15:42 (IST)
Nykaae employees donate 1 day salary to PM Cares Fund
Over 1,500 Nykaa employees donated one day’s salary, matched by an equal contribution by founder Falguni Nayar and family, and raised close to Rs. 1 crore towards the PM Cares Fund.
Falguni Nayar, founder & CEO, Nykaa said, “This Nykaa family contribution is in solidarity with our nation and people at this time of a crisis, to support our government in their work towards relief and rehabilitation.”
Nykaa has also donated masks and hygiene products to police forces in Mumbai, Delhi, Pune and Bangalore in appreciation of their dedication towards ensuring the safety of the citizens in extremely challenging conditions.
15:40 (IST)
Oil falls on fears of coronavirus second wave
Oil prices fell on Monday as a new wave of coronavirus infections in some countries and concern over a persistent glut cancelled out support from supply cuts by the world’s biggest producers.
Brent crude was down $1.11, or 3.6 percent, at $29.86 a barrel, while US West Texas Intermediate crude fell 92 cents, or 3.7 percent, to $23.82.
Possible signs of a second wave of infections worried investors as Wuhan, the epicentre of the coronavirus outbreak in China, on Monday reported its first cluster of infections since the city’s lockdown was lifted a month ago.
South Korea also warned of a second wave of the coronavirus on Sunday as countries across the globe begin to step up efforts to ease coronavirus-related restrictions.
15:39 (IST)
Expect financial package from govt in 2-3 days: Nitin Gadkari to industry
Union minister Nitin Gadkari on Monday said he expects the Centre to unveil a financial package in two-three days, observing that the situation “was very bad” despite the three-month moratorium on loan repayments announced by the RBI.
The minister for MSME, and Road Transport and Highways said the government stands with the industry but it also needs to understand the government’s limitations.
“We are trying our level best on how we can protect everybody,” Gadkari said, adding that while Japan and the US governments have announced mega packages, their economies are bigger than India’s.
15:38 (IST)
Bajaj Auto dealerships, service centres reopen in several parts of India
Bajaj Auto on Monday said it has commenced reopening of dealerships and service centres in various parts of the country following relaxation in guidelines by the government for the third phase of lockdown till 17 May.
The reopening began on 4 May with the dealerships taking permission from respective local authorities. All the touch points are following mandated protocols to ensure the safety of customers and dealer staff, Bajaj Auto said in a statement.
Commenting on reopening of dealerships, Bajaj Auto Ltd Executive Director Rakesh Sharma said, “India is gearing up for the new normal post the COVID-19 pandemic and so are we at Bajaj Auto. The opening of workshops and dealerships is another step towards making a fresh start.”
15:30 (IST)
Indices extend losses as Sensex down 73 points, Nifty at 9,242
Indices extended the losses as Sensex was trading 73.33 points or 0.23 percent lower at 31,569.37 while the Nifty was down 9.25 points or 0.1 percent at 9,242.25 at around 3.15 pm.
15:23 (IST)
Sterlite Tech to go slow on Rs 300 cr expansion of cable manufacturing units
Data network solutions provider Sterlite Technologies has said it will go slow on the proposed Rs 300 crore expansion of cable manufacturing units in India and Italy, following global coronavirus pandemic.
The expansion, which was slated to begin in June this year, will now start around March 2021, when there is greater clarity on the business environment, Sterlite Technologies Group CEO Anand Agarwal told PTI.
“We have a plan of expanding cabling facility but we have slowed that down, we are currently looking at supply-demand scenario…,” he said.
The Rs 300 crore expansion blueprint of cable manufacturing units in India and Italy entailed increasing the capacity from 18 million to 33 million fibre kilometres, he said adding, “we have delayed that plan by 6-9 months”.
15:22 (IST)
TRAI asks public to check rates before joining online conferencing platforms
The telecom regulator on Monday asked public to exercise due caution while joining online conference platforms via audio calls by first checking applicable rates for dialling such numbers and their helplines.
The advice by the Telecom Regulatory Authority of India (Trai) comes in the wake of instances where users experienced “bill shocks” after inadvertently dialling international numbers to get onto online conferencing.
The regulator said it is also aware of cases where the customer care centres of service providers are either premium numbers or international numbers.
“Obviously, the members of public who use such services inadvertently may have to pay higher rates applicable to premium numbers or international numbers which would imply application of ISD tariffs,” the telecom sector watchdog said in a statement.
15:20 (IST)
HDB Financial Services sacks about 150 employees
HDB Financial Services, a non-banking financial arm of HDFC Group, has sacked about 150 employees during the lockdown, a development which the company said involves a minuscule number of employees and has nothing do with the current economic situation.
However, many of these employees came out on social media platforms against the firing while alleging that HDB Financial Services asked them to resign with immediate effect or face termination.
The company left them to fend for themselves when there is practically no scope of finding a new job in the middle of the lockdown due to the coronavirus pandemic, the sacked employees alleged.
When contacted, HDFC Bank, the parent company of HDB Financial Services, said those resorting to Twitter were a set of disgruntled employees who were being watched for their performances and were intimated well in advance about the same as also there were some ethical issues.
15:09 (IST)
No hike in lease rent for SEZ units this fiscal: Govt
There will be no increase in lease rent for the Special Economic Zone (SEZ) units for the financial year 2020-21. Payment of lease rent of 1st quarter is to be deferred up to 31st July 2020 for all SEZ units: Ministry of Commerce and Industry pic.twitter.com/VfTPRZBQ38
— ANI (@ANI) May 11, 2020
15:02 (IST)
European shares turn lower as travel, oil stocks weigh
European stocks gave up early gains on Monday, with travel and oil stocks taking a hit even as several countries emerged from coronavirus-driven lockdowns.
The pan-European STOXX 600 shed 0.25 percent, easing from a near 1 percent gain at the open. Europe’s travel and leisure as well as oil and gas sectors fell about 1 percent each.
Britain’s FTSE 100 also pared early gains to trade flat and midcap shares edged 0.4 percent higher after Prime Minister Boris Johnson said on Sunday the lockdown would not end yet but encouraged some people to return to work.
France is also set to cautiously lift coronavirus-induced restrictions, although Germany saw a spike in cases just days after its leaders eased the country’s lockdown.
Stock market today LIVE Updates: Indices extend losses as Sensex dips 73 points, Nifty at 9,242; ICICI Bank, HUL among major losers
Sydney: Asian shares followed Wall Street higher on Monday as investors looked ahead to more countries restarting their economies, even as some reported an unwelcome pick up in new coronavirus cases.
South Korea warned of a second wave of the new coronavirus as infections rebounded to a one-month high, while new infections accelerated in Germany.
Still, investors seemed determined to stay optimistic and MSCI’s broadest index of Asia-Pacific shares outside Japan firmed 0.1 percent.
Japan’s Nikkei added 0.7 percent and South Korean stocks 0.3 percent. E-Mini futures for the S&P 500 ESc1 opened soft but bounced as the morning wore on and was last up 0.3 percent.
Wall Street had rallied on Friday after the April payrolls report proved dire but not quite as awful as analysts’ worst fears.
Representational image. Reuters.
“Just getting the worst jobs report in history out, is at the margins helpful for risky assets,” said Alan Ruskin, head of G10 FX at Deutsche Bank.
“Since late March there has been an extraordinary divergence between the real economy and financial risk, with the latter helped by unprecedented policy accommodation,” he added.
“Markets know the real economy data is awful. We are less sure of how long markets aided by policy, can defy the real economy, if the growth improvement is slow.”
The bond market certainly seems to think any recovery will be slow with two-year yields hitting record lows at 0.105 percent and Fed fund futures turning negative for the first time ever.
The rally in prices has come even as the US Treasury plans to borrow trillions of dollars in the next few months to plug a gaping budget deficit.
Federal Reserve Chair Jerome Powell is due to give a key note speech on Wednesday and analysts suspect he will rule out taking rates negative, at least for now.
The decline in US yields might have been a burden for the dollar but with rates everywhere near or less than zero, major currencies have been stuck in tight ranges.
The dollar was a shade firmer on the yen at 106.94 on Monday but well within the 105.97 to 109.37 band that has lasted since late March. The euro was a fraction softer at $1.0830 but above last week’s low at $1.0765.
Against a basket of currencies, the dollar was idling at 99.837 sandwiched between support at 98.769 and resistance around 100.40.
In commodity markets, gold edged up 0.3 percent to $1,706 an ounce.
Oil prices opened about 1 percent lower as a persistent glut weighed on prices and the coronavirus pandemic eroded global oil demand, even as some governments began to ease lockdowns.
Brent crude LCOc1 futures lost 27 cents to $30.70 a barrel, while US crude CLc1 fell 39 cents to $24.35.
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Updated Date: May 11, 2020 15:42:01 IST
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