at around 11.50 am.
On the BSE, IndusInd Bank was the top gainers jumping over 5 percent. Other gainers included Hero MotoCorp, L&T, HDFC Bank, Axis Bank, HDFC and Maruti.
Infosys, Bharti Airtel, TCS, ITC and M&M were among the losers.
GST Council to meet in June
Govt sources say #GST Council to meet in the 2nd week of June to discuss #COVID19 economic impact pic.twitter.com/P30qDdzps7
— CNBC-TV18 (@CNBCTV18Live) May 28, 2020
Chennai Ranks #1 in Challan Checks: ACKO Insights for Smarter Car and Two Wheeler Insurance Decisions
Chennai leads India in challan checks, with drivers checking their e-challans over 5 times a month on average. Helmet non-compliance is the most broken rule, accounting for 34.8% of all traffic offences in Chennai. Regular digital challan checks help drivers avoid hefty fines, promote safe driving, and improve insurance premiums.
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