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.
S&P recovery will be far faster than 2008: Citigroup
US stock markets will deliver among the steepest recoveries in their history over the next year, returning to levels from before March’s coronavirus lockdowns more than twice as fast as after the 2008 financial crisis, according to analysts from US bank Citigroup.
In a note to clients dated Monday, the bank forecast the S&P 500 .SPX index and Dow Jones Industrial Average .DJI index would stand at 3,160 points and 28,400 points respectively in June 2021, up about 7 percent and 15.5 percent from current levels.
The forecast is among the most bullish among U.S. market forecasters, many of whom are forecasting next to no gains for the next 12 months.
FPIs rush to exit India; withdraw $6.4 bn in March quarter
Foreign investors turner net sellers in March quarter and pulled out $6.4 billion from the Indian equity markets largely due to the COVID-19 outbreak and ensuing risk-averse environment, a Morningstar report said.
In comparison, foreign portfolio investors (FPIs) bought net assets worth USD 6.3 billion in three months ended December 2019.
FPIs were net buyers in January ($1.71 billion) and February ($265 million). They, however, went on a selling spree in March as they sold net assets worth $8.4 billion.
“The uncertainty over the gravity of the pandemic’s impact on the global economy and financial markets worldwide triggered a flight to safety among foreign investors as they rushed to exit from relatively riskier investment destinations, such as emerging markets like India,” the report noted.
Nesco Q4 profit up
#4QWithCNBCTV18 | Nesco’s operating margins fall substantially in the fourth quarter from the same quarter last year pic.twitter.com/ToZvwR7ZHl— CNBC-TV18 (@CNBCTV18Live) May 19, 2020
Mitsubishi Motors’ annual profit tumbles, refrains from issuing forecast
Mitsubishi Motors Corp posted on Tuesday an 89 percent drop in annual operating profit for its weakest performance in three years and skipped the year-end dividend, as the coronavirus outbreak added to the Japanese automaker’s profitability woes.
Profit came in at 12.8 billion yen ($119.21 million) for the year ended in March, down sharply from 111.8 billion yen a year ago. Still, it exceeded a consensus estimate of 9.4 billion yen profit drawn from 15 analysts polled by Refinitiv.
Mitsubishi, one of Japan’s smaller automakers, declined to give an earnings forecast for the current business year, as it waits to get a better view of the longer term impact of the coronavirus on its operations and sales.
UK unemployment claims surge 69% as pandemic takes hold
Unemployment claims in Britain jumped 69 per cent in April, as the COVID-19 pandemic took hold and hit the labor market, UK authorities said Tuesday.
The Office of National Statistics says jobless claims surged by 856,000 to 2.1 million in April as compared to the month before. The figures covered only the first weeks of the lockdown, said Jonathan Athow, deputy national statistician for economic statistics at the ONS.
“In March, employment held up well, as furloughed workers still count as employed, but hours worked fell sharply in late March, especially in sectors such as hospitality and construction,” he said.
Work and pensions secretary Therese Coffey told the BBC that the government was focused on those claiming benefits under Universal Credit, a welfare payment for those who need help, including the unemployed.
India resumes purchases of Malaysian palm oil: Traders
Indian buyers have resumed purchases of Malaysian palm oil after a four-month gap following a diplomatic row, with buying spurred by a fall in domestic inventories and discounted prices, trade sources said.
The renewed purchases come amid improving trade relations between the two countries after the formation of a new government in Kuala Lumpur, with Malaysia signing a deal last week to buy a record 100,000 tonnes of Indian rice.
Leading Indian importers last week contracted up to 200,000 tonnes of crude palm oil from Malaysia, the world’s No.2 producer after Indonesia, to be shipped in June and July, the sources told Reuters.
Govt procurement portal GeM adds 4,316 products made by tribal communities
Government departments, agencies and public sector units can now procure products made by tribal communities from the GeM portal as it has added over 4,000 such items, including paintings, handmade showpieces and statues.
The commerce ministry launched Government e-Marketplace (GeM), an online platform for public procurement, in August 2016 with the objective of creating an open and transparent procurement platform for the government.
As many as 1,000 self help groups (SHGs) too have registered on the platform with over 500 products in categories such as handicraft, handloom and textiles, office accessories, grocery and pantry and personal care and hygiene.
“Tribal Cooperative Marketing Development Federation of India (TRIFED) has uploaded 4,316 products across 48 different categories – paintings, handmade showpieces and statues, handcrafted hand bags and sling bags and more such products are being added,” GeM CEO Talleen Kumar said.
Stock market today LIVE Updates: Indices erase early gains, Sensex up 91 points, Nifty at 8,856; rupee closes higher at Rs 75.63
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 15:19:45 IST
JP Morgan Chase,