Stock Market Latest Updates: Sensex soars 371 points, Nifty close to 9,400; ADB approves $1.5-bn loan to India to fight COVID-19

Coca-Cola commits Rs 100 cr to support fight against coronavirus in India

Beverages major Coca-Cola on Tuesday said it has committed an initial Rs 100 crore to help the healthcare system and communities combat the coronavirus pandemic.

The relief programmes initiated by Coca-Cola in India aim at benefitting and positively impacting over 10 lakh lives across the country, the company said in a statement.

Coca-Cola said its financial contribution will be utilised for various purposes, which include activation of over 50 locations across 10 states in partnership with its bottlers to support the hydration needs of the underserved communities through distribution of beverages during the lockdown period.

Sensex surges 447 points, Nifty reclaims 9,400-mark 

Benchmark indices continued to gain as Sensex soared 446.95 points or 1.41 percent to 32,190.03 while Nifty was up 119.60 points or 1.29 percent at 9,401.90 at around 3.20 pm.

IndusInd Bank was the biggest gainer zooming nearly 17 percent followed by Bajaj Finance (9.33 percent), HDFC (8.27 percent) and ICICI Bank (3.81 percent)

Average spot power price remains low at Rs 2.36 a unit during lockdown

Average spot power price has remained as low as Rs 2.36 per unit on the Indian Energy Exchange (IEX) during the lockdown period so far, which began last month to contain the spread of coronavirus.

The IEX has witnessed heightened activity among power distribution companies (discoms) since the coronavirus-induced nationwide lockdown on March 25, according to a statement by the Exchange.

It stated that with a decline in peak demand by almost 25 percent, the Exchange has witnessed high sell-side liquidity, almost at 2.7 times the demand side, which is helping keep the price in the market under check.

The average price in the IEX day-ahead market has been as low as Rs 2.36 per unit during the period from 24 March to 20 April, the statement added.

German retailers seek full reopening from 4 May

German retailers sought on Tuesday to persuade the government to let all stores operate normally from 4 May, saying customers had not stormed back into the smaller shops that were allowed to reopen last week and were behaving prudently.

Stores of up to 800 square metres (8,600 square feet) were allowed to open again last week, along with car and bicycle dealers and bookstores, provided they adhere to strict social distancing and hygiene rules.

The national retailers association (HDE) has criticised the decision to only allow smaller stores to open, calling the move unfair for bigger chains, confusing for customers and saying both large and small shops were capable of respecting the rules.

European stocks inch higher as positive earnings counter oil, Wirecard slump

European shares hovered near two-week highs on Tuesday as a slate of strong earnings reports from companies, including Novartis and UBS, outweighed a slump in oil prices and shares of Wirecard.

The pan-European STOXX 600 was up 0.1 percent by 0722 GMT, after closing at its highest level since mid-April on Monday as many countries planned to ease coronavirus-induced lockdown measures.

Europe’s oil & gas sector .SXEP shed 0.6 percent as oil prices sank on concerns about dwindling crude storage capacity worldwide.

BSE brings negative price feature for commodity derivatives segment

BSE will make available the negative price level feature at its trading system for commodity derivatives segment, the leading exchange said on Tuesday.

This comes following a recent global development in the crude oil derivatives market where trading of derivatives contracts happened at negative prices owing to various underlying factors.

In a circular, BSE has informed its trading members of commodity derivative segment that the exchange’s trading system has been modified to accept orders and execute trades at negative prices.

JK Paper approves share buyback up to Rs 100 cr

JK Paper approves share buyback up to Rs 100 cr at maximum Rs 130/Sh pic.twitter.com/kluFdCQVPE

— CNBC-TV18 (@CNBCTV18Live) April 28, 2020

Gulf Oil resumes partial operations at Silvassa plant

Hinduja Group firm Gulf Oil Lubricants India Ltd has resumed partial operations of its lube plant at Silvassa in Dadra and Nagar Haveli, following the easing of lockdown restrictions.

“Further to our letter dated 4 March 2020, regarding temporary closure of our Plant operations at Silvassa in wake of COVID-19 outbreak and lockdown, we hereby inform you that based on the permissions received from the local government authorities, the company has resumed partially its plant operations at Silvassa, the UT of Dadra and Nagar Haveli (DNH) and is taking up production as per requirements primarily to supply customers in the essential categories,” the firm said in a regulatory filing.

Gulf Oil has a lube blending plant in Silvassa with a capacity of 90,000 kilo litres.

Singapore to enter into recession this year: Report

Singapore will enter into a recession this year due to the coronavirus pandemic and the city-state’s economic growth could even dip below the forecast range of -4 to -1 percent to record its worst-ever contraction, the country’s central bank said on Tuesday.

The Monetary Authority of Singapore (MAS) in its latest half-yearly macroeconomic review warned of job losses and lower wages, with “significant uncertainty” over how long and intense the downturn will be.

“The Singapore economy will enter into a recession this year,” said the MAS in a 132-page report.

Depending on how the pandemic evolves and the efficacy of policy responses around the world, Singapore’s economic growth could even dip below the forecast range of -4 to -1 percent to record its worst-ever contraction, said the MAS.

Sensex regains 32,000-mark, Nifty up 94 points 

Benchmark indices continued the rally as Sensex surged 357.63 points or 1.13 percent to 32,100.71 while Nifty was up 94.30 points or 1.02 percent at 9,376.60 at around 3 pm.

New cryptocurrency ‘CRO’ to list on CoinDCX crypto exchange

CoinDCX, cryptocurrency exchange and liquidity aggregator, announced that crypto payments pioneer Crypto.com will be listing its cryptocurrency CRO token on the CoinDCX exchange.

It will be traded in two pairs CRO/BTC and CRO/INR. This means, Indian traders trading on the exchange can buy or sell CRO token in exchange of BTC (Bitcoin) or Indian Rupee. 

Following the successful listing of the MCO token on CoinDCX earlier this month, the CRO listing marks Hong Kong-based Crypto.com’s official entrance into the Indian market. 
 
Deposit address open: 28 April 2020 (Tuesday) at 4pm IST / 6:30 pm HKT

Trading starts: 28 April 2020 (Tuesday) at 6pm IST / 8:30 pm HKT

Trading pairs: CRO/BTC & CRO/INR
 
Speaking on the listing, Sumit Gupta, CEO and co-founder of CoinDCX said: “ We are thrilled that CRO is entering India, through our platform, which will help nearly 1.3 billion people in crypto trade CRO through INR. This is also an amazing opportunity for us to encourage more people to enter the crypto market through our ongoing #TryCrypto initiative.”

72 Networks reaches out to remote areas with COVID-19 kits

72 Networks, a pan-India distribution house specialising in last-mile delivery with a special focus on rural areas  has announced their new initiative in which they will be reaching out to rural areas across eight states, covering 46 districts and servicing about 12,000 pin codes with deliveries of COVID-19 protection products and kits.

Srinivas Lingamuthu, CEO & co-founder of 72 Networks said, “We are connecting rural lives with mainstream India for mobility is a problem for many. The government is also hinting towards relaxation in lockdown especially in rural areas post 3 May and for the proper implementation of it, heath and protection kits needs to be provided to the health and factory workers in these areas.”

ADB approves $1.5-bn loan to India to help fund COVID-19 response

Asian Development Bank (ADB) today approved a $1.5 billion loan to the Government of India to help fund its response to the novel #coronavirus disease (COVID-19) pandemic pic.twitter.com/3ojdZukxWk

— CNBC-TV18 (@CNBCTV18Live) April 28, 2020

Rupee settles 7 paise higher at 76.18 

The rupee rose by 7 paise to close at 76.18 (provisional) against the US dollar on Tuesday, tracking positive domestic equities and a weak American currency in the overseas market.

This is the second consecutive day of gain for the rupee, during which it has appreciated by 28 paise.

At the interbank foreign exchange, the rupee opened at 76.33. During the session it touched an intra-day high of 76.14 and a low of 76.44.

The domestic unit finally settled at 76.18, registering a rise of 7 paise over its previous close.

On Monday, the local unit had settled at 76.25 against the US dollar.

Okinawa hikes dealer margins by 3% to 11% 

Electric two-wheeler maker Okinawa on Tuesday said it has increased dealer margins by 3 percent to 11 percent per sale amid nationwide lockdown due to COVID-19 pandemic.

The hike, from 8 percent to 11 percent, is effective from 27 April onwards until further notice, Okinawa said in a statement.

The hike in dealer margins is expected to add up to Rs 2,000 per vehicle in a dealer’’s kitty, it added.

If a dealer is selling 100 vehicles in a month, he will end up making an additional profit of over Rs 2 lakh.

Blue Dart Express launches service for medicine delivery to Indians living abroad

Logistics services provider Blue Dart Express on Tuesday said it has launched a service through which customers can send medicines to relatives living abroad.

To avail the medicine delivery service, customers need to visit any Blue Dart/DHL counter across India and provide valid medical prescription for sending medicines overseas to their family/ friends through the Blue Dart-DHL’s door-to-door express service, the company said in the release.

Blue Dart services have been operational even amid the lockdown with its teams working round-the-clock to ensure priority clearance and delivery of essential commodities, the company said.

Master Trust introduces paperless eKYC trading, demat account 

Master Trust has introduced a completely paperless, eKYC, trading and demat account opening facility for its stakeholders, both customers and partners. The web based instant account opening offers a one stop solution for all investment needs, the firm claimed.

One needs to fill all the necessary details, upload mandatory documents and select segments in which they want to trade and get started.

Once the company verifies the details, it sends a unique account ID and other details to the person who can then proceed to trade on both online and offline platforms. The company has also uploaded Youtube tutorials for both branch eKYC and client eKYC.

Gurmeet Singh Chawla, director, Master Portfolio Services, said, “The procedure eliminates associated risks, which may occur while filling up physical forms and submitting documents. The automated procedure ensures real-time data transfer without any delays that occur during manual intervention. Also, opening an instant account via eKYC does not require any additional payment to the broker.”

Odisha will soon unveil package for revival of industrial sector: Industries minister

Odisha government will soon unveil a comprehensive package for quick revival of the industrial sector which has been severely hit due to the COVID-induced nationwide lockdown, state’s industries minister Dibya Shankar Mishra said on Tuesday.

Agricultural activities, work under MGNREGA and certain construction operations have already commenced following chief minister Naveen Patnaiks directions, Mishra said, adding that steps are being taken to rejuvenate the industrial sector hit by the ongoing lockdown.

“We are examining measures required to put the ailing industries, particularly the MSMEs, back on the rails. We need to ensure the safety and security of the labour force and resume production too,” the minister for Industries, Energy and MSME told PTI in Bhubaneswar.

Coal India slips over 2%

#CNBCTV18Market | Coal India slips further, now at day's low pic.twitter.com/7m5lQ1CWXd

— CNBC-TV18 (@CNBCTV18Live) April 28, 2020

IndusInd Bank deploys mobile ATM in Ahmedabad

IndusInd Bank has deployed a mobile Automated Teller Machine (ATM) in Ahmedabad to bring key banking services to the doorstep of residents in wake of the coronavirus outbreak.

 The mobile ATM will be operational across localities, making  3-5 stops in a day between 9 am to 6 pm.

The mobile ATM offers all the services that are available at regular ATMs. Apart from cash withdrawals, key services that can be availed by customers are – ‘Choice Money’ denomination, transferring funds to the registered payee, change of PIN, recharge pre-paid mobile, book fixed deposits, among others.

All necessary precautions in terms of maintaining social distancing while queuing for the ATM and sanitisation are being taken to ensure safety of staff as well as customers at the Mobile ATM.

Startup Nufab launches special fabric for COVID-19 medical workers

Nufab Technical Textiles Pvt. Ltd, a start-up based out of Ambala has developed a unique non-woven fabric, which it claims will significantly reduce infection risk to frontline medical workers, who are facing heightened risk due to COVID-19 pandemic. 
 

The newly developed fabric is soft, comfortable, light weight, impregnable, permeable and above all breathable, which will help frontline medical workers immensely by reducing the infection risk upto 90 percent, the company claimed. 
 
 

Salil Goyal, Director of NUFAB said, “Our new offering is a specialised product and is certified from DRDO. The fabric is recyclable and eco-friendly,” he added.

IT services companies to suspend hiring this year: Mohandas Pai

India’’s information technology services industry would see hiring freeze this year and senior level staff taking a 20-25 percent salary cut due to the adverse impact of the COVID-19 pandemic, says IT industry veteran TV Mohandas Pai.

The former chief financial officer of IT services major, Infosys Ltd, said the IT industry has done a “fabulous, unbelievable and remarkable” job in transitioning more than 90 percent of its employees to work from home.

It has achieved this task by setting up infrastructure at home, taking permission from their clients, and making sure that “security and oversight are there.

The chairman of private equity fund Aarin Capital and Manipal Global Education said 25 to 30 percent, may be more, of employees of IT companies will always work from home by rotation even after the coronavirus-inflicted lockdown is lifted and the situation returns to normalcy.

Sensex surges 305 points, Nifty close to 9,400-mark

Benchmark indices extended the gains as Sensex zoomed 304.79 points or 0.96 percent to 32,047.87 while Nifty was up 89.05 points or 0.96 percent at 9,371.35 at around 2.15 pm.

 IndusInd Bank stock surges over 12%

#CNBCTV18Market | IndusInd Bank extends gains, now up nearly 13% pic.twitter.com/aqpCpwPMK3

— CNBC-TV18 (@CNBCTV18Live) April 28, 2020

Free video helpline to repair electronic goods

Appliance services provider 247around has launched a free national video helpline to meet the surging demand amid the nationwide lockdown.

The platform will use WhatsApp, and Google meeting integration on 247around proprietary software.

Customers can seamlessly book appointments via a free helpline number – 9555000247, the company said in a statement.

Discoms owe Rs 92,693 cr to power producers in February

Distribution companies (discoms) owed Rs 92,693 crore to power producers in February 2020, registering an increase of 31 percent over the year-ago same month, reflecting stress in the sector.

In February 2019, discoms owed a total of Rs 70,706 crore to power generation companies (gencos), according to portal PRAAPTI (Payment Ratification And Analysis in Power procurement for bringing Transparency in Invoicing of generators).

The portal was launched in May 2018 to bring in transparency in power purchase transactions between gencos and discoms.

In February 2020, the total overdue amount, which was not cleared even after 60 days of grace period offered by gencos, stood at Rs 80,616 crore as against Rs 53,703 crore in the same month of the preceding year.

Onsitego starts remote troubleshooting services for free

Onsitego, the after-sales services company, recently announced the launch of its remote troubleshooting services. The services are available free for people who are facing issues with their mobile phones, laptops, air conditioners or water purifiers. 

Since engineers are not allowed to visit most areas for service, a lot of people have a dead device at home unless they have fixed it on their own.

The company’s remote troubleshooting services include support for software issues, booting and settings related issues for mobile phones and laptops. The support team can remotely access, diagnose and resolve a user’s issue.

Apart from gadgets, Onsitego’s remote support team is also available for air conditioners and water purifiers. The team can assist in resolving issues like water leakage in ACs, cleaning of filters in water purifiers, and general maintenance of these appliances.

Angry Birds maker Rovio lifts profits with lower costs

Rovio Entertainment, maker of the 10-year-old “Angry Birds” mobile game series, on Tuesday reported an almost 75 percent rise in first-quarter profit, helped by lower costs.

The Finnish company, which listed its shares in 2018, said its adjusted operating profit rose to 13 million euros ($14.1 million) from 7.5 million while revenue fell 6 percent to 66.6 million euros.

“The high operating profit of the quarter was driven by the low level of user acquisition and the stability of our key games, especially Angry Birds 2,” chief executive Kati Levoranta said in a statement.

German economy to contract by 6.6% in 2020: Report

German economic institute Ifo on Tuesday said it expected the economy to contract by 6.6 percent in 2020 year-on-year due to the coronavirus pandemic.

It said Europe’s largest economy shrank by 1.9 percent in the first three months of 2020 and is expecting a 12.2 percent contraction in the second quarter.

A return to the pre-crisis level is expected for the end of 2021, Ifo said.

IndiGo stock jumps over 4% in intra-day trade

#CNBCTV18Market | IndiGo trades with a gain of over 4% pic.twitter.com/UUP0N1N66N

— CNBC-TV18 (@CNBCTV18Live) April 28, 2020

Reliance Industries to consider first rights issue in three decades

India’s Reliance Industries Ltd said it will consider its first rights issue in almost 30 years when its board meets on Thursday, in another attempt to slash its debt.

In an exchange filing late on Monday the oil-to-retail conglomerate said a rights issue would be on the table at the meeting although it gave no details of what exactly was under consideration.

The discussions come after Facebook revealed plans to spend $5.7 billion to buy a 9.99 percent stake in Reliance’s digital arm, raising questions about why the Indian company would need to raise additional capital through a rights offer.

Kone Elevator India offers free cloud technology to keep critical sites operational 

Kone Elevator India, a fully owned subsidiary of Kone Corporation, has announced that it is offering to install Kone ONE 24/7 connected services for free for the first six months for its current customers who operate medical facilities.

This technology can better predict, maintain and take action before breakage, thereby ensuring less equipment downtime and fewer faults, said the company in a statement.

This preventive maintenance system helps the elevator work seamlessly in the hospitals 24/7. 

In collaboration with IBM Watson, Kone 24/7 connected services is a cloud-based solution using sensors, which collects data on a range of parameters on equipment performance and powerful analytics to identify deviations.

The Renal Project to serve COVID-19 positive dialysis patients

In India, there are around 13-15 lakh dialysis patients and around 25 percent of the 60,000 dialysis patients in Mumbai suburban region are affected because of the closure of their dialysis provider due to several reasons.

These include running out of supplies, to a COVID-19 positive patient or staff found at the hospital or dialysis center. To address the difficulties faced by the kidney patients for, The Renal Project has started operations at its new Dombivli (Mumbai outskirts) site for COVID-19 positive kidney patients.
 

 
“A COVID-19 patient has nowhere to go for life-saving dialysis treatments”, said Shashank Moddhia, founder of The Renal Project.

His venture runs a chain of dialysis micro centers alongside a newly constructed dialysis ward in the Neon hospital in Dombivli.

This hospital is one of the few places allocated for COVID-19 positive patients by the local municipal corporation.

Piaggio Vehicles extends warranty and free service period

In the wake of the global coronavirus pandemic, Piaggio Vehicles Pvt Ltd (PVPL), a 100 percent subsidiary of the Italian Piaggio Group, has announced the extension of warranty and free service period for its small commercial vehicle customers.

The company has extended a two-month extension for both warranty and free service  periods for vehicles whose warranty and free services expire between  1-3 May.
 

Apart from the warranty and service period extension, all the vehicles of PVPL customers will be sanitized free of cost within 15 days after the lockdown is over.

Service of free sanitisation can be availed at all the authorized PVPL workshops. Customers can also contact the dealerships for any support after the lockdown is over

Oil prices remain under pressure

#CNBCTV18Market | Crude remains under pressure with Nymex slipping up to 20% pic.twitter.com/OxlSzlFCPw

— CNBC-TV18 (@CNBCTV18Live) April 28, 2020

Tata Motors plans to raise Rs 1,000 cr via issue of debentures

Tata Motors on Tuesday said it is looking to raise Rs 1,000 crore through issue of debentures.

“The company is desirous of offering rated, listed, unsecured, redeemable, non-convertible debentures aggregating Rs 1,000 crore in three tranches,” Tata Motors said in a regulatory filing.

In this regard the company is planning to hold a meeting of its duly constituted committee of the board on 5 May, it added.

The fund-raising is pursuant to the approval of the board’’s resolution passed at its meeting held on 27 March 2020, the auto major said.

Sensex jumps over 250 points, Nifty above 9,350-mark

Benchmark indices continued the rally as Sensex jumped 272.98 points or 0.86 percent to 32,016.06 while Nifty was up 71.65 points or 0.77 percent at 9,353.95 at around 1.30 pm.

IndusInd Bank zoomed over 10 percent  in the Sensex pack while HDFC (5.22 percent), Bajaj Finance (4.91 percent), Axis Bank (4.84 percent), ICICI Bank (3.88 percent) and Tech Mahindra (2.65 percent) also rose.

India’s rating could come under pressure if fiscal outlook deteriorates: Fitch

Fitch Ratings on Tuesday said India’’s sovereign rating could come under pressure if there is further deterioration in fiscal outlook as a result of lower growth or fiscal easing.

It said that given the extended lockdown, India is likely to announce further fiscal easing to support growth and its assessment of India’’s rating in such a case would be guided by our judgement of its probable medium-term fiscal path in the post-crisis environment.

“Further deterioration in the fiscal outlook as a result of lower growth or fiscal easing could pressure the sovereign rating in light of the limited fiscal headroom India had when it entered this crisis,” Fitch said in a statement.

Work from home: Professionals complain of stress, insomnia, anxiety

Insomnia, backaches, restlessness, stress and anxiety are among the side effects people are facing from prolonged work from home as the country entered the fifth week of the lockdown imposed to prevent the spread of the novel coronavirus.

Many companies and firms shut office operations after the nationwide lockdown was announced on 25 March. Initially imposed for 21 days, the lockdown was extended to 3 May as the number of COVID-19 cases increased in the country.

Suresh Sharma, a Delhi-based techie, said he spends most of his time either in front of his laptop screen or on his mobile phone, sometimes hours at a stretch.

“I was initially enjoying working from home. However, with the passage of time, I realised it had taken a toll on my health. While working in my office space, I would be attending meetings and interacting with people. But, now, absolutely everything is online,” he said.

Locus launches QuickStart for SMEs and startups

Locus, a global B2B SaaS company that automates human decisions in supply chain, has launched a free tool ‘QuickStart,’ a self-serve lite version of the product suite startups and Small and Medium Enterprises (SMEs) to address these very problems. 
 

With Locus’ state-of-the-art artificial intelligence (AI) platform, companies can automate decision making while taking into account the on-ground reality. This free trial is for a period of two months from the start of the subscription. 

Nishith Rastogi, CEO and Co-founder of Locus. “The tool kit is a non-integrated offering to improve the existing processes and enable SMEs and startups to automate their supply chain decision-making to bring efficiency, transparency, and consistency in operations.”

Nifty Bank outperform frontline indices

#CNBCTV18Market | Nifty Bank outperform frontline indices, led by ICICI Bank, Axis bank pic.twitter.com/WfPmS0k9qM

— CNBC-TV18 (@CNBCTV18Live) April 28, 2020

NetApp selects 6 startups for Cohort 6 accelerator programme

Insomnia, backaches, restlessness, stress and anxiety are among the side effects people are facing from prolonged work from home as the country entered the fifth week of the lockdown imposed to prevent the spread of the novel coronavirus.

Many companies and firms shut office operations after the nationwide lockdown was announced on March 25. Initially imposed for 21 days, the lockdown was extended to 3 May as the number of COVID-19 cases increased in the country.

Suresh Sharma, a Delhi-based techie, said he spends most of his time either in front of his laptop screen or on his mobile phone, sometimes hours at a stretch.

“I was initially enjoying working from home. However, with the passage of time, I realised it had taken a toll on my health. While working in my office space, I would be attending meetings and interacting with people. But, now, absolutely everything is online,” he said.

Small traders upbeat as West Bengal allows home delivery of non-essential items

Small traders and businesses were upbeat on Tuesday after the West Bengal government allowed home delivery of non-essential items, saying the decision would help ease their financial woes which have been spiralling due to the ongoing lockdown.

There was apprehension among the traders that the lockdown may get further extended which would have multiplied their losses.

“We are hopeful after the chief minister’’s announcement. We want that the government allows us to deliver goods to client locations without opening our shops or godowns. This will be a win-win situation. The government can implement social distancing, and livelihood of lakhs can be saved,” Confederation of West Bengal Trade Unions president Sushil Poddar said.

Small traders know their clients personally and they can transact easily over the phone without meeting each other, but the delivery of goods has to happen, he said.

Cosmetic brand Nykaa launches face washes, masks for COVID-19

Nykaa, beauty and lifestyle retailer, has pivoted its product offering to focus on essential personal care and hygiene products during the lockdown.

The company said in a statement that strict adherence to rigorous hygiene procedures are being practiced across its warehouses as well as with its delivery partners.

Nykaa has also launched handwashes, masks and hand sanitizers under its private label to meet demand.

Fitness startup Fittr raises $2 mn from Surge

Pune-based fitness startup Fittr on Tuesday said it has raised $2 million (over Rs 15 crore) from Sequoia Capital India’s Surge programme.

The company will deploy the pre-series A funds for hiring, technology and overseas expansion, Fittr Co-founder Jitendra Chouksey said.

Surge is the rapid scale-up programme for early-stage startups in India and Southeast Asia.

Sensex rises 143 points, Nifty reclaims 9,300-mark

The market recovered slightly as Sensex rose 143.27 points or 0.45 percent to 31,886.35 while Nifty was up 37.55 points or 0.4 percent at 9,319.85 at around 12.45 pm.

IndusInd Bank was the major gainer in the Sensex pack surging over 9 percent.

TVS Motor to issue NCDs of up to Rs 500 cr on private placement basis

#JustIn | TVS Motor approves issuing NCDs of up to Rs 500 cr on private placement basis pic.twitter.com/lFERNxbaQH

— CNBC-TV18 (@CNBCTV18Live) April 28, 2020

Grado launches anti-viral fabrics using Neo technology

The technology developed by the Donear group companies, is used by brand Grado at its manufacturing units. It claims the specially designed anti-viral and anti-bacterial fabrics inhibits growth and retention of micro-organisms, making them safe and hygienic.

Commenting on the range, Rajendra Agarwal, mentor, GRADO, said, “Given the current world situation, we wanted to be in a position to offer a more hygienic product choice to the market post this lock-down; and what could be better than anti-viral clothing that can be worn by anyone and everyone.”

Adani Power reports PLF of 68% in FY20​

Adani Power clocked an average plant load factor (PLF) of 68 percent during the year ended 31 March compared to 64 percent in the previous year.

The PLF was higher despite annual overhaul and capital overhaul of 11 units during the year compared to 4 units in the previous year due to higher domestic coal materialisation and execution of supplementary power purchase agreement in Adani Power Mundra Ltd.

Units sold during the year were 16 percent higher at 64.1 billion units as compared to 55.2 billion units sold during the previous year due to higher PLF and sale of power of 4.3 billion units from Raigarh Energy Generation and Raipur Energen.

IATA calls for global mutual recognition by civil aviation authorities

The International Air Transport Association (IATA) has called on regulators to take urgent action to help civil aviation operate seamlessly and safely between states during the COVID-19 pandemic as well as to help facilitate the restart when the virus is contained.

Specifically, IATA asked states to work with the aviation industry to find temporary measures to ensure that licenses and certificates critical to managing aviation safety are extended to remain valid.

It also called for filing their temporary measures with the International Civil Aviation Organisation (ICAO) and recognise the measures of other states that are filed with ICAO.

IATA said many aviation regulators around the globe have already taken the necessary steps to provide airlines and licensed crew with the required flexibility like extensions to the validity periods for licenses, ratings and certificates so that operational capabilities can be maintained.

Mercedes-Benz Research and Development India to provide PCR testing kits

Mercedes-Benz Research and Development India (MBRDI) is sourcing and providing, in batches, up to 25,000 real-time PCR testing kits to National Institute of Mental Health and Neurosciences (NIMHANS) in Bengaluru. 

The medical institution, has been conducting free-testing for suspected COVID-19 patients in the city. To assist them, MBRDI has sourced the real-time PCR testing Kits from ICMR approved suppliers and will be delivering them to NIMHANS in a phased manner.

These kits will also be provided to other ICMR approved testing centers across Karnataka through NIMHANS.

Manu Saale, managing director & CEO, MBRDI, stated, “We have procured these kits to support in testing larger number of suspected cases and assist the healthcare fraternity/professionals in flattening the curve.”

Indian startups attract funding worth $2.5 billion in Q1 2020: Report

Indian tech-led startups attracted funding worth $2.5 billion in the first quarter of 2020, a 14 percent rise compared to the same period last year, a report by research and consulting firm HexGn said.

However, funding in startups on a global level dropped by 15 percent to $60 billion in the quarter as compared to the year-ago period, the report said.

It added that the number of startup deals fell by over 56 percent to 4,100.

HexGn said the numbers are an early guidance and there could be changes as more companies make announcements on funds received. It also anticipated delays in sharing of such information amid the coronavirus outbreak that has disrupted businesses worldwide.

Liquidity position strong, can cater to liabilities for 6-7 months: SCNL

Microfinance lender Satin Creditcare Network (SCNL) on Tuesday said it can cater to liabilities for the next six-seven months, assuming a scenario of zero collection due to the COVID-19 pandemic, and its liquidity stood at Rs 1,600 crore at March-end 2020.

The company said its liquidity position is one the highest in the country’s micro finance institutions (MFIs).

In addition to the Rs 1,600 crore liquidity position, the company said it has undrawn sanctions of Rs 900 crore as on March 31, 2020.

The lender has “raised Rs 6,426.6 crore during the year (ended March 2020) of which about Rs 400 crore was raised since the nationwide lockdown – this includes Rs 50 crore of subordinated debt (tier II capital) from a foreign investor," according to a regulatory filing.

FMCG firms in talks with JioMart for distribution partnership

FMCG cos in talks with JioMart for 3-4 mths for distribution tie-up. Sources say smaller FMCG cos with weaker distribution may benefit by JioMart Model while larger FMCG cos with strong distribution may be selective w.r.t brand & sku listing on JioMart, reports @PriyaSheth7 pic.twitter.com/KESBcs20JG

— CNBC-TV18 (@CNBCTV18Live) April 28, 2020

Digital-ad downturn may complicate life for Google, Facebook

Demand for digital advertising is shriveling after a decade of explosive growth amid the pandemic-fueled downturn. That could complicate things for Google and Facebook, who for the first time may have to contend with revenues that are actually shrinking.

With consumers mostly at home and unemployment soaring, advertisers are slashing promotional spending — in some cases, all the way to zero.

For Google and Facebook, who together account for 70 percent of the US market for digital ads, that so far has translated into tighter restraints on spending without the layoffs, pay cuts and furloughs that publishers and other industries have already imposed.

Google CEO Sundar Pichai has already told employees the company will curtail its hiring for the rest of the year and is considering deep cuts in its own marketing budget through 2020, according to internal communications obtained by CNBC that Google confirmed.

Nokia bags Rs 7,500-cr deal from Bharti Airtel

Telecom gear maker Nokia has bagged around Rs 7,500-crore deal from Bharti Airtel to deploy 4G network solution across nine circles, that will help boost network capacity and customer experience.
 

Bharti Airtel announced a multi-year agreement to deploy Nokia’s Single Radio Access Network (SRAN) solution across nine circles in India, helping Airtel to enhance the network capacity of its networks, in particular 4G, and improve customer experience.

According to sources the deal size is around Rs 7,500 crore.

The rollout, which will also lay the foundation for providing 5G connectivity in the future, will see approximately 300,000 radio units deployed across several spectrum bands, including 900 Mhz, 1800 Mhz, 2100 Mhz and 2300 Mhz, and is expected to be completed by 2022.

Gopal Vittal, MD & CEO (India and South Asia) at Bharti Airtel, said: “We are committed to continuously invest in emerging network technologies to provide a best-in-class experience to our customers. This initiative with Nokia is a major step in this direction.” 

Rajeev Suri, president and chief executive officer at Nokia, said: “We have worked closely with Bharti Airtel for many years and this project will enhance their current networks and deliver best-in-class connectivity to Airtel customers but also lay the foundations for 5G services in the future.” .

Sensex above 31,800-mark, Nifty rises 27 points

Sensex rose 89.98 points or 0.28 percent to 31,833.06 while Nifty was up 26.75 points or 0.29 percent at 9,309.05 at around 11.45 am.

MP govt forms panel for revival of coronavirus-hit economy

Madhya Pradesh chief minister Shivraj Singh Chouhan has said his government has started taking measures to bring the state’s coronavirus-crippled

economy back on track but all precautions will be taken to halt the spread of the viral infection.

While starting economic activities in select areas, social distancing norms and other preventive steps will have to be adhered to, he said.

“We have formed a state-level committee to take measures to reorganisse the state’s economy and provide it a momentum at the end of the coronavirus crisis,” Chouhan told PTI in an e-mail response to queries.

Natco Pharma gets USFDA final nod for new drug application

Natco Pharma gets @US_FDA final approval for its 1st supplemental abbreviated new drug application filed from its new drug formulations facility in JNPC SEZ, Ramky Pharma City, Visakhapatnam pic.twitter.com/IPM12cSkb2

— CNBC-TV18 (@CNBCTV18Live) April 28, 2020

Guwahati Tea Auction Centre reduces ‘waiting time’ to aid tea sellers

In a bid to cooperate with the stakeholders of the cash-strapped tea industry in the wake of the ongoing lockdown, the auction centre here has decided to

reduce “waiting time for sellers’ to sell their produce and help them cut operational cost, an official said on Monday.

The Guwahati Tea Auction Centre (GTAC) will reduce the sale time to 17 days from the present 19-21 days adopted in all the auctioning houses, he said.

“The reduced waiting time for sellers will be offered for the next two sales at the auction centre,” Guwahati Tea Auction Buyers’ Association (GTABA) secretary Dinesh Bihani said.

The producers need not to wait for usual 19-21 days to sell their crops and can save cost for warehousing, he said.

Facebook-Jio deal a big positive for India’s digital services sector: BIF

Facebook’s decision to invest $5.7 billion (about Rs 43,574 crore) in Jio Platforms is a big positive for India’s digital services sector, and any apprehension that net neutrality or data protection norms may be flouted or consumer interest harmed, is “erroneous and far-fetched”, industry body BIF said on Monday.

The announcement, coming as it does, in the midst of the gloom of the global coronavirus pandemic and its resultant economic fallout, underlines resilience and strong outlook for the sector, despite the trying times faced by the industry presently, said the Broadband India Forum (BIF), a policy forum and think-tank.

“This partnership between Facebook and Jio could be especially beneficial to over 50 million micro, small and medium businesses, over 100 million farmers, about 30 million small merchants and many millions of small and medium enterprises in the informal sector across India,” BIF statement said.

Subsume multiple levies into GST to cut tax burden on mining sector: FICCI

FICCI has sought subsuming all levies like royalty and contributions to the District Mineral Foundation (DMF) into one tax like GST to reduce the tax burden on the mining industry.

The industry body argued that the mining sector is going through a tough time due to falling commodity prices and demand contraction.

Underlining multiple challenges coupled with disruptions due to coronavirus lockdown, FICCI has also sought deferment of royalty and contributions to DMF and the National Mineral Exploration Trust (NMET) by six months.

“Under such challenging times, when commodity prices are freely falling and demand is contracting, most of the miners are struggling to remain profitable or even survive,” the industry body said.

Tea exports fall marginally in 2019-20

The country’s tea exports declined marginally by 0.55 percent to $826.32 million during 2019-20 from $831 million in the previous fiscal, according to the commerce ministry.

The outbound shipments dipped significantly by 33.74 percent in March this year to $49.36 million as compared to $74.5 million in the same month last year, the data showed.

As per the latest available figures, in volume terms, the exports during the 10 months of 2019-20 too dipped to 205 million kg as compared to 214 million kg in the same period of 2018-19.

Industry experts stated that if one compare the siatuation of the country’s total exports, this sector has done reasonably well.

SEBI slaps Rs 35 lakh fine on three entities for fraudulent trade

SEBI on Monday imposed a total penalty of Rs 35 lakh on three entities for indulging in fraudulent trading in the scrip of Nutraplus India Ltd.

The regulator, in an order, levied a fine of Rs 15 lakh on Shreenath Finstock Pvt Ltd and Rs 10 lakh each on Bhavin Sureshbhai Thakkar and Gedalia Multritrading Pvt Ltd.

SEBI had conducted an investigation into the shares of Nutraplus between January 2015 and July 2017.

During the investigation, the regulator observed that there were two preferential allotments made by the company — on 26 February 2015 for 32,18,500 equity shares to 108 non-promoter entities and on 12 March 2015 for 13,49,848 equity shares to 48 non-promoter entities — which were under lock-in till 15 June 2016.

Ambuja Cements shares gain over 4% after quarterly earnings

Shares of Ambuja Cements Ltd on Tuesday gained over 4 percent in early trade after the company reported a 6.80 percent rise in its consolidated net profit for the first quarter ended 31 March.

The company’s scrip rose by 4.46 percent to Rs 180 on the BSE. At the National Stock Exchange (NSE), it gained 3.88 percent to Rs 179.

Ambuja Cements Ltd on Monday reported a 6.80 percent rise in its consolidated net profit at Rs 742.59 crore for the first quarter ended 31 March.

CBDT again defers GST, GAAR reporting in I-T audit report

The Income Tax Department on Monday deferred for the third time the requirement for companies to include in their I-T audit report the details of the Goods and Services Tax (GST) and GAAR. 

The reporting requirement of these details in income tax audit form has been kept in abeyance till 31 March 2021 — meaning that all income tax audit reports need not include details on the GST and the General Anti-Avoidance Rules (GAAR) till March 2021. 

Business entities having a turnover of more than Rs 1 crore (or Rs 2 crore if they have opted for presumptive taxation) and professionals with gross receipts of more than Rs 50 lakh have to comply with the tax audit requirements.

JK Lakshmi Cement plans to ramp up to 50% capacity utilisations level

Shailendra Chouksey of JK Lakshmi Cement #OnCNBCTV18 says currently focus on converting the clinker inventory into cement; looking to ramping up to 50% capacity utilisations level pic.twitter.com/qmSYjA9SNf

— CNBC-TV18 (@CNBCTV18Live) April 28, 2020

Yes Bank scam: CBI gets custody of DHFL promoters Wadhawans 

A special CBI court on Monday remanded DHFL promoter Kapil Wadhawan and RKW Developers promoter Dheeraj Wadhawan to CBI custody till 29 April

in connection with the Yes Bank scam.

The duo was arrested on Sunday from Mahabaleshwar, a hill station more than 300 km from Mumbai, nearly 50 days after they were booked in the multi-crore scam also involving former Yes Bank CEO and co-founder Rana Kapoor.

The Wadhawans were produced before a special court here which remanded them to Central Bureau of Investigation (CBI) custody till Wednesday (29 April).

HDFC Life Q4 net profit falls 14.3% to Rs 312 cr

HDFC Life on Monday reported a 14.3 percent decline in its net profit at Rs 311.71 crore in the March quarter due to fall in investment income.

In the year ago period, it had reported a profit after tax of Rs 364.01 crore.

The investment income fell to negative Rs 10,229.92 crore in the quarter as against an income of Rs 3,755.6 crore in the year-ago period.

For the full year, profit remained flat at Rs 1,295 crore.

HDFC Life’s new business premium grew 15 percent to Rs 17,239 crore during FY20 as against Rs 14,971 crore in 2018-19.

All locked down, but dealmakers ensure show must go on

A US-based cruise operator raised billions of dollars when its end market is virtually shut, at least for a few months, and a Malaysian oil firm did the same irrespective of what is happening to crude prices, while closer home Reliance Industries has also got billions from Facebook for its Jio Platforms.

Asia’s oldest bourse BSE is also busy helping several startups and SMEs get listed and also help companies raise more than Rs 50,000 crore through corporate bonds and commercial papers, and all this is happening when there is a nationwide lockdown and virtually the entire world is also locked down.

Living up to the concept of the new emerging theme of doing business digital way, literally, dealmakers are doing quite a few deals remotely with almost all of them working from home and helping companies raise funds through bonds and equity, and also sign M&A deals without making them feel about disadvantages of not working from physical offices and without those endless face-to-face meetings.

Paytm Mall to partner 10,000 more shops for hyperlocal deliveries

Paytm Mall will partner around 10,000 grocery and small shops in over 100 cities over the next few weeks to increase local deliveries, the company said on Monday.

The e-commerce firm claims to have over 1 lakh merchants already on board.

Paytm Mall said, “It will partner with over 10,000 kirana stores, small shops, and businesses for hyperlocal deliveries. The company has been investing in scaling up its hyperlocal operations over the past few weeks and is now offering delivery of grocery essentials in more than 100 cities across the country and plans to scale it to more cities within the next few weeks.”

E-commerce firms have been flooded with orders during the lockdown leading to delay in deliveries of product. Most of the e-commerce firms are operating in limited cities.

RBI receives Rs 64,746 cr bids in OMO purchase auction

The Reserve Bank of India (RBI) on Monday received Rs 64,746 crore worth of bids or more than six times the amount it proposed to buy government bonds through the special open market operation (OMO).

In the OMO sale auction, the RBI received Rs 50,260 crore of bids for four securities.

The RBI last week had announced simultaneous purchase as well as sale of government securities under open market operations (OMO) for Rs 10,000 crore each.

The RBI bought four securities – 7.59 percent-2026, 7.17 percent- 2028, 7.26 percent-2029 and 7.61percent-2030 in the OMO purchase auction.

  The RBI received 141 bids for 7.26 percent-2029 security but accepted only 12 bids in OMO purchase auction.

Govt to chart out evacuation plan for stranded seafarers in international waters

The government will chart out a plan for evacuation of seafarers stuck on international waters amid COVID-19 pandemic, Union minister Mansukh L Mandaviya said on Monday.

Thousands of Indian seafarers are currently stuck aboard cruise ships and cargo vessels in far off waters, and maritime bodies have been demanding from the government strategies for bringing them home fearing that delays might result in disruption in supply chain.

“I am trying to get the details of stranded seafarers. Based on it, the Shipping Ministry will chart out a plan for evacuation of stuck seafarers,” Shipping minister ML Mandaviya told PTI.

He further said: “I am concerned about the challenges faced by Indian seafarers in these testing times and I appreciate their work for moving the supply chain in the world.”

Paytm builds ‘contactless in-store ordering’ solution for restaurants

Paytm on Monday said it has developed a ‘contactless in-store ordering’ solution to help restaurants and eateries minimise physical contacts for menu, billing and cash transactions after these businesses open after the lockdown.

The digital payments major aims to onboard over one lakh restaurants for the solution. It is looking at tapping into top-30 cities to start with, and then rolling out to other cities.

In a statement, Paytm said it has developed a QR code that will be displayed at these restaurants that users can scan from the Paytm app to browse the menu and place orders.

This will avoid the need to touch the menu card that could be unsanitised and also minimises interaction with the servers, it added.

Amazon plans to raise Rs 100 cr in match-funding with 4 NGOs

Amazon India has tied up with four non-profits — Habitat for Humanity India, Oxfam India, United Way India and Akshaya Patra — to help raise at least Rs 100 crore to help fight deadly COVID-19 pandemic.

The Amazon offer is to collect donations from the users of its media vertical Prime and other customers and match their contributions with its own.

“Our target is to contribute at least Rs 100 crore to the government,” an Amazon India spokesperson told PTI.

The company is now offering Indian customers and our over 65,000 employees to join them in its efforts to support those in need, and are providing a quick and easy way to contribute towards the Prime Minister’s relief fund or help its NGO partners — Oxfam India, United Way, Habitat for Humanity and Akshaya Patra — with contributions.

LIC Housing Fin recovers nearly 5% from day’s low

#CNBCTV18Market | LIC Housing Fin recovers nearly 5% from day's low pic.twitter.com/Tp7KBl5gon

— CNBC-TV18 (@CNBCTV18Live) April 28, 2020

Crisil downgrades India growth forecast by half to 1.8%

Crisil on Monday nearly halved its GDP forecast for India to 1.8 percent for 2020-21 while projecting total losses of Rs 10 lakh crore or Rs 7,000 per person due to “disastrous” lockdowns to control COVID-19 pandemic.

The agency, which blamed the government response to the crisis to being measured and asked it to drastically up the support, had a GDP growth estimate of 6 percent for FY2021, which was last revised to 3.5 percent in late March.

Another rating agency India Ratings and Research (Ind-Ra) has also revised the FY2021 economic growth forecast for the country further down to 1.9 percent, the lowest in the last 29 years.

The nation has been put under a 40-day lockdown in two phases till 3 May to check the spread of infections. Economists were quick to flag concerns on such a move that chills all activity, and some also expect a contraction in the economy in FY2021.

Housing sales on Akshaya Tritiya negligible, say developers

Housing sales on the auspicious day of Akshaya Tritiya were negligible compared to last year because of nationwide lockdown, according to property developers and consultants.

With the help of digital mode, builders and property brokerage firms did manage to achieve some sales bookings, especially in Western India, on Akshaya Tritiya but nowhere close to last year, they said.

“There was not much momentum in sales as compared to last year owing to the lockdown, although we have received online queries in various cities yesterday,” CREDAI national chairman Jaxay Shah said.

“Post lockdown, we are hopeful of seeing some traction in the housing demand,” he added.

Realty major Lodha group said in a statement that it sold 80 units on the occasion of Akshaya Tritiya on 26 April.

Goa renews demand for mining resumption

Anticipating an economic distress due to the coronavirus-induced lockdown in Goa, chief minister Pramod Sawant has sought intervention of the Centre in

resumption of the mining operations, which came to a halt in 2018 following the supreme court order.

The chief minister told reporters that he had written to the Centre to amend the Mines and Minerals (Development and Regulation) Act.

“I will also personally follow up the matter with the Centre by explaining the importance of mining activity for th economic revival of the state,” he said on Monday.

Sensex up 63 points, Nifty holds 9,300-mark

Sensex was trading 63.05 points or 0.20 percent higher at 31,806.13 while Nifty was up 27.10 points or 0.29 percent at 9,309.40 at around 10.50 am.

IndusInd Bank, HDFC, Axis Bank, Tech Mahindra, ICICI Bank and Bajaj Finance were the top gainers in the Sensex pack.

Mango growers suffer losses due to unseasonal rains, heavy winds in Malihabad in UP

Lucknow: Mango growers in Malihabad face losses due to unseasonal rain & heavy winds. Jairam, a mango grower says, "I have suffered a loss of at least Rs 50,000 as many mangoes fell down from trees because of the unseasonal rain & gusty winds". pic.twitter.com/WVKxyo3Y5b

— ANI UP/Uttarakhand (@ANINewsUP) April 27, 2020

Rishi Sunak unveils ‘Bounce Back Loan Scheme’ for UK’s small businesses

UK’s Indian-origin finance minister Rishi Sunak on Monday unveiled a 100 percent state-backed ‘Bounce Back Loan Scheme’ for the country’s small businesses to help them tide through the coronavirus pandemic lockdown.

The UK Chancellor of the Exchequer told the House of Commons that the new fast-track finance scheme, to open from next Monday, would help bolster the existing package of support available to crisis-hit UK businesses.

Under the scheme, qualifying small businesses can apply online to borrow between 2,000 pounds and 50,000 pounds as interest-free loans for the first 12 months.

“Our smallest businesses are the backbone of our economy and play a vital role in their communities. This new rapid loan scheme will help ensure they get the finance they need quickly to help survive this crisis,” Sunak said.

US economy making fast comeback in Q4, says Donald Trump

Expressing confidence over an economic rebound, US President Donald Trump has said that the fourth quarter of this year and the next year would be “phenomenal” in terms of growth as several American states have started taking steps to reopen businesses, which were abruptly shut down due to the coronavirus pandemic.

The US economy, the world’s largest, is in a recession, according to the recent reports of the International Monetary Fund (IMF) and the World Bank.

A top White House official has said that the US is likely to experience a 20-30 per cent decline in the GDP (Gross Domestic Product) in the second quarter, the worst since the Great Depression.

President Trump, speaking to reporters on Monday, slammed “one country” for the economic slowdown due to the coronavirus, which originated in China in mid-November and swirled through the world, killing at least two lakh people, mostly in the US.

“Nobody except one country can be held accountable for what happened. Nobody is letting anybody here. We’re looking at a group of people that should have stopped it at the source.

Five former employees file class action lawsuit against Wipro in US

A group of five former employees of Wipro in the United States has filed a class action lawsuit accusing the Indian IT company of ’employment discrimination’ against individuals who are not South Asian and who are not of Indian origin.

Headquartered in Bangalore, Wipro has over 160,000 workers worldwide, including over 14,000 employees in the United States.

The lawsuit filed in a District Court in New Jersey claims that while only about 12 per cent of the United States’ IT industry (the industry in which Wipro operates) is South Asian, at least 80 per cent (or more) of Wipro’s United States workforce is South Asian (primarily from India).

“This grossly disproportionate workforce results from Wipro’s intentional pattern and practice of employment discrimination against individuals who are not South Asian and who are not of Indian national origin, including discrimination in hiring, promotion, and termination decisions, and its use of employment practices that result in a disparate impact on those same groups,” alleges the lawsuit.

Rupee slips 15 paise to 76.40 in early trade

The rupee depreciated 15 paise to 76.40 against the US dollar in opening trade on Tuesday, amid strengthening American currency overseas and volatility in domestic equities.

Forex traders said the weakness in the rupee was largely due to muted domestic equities and strengthening of the US dollar. Moreover, rising coronavirus cases in the country also weighed on the local unit.

The rupee opened weak at 76.33 at the interbank forex market and then fell further to 76.40, down 15 paise over its last close.

The rupee had settled at 76.25 against the US dollar on Monday.

Forex traders said market participants were concerned that the sharp rise in coronavirus cases could weigh on the economy.

Axis Bank to buy 29% stake in Max Life Insurance

#BreakingNews | CNBC-TV18 Newsbreak Confirmed: Axis Bank signs agreement with Max Fin for 29% stake in Max Life Insurance

Alert: CNBC-TV18 was first to break the Axis Bank-Max Life deal on Feb 20 pic.twitter.com/rmkdvgPbPz

— CNBC-TV18 (@CNBCTV18Live) April 28, 2020

Markets start off on positive note

Markets started off on a positive note with a few banking shares looking strong, said Abhishek A Rastogi, Partner, Khaitan & Co.

“Global scenario looks good ahead of the central bank meetings. While Federal Reserve and the European Central Bank are scheduled to meet in the week, Bank of Japan has already started taking policy decisions and expanding its stimulus program,” he said.

As a corollary, Indian market looks decent taking a cue from Wall Street that closed higher based on the fact that lockdown will be eased. The day looks interesting and focus should remain on banks and Pharma companies, Rastogi said.

Urgent need for measures to prevent economy from falling into slumber: Sajjan Jindal

Industrialist Sajjan Jindal on Tuesday said measures needed to taken as early as possible to prevent the country’’s economy from falling into a slumber.
His concerns come ahead of the scheduled end of the nationwide lockdown on 3 May.

The lockdown has had a positive effect in containing the coronavirus, but it is imperative to also move focus on economic wellbeing, the JSW Group chairman said.

“We need to rise now to ensure that the economy does not fall into a slumber that will take huge efforts to awaken. A depression in the economy is also a threat to this nation,” he said in a statement.

Lodha Developers sells 300 units during lockdown

Lodha Developers, residential real estate developer, informed that it has sold about 300 units across multiple projects in Mumbai region since the start of the lockdown about five weeks ago.

Marking the occasion of Akshay Tritiya, the Group sold 80 units across its residential portfolio with a high preference for ready to move inventories and projects with integrated living and high quality property management.

Prashant Bindal, chief sales officer Lodha said, “There is an increased desire to own a home. Ready to move in homes and projects with integrated living are witnessing high interest. Buyers now value community living and well managed properties more than ever before. ”

The company also saw good interest across its diversified commercial portfolio, with particularly strong enquiries for industrial and logistics space. Further, the group’s UK business has also done well during the lockdown, generating new sales of about Rs. 150 crore (£15 million+) in this period.

TradeIndia.com backs healthcare providers

TradeIndia,  B2B marketplace offering global buyers and sellers a platform to identify business partners, has rolled out a special web-page on its official website prioritizing and accelerating essential medical supplies to healthcare workforce engaged in fighting the pandemic. 

As part of this initiative, TradeIndia is regularly updating its web-page and thus adding transparency to the information and the communication channel between both the parties. Featuring first on TradeIndia website, the webpage exhibits a carefully curated list of trustworthy pan-India manufacturers and suppliers having essential medical equipment from personal protective equipment (PPE) to hospital beds in stocks.

Through the page, the company aims to directly connect administration, doctors, and staff of hospitals and healthcare facilities along with various paramedical groups and workforce to a host of nationwide manufacturers and suppliers who are rendering their services to COVID 19 patients.

Commenting on the initiative, Mr. Sandip Chhettri, COO, TradeIndia.com said, “COVID 19 has created a crisis in the healthcare ecosystem, where the demand for essentials has surpassed supply. Any shortage of required medical equipment is acting as an impediment for doctors and healthcare staff to treat the patients. We have taken this initiative to bridge this demand-supply gap and ensure that the supply chain strengthens between equipment providers and the healthcare workforce. We hope this step will help the healthcare providers in managing the current demand with quick and timely procurement. As a responsible business leader in this space, it’s a small contribution from our end to the unsung warriors who are dealing with the pandemic on-grou

Asia shares mixed, eyeing economies reopening, central banks

Asian shares are mixed Tuesday as governments inch toward letting businesses reopen and central banks step in to provide cash to economies.

Japan’s benchmark Nikkei 225 lost earlier gains, dipping 0.4% to 19,706.19. South Korea’s Kospi stood virtually unchanged, inching down less than 0.1% to 1,921.39. Australia’s S&P/ASX 200 gained 0.2% to 5,329.50. Hong Kong’s Hang Seng rose 0.2% to 24,329.34, while the Shanghai Composite fell nearly 0.2% to 2,811.09.

Worries remain about fresh surges of coronavirus cases in places like China and South Korea, where they had declined as a result of social distancing, testing and arduous efforts by medical workers.

Japan’s government is warning against travel during the upcoming Golden Week holidays, which start this weekend and extend into the first week of May, the biggest holiday for the nation after the New Year’s holidays.

There is no lockdown in Japan but the government has declared a state of emergency, requesting that people stay home. That lasts through Golden Week, but it may be extended.

Pfizer stocks rise

#CNBCTV18Market | Pfizer continues to move higher after announcing a special dividend of Rs 320/Sh pic.twitter.com/DJtV7kAaYG

— CNBC-TV18 (@CNBCTV18Live) April 28, 2020

UK govt may not come to Tata Steel’s aid

#CNBCTV18Exclusive | UK, Welsh govt unlikely to approve 500 m pounds bailout pkg sought by @TataSteelLtd . UK Govt believes it’s too steep. UK Govt caps on loans to large firms hit by COVID-19 at 50 m pounds, reports @kritika_saxena1 pic.twitter.com/LOz2OCLtUM

— CNBC-TV18 (@CNBCTV18Live) April 28, 2020

VMate joins hands with government’s MyGov initiative

Trending short video app VMate, which was recently adjudged one of the most downloaded social media apps globally, has now joined hands with Indian government’s citizen engagement platform MyGov to aid the Centre’s efforts in combating the menace of the Covid-19 aka Coronavirus pandemic. An official profile of the entity, named MyGovIndia, has been launched on VMate to cater official information related to the novel virus outbreak and the efforts being made on all fronts to curb its impact.

 
Through the official profile, VMate users can now get first hand real-time information from government on various announcements and decisions made in the wake of Covid-19 and the lockdown triggered by it. The profile is also equipped to stream live speeches and announcements, the company said in a statement.

Rupee opens weak

#CNBCTV18Market | #Rupee opens weaker compared to the previous close pic.twitter.com/xtE2mJ8lvF

— CNBC-TV18 (@CNBCTV18Live) April 28, 2020

HSBC first-quarter profit halves on increased loan loss provisions

HSBC Holdings PLC’s first-quarter profit nearly halved from a year-ago, missing estimates, after boosting provisions against bad loans as the coronavirus pandemic hits borrowers worldwide.

Europe’s biggest bank by assets said profit before tax came in at $3.21 billion for January-March, down from $6.21 billion a year ago and below an average analyst forecast of $3.67 billion compiled by the bank.

The bank increased its expected credit impairment charges by a hefty $2.4 billion to $3 billion due to the impact of COVID-19 and weakening oil prices as well as “a significant charge related to a corporate exposure in Singapore”, it said.

RBI announcement on mutual funds much-needed

The RBI’s announcement to provide Rs 50,000 crore Special Liquidity Facility for Mutual Funds was much-eeded. Liquidity issues persist even after the RBI infused liquidity in the banking system.

The RBI had conducted targeted long-term repo operations (TLTRO) worth Rs 1 trillion to provide liquidity between February to April 2020. Liquidity availed under the TLTRO scheme by banks had to be deployed in investment grade corporate bonds, commercial papers and non-convertible debentures, thus not adequately addressing the need of the low-rated corporate debt funds.

The three months moratorium of loans given by the RBI will only partially address the current liquidity issue, post which the expected slow revival in demand will further add up to the debt levels of the corporates. Given that the extent of the problem is currently unknown there could be persisting challenges in this segment”.

Arun Singh, Chief Economist at Dun and Bradstreet India said, “The RBI’s announcement to provide Rs 500 billion Special Liquidity Facility for Mutual Funds was much-eeded. Liquidity issues persist even after the RBI infused liquidity in the banking system.”

Nifty erases gains

#CNBCTV18Market | Market erases opening gains, #Nifty back below 9,300 pic.twitter.com/iApL2NolTb

— CNBC-TV18 (@CNBCTV18Live) April 28, 2020

Reliance shares drop

#CNBCTV18Market | Reliance Ind erases opening gains, slips 4% from day's high pic.twitter.com/A7snM7IVWQ

— CNBC-TV18 (@CNBCTV18Live) April 28, 2020

Woo companies exiting China to India, says Narendra Modi

Prime Minister Narendra Modi, while interacting with chief ministers on Monday, suggested that states should explore the possibiilty of attracting investments from those companies that are exiting China due to the coronavirus pandemic.

States should be prepared for wooing these firms as India could become an alternate destination for companies given that we have manpower, improved infrastructure, according to a report in The Times of India.

Reliance Industries allots NCDs

Reliance Industries allotted 27,950 Unsecured Redeemable Non-Convertible Debentures (NCDs) of the face value of Rs 10,00,000 each, aggregating Rs 2,795 crore (PPD Series L Debentures), issued on private placement basis

Gold slips as lockdown easing plans lift risk appetite

Gold fell on Tuesday as risk appetite was boosted by plans of some countries to ease coronavirus curbs in a phased manner, but prices held above the key $1,700 per ounce level amid hopes for more stimulus to cushion the fallout from the pandemic.

Spot gold eased 0.7% to $1,702.09 per ounce by 0139 GMT. U.S. gold futures fell 0.3% to $1,719.20 per ounce.

Axis Bank trades higher

#CNBCTV18Market | Axis Bank higher in trade ahead of Q4 earnings and likely deal announcement pic.twitter.com/upmPSVtulW

— CNBC-TV18 (@CNBCTV18Live) April 28, 2020

Japan’s March jobless rate rises to one-year high

Japan’s March jobless rate rose to its highest in a year, while job availability slipped to a more than three-year low, official data showed on Tuesday, as the coronavirus outbreak and containment measures caused the nation’s job market to ease.

While Japan’s comparatively low jobless rate is the envy of many nations, rises in the politically sensitive figure could lead to calls for Prime Minister Shinzo Abe’s government to do more to stimulate the economy.

The seasonally adjusted unemployment rate rose to 2.5%, its highest level since March last year, internal affairs ministry data showed, and matching economists’ 2.5% median forecast.

The unemployment rate stood at 2.2% in December, the lowest since 1992.

Oil prices tumble 

Oil prices slumped on Tuesday, extending the previous session’s slide, on worries about limited capacity to store crude worldwide and expectations that fuel demand may only recover slowly as coronavirus pandemic restrictions are gradually eased.U.S. West Texas Intermediate (WTI) crude futures skidded by as much as 16% and were off 14.7%, or $1.88 cents, at $10.90 a barrel as of 0158 GMT. WTI plunged 25% on Monday.

Brent crude futures fell to a low of $18.97 and were last down 4.1%, or 82 cents, at $19.17 a barrel. The benchmark slid 6.8% on Monday, and the contract for June delivery expires on 30 April.

Strategists said part of the WTI decline is due to retail investment vehicles like exchange-traded funds selling out of the front-month June contract and buying into months later in the year to avert massive losses like last week, when WTI plummeted below zero.

Wipro among major losers

#CNBCTV18Market | Wipro slips in trade following reports of five US-based former employees file class action suit against co over discrimination pic.twitter.com/fWNHpKCyxi

— CNBC-TV18 (@CNBCTV18Live) April 28, 2020

Index gainers at this hour

#CNBCTV18Market | IndusInd Bank top Nifty gainer, followed by Axis bank, UPL & Grasim pic.twitter.com/8cMWhFdI51

— CNBC-TV18 (@CNBCTV18Live) April 28, 2020

Asian shares fall on fresh rout in crude prices

Asian shares and US stock futures dipped into the red on Tuesday, erasing earlier gains as a renewed decline in oil prices overshadowed optimism about the easing of coronavirus-related restrictions seen globally.

MSCI’s broadest index of Asia-Pacific shares outside Japan was down 0.3%. Shares in China fell 0.7% and South Korean shares fell 0.22%.

Oil futures slumped after the largest U.S. oil exchange-traded fund said it would sell all its front-month crude contracts to avoid further losses as prices collapse.

Some investors are hoping the worst may be over for the world economy as more countries allow businesses to re-open, but others see reasons to remain cautious, especially as a coronavirus vaccine has yet to be developed.

“We are less optimistic and expect a slower recovery in the world economy,” Commonwealth Bank of Australia said in a research note.

RBI announces special liquidity window for mutual funds

The Reserve Bank of India (RBI) is opening a special liquidity facility of up to 500 billion rupees ($6.6 billion) to help mutual funds tide over a severe liquidity strain imposed by the coronavirus pandemic and redemption pressures, it said on Monday.

Fund houses in India have struggled to allay investors’ fears of a flood of redemption requests after the prominent Franklin Templeton Mutual Fund said on Thursday it would wind up six credit funds for lack of liquidity.

“The stress is, however, confined to the high-risk debt mutual fund segment at this stage; the larger industry remains liquid,” the RBI said in its statement. It said it would conduct repo operations for 90 days’ tenor at the fixed repo rate and the funds will be available on-tap and open-ended.

Markets in green

#CNBCTV18Market | Frontline indices open with gains of over 1% each. #Nifty near 9,400, #Sensex above 32,000 pic.twitter.com/4hEmNyWkmX

— CNBC-TV18 (@CNBCTV18Live) April 28, 2020

Sensex, Nifty trade higher

Benchmark indices are trading higher in the pre-opening session with Nifty above 9300 level.

At 09:02 hrs IST, the Sensex is up 388.80 points or 1.22 percent at 32131.88, and the Nifty up 91.80 points or 0.99 percent at 9374.10.