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Stock Market Latest Updates: Sensex falls 190 points, Nifty below 9,200-mark; Reliance Industries, Asian Paints among top losers
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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, 15:56:21 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

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Stock Market Latest Updates: Sensex falls 190 points, Nifty below 9,200-mark; Reliance Industries, Asian Paints among top losers
May 12, 2020, 15:53:04 (IST)
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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, 15:43:24 (IST)
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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, 15:42:33 (IST)
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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, 15:40:43 (IST)
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Nifty Bank up 700 points from lows

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May 12, 2020, 15:39:43 (IST)
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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, 15:28:55 (IST)
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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.

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May 12, 2020, 15:25:38 (IST)
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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, 15:24:46 (IST)
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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, 14:55:26 (IST)
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Market recovers sharply

May 12, 2020, 14:51:35 (IST)
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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.

May 12, 2020, 14:47:21 (IST)
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Fitch affirms Delhi, Hyderabad airports’ ratings at ‘BB-plus’ with negative outlook

Fitch Ratings has affirmed the Long-Term Issuer Default Rating (IDR) and bond issue ratings of GMR-led Delhi Airport and Hyderabad Airports at ‘BB-plus’ with a negative outlook.

The negative outlook reflects the ongoing uncertainty relating to the timing and duration of the traffic shock and recovery caused by the coronavirus pandemic, the rating agency said on Tuesday.

GMR Hyderabad International Airport Limited (GHIAL) and Delhi International Airport Limiteds (DIAL) operations are limited to cargo and evacuation flights under these circumstances.

A prolonged pandemic and nationwide lockdown, and further deterioration in the economy, will reduce air passenger traffic and lead to lower aeronautical and non- aeronautical revenue than Fitch expects, it said.

May 12, 2020, 14:28:36 (IST)
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Indices recover as Sensex down 230 points, Nifty above 9,100-mark 

Indices recovered as Sensex was trading 230.11 points or 0.73 percent lower at 31,331.11 while the Nifty was down 56.60 points or 0.61 percent at 9,182.60 at around 2.15 pm.

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May 12, 2020, 14:21:09 (IST)
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ICAR’s agro-advisory to help farmers in pre-kharif season

As the lockdown continues with fast approaching kharif season, the government’’s research body ICAR on Tuesday unveiled an agro-advisory for farmers to cope with challenges like labour shortage and availability of timely crop inputs in pre-kharif period.

Sowing of kharif crops like rice has already begun in several parts of the country. But, the pace of planting is expected to pick up with the onset of southwest monsoon from June. The Met Department has forecast normal rainfall this year.

“This kharif season comes in the aftermath of lockdown due to COVID-19 and therefore disruption in normal operation/logistics usually undertaken during the pre-kharif period is likely,” Indian Council of Agricultural Research (ICAR) said in its e-booklet on agro-advisory.

May 12, 2020, 14:19:34 (IST)
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Rupee closes higher at Rs 75.50

May 12, 2020, 14:17:27 (IST)
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Realty sector consolidation to accelerate: Godrej Properties

The nationwide lockdown to contain COVID-19 will have a negative impact on the real estate sector in the short term, affecting sales and cash-flow of builders, while accelerating the pace of consolidation in the sector, Godrej Properties said.

However, the company said it would continue to grow, helped by its brand image and various projects lined up to be launched. It had clocked record sales booking of nearly Rs 6,000 crore during the last fiscal year.

In its investor presentation, the Mumbai-based firm said: Due to the nationwide lockdown, existing construction activity has come to a halt which will extend construction timelines.

The company employs around 10,000 construction workers at its sites across India and is in good position to resume construction at most projects once the lockdown is lifted, it added.

May 12, 2020, 14:14:34 (IST)
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Saudi Aramco Q1 profits at $16 bn

Saudi Aramco, the kingdom’’s energy producer, announced on Tuesday a net income of $16.7 billion for the first three months of the year and dividends of $18.75 billion for shareholders.

Despite posting the highest quarter dividends in 2020 of any listed company, its profits were 25% down, compared to the same time last year when earnings topped $22 billion.

Aramco President and CEO Amin Nasser said the company expects the impact of the coronavirus pandemic on global energy demand and oil prices to weigh on earnings for the continuation of the year.

The government of Saudi Arabia, which majority owns Aramco, had earlier said state oil revenues were down by nearly a quarter in the first three months of 2020 compared to the same time last year.

May 12, 2020, 14:01:26 (IST)
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Tea production expected to improve from June onwards: Official

Tea Board expects that the production of the crop, which was severely affected due to the coronavirus-triggered lockdown, will improve significantly from June onwards as good monsoon is predicted by the meteorological department, an official said on Tuesday.

Production in the first flush season was hit in the wake of the COVID-19 outbreak, Tea Board Deputy Chairman Arun Kumar Ray said.

“Tea production will improve from June. We are expecting a significant quantity of crop in the second quarter as good monsoon is predicted. The yield will be higher than the previous year,” he said.

Both quality and quantity of tea will be better in June, July and August this year, he said, adding that the logistics sector will have an important role to play in transportation of the crop to various markets in this critical period.

May 12, 2020, 14:00:23 (IST)
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Not sure if India will gain from shifting of businesses from China: Abhijit Banerjee

Nobel laureate Abhijit Banerjee has said that there is no certainty that India will gain from shifting of businesses from China in the wake of coronavirus pandemic.

Speaking to a Bengali news channel ABP Ananda on Monday evening, Banerjee said that everyone is blaming China for the COVID-19 outbreak as it has origin there.

“China is being blamed now for the coronavirus outbreak. Even people are saying that India stands to benefit as businesses will shift from China and come to India. But that may not be true,” the economist said.

Banerjee, who is also a member of Global Advisory Board formed by the West Bengal government to prepare a roadmap for COVID-19 response in the state, said, “What happens if China depreciates its currency. In that case, Chinese products will be cheaper and people will continue to buy their products”.

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May 12, 2020, 13:56:42 (IST)
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Sterlite Tech clocks highest ever revenue at Rs 5,154 cr, PAT totals Rs 472 cr

Leading integrator of data networks Sterlite Technologies Ltd (STL) on Tuesday reported Rs 5,154 crore in revenue during FY20 and an order book of Rs 10,037 crore backed by large deal wins globally.

The profit after tax before exceptional item totalled Rs 472 crore. In Q4 FY20, the profit after tax was Rs 80 on a revenue of Rs 1,160 crore.

The board of directors has recommended a final dividend of 175 per cent at Rs 3.50 per equity share for FY20.

May 12, 2020, 13:49:38 (IST)
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Instances of cloned ATM cards reported in Delhi; affected customers to get refund: SBI

State Bank of India (SBI) on Tuesday said instances of use of cloned ATM cards have been reported from the national capital and refund will be processed for the affected customers.

All suspicious transactions should be reported to the home branch, the lender said.

“Cases of using cloned #ATMCards have been reported in Delhi. There appears to be a possible compromise at an ATM of another bank. Affected SBI customers are being helped & refunds will be processed as per the procedure,” it said in a tweet.

As a caution and safety measure for customers, SBI has also advised the account holders to change the ATM PIN at regular intervals, cover ATM/POS keypad while entering the PIN, memorize the security transaction number rather than writing it down on the card or anywhere else.

May 12, 2020, 13:47:27 (IST)
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GE Power resumes production at Noida plant

GE Power India on Tuesday said it has resumed production at its facility in Noida, Uttar Pradesh.

Earlier on 2 May, the company had resumed operations at it Durgapur plant in West Bengal.

The company had suspended operations temporarily at its facilities located at Durgapur and Noida due to the lockdown imposed by the government in March to contain COVID-19 pandemic.

From 12 May 2020, after obtaining requisite approvals from the competent authorities, the company has resumed its manufacturing operations at its Noida factory, to the extent permitted by the local administration, it said in a regulatory filing.

May 12, 2020, 13:40:21 (IST)
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Sensex plunges 602 points, Nifty below 9,100-mark 

Indices remained volatile as Sensex plunged 602.56 points or 1.91 percent to 30,958.66 while the Nifty was down 162.15 points or 1.76 percent at 9,077.05 at around 1.30 pm.

May 12, 2020, 13:35:57 (IST)
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Skoda Auto Volkswagen employees donate day’s salary

Skoda Auto Volkswagen India on Tuesday said its employees have contributed their one-day salary to combat coronavirus pandemic.

The company’s employees, supported by the labour unions in Pune and Aurangabad, have contributed a day’’s salary to raise over Rs 1.2 crore, the automaker said in a statement.

The collected amount will fund 15 full featured ventilators, 15 monitors and 3,750 PPE kits for COVID-19 hospitals in Mumbai, Pune and Aurangabad, it added.

The amount raised by the employees is in addition to Rs 1 crore, which was donated by the company earlier.

May 12, 2020, 13:32:11 (IST)
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Biocon Biologics’ drug substance facilities in Bengaluru get EU GMP certification

Biocon on Tuesday said its arm Biocon Biologics has received EU Good Manufacturing Practice (GMP) certification for its biologics drug substance facilities in Bengaluru.
 

Biocon Biologics India has received the Certificate of GMP compliance from European Medicines Agency (EMA) represented by the competent authority of Germany for the facilities, the company said in a statement.

These facilities are used for the manufacture of drug substance of Pegfilgrastim and Recombinant human insulin and manufacturing related activities for insulin Glargine and insulin Aspart, it added.

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May 12, 2020, 13:18:45 (IST)
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Markets reeling under pressure during half-time

The Indian markets at half-time are still reeling under pressure in line with the global markets as bears maintain their firm grip, said Aditya Agarwala, senior technical analyst, YES Securities.

Further, Index is currently trading below its previous support of 9,130 which now will act as a resistance suggesting extreme weakness dominant at the moment; a sustained trade below 9,130 could resume selling pressure in late trade dragging it lower to levels of 9,030-8,900, he said.

“On the flip side, if bulls manage to take the Index back above the 9,130 resistance mark, bouts of short covering rally could take the Index to 9,170-9,220 levels which also happens to be the 20-DMA. Banks and NBFC stocks including Reliance are major drags while IT and pharma are providing some support. European markets have opened in the green and if they maintain their positive momentum, a relief rally may be witnessed in domestic markets in India as well,” said Agarwala.

May 12, 2020, 13:09:48 (IST)
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Rupee at day’s high

#CNBCTV18Market | #Rupee near high point of the day as $ fails to hold gains pic.twitter.com/HszTOb5YvT

— CNBC-TV18 (@CNBCTV18Live) May 12, 2020
May 12, 2020, 13:08:16 (IST)
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Global commercial fishing falls 6.5% to end-April

Global commercial fishing activity for 2020 fell by around 1 million hours as of end-April, a 6.5 percent decline over the two previous years, the result of plummeting demand caused by coronavirus lockdowns, according to Global Fishing Watch.

Fishing fleets spent 14.4 million hours on the water for the year so far to 28 April, a decline from an average of 15.4 million hours for the same year-to-date periods of 2018 and 2019, according to the nonprofit organisation that tracks fishing operation worldwide.

Global Fishing Watch collects and analyses data from onboard identification systems known as AIS, which is used by large ships to broadcast their position and avoid collisions.

May 12, 2020, 12:55:50 (IST)
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European markets open lower

#CNBCTV18Market | European indices lower in opening trade but FTSE & DAX making a move higher, towards flatline pic.twitter.com/3bfkNG12TM

— CNBC-TV18 (@CNBCTV18Live) May 12, 2020
May 12, 2020, 12:53:35 (IST)
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Microsoft introduces Back2Business solution boxes for SMBs in India

Microsoft has announced the launch of Back2Business solution boxes for helping Indian small and medium businesses (SMBs) “maintain business continuity and embark on their cloud adoption journeys”.

Curated for specific scenarios in different organisation sizes, they bring together offerings across ‘‘Azure’’ and ‘‘Modern Workplace’’, the company said in a statement on Tuesday.

Indian SMBs are facing multiple challenges in running their operations seamlessly during the current crisis, including access to remote working solutions in a secure and scalable environment, disaster recovery and advanced security with device management and threat protection, Microsoft noted.

May 12, 2020, 12:41:55 (IST)
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Sensex down 537 points, Nifty at 9,090 

Indices made slight recovery in the afternoon trade as Sensex was trading 537.26 points or 1.70 percent lower at 31,023.96 while the Nifty was down 148.30 points or 1.61 percent at 9,090.90 at around 12.30 pm.

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May 12, 2020, 12:36:58 (IST)
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Construction sector can help lead economic recovery: ILO

The construction sector may hold the key to kick-starting economies ravaged by the fallout from COVID-19 pandemic, the International Labour Organisation (ILO) has said.

Past crises have shown that although households and private sector businesses may be reluctant to invest while the economic future is uncertain, governments can increase investments in infrastructure projects, particularly maintenance schemes because these usually involve simpler and quicker approval processes.

“Investing in infrastructure can be among the first set of measures to kick-start economies because governments can directly stimulate demand and job creation, compensating for the lack of private sector and household spending,” said Maikel Lieuw-Kie-Song, Technical Specialist at ILO Employment Policy Department.

In most other sectors of the economy, the government is reliant on the private sector being willing to hire extra workers and cover their share of the costs.

May 12, 2020, 12:30:23 (IST)
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Gujarat-based Macpower unveils indigenous hot air seam sealing machine for PPE kits

Rajkot-based Macpower CNC has said it has produced the country’s first indigenous hot air seam sealing machine that is used to manufacture PPE kits at half the price of the imported ones.

The machine, manufactured with the guidance of doctors at Indian Medical Association (IMA), was unveiled by Gujarat Chief Minister Vijay Rupani on Monday.

The device is used to seal the seam of the personal protection equipment (PPE) kits so that viruses cannot penetrate from the small pores and infect the person, said Rupesh Mehta Director of Macpower CNC.

May 12, 2020, 12:28:45 (IST)
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States with good primary healthcare system managed COVID-19 well: Kiran Mazumdar-Shaw

States with good primary healthcare system have fared better in containing the spread of COVID-19, biotechnology industry veteran Kiran Mazumdar-Shaw said on Tuesday.

The Executive Chairperson of bio-pharmaceuticals company, Biocon Ltd, also hit out at people not wearing face-masks in public places and said they don’’t understand the gravity of the disease.

She called for a behavioural change in people with enhanced focus on discipline and cleanliness.

Citing Karnataka and Kerala, Mazumdar-Shaw said they have managed the COVID-19 well as they have got a very good primary health care ecosystem.

Kerala is a shining example of this. She also said that Thailand is able to contain any epidemic as it has an excellent primary healthcare structure.

May 12, 2020, 12:16:46 (IST)
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PSBs sanction loans worth Rs 5.95 lakh cr to MSME, agriculture sectors: Govt

PSBs sanctioned loans worth Rs 5.95 lakh crore for more than 46.74 lakh accounts from the MSME, Retail, Agriculture & Corporate sectors between March 1 and May 8, 2020. Total financing worth Rs 1.18 lakh crore was provided to NBFCs. @FinMinIndia @DFS_India @RBI @PIB_India

— Nirmala Sitharaman Office (@nsitharamanoffc) May 12, 2020
May 12, 2020, 12:08:42 (IST)
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Air India HQ sealed for two days after employee tests positive for coronavirus

Air India has sealed its headquarters in Delhi for two days to conduct a thorough sanitisation of the building after an employee tested positive for the coronavirus, officials said on Tuesday.

“Airlines House has been sealed for Tuesday and Wednesday,” an official said.

The employee posted at the Gurudwara Rakabganj Road building tested positive on Monday evening, he said.

The government-run Air India is the only airline participating in the Vande Bharat Mission, under which the carrier would operate 64 flights between 7 May and 14 May to repatriate around 15,000 stranded Indians from 12 countries on a payment basis.

May 12, 2020, 12:01:57 (IST)
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Railway earns Rs 16 cr from ticket bookings 

Over 80,000 passengers have booked tickets worth over Rs 16 crore on the special trains so far, the Indian Railways said on Tuesday, hours before the first such train is scheduled to depart from the New Delhi station for Bilaspur in Chhattisgarh.

The bookings for these special trains began at 6 pm on Monday.

So far, 45,533 bookings (PNRs) worth Rs 16.15 crore have been recorded for the special trains for the next seven days, the railway said, adding that around 82,317 passengers will travel against these bookings.

The railway issued guidelines on Monday for 15 special trains, which will be operated from Tuesday, asking the passengers to carry their own food and linen, and arrive at stations at least 90 minutes before departure for a health screening.

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May 12, 2020, 11:54:40 (IST)
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Honda posts 13% drop in annual operating profit

Honda Motor Co on Tuesday posted an 13% decline in annual operating profit as the coronavirus pandemic started to take its toll on global car demand.

Operating profit for the year ended in March came in at 634 billion yen ($5.9 billion), falling short of a consensus estimate of 669 billion yen profit drawn from 19 analysts polled by Refinitiv.

Honda declined to give an earnings forecast for the current business year.

May 12, 2020, 11:42:30 (IST)
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Sensex plunges 643 points, Nifty below 9,100-mark 

Indices extended the losses as Sensex plummeted 643.17 points or 2.04 percent to 30,918.05 while the Nifty was down 173.95 points or 1.88 percent at 9,065.25 at around 11.35 am.

Kotak Mahindra Bank was the top loser in the Sensex pack falling over 4 percent.

May 12, 2020, 11:38:54 (IST)
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Saudi Aramco says acquisition of SABIC stake on track to close in Q2

Saudi Aramco said on Tuesday its planned acquisition of a 70 percent equity stake in petrochemical maker SABIC from the Public Investment Fund (PIF), the kingdom’s wealth fund, is on track to close in the second quarter.

The statement by the state oil giant was made in response to a Reuters story published on Sunday saying that Aramco is looking to restructure its deal for a controlling stake in SABIC after the target’s value dropped more than 40 percent following an oil price slump in the coronavirus pandemic, according to two sources.

“All necessary regulatory clearances have been obtained. An announcement will be made in due course,” Aramco said in a statement sent to Reuters.

May 12, 2020, 11:36:36 (IST)
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Asia’s pandemic stimulus may slow the demise of coal

Coal power plant construction will push ahead in Asia despite falling electricity demand and environmental concerns as policymakers prioritise boosting economies crippled by the coronavirus pandemic, analysts say.

Fossil fuel demand will plummet this year as lockdowns sap electricity use, the International Energy Agency said in a report last month.

The European Union, International Monetary Fund and the United Nations have said that marks a once-in-a-generation opportunity to launch a ‘green recovery’, which includes Asia joining the global trend of ending support for coal power.

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. [caption id=“attachment_4472957” align=“alignleft” width=“380”] ![Representational image. Reuters.](https://images.firstpost.com/wp-content/uploads/2018/05/Stock-trader4-Reuters_3801.jpg) Representational image. Reuters.[/caption] 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.

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Chennai Ranks #1 in Challan Checks: ACKO Insights for Smarter Car and Two Wheeler Insurance Decisions

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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