Market
Updated : 2020-03-30 07:19:20
The Indian market is likely to open lower on Monday, in line with Asian peers, as investors assess the economic impact of the coronavirus pandemic that continues to spread rapidly. At 6:45 am, the SGX Nifty was trading 22 points or 0.26 percent lower at 8,457.75, indicating a negative start for the Sensex and Nifty50.
PSU Banks: The Reserve Bank of India has approved the amalgamation of Oriental Bank of Commerce and United Bank of India into Punjab National Bank, Syndicate Bank into Canara Bank, Andhra Bank and Corporation Bank into Union Bank of India and Allahabad Bank into Indian Bank. (Image: IANS)
Sun Pharmaceutical Industries: The pharma major’s Halol facility has been classified as official action indicated (OAI) by the US Food and Drug Administration (USFDA). The Halol plant was inspected from December 3-13 and was issued 8 observations. (Image: Reuters)
SpiceJet, Interblobe Aviation: The Aviation Ministry has allowed the use of passenger aircraft for cargo movement. IndiGo, GoAir have expressed interest in cargo movement. (Image: IANS)
State Bank of India: The bank has raised $100 million in green bonds through private placement. Additionally, the lender has also passed on entire 75 bps repo rate cut to its borrowers. (Image: Reuters)
Abbott India: The company has received approval for the test that can detect coronavirus in 5 minutes. The company will begin making the tests available to healthcare providers next week.
Coffee Day Enterprises Ltd: The company has repaid Rs 1,644 crore to 13 lenders which include Axis, Bajaj Finance, Standard Chartered, Piramal, Yes Bank, and RBL Bank, after the company concluded a deal with Blackstone Group to sell its technology business park. With this deal, Coffee Day’s’ debt would come down to Rs 3,100 crore from Rs 4,900 crore earlier.
Tata Motors: The company’s board has given its in-principal approval to subsidiarize its Passenger Vehicles (PV) including Electric Vehicles (EV) business into a separate subsidiary.
MCX India: The commodity exchange has decided to reduce the trading to eight hours a day from March 30 to April 14. The new timing will be from 9 am to 5 pm.
Mahindra & Mahindra (M&M): The company has suspended all its manufacturing operations across India. The company is also working on a ventilator prototype and has promised to make the design available to all after the approval process is over. (Image: Reuters)
Maruti Suzuki India: The largest passenger car manufacturer has signed an agreement with AgVa Healthcare to rapidly scale up the production of ventilators. (Image: Reuters)
Bank of India: The state-run lender has reduced its benchmark MCLR by 25 bps across tenors from one year to one month and by 15 bps for overnight tenor. The one year MCLR is now 7.95 percent p.a. The external benchmark lending rate has been reduced by 75 bps to 7.25 percent p.a.
