15:57 (IST)
Sensex surges over 600 points, Nifty above 9,050
Benchmark indices ended in the green for the straight second day while Nifty regained 9,000-mark.
The Sensex surged 622.44 points or 2.06 percent at 30,818.61 while the broader Nifty was up 187.45 points or 2.11 percent at 9,066.55.
HDFC was the top gainer in the Sensex pack zooming over 5 percent. Other gainers included M&M, Tatat Steel, L&T, Bajaj Finance, HDFC Bank and Sun Pharma.
The losers included IndusInd Bank, Hero MotoCorp and Bharti Airtel
Dr Reddy’s Labs, Shree Cements, HDFC, M&M and BPCL were among major gainers on the Nifty, while losers were Bharti Infratel, IndusInd Bank, Hero MotoCorp, Vedanta and Bharti Airtel.
All the sectoral indices ended higher, with Nifty Pharma rose over 4 percent followed by the auto, energy and bank. BSE Midcap and smallcap indices rose over 1 percent each.
15:50 (IST)
Fiscal, monetary measures announced ‘substantial’: FinMin
Finance Ministry says FY21 growth hinges on intensity, spread & duration of virus; fiscal & monetary measures announced ‘substantial’ pic.twitter.com/19udMlaFQk
— CNBC-TV18 (@CNBCTV18Live) May 20, 2020
15:40 (IST)
Greek economy to shrink up to 13% due to coronavirus, finance minister says
Greece’s economy may shrink 10 to 13 percent this year following a lockdown imposed to stem the spread of the novel coronavirus, but the government will take steps to mitigate the impact, the country’s finance minister said on Wednesday.
Finance Minister Christos Staikouras told Greek radio Real FM that the economy, which emerged from a decade-long debt crisis and three international bailouts in 2018, can withstand a possible second wave of infections in autumn.
The conservative government will support businesses and protect jobs, he said, and plans to take measures that could contain the estimated recession by as much as 8 points.
15:39 (IST)
Saudi pips Iraq as top oil supplier to India in April
Saudi Arabia replaced Iraq as the top oil supplier to India in April after a gap of three months as refiners in Asia’s third largest economy were drawn by deep discounts on Saudi crudes, data obtained from sources showed.
Refiners in India, the third largest oil importer, requested higher volumes for April from Saudi Aramco and UAE’s Abu Dhabi National Oil Co (ADNOC), which both increased output while cutting prices last month.
India’s oil imports in April totalled 4.63 million barrels per day (bpd), up 5 percent from March but down 4.1 percent from April 2019, the data showed.
15:37 (IST)
Franklin Templeton appoints Kotak Mahindra Bank as advisor to wind up 6 schemes
Franklin Templeton Trustee Services has appointed Kotak Mahindra Bank to work together with Franklin Templeton Asset Management (India) to assist the trustees in monetising portfolios of the six schemes that are being wound up.
Kotak Mahindra Bank, through its debt capital markets team, will work closely with the Franklin Templeton Trustees, to assist with all portfolio actions in these six schemes that are being wound up, Franklin Templeton Mutual Fund said in a statement.
Trustees of Franklin Templeton MF said that Kotak Mahindra Bank, a highly reputed firm with strong corporate governance practices and deep financial market experience, will, wherever required, act as their agent and provide its independent advice and assistance to the trustees through the entire process.
15:33 (IST)
Tata Motors’ JLR rolls out first Range Rover made under social distancing measures
The first Range Rover made under new social distancing measures in place to combat coronavirus drove off the production line at the Tata Motors’ owned Jaguar Land Rover’s manufacturing plant in Solihull in the West Midlands region of England on Wednesday, following a recent temporary pause in production due to the pandemic.
The luxury carmaker said that effective social distancing, hygiene and health monitoring measures are in place following an extensive review of all production lines, engineering facilities, office areas and communal spaces as the company starts a phased return to manufacturing.
“Seeing the first Range Rover come off our line today is a defining moment for Jaguar Land Rover, for all of us who work for the company and the many businesses in our supply chain. It marks the end of our temporary shutdown and signals the beginning of a return to normality. But, of course, this is a new normal,” said Grant McPherson, Jaguar Land Rover Executive Director, Manufacturing.
15:32 (IST)
TCS CEO pay package reduces 16% to Rs 13.3 cr in FY20
Pay package of Tata Consultancy Services CEO and MD Rajesh Gopinathan shrank more than 16 percent to Rs 13.3 crore in 2019-20 compared to the previous fiscal, according to the company”s annual report.
In 2018-19, Gopinathan had received a total remuneration of Rs 16.02 crore.
According to TCS’ annual report for 2019-20, Gopinathan received Rs 1.35 crore in salary, Rs 1.29 crore in perquisites, Rs 10 crore in commission (at 0.02 percent of profit) and Rs 72.82 lakh in allowances.
In the previous year, Gopinathan had received Rs 1.15 crore in salary, Rs 1.26 crore in perquisites and Rs 60.35 lakh in allowances. However, he had drawn a higher commission of Rs 13 crore in 2018-19 at 0.03 percent of profit.
15:29 (IST)
Britain’s Rolls-Royce to axe 9,000 jobs in air travel slump
Rolls-Royce plans to cut at least 9,000 jobs, or more than a sixth of its workforce, in the latest blows to the UK economy and aviation industry dealt by the coronavirus pandemic.
The company, which makes engines for planes such as the Boeing 787 and Airbus 350, said on Wednesday it could also close factories as it shrinks to fit the smaller market it expects to emerge from the crisis.
Airlines and their supplies have been among the hardest hit businesses by lockdowns to contain the pandemic, with passenger air travel grinding to a virtual halt.
Britain, like many other economies, is also bracing for a deep recession, with jobless claims in April leaping to the highest in nearly 24 years.
15:28 (IST)
Pradhan Mantri Vaya Vandana Yojana gets extension
#Cabinet approves extension of ‘Pradhan Mantri Vaya Vandana Yojana’ (#PMVVY) up to 31st March, 2023 for further period of three years beyond 31st March, 2020; This to enable old age income security and welfare of Senior Citizens pic.twitter.com/7Mq2OoyKki
— CNBC-TV18 (@CNBCTV18Live) May 20, 2020
15:24 (IST)
Gold futures surge on spot demand
Gold prices on Wednesday rose by Rs 220 to Rs 47,270 per 10 gram in futures trade as speculators created fresh positions on firm spot demand.
On the Multi Commodity Exchange, gold contracts for June traded higher by Rs 220, or 0.47 percent, to Rs 47,270 per 10 gram in a business turnover of 11,420 lots.
The yellow metal for August delivery edged up by Rs 197, or 0.42 percent, to Rs 47,500 per 10 gram in a business turnover of 10071 lots.
Fresh positions built up by participants mainly led to the rise in gold prices, analysts said.
Stock Market Latest Updates: Sensex surges over 600 points, Nifty above 9,050-level; HDFC, Tata Steel among major gainers
Washington: Asian stocks are likely to come under pressure on Wednesday, tracking declines on Wall Street while gold prices were buoyed by safe-haven demand as economic indicators pointed to more signs of recession.
Hong Kong futures fell 0.23 percent and Australian shares were set to open lower, tracking US market losses and as diplomatic tensions between Canberra and Beijing rose. Nikkei futures were little-changed versus Nikkei 225 index’s previous close.
Australia and China traded barbs on Tuesday in an increasingly acrimonious spat over Australia’s support for a global inquiry into the origins of the coronavirus pandemic.
Representational image. Reuters
Wall Street dropped in late-day trade after a report from medical news website STAT said early data from Moderna Inc’s COVID-19 vaccine was insufficient. Signs of economic contraction damped the investor enthusiasm seen on Monday, even as more countries loosened coronavirus lockdown restrictions.
“Equity markets have failed to build on Monday’s exuberance which was driven in part by the excitement over US drug company Moderna’s early COVID-19 vaccine test results,” National Australia Bank analysts said in a Wednesday note.
Data showed US home building dropped by the most on record last month and permits for future construction tumbled, fuelling fears the coronavirus pandemic would lead to the deepest economic contraction in the second quarter since the Great Depression.
The Dow Jones Industrial Average fell 1.59 percent, the S&P 500 lost 1.05 percent and the Nasdaq Composite dropped 0.54 percent.
The United States on Tuesday extended restrictions on cross-border travel with Canada and Mexico.
Spot gold prices were little changed and not far from Monday’s more than 7-1/2-year high, buoyed by safe-haven appeal amid economic uncertainty.
Europe’s STOXX 600 index and MSCI’s gauge of stocks across the globe both fell. The euro and European government debt rallied on a Franco-German proposal to fund grants for regions hit hardest by the pandemic.
Oil prices earlier gained after the US Treasury Secretary told lawmakers certain stimulus measures would continue.
Updated Date: May 20, 2020 15:59:53 IST
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