15:29 (IST)
Lego Group ties up with NITI Aayog, Save The Children
The Lego Group, the toy brand, in collaboration with two highly reputed organisations, NITI Aayog and Save The Children, introduced targeted initiatives in India to promote ‘Learning Through Play’ and support home-based learning during these unprecedented times.
The Lego Group aligned with Save the Children to promote responsive care-giving and play-based learning practices for children aged 3-8 years both at state and national levels.
The initiative will also improve access to quality pre-school education through the Integrated Child Development Services (ICDS) and pre-school Centres when they re-open.
It will focus on building capacity of pre-school anganwadi workers, anganwadi helpers and ICDS functionaries to support the development and school readiness of young children.
15:21 (IST)
Sensex surges 1,000 points, Nifty regains 9,300-mark
Benchmark extended the rally as Sensex soared 1006.71 points or 3.29 percent to 31,616.01 while the broader Nifty was up 294.25 points or 3.26 percent at 9,323.30 at around 3 pm.
The market rally was led by gains in banking and information technology heavyweights such as HDFC Bank, ICICI Bank, HDFC, Infosys, Kotak Mahindra Bank and Axis Bank.
Axis Bank was the top gainer in the Sensex pack soaring over 13 percent. Other gainers included ICICI Bank, IndusInd Bank, HDFC Bank, Kotak Mahindra Bank, Bajaj Finance and SBI.
15:12 (IST)
Tata BlueScope Steel launches smart steel structures
To address the ever-increasing demand for high quality, ready-to-install health infrastructure, Tata BlueScope Steel, manufacturers of coated steel, steel building products and solutions have introduced high strength, modular and quick to install steel structures which would help to combat COVID-19.
The structures are specially designed for anyone seeking to install such facilities in their premises or locality.
Riten Choudhury, MD Tata BlueScope Steel said, “With COVID-19 pandemic, optimising healthcare facilities for the affected is the need of the hour. Only way is to develop alternatives that are secure and quick to erect. At Tata BlueScope Steel, we are committed to fight back the virus with our easy to build and maintain structures that are designed, keeping in mind pa=ent’s comfort and healthcare worker’s security.”
15:00 (IST)
COVID-19 impact: Spending pattern in urban, rural areas witnesses major change
The #coronavirus pandemic and the resultant #lockdown have thrown up a clear divide in spending patterns across India: consumers in urban markets have been buying in huge quantities but rural consumers are treading cautiouslyhttps://t.co/gwqoE3wAwR
— CNBC-TV18 (@CNBCTV18Live) May 27, 2020
14:56 (IST)
Tamil Nadu inks deals for over Rs 15,100 cr investments, to create nearly 50k jobs
The Tamil Nadu government on Wednesday said it has inked pacts with 17 companies for bringing in fresh investments of over Rs 15,100 crore that will create job opportunities for about 47,150 people in the state.
The investments, to the tune of Rs 15,128 crore will be in diverse sectors including manufacturing of commercial vehicles and energy, the government said adding nine pacts were signed at the Secretariat in the presence of Chief Minister K Palaniswami and eight other companies firmed up the deals via a virtual link.
Finland-based Salcomp will invest Rs 1,300 crore for an expansion project that is set to provide jobs for 10,000 people, the government said in an official release.
Salcomp, which had last year entered into a Memorandum of Understanding with the government at the Global Investors Meet for Rs 500 crore investment, has gone in for an expansion within a year in view of the conducive environment for industrial growth, it added.
14:54 (IST)
Aegon Life Insurance launches first Life Plus hospitalisation cover for COVID-19 with Flipkart
Aegon Life Insurance on Wednesday announced the launch of ‘Life Insurance with COVID-19 Cover’ for hospitalisation expenses up to Rs 1 lakh along with Flipkart, India’s homegrown e-commerce marketplace.
This launch is aimed to provide Flipkart customers with a comprehensive insurance cover against COVID-19, that can be availed on the Flipkart app instantly along with the base life insurance plan, the company said.
It said, the offering of ‘Life Insurance with COVID-19 Cover’ supports the policyholder by covering hospitalisation costs of up to Rs 1 Lakh on minimum 24 consecutive hours of hospitalisation on the first-ever diagnosis of COVID-19 condition along with death benefit from the life cover.
14:52 (IST)
CREDAI seeks RBI intervention for relieving pressure on borrowers
CREDAI, the developer’s body, has written a letter to Reserve Bank of India Governor Shaktikanta Das requesting to pass on the benefit of repo rate cut and reverse repo rates to NBFCs and HFCs.
During the current crisis emanating from the COVID-19, RBI has announced various measures to infuse liquidity in the system, however, real estate sector has not been able to leverage the benefits of this reduction in repo rates, CREDAI said in a statement.
One of the major restricting factor remains that while the RBI has reduced 2.50 percent in repo rate since January 2019, but the maximum reduction passed on by the bank to the borrowers has been between 0.7-1.3 percent largely from August 2019 till date, and in some case the benefit has not been passed at all, it said.
The real estate industry is still getting access to finance at much higher rates, therefore, provision of appropriate directions to the banks for percolating the benefits of the rate cuts to the NBFCs/HFCs needs to be made, the realty body said.
14:47 (IST)
SFIO to probe Jaiprakash Associates, Jaypee Infratech for financial irregularities
The Serious Fraud Investigation Office (SFIO) will probe Jaypee group”s flagship firm Jaiprakash Associates and bankruptcy-bound Jaypee Infratech for alleged financial irregularities, according to a source.
The probe agency comes under the corporate affairs ministry. The source said the ministry has ordered an SFIO probe against Jaiprakash Associates and Jaypee Infratech.
Jaypee group, which is into construction, cement, power, real estate, hotel and hospital businesses, has been facing crisis in the last few years due to defaults in debt repayments and huge delays in completion of housing projects in Noida and Greater Noida.
14:44 (IST)
NTPC plans to acquire majority stake in Rel Infra-led BSES discom
#CNBCTV18Exclusive | Sources say @ntpclimited has entered the fray to acquire majority stake in @RInfraOfficial-led BSES discom biz in Delhi.
Do note, response of NTPC in this matter is awaited. pic.twitter.com/LoTu4fzMYz
— CNBC-TV18 (@CNBCTV18Live) May 27, 2020
14:36 (IST)
Sensex surges over 900 points, Nifty above 9,250
Benchmark staged a big recovery as Sensex soared 917.43 points or 3 percent to 31,526.73 while the broader Nifty was up 259.60 points or 2.88 percent at 9,288.65 at around 2.25 pm.
On BSE, Axis Bank was the top gainer surging over 11 percent. ICICI Bank, Kotak Mahindra Bank, Bajaj Finance, IndusInd Bank, HDFC Bank and SBI were also among the gainers.
The losers included Ultra Cement, Titan, Asian Paints and PowerGrid.
Stock market today LIVE Updates: Sensex surges over 500 points, Nifty above 9,150; India may witness 5% fall in growth during FY21, says Fitch
New York: Asian shares shed some of their recent gains on Wednesday as investor concerns about rising tensions between the United States and China tempered optimism about a re-opening of the world economy.
US President Donald Trump said late on Tuesday he is preparing to take action against China this week over its effort to impose national security laws on Hong Kong, but gave no further details.
Worsening relations between the world’s two biggest economies will further hobble global growth, already in the doldrums due to the coronavirus pandemic worldwide.
E-Mini futures for the S&P 500 ESc1 edged down 0.05 percent, just short of the 3,000 chart level. The index had cleared 3,000 points in Wall Street overnight before pulling back, as some traders returned to the New York Stock Exchange floor for the first time in two months.
The Nikkei share average slipped 0.1 percent, unwinding some of the gains made on Tuesday when it climbed to their highest in nearly 12 weeks. Australia’s ASX 200 lost 0.9 percent in early trade and South Korea’s KOSPI fell 0.2 percent.
“The S&P 500 looked to be set to close above 3,000 until the late headline that the United States was considering a range of sanctions on Chinese officials and businesses should China go ahead with its legislation regarding Hong Kong,” analysts at the National Australia Bank said in a note.
“The extent of those possible sanctions is uncertain,” the analysts said.
China’s plans to impose national security laws in Hong Kong have triggered the first big street unrest in the Asian financial hub for the first time since last year. Overnight, hundreds of riot police took up posts around Hong Kong’s legislature in anticipation of protests on Wednesday.
Indeed, some analysts warned that even the recent jump in share prices showed signs of caution.
“Stock buying in the last 24 hours has a strong defensive bent,” Michael McCarthy, chief market strategist at CMC said in a note. “Beaten down consumer and financial stocks are leading markets higher, at the expense of the previously popular tech and healthcare sectors.”
Moderating demand for risk helped the safe-haven US dollar index to edge up 0.03 percent to 99.042, reversing from losses overnight.
US Treasury yields retreated from levels struck overnight, with two-year yields hovering at 0.170 percent, up from a record low of 0.105 percent struck on 8 May, but still under 0.20 percent.
Gold prices rebounded from losses as some investors played it safe, with spot gold unchanged at $1,711.45 per ounce.
The retreat from risk led oil prices to give up earlier gains. US West Texas Intermediate crude futures were down 0.3 percent.
Updated Date: May 27, 2020 15:29:39 IST
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