Stock Market Latest Updates: Indices nearly 3-month high, Sensex jumps over 500 points, Nifty close to 10,000-mark; Bajaj Finance, HDFC among gainers

IIT Roorkee develops anti-microbial nanocoating system for facemasks

A team of researchers at IIT Roorkee has developed a nano-coating system to be used for facemasks and personal protective equipment (PPE) for reducing the transmission risk of COVID-19.

This coating has been tested to effectively kill pathogens within 10-15 minutes. This formulation will be beneficial to frontline medical personnel for coating their existing facemasks and can be scaled up further for coating on their gowns, it said in a press release

“Facemask is a core component of the PPE along with gown, gloves, and eye protection for frontline healthcare personnel. This nano-coating provides an additional layer of protection against pathogens in existing masks and can curb the transmission risk of the disease,” said Naveen K Navani of Department of Biotechnology and Centre of Nanotechnology who led the research.

It was developed by a four-member team including Pardeep Kumar, Arun Beniwal, and Ajmal Hussain.

Hummingbird Resources joins World Gold Council

Hummingbird Resources, in the exploration, evaluation and development of mineral properties in West Africa with a primary focus on gold, has joined World Gold Council.

Founded in 2005, Hummingbird listed on the London Stock Exchange in 2010. The company currently has two operations, Yanfolila, a high grade, producing mine in south west Mali; and Dugbe, a large undeveloped gold deposit in Liberia.

Ramco Cements jumps over 5%

#CNBCTV18Market | Sharp surge in Ramco Cements pic.twitter.com/6BFFUZ2UCz

— CNBC-TV18 (@CNBCTV18Live) June 2, 2020

Sensex jumps over 550 points, Nifty at 9,981-mark

Indices extended gains as Sensex was trading 551.39 points or 1.66 percent higher at 33,854.91 while the broader Nifty was up 168.55 points or 1.72 percent at 9,994.70 at around 3.20 pm.

On the BSE, Bajaj Finance Kotak Mahindra Bank, IndusInd Bank, PowerGrid, HDFC, ICICI Bank and Titan were among the top gainers.

The losers included Maruti, ITC, NTPC and Hero MotoCorp

Moody’s downgrades HDFC Bank, SBI

Moody's downgrades the long-term local & foreign currency deposit ratings of HDFC Bank and SBI to Baa3 from Baa2; places Baa3 long-term local & foreign currency deposit ratings of BOB, BOI, Canara & UBI & their ba3 BCAs under review for downgrade pic.twitter.com/R5zzb0MNT6

— CNBC-TV18 (@CNBCTV18Live) June 2, 2020

Motherson Sumi Systems net profit falls 68.4% to Rs 136 cr in March quarter

Automobile components major Motherson Sumi Systems Ltd on Tuesday reported a 68.4 percent decline in consolidated net profit to Rs 135.66 crore for the fourth quarter ended 31 March, mainly affected by the coronavirus pandemic.

The company had posted a consolidated net profit of Rs 429.31 crore in the corresponding period of the previous financial year, Motherson Sumi Systems Ltd (MSSL) said in a regulatory filing.

Its total revenue from operations in the fourth quarter stood at Rs 15,159.05 crore as against Rs 17,169.47 a year ago.

CAIT urges Amit Shah to revise working hours of shops

Confederation of All India Traders (CAIT) on Tuesday urged Union Home Minister Amit Shah to revise the working hours of the shops from current 10 am to 7 pm to 9 am to 4 pm and also revise the banking hours to 11 am to 5 pm. 

“This change will bring an end to ‘peak hours’ concept in traffic whereas it will also be beneficial for the environment and on the other side, the risk of untoward incidents by anti-social elements could also be curtailed to a great extent,” CAIT said.

The CAIT is holding daily video conferences with trade leaders of different states from 25 March on a regular basis and this suggestion of revising the working hours has erupted on the basis of conversations with trade leaders of the country, it said.

Sensex jumps 528 points, Nifty at 9,981-mark

Indices remained in the green zone as Sensex surged 528.52 points or 1.59 percent higher at 33,832.04 while the broader Nifty was up 155.05 points or 1.58 percent at 9,981.20 at around 2.50 pm.

Bajaj Finance was the top gainer in the Sensex pack zooming nearly 9 percent. Other gainers included Kotak Mahindra Bank, IndusInd Bank, PowerGrid, HDFC, ICICI Bank and Titan.

The losers included Maruti, ITC, NTPC and Hero MotoCorp.

Tata Motors resumes operations across all manufacturing plants

Tata Motors on Tuesday said it has resumed operations across all its manufacturing plants in the country.

The company has restarted operations at all plants with Jamshedpur facility also getting approval on 27 May, Tata Motors said in a regulatory filing.

Around 59 percent of company’’s passenger vehicle showrooms, covering 69 percent of the retail market, have commenced operations, it added.

“From supply side, 90 percent of suppliers in commercial vehicle segment have received permissions to commence,” Tata Motors said.

May freight revenue drops to Rs 7,410 cr

Govt official says May freight revenue falls to Rs 7,410 cr. Here's more. pic.twitter.com/oI4dtFRsaJ

— CNBC-TV18 (@CNBCTV18Live) June 2, 2020

Rating changes not a big event for markets: CEA Krishnamurthy Subramanian 

#CNBCTV18Exclusive | Significant uncertainty on the demand side. Individuals can be more conservative with spending vis-a-vis businesses; till uncertainty remains precautionary tendency to save will stay, says @SubramanianKri pic.twitter.com/ZPUdQmiTBN

— CNBC-TV18 (@CNBCTV18Live) June 2, 2020

Eris Lifesciences Q4 profit up 4% to Rs 56 cr

Drug firm Eris Lifesciences on Tuesday reported 4.02 percent rise in consolidated net profit to Rs 56.05 crore for the quarter ended 31 March 2020.

The company posted a net profit of Rs 53.88 crore for January-March period of 2018-29, Eris Lifesciences said in a filing to BSE.

Revenue from operations stood at Rs 248.56 crore during the quarter under review as against Rs 214.82 crore in the year-ago period, it added.

In 2019-20, the net profit of the company stood at Rs 296.29 crore as against Rs 291.14 crore a year ago, the filing said.

Sensex up 462 points, Nifty above 9,950-mark

Indices remained slightly volatile as Sensex was trading 462.33 points or 1.39 percent higher at 33,765.85 while the broader Nifty was up 135.65 points or 1.38 percent at 9,961.80 at around 2.25 pm.

Kotak Mahindra Bank was the top gainer in the Sensex pack soaring nearly 7 percent. Other gainers included Bajaj Finance, PowerGrid, IndusInd Bank, HDFC, Sun Pharma and ICICI Bank.

The main losers were Maruti, NTPC, ITC and Nestle India.

Horticulture at risk from locust attack: Motilal Oswal

If the attack from swarms of locusts is not curtailed, horticulture production in Madhya Pradesh, Uttar Pradesh, Gujarat, Rajasthan and Maharashtra will be impacted, according to a sector report by Motilal Oswal Financial Services.

These states cumulatively contribute 38 percent to India’s 312 million tonnes of horticulture production.

Vegetables constitute 59 percent of the production. Nearly 31 percent of the horticulture production comes from fruits.

Summer fruits in India include mango, watermelon, orange, muskmelon, sweet lime, jackfruit, black plum, lychee, pineapple, figs and ice apple.

“If the locust attack is not curtailed, horticulture production at these states will be impacted. Generally, January to March is the period for the sowing of sugarcane. Any locust attack may impact sugarcane crop in Uttar Pradesh which constitutes 45 percent to the normal sugarcane sowing area of India,” said the report.

SBI launches separate vertical for borrowers in rural, semi-urban areas

.@TheOfficialSBI carves out a vertical for small borrowers in micro marketshttps://t.co/WwZe2FfwGu

— CNBC-TV18 (@CNBCTV18Live) June 2, 2020

Sensex surges over 500 points, Nifty at 9,978-mark

Indices recovered as Sensex soared 520.66 points or 1.56 percent to 33,824.18 while the broader Nifty was up 151.90 points or 1.55 percent at 9,978.05 at around 2.10 pm.

Kotak Mahindra Bank was the top gainer in the Sensex pack zooming over 6 percent. Other gainers included Bajaj Finance, PowerGrid, IndusInd Bank, HDFC, Sun Pharma and ICICI Bank.

The main losers were Maruti, NTPC, ITC and Nestle India.

Rupee rises 19 paise to Rs 75.36 at close

#Rupee ends 19 paise stronger (at day's high) compared to Monday's close pic.twitter.com/JHmgSPhbQS

— CNBC-TV18 (@CNBCTV18Live) June 2, 2020

Moody’s downgrade expected, India unlikely to slip to junk status: BofA

India’s sovereign credit rating downgrade by Moody’s was not unexpected and factors like high quantum of forex reserves and prospects of a good farm harvest would prevent a further slip to the non-investment grade, a foreign brokerage said on Tuesday.

Moody’s Investors Service on Monday downgraded the country’s rating by one notch to ‘‘Baa3’’, the lowest in the investment grade, with a negative outlook on worries over growth and fiscal risks.

Economists at Bank of America (BofA) Securities pitched for the country to continue with the fiscal stimulus measures because of the impact of the coronavirus pandemic.

“This (the downgrade) is not unexpected…fiscal stimulus is critical for recovery,” the brokerage said.

Nifty Bank rises over 2%

#CNBCTV18Market | Private financials lead Nifty Bank higher pic.twitter.com/U1aL7p6QUM

— CNBC-TV18 (@CNBCTV18Live) June 2, 2020

JSW Steel’s crude steel output falls over 14% in May

JSW Steel has registered a fall of over 14 percent in its crude steel production at 12.48 lakh tonne (LT) during May 2020.

The company had produced about 14.53 LT of crude steel during the same month in 2019.

However, on month-on-month basis the production in May was 122 per cent higher compared to 5.63 LT in April 2020, which was about 60 percent lower compared to 13.90 LT crude steel JSW Steel had produced in April 2019.

“JSW Steel Limited ramped up its capacity utilisation in May 2020 to an average of 83 percent from 38 per cent in the month of April 2020. The crude steel production achieved for May 2020 was at 12.48 LT showing growth of 122 percent over April 2020,” JSW Steel said in a statement.

Sensex up 467 points, Nifty at 9,953-mark

 
Indices erased some of the gains as Sensex was trading 467.74 points or 1.40 percent to 33,771.26 while the broader Nifty was up 132.65 1.35 points or 1.29 percent at 9,952.95 at around 12.45 pm.

On BSE, Kotak Mahindra Bank was the top gainer. Other gainers included Bajaj Finance, PowerGrid, IndusInd Bank, HDFC, Sun Pharma, Axis Bank, ICICI Ban and L&T.

The losers included Maruti, ONGC and Nestle India.

Gold futures fall on weak global cues

Gold futures on Tuesday fell 0.17 percent to Rs 47,001 per 10 gram as participants offloaded their holdings following weak trend overseas.

On the Multi Commodity Exchange, gold prices for June delivery fell by Rs 82, or 0.17 per cent, to Rs 47,001 per 10 gram in a business turnover of 56 lots.

The yellow metal for August delivery declined by Rs 116, or 0.25 percent, to Rs 47,022 per 10 gram in 15,382 lots.

In New York, gold was trading 0.13 percent down at $1,748 per ounce.

Paytm claims telecom firms not preventing phishing; HC seeks Centre, TRAI response

The Delhi High Court Tuesday sought response of the Centre and telecom regulator TRAI on online payment platform Paytm’s plea alleging that telecom operators are not blocking those who are defrauding its customers by “phishing” activities over various mobile networks.

A bench of Chief Justice D N Patel and Justice Prateek Jalan issued notice to the Ministry of Communication, Telecom Regulatory Authority of India and major mobile service providers, including Airtel, Reliance Jio, MTNL, BSNL and Vodafone seeking their stand on the plea before the next date of hearing on June 24.

Additional Solicitor General Maninder Acharya and central government standing counsel Anurag Ahluwalia accepted notice on behalf of the ministry.

The order came on the plea by One97 Communications Ltd, which runs Paytm, claiming that millions of its customers have been defrauded by the phishing activities over the mobile networks and the failure of the telecom companies to prevent the same has “caused financial and reputational loss” to it for which it has sought damages of Rs 100 crore from them.

India’s Mitron app suspended from Google Play Store

Exclusive: Mitron, India's so-called answer to TikTok, suspended from Google Play Store @MeghaVishwanath investigates @CNBCTV18News @CNBCTV18Live @CNBCYoungTurks #startups #TikTok #investigation #mitron #CNBCTV18Exclusive https://t.co/HbUsWEnRlu

— Shereen Bhan (@ShereenBhan) June 2, 2020

PNB cuts retail term deposit rate by 25-125 bps

PNB cuts retail term deposit rate by 25-125 bps pic.twitter.com/XhQJw4bSZA

— CNBC-TV18 (@CNBCTV18Live) June 2, 2020

States reiterate demand to release dues, grant aid from Centre

#CNBCTV18Exclusive | States reiterate request to Centre to release dues, grant aid as revenue shortfall bites . States face double whammy of poor #GST revenue & rising expenditures, sources to @TimsyJaipuria pic.twitter.com/Dwe3sPdEXN

— CNBC-TV18 (@CNBCTV18Live) June 2, 2020

Markets continue to rise at half-time

Indian markets at half time continue to rise for 5th straight day in a row building on to its opening gains as Nifty trades higher by 1.25%, said Aditya Agarwala, Senior Technical Analyst, YES Securities.

Further, Nifty crossed its previous session high and is comfortably above the 9,900 level suggesting bullishness he said adding a sustained trade beyond 9,900 will extend the gains to levels of 10,150.

“On the flip side if it breaks below the immediate support of 9,800 profit booking can be triggered dragging the Index lower to levels of 9,750-9,720. On shorter time frame chart negative divergences continue to get stronger suggesting that the uptrend is losing momentum which can lead to minor profit booking,” said Agarwala. 

Bank, NBFC, Media and Realty stocks are taking the markets higher while Metal and FMCG stocks are dragging them lower. Broader markets are outperforming the headline indices as stock specific outperformance continues. European markets have also opened in the green, he added.

NTPC begins search for CEO of distribution business

State-owned power giant NTPC said it has started the process for recruiting a Chief Executive Officer (CEO) for its electricity distribution business.

Last week NTPC had announced its plan to foray into electricity distribution business and also offered to acquire 51 per stake in two utilities of Anil Dhirubhai Ambani Group (ADAG) in Delhi.

In a letter to the Delhi Electricity Regulatory Commission (DERC), NTPC had said it has learnt that ADAG wants to divest its 51 per cent stake in BSES Rajdhani Power Ltd (BRPL) and BSES Yamuna Power Ltd (BYPL), and the company is keen on acquiring the distribution assets.

This assumes significance because NTPC is primarily power-generation company.

Temenos, HCL Technologies ink pact 

Temenos and HCL Technologies sign agreement to market Temenos’ Multiexperience Development Platform to non-financial services cos pic.twitter.com/111QgHAV3s

— CNBC-TV18 (@CNBCTV18Live) June 2, 2020

IATA calls for urgent implementation of ICAO COVID-19 guidelines

The International Air Transport Association (IATA) has urged governments to quickly implement the International Civil Aviation Organisation’s (ICAO’s) global guidelines for restoring air connectivity.

The ICAO Council on Monday approved ‘Takeoff: Guidance for Air Travel through the COVID-19 Public Health Crisis (Takeoff).’ This is an authoritative and comprehensive framework of risk-based temporary measures for air transport operations during the COVID-19 crisis.

“The universal implementation of global standards has made aviation safe. A similar approach is critical in this crisis so that we can safely restore air connectivity as borders and economies re-open,” said IATA’s Director General and CEO Alexandre de Juniac.

Max Life Insurance claims paid ratio at an all-time high of 99.22%

Max Life Insurance Co Ltd said on Tuesday it paid 15,342 death claims amounting to Rs 563 crore in the financial year 2019-20, thus achieving an all-time high individual death claims paid ratio of 99.22 percent in the company’s last five-year performance.

The company said it has consistently improved its claims paid ratio in the last five years to breach the remarkable 99 percent mark this financial year, thereby reiterating its commitment towards cementing customer trust.

Since inception, Max Life has paid individual death claims of Rs 3,238 crore to family members of its 1.12 lakh policyholders.

In FY 19-20, out of a total 15,463 death claims received, only 120 were rejected and one case was pending for closure at the end of the financial year.

Sensex soars over 500 points, Nifty close to 10,000-mark 

Indices extended the gains as Sensex zoomed 517.44 points or 1.55 percent to 33,820.96 while the broader Nifty was up 145 points or 1.48 percent at 9,971.15  at around 12.45 pm.

On BSE, Kotak Mahindra Bank was the top gainer. Other gainers included Bajaj Finance, PowerGrid, IndusInd Bank, HDFC, Sun Pharma, Axis Bank, ICICI Ban and L&T.

The losers included Maruti, ONGC and Nestle India.

Ravi Shankar Prasad announces 3 schemes for electronics manufacturing sector

We are announcing today one 'Production Linked Incentive Scheme', increase your production&earn incentive and also, 'Component Manufacturing Scheme' & 'Cluster Scheme' for development of the electronics manufacturing sector: Union Minister Ravi Shankar Prasad pic.twitter.com/ohUUpe8PBx

— ANI (@ANI) June 2, 2020

Self-reliant India not an India of isolation: Ravi Shankar Prasad

Self-reliant India is not an India of isolation and its not an inward-looking India. It is an India which develops an ecosystem as a robust asset to the global economy: Union Minister Ravi Shankar Prasad pic.twitter.com/M4k6SGuANr

— ANI (@ANI) June 2, 2020

India’s global share in electronic manufacturing rises to 3% in 2018: Govt

Electronic manufacturing in India has risen from Rs 1.9 lakh crore in 2014 to Rs. 4.58 lakh crore in 20018-19. Our global share in electronic manufacturing has risen from 1.3% to 3% in 2018: Union Minister Ravi Shankar Prasad pic.twitter.com/jrmhxwq3Y2

— ANI (@ANI) June 2, 2020

May gold imports fall 99% from a year ago to 1.4 tonne

India’s gold imports in May plunged 99 percent from a year earlier as international air travel was banned and jewellery shops were closed amid a nationwide lockdown to curb the spread of coronavirus, a government source said on Tuesday.

The world’s second-biggest consumer of the precious metal imported around 1.4 tonnes of gold in May, down from 133.6 tonnes a year ago, said the source, who declined to be identified because they are not authorised to speak to the media.

In value terms, May imports dropped to $76.31 million from to $4.78 billion a year ago, he added.

Drug regulator grants Gilead Sciences marketing authorisation for remdesivir

India’s drug regulator,  has granted US pharma giant Gilead Sciences marketing authorisation for its anti-viral drug remdesivir for “restricted emergency use” on hospitalised COVID-19 patients in view of the crisis posed by the pandemic.

The approval process for remdesivir was accelerated in view of the emergency situation and the unmet need for medicines in light of the coronavirus outbreak, a source in the know of the developments told PTI.

The drug has been allowed for restricted emergency use for a maximum of five-day period for treatment of suspected or laboratory-confirmed cases of COVID-19 in adults and children hospitalised with severe symptoms, subject to several safeguards, the source said.

Daimler to deploy only 30% workforce in Tamil Nadu plant

Daimler has chosen to deploy a mere 30% of its workforce despite Tamil Nadu regulations allowing for 50%https://t.co/WS7fnUKfIk

— CNBC-TV18 (@CNBCTV18Live) June 2, 2020

Sensex jumps 294 points, Nifty reclaims 9,900-mark

Indices staged a recovery as Sensex jumped 293.82 points or 0.88 percent to 33,597.34 while the broader Nifty was up 90.60 points or 0.92 percent at 9,916.75 at around 12.10 pm.

Kotak Mahindra Bank, Bajaj Finance, PowerGrid, Sun Pharma, IndusInd Bank and HDFC were among the top gainsers in the Sensex pack.

The major losers included Maruti, ONGC, SBI, NTPC and Nestle India.

Kotak Mahindra Bank shares rally 8%

Shares of Kotak Mahindra Bank on Tuesday gained 8 percent as Uday Kotak will be selling 2.83 percent stake worth over Rs 6,800 crore in the lender.

On the BSE, the stock opened on a strong note and further jumped 7.88 percent to Rs 1,347.75. The stock rose by 7.97 percent to Rs 1,348 on the NSE.

Kotak Bank was the top gainer among the Sensex and Nifty components during the early trade.

Billionaire banker Uday Kotak, who has had a long run-in with the Reserve Bank over his excess personal holding in Kotak Mahindra Bank, will be selling 2.83 percent stake worth over Rs 6,800 crore in the lender on Tuesday.

Shares cling to slim gains after ratings cut

Shares clung to narrow gains on Tuesday as a surge in Kotak Mahindra Bank as well as retail and hotel stocks helped offset the broader impact of a ratings cut by Moody’s, citing slow economic growth.

The NSE Nifty 50 index was up 0.6 percent at 9,877.60, while the S&P BSE Sensex .BSESN rose 0.55 percent to 33,481.77. The indexes had risen more than 1 percent% earlier in the session.

Moody’s Investors Service downgraded India’s credit rating to a notch above junk, citing a prolonged period of slow growth, rising debt and persistent stress in parts of the financial system.

“Markets are trying to look ahead given the situation which is known from the fourth quarter results and outlook by companies. People are hoping for the reopening of the economy, which the market is trying to factor now,” said Vinod Nair, head of research, Geojit Financial Services Ltd.

Shares of Kotak Mahindra Bank rose as much as 8 percent after a report on Monday that promoter Uday Kotak will launch a Rs 6,000 crore block deal to meet Reserve Bank Of India (RBI) regulations.

‘India has provided medical supplies to over 150 countries’

#WATCH In the difficult times of #Coronavirus pandemic, India has provided medical supplies to more than 150 countries, on humanitarian grounds: PM Modi pic.twitter.com/BtHLB290QK

— ANI (@ANI) June 2, 2020

India has potential, strength, ability: PM

World is looking for a trusted, reliable partner. In India, we have potential, strength & ability. Today, all of you, including all the industries must benefit from the trust that has developed for India all over the world: PM pic.twitter.com/j4vRbdOMYK

— ANI (@ANI) June 2, 2020

Narendra Modi says not difficult to get growth back

We will definitely get our growth back. India has left the lockdown behind. A large part of eco has opened up in #Unlock Phase 1 and more parts of economy will open up from June 8, says PM @narendramodi at @CIIEvents pic.twitter.com/TLOOR6QegK

— CNBC-TV18 (@CNBCTV18Live) June 2, 2020

E-commerce battle sharpens

After JioMart, commercial launch of #Patanjali's 'OrderMe' platform soonhttps://t.co/FrRDE4y2Px

— CNBC-TV18 (@CNBCTV18Live) June 2, 2020

Many new opportunities for youth in every field: PM Modi

The direction in which the government is moving today, be it our mining sector, energy sector or research and technology, in every field there will be many new opportunities for youth of the country: PM Modi pic.twitter.com/VMewUXk560

— ANI (@ANI) June 2, 2020

Country needs to manufacture ‘Made in India’ products for the world: Narendra Modi

The country now needs to manufacture products which are 'Made in India' but are 'Made for the World': Prime Minister Modi pic.twitter.com/xeoETSxiUF

— ANI (@ANI) June 2, 2020

India’s robust local supply chain will help support global supply chains: Narendra Modi

India's robust local supply chain will be able to support global supply chains. We need to focus on ‘Made In India’ products that are made for the world, says PM @narendramodi pic.twitter.com/GRveabeJ5g

— CNBC-TV18 (@CNBCTV18Live) June 2, 2020

Labour reforms underway: Prime Minister

Prime Minister Narendra Modi said that labour reforms are underway in order to increase job opportunities and for the welfare of the workers.

“Private players will also be given permission to enter the non-strategic sectors where they are not allowed now,” he said.

PM lays stress on 5 ‘I’s

Intent, Inclusion, Investment, Infrastructure and Innovation— these five things are important to speed up India's development and make it 'atmanirbhar'. You will get a glimpse of these in the bold decisions recently taken by us: PM Narendra Modi pic.twitter.com/vcZpx5BcEl

— ANI (@ANI) June 2, 2020

Re-strengthening economy against Corona highest priority, says PM

Re-strengthening economy against Corona is one of our highest priorities. For this, the government has taken immediate decisions. We have also taken decisions which will help the country in the long run: PM Narendra Modi pic.twitter.com/z7CfzPkIj2

— ANI (@ANI) June 2, 2020

Reforms are not random or scattered decisions: Narendra Modi

The Prime Minister said that reforms are not random or scattered decisions for the country.

“For us, reforms are systemic, planned integrated, inter-connected and futuristic process,” said Narendra Modi.

He said that reforms means that take decision and take it to logical conclusions.

हमारे लिए reforms कोई random या scattered decisions नहीं हैं।
हमारे लिए reforms systemic, planned, integrated, inter-connected और futuristic process है।
हमारे लिए reforms का मतलब है फैसले लेने का साहस करना, और उन्हें logical conclusion तक ले जाना: PM @narendramodi

— PMO India (@PMOIndia) June 2, 2020

India will gain growth back: Narendra Modi

“We will definitely gain our growth back, says Prime Minister Narendra Modi while addressing the annual session of CII to mark its 125 years since its inception in 1895.

“I have confidence in the entrepreneurs and industry leaders,” he said.

Bajaj Auto total sales plunge 70% in May

Bajaj Auto on Tuesday reported 70 percent decline in total sales at 1,27,128 units in May as against 4,19,235 units in the same month last year.

Total domestic sales declined by 83 percent to 40,074 units last month as compared to 2,35,824 units in May 2019, Bajaj Auto said.

The company further said its total two-wheeler sales were down 69 percent at 1,12,798 units as compared to 3,65,068 units in the year-ago month.

Domestic two-wheeler sales were at 39,286 units last month as against 2,05,721 units in May 2019, a decline of 81 percent, it added.

Narendra Modi to address CII’s annual session at 11 am 

Shri Narendra Modi, Hon'ble Prime Minister of India, to inaugurate the #CIIAnnualSession2020 on the occasion of 125 years of CII on 2 June. #cii4india #CIIat125 @narendramodi @PMOIndia @PIB_India pic.twitter.com/J4KhzhdWot

— Confederation of Indian Industry (@FollowCII) May 30, 2020

Indices trim early gains, Sensex up 172 points, Nifty above 9,850-mark

Indices gave up some of the gains as Sensex was trading 172.29 points or 0.52 percent higher at 33,475.81 while the broader Nifty was up 39.85 points or 0.41 percent at 9,866 at around 10.35 am.

Kotak Mahindra Bank was the top gainer in the Sensex pack jumping over 5 percent. Other gainers included Bajaj Finance, Sun Pharma, Bharti Airtel, IndusInd Bank, HDFC and Asian Paints.

The major losers were Maruti, SBI, ONGC, Nestle India, Ultra Cement and ITC.

Rupee slips 6 paise to Rs 75.60 in early trade

The rupee depreciated 6 paise to 75.60 against the US dollar in opening trade on Tuesday as strengthening American currency and sustained rise in crude oil prices weighed on investor sentiment even as domestic equities opened on a positive note.

Forex traders said, while firm start of the equity market and foreign fund inflows supported the rupee, factors like strong dollar, US-China tensions and Moody’s downgrade of India’s sovereign credit rating dragged down the local unit.

The rupee opened weak at 75.57 at the interbank forex market and then fell further to 75.60, down 6 paise over its last close.

It had settled at 75.54 against the US dollar on Monday.

Lockdown: Startup to launch online funeral management service

In view of movement restrictions due to the lockdown, a Pune-based start-up, which makes available services of priests and other material required for a prayer ceremony, is now planning to roll out a holistic funeral management service through its online platform.

As part of its ‘‘Moksha Seva’’ service, the company aims to provide services like helping a family get the death certificate of the deceased, assembling a bier, transporting the body to preferred crematorium, obtaining crematorium pass, providing priest and material required for the last rites.

The company ‘‘Guruji on Demand’’ also plans to assist bereaved families in the rituals to be performed after the last rites, Pranav Chaware, one of the firm’’s partners, told PTI, adding they plan to start the service by this month-end.

Due to the coronavirus pandemic, gatherings of relatives/neighbours are not allowed even during the funeral of a non-COVID victim, he noted.

‘Bank lending targets under Rs 20 lakh cr stimulus unfeasible’

Former RBI Deputy Governor R Gandhi has expressed doubt over the efficacy of the government’’s stimulus package, terming the aim of Rs 7.9 lakh crore-uptick in lending to small businesses, agriculture and power discoms as not “feasible”.

On Monday, PTI erroneously reported that Gandhi was a former RBI Governor.

Speaking at a webinar hosted by payment system company Electronic Payments and Services, Gandhi said that the RBI needs to re-introduce a one-time restructuring package and mere moratoriums will not suffice in unprecedented times like the COVID-19 pandemic.

As part of the over Rs 20 lakh crore package announced by Prime Minister Narendra Modi, Rs 3 lakh crore was devoted to collateral-free loans to micro, small and medium enterprises, Rs 2 lakh crore were to be given to farmers through kisan credit cards and a liquidity injection of Rs 90,000 crore was assured to the fund starved power distribution companies.

Kotak Mahindra Bank, Hero MotoCorp among Nifty gainers

#CNBCTV18Market | Kotak Mahindra Bank top Nifty gainer after Uday Kotak sells 2.8% stake via block deal. Hero Moto higher after reporting May sales better than expectations pic.twitter.com/3qdU1DD3Tn

— CNBC-TV18 (@CNBCTV18Live) June 2, 2020

225 VIPs urge world powers to adopt $2.5 trillion COVID-19 plan

More than 225 current and former global VIPs urged the world’s 20 major economic powers on Monday to hold an urgent meeting to agree to a $2.5 trillion plan to tackle COVID-19 and launch an economic recovery from the pandemic, especially for hard-hit developing and middle-income countries.

They said in a letter that these poor and middle-income countries, which represent nearly 70 percent of the world’s population and approximately one-third of global GDP, demand immediate action.

Over 100 countries have approached the International Monetary Fund for help a, they said, and more are expected to do so.

Without action from the G20, the prominent global figures warned that the recession caused by the pandemic will deepen, hurting all economies, “and the world’s most marginalised and poorest peoples the most.”

They said the G20 nations, currently led by Saudi Arabia, represent 85 percent of the world’s nominal GDP and have “the capacity to lead the mobilization of resources on the scale required.”

“We urge leaders to do so immediately,” their letter said.

Textile markets open in Gujarat 

Gujarat:Textile market in Surat reopened today amid relaxations in the #lockdown. Dinesh Katariya, a businessman says,"all precautionary measures have been taken. We have installed automatic hand sanitizers,sanitizing tunnels. Thermometer guns are being used to check temperature" pic.twitter.com/JuYmSTLSMA

— ANI (@ANI) June 2, 2020

Boeing takes Embraer to arbitration over failed aviation deal

Boeing Co has taken former partner Embraer SA to arbitration over a failed $4.2 billion (3.4 billion pounds) deal, the Brazilian planemaker said in a securities filing on Monday night.

So far, it has only been publicly known that Embraer had taken Boeing to arbitration, angered by how the US planemaker abruptly broke off that deal in April after years of working together.

US manufacturing activity crawls off 11-year low

US manufacturing activity eased off an 11-year low in May, the strongest sign yet that the worst of the economic downturn was behind as businesses reopen, though the recovery from the COVID-19 crisis could take years because of high unemployment.

The promising signs of stabilization in manufacturing reported by the Institute for Supply Management on Monday are a welcome respite as the country braces for data on Friday expected to show the worst unemployment rate since World War Two. Rampant joblessness will lead to tepid demand and economic growth.

“Today’s report on the manufacturing sector represents good news that hints the economy is turning the corner as the states reopened in May,” said Chris Rupkey, chief economist at MUFG in New York. “It will not be a quick recovery for sure, but at least the worst is over.”

Rupee opens at Monday’s close

#Rupee opens almost unchanged against the US Dollar pic.twitter.com/1cyMJM4h1B

— CNBC-TV18 (@CNBCTV18Live) June 2, 2020

Uday Kotak sells shares

Uday Kotak sells 5.6 cr shares in Kotak Mahindra Bank to comply with RBI normshttps://t.co/PGOD5i1QDQ

— CNBC-TV18 (@CNBCTV18Live) June 2, 2020

Lockdown relaxations don’t bring business for washermen in UP

Lucknow: Washer-men resumed work at 'dhobi ghat' y'day, after over 2 months. A washer-man Mohd Jawed says "We were told a while back that we can resume work but we couldn't, as customers didn't give us clothes&shops were closed. People aren't giving clothes due to fear of COVID." pic.twitter.com/7sZ4GZE8Si

— ANI UP/Uttarakhand (@ANINewsUP) June 1, 2020

Sensex, Nifty up

Sensex up by 238.40 points, currently at 33,541.92 pic.twitter.com/RwRpZbRqnN

— ANI (@ANI) June 2, 2020

Oil prices inch up ahead of OPEC Plus meeting

Oil prices crawled higher on Tuesday, with traders waiting to see whether major producers agree to extend their huge output cuts to shore up prices at a meeting expected later this week.Brent crude futures rose 0.4%, or 17 cents, to $38.49 a barrel as of 0220 GMT.

West Texas Intermediate (WTI) crude futures traded in a 38-cent range on either side of Monday’s close, and last traded unchanged at $35.44 a barrel. Brent has doubled over the past six weeks, thanks to supply cuts by the Organization of the Petroleum Exporting Countries and allies, including Russia, a grouping dubbed OPEC+.

Both Brent and WTI prices are still down about 40% for the year so far.

COVID-19 curve unlikely to be flattened soon: Kiran Mazumdar Shaw

Biocon chairman and managing director @kiranshaw #OnCNBCTV18 said that the #COVID-19 curve is unlikely to be flattened anytime soon. https://t.co/b2EnVTgfQd

— CNBC-TV18 (@CNBCTV18Live) June 2, 2020

Petrol, diesel sales improve in May

Petrol and gas oil sales jumped sharply in May compared with April, in a recovery from historic lows after a partial easing of the lockdown imposed to curb the coronavirus pandemic, provisional sales data showed on Monday. industry analysts expect a full-scale recovery to pre-COVID-19 consumption levels in India to be months away as the monsoon season approaches while manufacturing activities remain low and transportation demand takes a hit in some parts of the country.

State-retailers’ petroleum sales in May rose by about 83% from April to about 1.6 million tonnes. Sales of gas oil, which accounts for about two-fifths of the country’s overall fuel sales, rose by about 69% in May compared with April to 4.8 million tonnes, provisional sales data from state fuel retailers showed. However, petroleum and gas oil sales in May are still down by about 36% and 31% respectively from a year earlier, after contracting more than 50% in April year- on-year.

Britannia to report Q4 earnings today

#4QwithCNBCTV18 | @BritanniaIndLtd to report Q4 earnings today & the street's expectation of the volume factor is wide (-7% to +5%); lower tax will likely aid PAT. Here's more pic.twitter.com/iMH6Bc8AX9

— CNBC-TV18 (@CNBCTV18Live) June 2, 2020

Karnataka govt launches COVID-19 tracking platform 

NASSCOM Taskforce has developed an end to end COVID-19 tracking platform, which is being adopted by the Government of Karnataka. Innovated by the Innovated by the NASSCOM Task Force, the multi-faceted, open architecture platform with its various advanced AI technology models assists state governments in sustainable industry recovery and helps them in taking informed decision in managing the path to recovery and phased opening across the states

The platform is based on a plug and play concept, providing the benefit to users to decide which features they want to use and integrate with their existing platform as needed. The platform can be hosted on any cloud platform based on the preference of the state government. As part of the launch, the NASSCOM Task force will provide the first set of dashboards for use by the government and will add more in the coming weeks. 

Sharing his thoughts on the platform,  CN. Ashwath Narayan, Deputy Chief Minister, Government of Karnataka, said, “In these testing times technology innovation has been our greatest ally. Using innovative technology solutions to fight the pandemic, we are taking a huge step towards showcasing the country’s capacity to solve real time issues in any environment.”

ICICI Bank, Coal India shares down

#CNBCTV18Market | ICICI Bank, Coal India, SBI amongst top #Nifty losers in opening trade pic.twitter.com/Z8bRt5RA9i

— CNBC-TV18 (@CNBCTV18Live) June 2, 2020

Kotak Mahindra Bank shares up

http://www.firstpost.com/wp-content/uploads/large_file_plugin/2019/01/1547009303_sensex-afp1_social.jpg

Markets open positive

#CNBCTV18Market | Market opens with minor gains despite Moody's India downgrade. #Nifty & #Sensex up 0.4-0.5% pic.twitter.com/c18Xyb5GKW

— CNBC-TV18 (@CNBCTV18Live) June 2, 2020

Asia stocks make cautious gains as China worries slow recovery rally
 

Asian stocks eked out gains on Tuesday as investors’ focus on the prospects of a global coronavirus recovery won out over familiar worries about Sino-U.S. relations and the depth of economic damage.

Hampering broader global risk appetite, however, was US President Donald Trump’s vow to use force to end violent protests in American cities, which kept Wall Street stock futures negative in Asia.

MSCI’s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS, which had its best day in two months on Monday, extended its rally without panache – rising 0.3%. The dollar nursed heavy losses, but steadied, and bonds firmed.

The week had begun with a surge in riskier currencies and global equities after Trump’s response to China’s tightening grip on Hong Kong – with threats, not tariffs – was seen lowering the temperature of Sino-U.S. tension.

Moody’s downgrades India’s rating to Baa3; outlook remains ‘negative’

Moody’s Investors Service on Monday downgraded India’s rating to BAA3 from Baa2, and its short-term local-currency rating to P-3 from P-2.

“Moody’s has downgraded India’s local-currency senior unsecured rating to Baa3 from Baa2, and its short-term local-currency rating to P-3 from P-2. The outlook remains negative. The decision to downgrade India’s ratings reflects Moody’s view that the country’s policymaking institutions will be challenged in enacting and implementing policies which effectively mitigate the risks of a sustained period,” it said in a statement.

‘Baa3’ is the lowest investment grade – just a notch above junk status.

Moody’s noted that the rating downgrade was not entirely driven by the devastating impact of the COVID-19 outbreak.

“While today’s action is taken in the context of the coronavirus pandemic, it was not driven by the impact of the pandemic. Rather, the pandemic amplifies vulnerabilities in India’s credit profile that were present and building prior to the shock, and which motivated the assignment of a negative outlook last year,” it said.

Markets expected to open flat

Aditya Agarwala, Senior Technical Analyst, Yes Securities, said, “The Indian markets are expected to open on a flat note with mild negative bias indicating a pause following significant gains in the past five trading sessions as the trend in the SGX Nifty indicates a gap-down open of 20 points. The entire Asian pack however is trading in the green. JAKARTA is leading the charge with gains of 2% followed by Straits, Nikkei and Hang Seng. Overnight the US markets ended in the green however, currently Dow Jones Futures is trading in the red with half a percentage cut.   

“The Nifty ended yet another session on a strong footing with gains of 2.57%. Further, yesterday Index crossed its recent pivot high of 9890 making a higher high followed by a higher low of 8800 indicating a short term trend reversal in favor of the bulls. However, after a GAP down opening if bears can push the Nifty below the support of 9800 then profit booking can drag the Index lower to levels of 9730 which happens to be the trendline support. A further breakdown from this trendline support may extend the correction to levels of 9650-9600. On the flip side a sustained trade beyond 9900 will extend the uptrend to levels of 10,130-10,300. On shorter time frame Index has reached overbought territory suggesting minor profit booking maybe on cards before it resumes the uptrend,” Agarwala said.

Stock markets global update

#CNBCTV18MArket | Here's what you need to know about global equities trading this morning & from overnight pic.twitter.com/yxZYiWK3tj

— CNBC-TV18 (@CNBCTV18Live) June 2, 2020

SGX Nifty indicates flat market opening

#CNBCTV18Market | SGX #Nifty indicates muted opening on Dalal Street today.

SGX Nifty trading around 9,824 Vs Nifty June Fut's previous close of 9,791 pic.twitter.com/BhPD5IH0V7

— CNBC-TV18 (@CNBCTV18Live) June 2, 2020

Markets may open flat

Deepak Jasani, Head Retail Research, HDFC securities, said, “The markets could open flat following a great run over the last four days. The Indian markets could open flat today despite higher Asian markets today and mildly higher US indices on Monday. US stocks posted gains on Monday as signs of economic recovery helped offset jitters over increasingly violent social unrest amid an ongoing pandemic and rising U.S.-China tensions. Investors also monitored Sino-American trade tensions and efforts in the US, and much of the world, to overcome the COVID-19 pandemic.The Institute for Supply Management said its manufacturing index climbed to 43.1 last month from an 11-year low of 41.5 in April.

“On the international front, Chinese government officials told major state-run agricultural companies to pause purchases of some American farm goods, including pork and soybeans, Reuters and Bloomberg News reported on Monday, citing people familiar with the matter.

“Moody’s Investors Service downgraded India’s credit rating to a notch above junk on Monday, citing a prolonged period of slow growth in Asia’s third-largest economy, rising debt and persistent stress in parts of the financial system. The change brings Moody’s rating into line with Fitch and Standard and Poor’s, both of which rate India BBB-, although they assign stable rather than negative outlooks.

“Stocks in Asia Pacific were mixed in Tuesday morning trade as tensions between the US and China continue to linger.

“Technically, Nifty has filled the downgap of 9731 made on May 04 and in the process has formed a bullish island reversal. 9889-9932 could be the resistance for the Nifty while 9584-9598 could be the support in the near term,” Jasani said.