12:55 (IST)
Agriculture experts advise Telangana to implement govt regulated farming
Agriculture experts and officials have suggested to the Telangana government that there should be a regulated policy in the state by which farmers should cultivate crops as suggested by the government and they should follow the administration”s directions on the cropping pattern.
At a review meeting here on Sunday, chaired by Telangana Chief Minister K Chandrasekhar Rao,they advised the government that those farmers who have not cultivated the crops as suggested by the government should not be given the ”Rythu Bandhu” (an agriculture investment support scheme) benefits and they also should not be paid the Minimum Support Price for their produce, an official release said.
Rao held a review on crop cultivation pattern in the state, identification of alternative crops, to make farmers go in for a regulatory cultivation, ensuring the minimum support price (MSP)for the agriculture produce and other related issues.
The experts from the agriculture sector said instead of farmers cultivating the crops as per their wishes, the farmers should invariably go in for the crops as suggested by the agriculture scientists, officials and experts and a policy in this regard should be enacted, the release said.
12:48 (IST)
European market opens higher
#CNBCTV18Market | European market trade with gains in the 1st hour of trade pic.twitter.com/JFIiKCLKy5
— CNBC-TV18 (@CNBCTV18Live) May 11, 2020
12:46 (IST)
China auto sales mark first gain in almost two years
China’s monthly auto sales rose for the first time in almost two years in April, industry data showed, as more customers visited showrooms after the economy began to open up and authorities loosened coronavirus-related travel restrictions.
Auto sales in April hit 2.07 million units in the world’s biggest car market, up 4.4 percent from a year earlier, according to data from the China Association of Automobile Manufacturers (CAAM), the country’s largest auto industry association.
This follows a 43 percent drop in March and a sharper 79 percent plunge in February as the pandemic pummelled auto demand. Monthly auto sales in China last rose in June 2018.
12:44 (IST)
Indian bond yields surge as govt borrowing balloons
India’s benchmark 10-year bond yield surged on Monday following the government’s decision to sharply increase market borrowing amid a major hit to the economy and public finances from the coronavirus pandemic.
The government plans to borrow Rs 12 lakh crore ($160 billion) in the fiscal year to March 2021, up from the previously budgeted Rs 7.8 lakh crore, to cushion the blow from the pandemic, it said on Friday.
The government did not specify whether the additional borrowing would be used to cover the revenue shortfall caused by a national lockdown since 25 March or used to fund additional expenditures.
12:43 (IST)
UK economy will not be back to work until July at very earliest, says foreign secretary
The British government said non-essential retailers would not go back to work until June at the earliest while other sectors will not go back to work until July at the earliest, foreign secretary Dominic Raab said on Monday.
“There’s the other changes for things like non essential retail and people going back to school, particularly primary school, which won’t start until the earliest on the first of June, subject to conditions,” Raab said.
“Starting from the 4th of July at the very earliest, those other sectors where they are inherently more difficult because people are mixing together and it’s difficult to maintain the social distancing, we wouldn’t be able to say … that we would start them at least until the 4th of July.”
12:41 (IST)
Okinawa resumes production with 25% workforce
Electric two-wheeler maker Okinawa on Monday said it has resumed operations at its plant in Bhiwadi (Rajasthan), and corporate office in Gurugram (Haryana), with 25 percent workforce.
The company said it will maintain safety measures at its offices, manufacturing unit and dealership networks as it begins business activities.
It has also issued an advisory to its dealership network, which too will be operating with 25 percent staff, Okinawa said in a statement.
All the products will be sanitised at the plant before being dispatched and the exercise will be repeated again when dealerships receive them, the company added.
12:25 (IST)
Sensex up 272 points, Nifty above 9,300-mark
Indices continued to stay in the green zone as Sensex was trading 272.53 points or 0.86 percent higher at 31,915.23 while the Nifty was up 79.05 points or 0.85 percent at 9,330.55 at around 12.15 am.
12:10 (IST)
Shiprocket raises $13 mn from Tribe Capital, Innoven Capital, Bertelsmann India Investments
Shiprocket, a tech-enabled logistics aggregator, on Monday said it has raised $13 million (about Rs 100 crore) in funding led by Tribe Capital LLC and Innoven Capital.
The series C funding round also saw participation from existing investor Bertelsmann India Investments. The latest capital infusion brings Shiprocket”s total funding to $26 million, a statement said.
“The investment will be used to fuel Shiprocket”s aggressive product development roadmap which includes hiring top talent across data science and engineering domains. The funds will also be focused on the company”s new initiatives including its international expansions,” it added.
As part of the agreement, Arjun Sethi from Tribe Capital LLC will join Shiprocket”s board of directors.
12:08 (IST)
Gold gains as new wave of infections raises further stimulus hopes
Gold prices rose on Monday, holding above the key $1,700 per ounce support level, as a new wave of coronavirus infections in some countries raised expectations of further stimulus measures and lower interest rates.
Spot gold gained 0.5 percent to $1,708.75 per ounce, having lost about 1 percent in the previous session. US gold futures eased 0.1 percent to $1,711.70.
“People have bought the dip. Even in the best of circumstances, we are still in an environment where (interest) rates are going to remain very low, fiscal policies are going to remain very accommodative and inflation is going to be high,” said IG Markets analyst Kyle Rodda.
Gold is poised to move higher in the longer term and investors are trying to get their hands on the metal before it rockets higher, he said, adding that there was a lot of technical support around the $1,700 level.
11:52 (IST)
Godrej Properties profit down
#4QWithCNBCTV18 | Godrej Properties reports lower profit while revenue jumps year-on-year pic.twitter.com/0AWTT3492l
— CNBC-TV18 (@CNBCTV18Live) May 11, 2020
Stock market today LIVE Updates: Sensex rises 272 points, Nifty above 9,300-mark; IRCTC shares climb 5%, RIL up over 1%
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 12:55:44 IST
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