Sensex jumps 167 points, Nifty above 8,850
Snapping three-day losing streak, indices ended in gains after reports of initial success of coronavirus vaccine trial in the US and positive global cues.
The Sensex rose 167.19 points or 0.56 percent to 30,196.17 while the Nifty was up 55.85 points or 0.63 percent at 8,879.10.
Bharti Airtel was the top gainer in the Sensex pack soaring over 11 percent after strong Q4 earnings. Other gainers included ONGC, Ultra Cement, ITC, Power Grid, NTPC, Tata Steel, Maruti and HDFC
The losers included IndusInd Bank, Reliance, L&T, SBI and HUL.
On NSE, except bank other indices ended higher. BSE Midcap index rose 0.5 percent, while BSE Smallcap index was down 0.2 percent.
#MarketAtClose | Sensex & Nifty close in the green, but off highs. Sensex falls 544 pts from highs to close 167 points higher at 30,196; Nifty slips 151 pts from highs to close 56 points higher at 8,879 pic.twitter.com/Z6pQPjcBhK— CNBC-TV18 (@CNBCTV18Live) May 19, 2020
Govt to further revise criteria for classifying ‘medium’ enterprises: Nitin Gadkari
Days after changing the definition of MSMEs, the government has decided to further revise the criteria for medium units by enhancing the investment and turnover limits to up to Rs 50 crore and Rs 200 crore respectively, Union Minister Nitin Gadkari said on Tuesday.
Unveiling the contours of the Rs 20 lakh crore stimulus package, Finance Minister Nirmala Sitharaman had last last week announced a change in the definition of micro, small and medium enterprises (MSMEs).
As per the revised definition, any firm with investment up to Rs 1 crore and turnover under Rs 5 crore will be classified as “micro”.
A company with investment up to Rs 10 crore and turnover up to Rs 50 crore will be classified as “small” and a firm with investment up to Rs 20 crore and turnover under Rs 100 crore will be classified as “medium”.
German footwear maker to shift production to India from China
Casa Everz Gmbh, the owner of Germany-based healthy footwear brand Von Wellx, will be shifting its entire shoe production of over three million pairs annually in China to India with an initial investment of Rs 110 crore, according to a top official of the company”s licensee Iatric Industries Pvt Ltd.
A new manufacturing unit will be set up with a production capacity of over three million pairs in Uttar Pradesh through a collaboration with Iatric Industries Pvt Ltd as part of an understanding with the state government.
“Yes, after multiple rounds of discussions, Casa Everz Gmbh has decided to shift its entire production from China to India,” Iatric Industries Pvt Ltd Director and CEO Ashish Jain told PTI in an e-mailed response.
Casa Everz Gmbh had two manufacturing units in China with an annual capacity of over 3 million pairs.
SBI employees commit additional Rs 8 cr towards PM-CARES Fund
Employees of State Bank of India (SBI) have decided to contribute an additional amount of Rs 7.95 crore to the Prime Minister”s Citizen Assistance and Relief in Emergency Situations (PM-CARES) Fund as part of their effort to fight the COVID-19 crisis.
The donation made by SBI employees by letting go of one day”s salary and a day”s leave encashment totals at Rs 107.95 crore, the country”s largest lender said in a statement.
In March, around 2,56,000 employees of SBI donated Rs 100 crore to the PM-CARES Fund that is created to fight the coronavirus pandemic, it said.
SBI has also committed 0.25 percent of its annual profit of 2019-20 towards CSR (corporate social responsibility) activities to fight the COVID-19 pandemic, it said.
Bharti Airtel stock jumps to record high
#CNBCTV18Market | Bharti Airtel at record high after strong Q4 earnings and positive management commentary pic.twitter.com/MhxYya4HU8— CNBC-TV18 (@CNBCTV18Live) May 19, 2020
Coronavirus Outbreak: Pandemic to inflict Rs 76 lakh cr loss on realty sector, says KPMG
The consequent loss of COVID-19 pandemic outbreak to India’s real estate sector is estimated to be $1 trillion (about Rs 76 lakh crore) by the end of the current financial year, according to a new report by global professional services firm KPMG released on Tuesday.
“Supporting the economic contribution through more than 250 industries, the real estate sector in India will be temporarily and ominously handicapped by the ongoing pandemic,” said the report titled ‘COVID-19: React, adapt and recover – The new reality.’
The short-term impact in coming 6 to 12 months is likely to be a dampener for real estate sector’s recovery, forcing sector entities to contract operations, revisit planned developments, expansions, and investments across the real estate sector.
Counter strategies to mitigate the impact will likely focus on cost optimisation, liquidity improvement, space design and layout efficiency maximisation, re-negotiations of contracts, and calibration of business operating models across the board.
Nine NBFCs surrender certificate of registration
Nine NBFCs, including Reliance Net and Nischaya Finvest Private Limited, have surrendered their certificate of registration, the Reserve Bank of India said on Tuesday.
Penrose Mercantiles Ltd, Manohar Finance India Ltd, Chandelier Tracon Pvt Ltd, and Sanghi Hire Purchase Ltd are among the NBFCs which have surrendered their certificates.
The certificate of registration is granted by the RBI.
With surrendering the certificates, the companies cannot transact the business of a non-banking financial institution.
Fiat, Tata Motors JV plant resumes operations at Ranjangaon
Fiat India Automobiles Pvt Ltd (FIAPL) on Tuesday said Ranjangaon-based manufacturing facility, co-owned by it and Tata Motors, has resumed operations.
The plant is a 50:50 joint venture between Fiat Chrysler Automobiles (FCA) India and Tata Motors. The facility is located in Maharashtra.
FIAPL’s management has developed and implemented a comprehensive programme of safety measures to protect over 3,000 direct and indirect employees, their families and surrounding communities from the spread and transmission of COVID-19, the automaker said in a statement.
Need for home broadband likely to surge: Airtel
#4QWithCNBCTV18 | Strongest growth in over a decade in India mobile revenues; seeing rapid surge in the need for home broadband, says @airtelindia pic.twitter.com/Wbs4gJkqSc— CNBC-TV18 (@CNBCTV18Live) May 19, 2020
Indices give up early gains; Sensex rises 91 points, Nifty at 8,856
Indices erased the early gains as Sensex was trading 90.88 points or 0.30 percent higher at 30,119.86 while the broader Nifty was up 33.25 points or 0.38 percent at 8,856.50 at around 2.45 pm.
Despite giving up the gains, the market was trading in the green zone while Nifty Bank slipped into the red.
Bharti Airtel was the top gainer in the Sensex pack surging over 10 percent.
Stock Market Latest Updates: Indices end 3-day losing streak, Sensex up 167 points, Nifty above 8,850; Bharti Airtel at record high
Washington: Asian shares were set to rise on Tuesday after data from an early-stage trial for a coronavirus vaccine lifted hopes for a near-term economic recovery, sending global equity markets and oil prices surging.
Hong Kong futures were up 1.8 percent and Australian shares were also set to open higher. Nikkei futures were trading above the Nikkei 225 index’s previous close, pointing to an opening gain of about 2 percent.
Data from Moderna Inc’s COVID-19 vaccine, the first to be tested in the United States, showed that it produced protective antibodies in a small group of healthy volunteers, the company said on Monday. Shares of the pharmaceutical company surged.
Representational image. Reuters
There are currently no approved treatments or vaccines for COVID-19, and experts predict a safe and effective vaccine could take 12 to 18 months to develop.
On Wall Street, the benchmark S&P 500 posted its biggest one-day percentage gain in almost six weeks, gaining 3.15 percent. The Dow Jones Industrial Average rose 3.85 percent and the Nasdaq Composite added 2.44 percent.
The vaccine optimism sent treasury yields surging and pulled gold off its highest peak since October 2012. Spot prices were up 0.07 percent.
The pan-European STOXX 600 index closed up 4.1 percent, its biggest one-day percentage gain since March 24. France and Germany on Monday called for the creation of a 500 billion euro ($543 billion) Recovery Fund able to offer grants to the countries and regions hardest hit by the coronavirus crisis.
Epicenters of the outbreak including New York, Italy and Spain are gradually lifting restrictions that have kept millions cooped up, while warmer weather has enticed people in many parts of the world to emerge from their lockdowns.
“Business survey data for the US improved to merely terrible in May, up from truly awful in April. But collectively these data support our forecast that monthly activity measures from May onward should, in general, start to look better as restrictions are gradually eased,” JP Morgan Chase economists said in a note on Tuesday.
Meanwhile, 8.16 percent of US mortgages are in forbearance, a weekly industry survey showed. That figure was up from 7.91 percent previously, the smallest increase since mid-March.
Oil prices jumped to their highest in over two months, as the easing of global lockdowns boosted hopes of economic activity and as producers appeared to be following through with planned production cuts.
Updated Date: May 19, 2020 16:02:03 IST
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