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Stock Market Latest Updates: Sensex falls 190 points, Nifty below 9,200-mark; Reliance Industries, Asian Paints among top losers

Stock Market Latest Updates: Sensex falls 190 points, Nifty below 9,200-mark; Reliance Industries, Asian Paints among top losers

FP Staff May 12, 2020 15:52:21 IST
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Stock Market Latest Updates: Sensex falls 190 points, Nifty below 9,200-mark; Reliance Industries, Asian Paints among top losers

Highlights

11:13 (ist)

Tata Steel likely to demerge units in UK, Netherlands

Tata Steel may separate its British and Netherlands units after the company reportedly made moves to seek financial support of the UK government, said a news report.

Tata Steel units in the UK and Netherlands may be demerged, some 20 years after British Steel amalgamated with Dutch steel major Hoogovens to form Corus, reported The Economic Times

The reason behind the demerger is after Tata Steel’s British subsidiary reportedly planned to seek state support of £500 million and the company did not want British taxpayers’ money ended up in the Netherlands”, the report said citing a recent Dutch media report.

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May 12, 2020 - 15:53 (IST)

Sensex falls 190 points, Nifty below 9,200-mark

The benchmark indices staged a sharp recovery after buying in the second half and the Nifty closed just below 9,200-level.

The Sensex fell 190.10 points or 0.60 percent to 31,371.12 while the broader Nifty was down 42.65 points or 0.46 percent at 9,196.55 at close. 

Reliance, Asian Paints, Kotak Mahindra Bank, HUL, and ONGC were the top losers in the Sensex pack. The gainers included NTPC, Bharti Airtel, ITC, IndusInd Bank, PowerGrid and Bajaj Finance.

Buying witnessed in the auto, IT, metal and FMCG sectors, while bank, energy, infra and pharma ended lower. BSE Smallcap and Midcap indices finished 0.5-0.7 percent lower.

May 12, 2020 - 15:43 (IST)

Jute industry incurs Rs 1,250cr loss due to lockdown

The jute sector has incurred an estimated loss of Rs 1,250 crore in the wake of the lockdown which brought livelihood of workers and farmers of the golden fibre at stake, an official of the industry body said on Tuesday.

The sector is very crucial for the West Bengal''s economy as 40 lakh farmers and three lakh workers at the jute mills are associated with the industry which contributes Rs 6,500 crore to the state GDP, he said.

"Around 1.5 lakh tonne of jute goods production with an estimated value of Rs 1,250 crore has already been lost. Some mills have managed to reopen but are functioning with 5- 10 percent of their workforce," Indian Jute Mills Association chairman Raghavendra Gupta told PTI.

With dwindling cash flow, jute mills are facing hardship and will have "no alternative but to close units", if this situation continues, he said.

May 12, 2020 - 15:42 (IST)

Discoms generate 95% billing efficiency due to smart meters

State-owned EESL on Tuesday said that its smart metering programme (SMP) is helping distribution companies (discom) generate 95 percent of billing efficiency during the lockdown.

The discoms using smart meters have seen 15-20 per cent average increase in monthly revenue per consumer, the Energy Efficiency Services Ltd (EESL) said in a statement.

The power ministry PSU is the designated agency to implement the SMP in India.

"Under this programme, a total number of 12,06,435 smart meters have been installed till date, to enhance consumer convenience and rationalise electricity consumption," the EESL said.

May 12, 2020 - 15:40 (IST)

Nifty Bank up 700 points from lows

May 12, 2020 - 15:39 (IST)

Punjab litchi growers facing losses amid lockdown

The litchi growers in Punjab staring at huge losses as the farmers are yet to be approached by contractors for their orchards amid a prolonged countrywide lockdown.

In the past, contractors - mostly from outside states, including Uttar Pradesh - used to visit Punjab to take litchi orchards on lease, besides reserving them by paying advances to farmers.

Last year too, litchi growers had suffered huge losses in Punjab, as many videos surfaced on social media, linking the fruit to acute encephalitis syndrome (AES).

At that time, farmers reeled under losses as the litchi's price fell very low.

Arvind Kalra, owner of 85 acre of litchi orchard here, said that till today, only one person from Uttar Pradesh's Saharanpur has approached him on phone.

May 12, 2020 - 15:28 (IST)

Sensex falls 185 points, Nifty at 9,199-mark

Sensex was trading 184.71 points or 0.59 percent lower at 31,376.51 while the Nifty was down 39.65 points or 0.43 percent at 9,199.55 at around 3.20 pm.

May 12, 2020 - 15:25 (IST)

Urban Company revenue soars over 103% to Rs 216 cr in FY20

Home services marketplace Urban Company on Tuesday said its revenue has more than doubled to Rs 216 crore in FY20 over the previous fiscal, driven by strong growth in beauty and home care services.

The company, which has seen disruption in business amid the nationwide lockdown, said it is ramping up spending on hygiene and safety in FY21 to ensure that customers and professionals are protected.

In FY20, Urban Company moved from Indian Generally Accepted Accounting Principles (I-GAAP) to Indian Accounting Standard (Ind-As) method.

As per Ind-As accounting method, its operating revenue grew from Rs 106 crore to in FY19 to Rs 216 crore in FY20 – growth of 103 percent.

May 12, 2020 - 15:24 (IST)

Toyota Kirloskar Motor partially resumes retail & after-sales operations

After weeks of nationwide lockdown leading to complete shutdown of manufacturing and retail units, Toyota Kirloskar Motor on Tuesday announced the partial resumption of dealer and after-sales operations.

The company announced the partial reopening of 171 dealership outlets, which are now functional.

Close to 146 service outlets of Toyota are also operational nationally, providing its services by prioritising domains like spare parts supply in response to the market needs where service activities have already started, the company said in a statement.

All dealerships will practice stringent social distancing with Government-prescribed percentage of the workforce at a given point, it was stated.

May 12, 2020 - 14:55 (IST)

Market recovers sharply

May 12, 2020 - 14:51 (IST)

China announces new tariff waivers for some US imports

China announced on Tuesday a new list of 79 US products eligible for waivers from retaliatory tariffs imposed at the height of the bilateral trade war, amid continued pressure on Beijing to boost imports from the United States.

China’s finance ministry said in a statement the new waivers will take effect on 19 May and expire on 18 May 2021. The latest list waives tariffs on products including ores of rare earth metals, gold ores, silver ores and concentrates.

The ministry did not disclose the imports value of the products. Beijing in February said it will grant exemptions for 696 US goods including key products such as soybeans and pork based on applications from companies.

Stock Market Latest Updates: Sensex falls 190 points, Nifty below 9,200-mark; Reliance Industries, Asian Paints among top losers

New York: Asian equities and oil prices were set to slip on Tuesday amid growing investor worries about a second wave of coronavirus infections after the Chinese city where the pandemic originated reported its first new cases since its lockdown was lifted.

The central Chinese city of Wuhan reported five new confirmed cases on Monday, casting doubts over efforts to lower coronavirus -related restrictions across the country as businesses restart and individuals went back to work.

Hong Kong's Hang Seng index futures were down 0.6 percent while Japan's Nikkei 225 futures NKc1 were off 0.1 percent.

“My feeling is that it will be flat to slightly down across Asia,” said Shane Oliver, head of investment strategy and economics for AMP Capital in Sydney, citing concerns about coronavirus clusters and a potential second wave.

Australian S&P/ASX 200 futures YAPcm1 fell 0.35 percent.

The S&P 500 barely closed higher on Wall Street, but the Nasdaq posted its sixth consecutive advance as technology and healthcare shares provided the biggest lift to all three major US stock indexes.

Stock Market Latest Updates Sensex falls 190 points Nifty below 9200mark Reliance Industries Asian Paints among top losers

Representational image. Reuters.

The Nasdaq is now within 10 percent of its all-time high reached in February.

A jump in coronavirus cases in South Korea and Germany weighed on Wall Street sentiment even amid signs more parts of the United States could soon emerge from lockdowns.

A second wave of infections would likely snuff out the recent rally in equity markets and lead investors to position for a severe and prolonged global recession.

There were some positive cues for markets with China reporting April credit growth accelerated to 12 percent from a year ago, a sign that the recovery from a collapse in the first quarter remained intact, the National Australia Bank said in a report.

MSCI’s gauge of stocks across the globe shed 0.04 percent following broad declines in Europe.

On Wall Street, the Dow Jones Industrial Average fell 0.45 percent, the S&P 500 gained 0.01 percent and the Nasdaq Composite added 0.78 percent.

The dollar, defying its typical safe-haven status, rose on Monday, even as investors added risk to their portfolios, buying U.S. stocks and selling Treasuries.

Investors in FX markets had mixed risk expectations, with an eye on warnings of a second wave of COVID-19 infections as more countries eased lockdown restrictions.

Bond markets signaled that a global economic recovery will be slow. Two-year U.S. government bond yields have hit record lows at 0.105 percent and Fed fund futures last week turned negative for the first time ever.

Benchmark 10-year notes last fell 11/32 in price to yield 0.7147 percent, from 0.681 percent late on Friday.

Updated Date:

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