13:13 (IST)
SHAREit donates Rs 1 cr to feed 5 lakh people
SHAREit-the cross-platform app, has partnered with The Akshaya Patra Foundation to donate Rs1 crore as a part of the initiative which would help feed 500,000 people in need.
“Providing meals and groceries to the COVID-19 affected is our way of showing that we are all in this together”, said SHAREit spokesperson Hitesh Dhingra.
Shridhar Venkat, CEO – Akshaya Patra, said, “SHAREit’s contribution will enable us to serve freshly cooked meals and distribute essential groceries kits to thousands of people from vulnerable communities, affected by the nation-wide lockdown.”
13:09 (IST)
Fine dining experiences will never be same again, feel restaurateurs
Fine dining experiences will never be the same again, feel restaurateurs who believe people will be more interested in takeaway and online ordering after the lockdown is lifted.
Restaurants in the city are looking to slash in-house dining capacities by 40 per cent to ensure social distancing norms are followed and also ramp up their tech infrastructure to handle more orders online.
Nitin Kothari, the owner of iconic Peter Cat and Mocambo in Kolkata’s Park Street area, told PTI that seating capacities will be reduced by 40 per cent in his restaurants to ensure enough space between patrons.
All standard safety measures — from keeping sanitisers to making masks mandatory both for customers and staff — will be followed while opening the outlets.
13:04 (IST)
Sensex soars 435 points, Nifty above 9,500
Sensex surged 434.71 points or 1.35 percent to 32,549.23 while the Nifty was up 127.55 points or 1.36 percent at 9,508.45 at around 12.45 pm.
Bajaj Finance, HDFC, Mahindra & Mahindra, Tata Steel, Hero MotoCorp and HDFC Bank were the major gainers in the Sensex pack.
12:55 (IST)
Singapore’s first quarter jobless rate highest in a decade
Singapore’s unemployment rate edged up in the first quarter to its highest in more than a decade, as the government warned that labour market conditions were likely to further worsen due to the COVID-19 pandemic.
The overall unemployment rate rose to 2.4 percent from 2.3 percent in the previous quarter, data from the manpower ministry showed on Wednesday, the highest rate since the 2009 global financial crisis.
Total employment, excluding foreign domestic workers, fell 19,900 – its sharpest quarterly contraction since 2003 when the country was battling the Severe Acute Respiratory Syndrome outbreak.
12:53 (IST)
Hindalco jumps over 7%
#CNBCTV18Market | Hindalco extends gains, up over 7% pic.twitter.com/oLhWRsPUxY
— CNBC-TV18 (@CNBCTV18Live) April 29, 2020
12:44 (IST)
Bharti General Insurance ties up with PolicyBazaar
Bharti AXA General Insurance, a joint venture between Bharti Enterprises, one of India’s leading business groups, and AXA, the insurance company, today announced its partnership with leading web aggregator PolicyBazaar.com to sell ‘Usage-based Motor Insurance’ policies for private car owners under the regulatory Sandbox project.
The usage-based motor insurance, popularly known as ‘Pay As You Drive’, allows customers to pay the premium depending on how many kilometers the car has travelled.
Under this product, a customer pre-declares vehicle usage for a period of one year.
Accordingly, the insurance premium will be calculated dynamically as per the pre-declared distance in km. The customer can choose from three slabs – 2,500 km, 5,000 km and 7,500 km – as per his/her usage need.
12:37 (IST)
AirAsia not to take jet deliveries this year
Malaysia’s AirAsia Group Bhd said on Wednesday it did not intend to take any new aircraft deliveries this year because of the sharp fall in demand from the coronavirus crisis, and was revisiting its order book with Airbus SE.
Reuters last week reported Airbus had put six jets up for sale after giving up on AirAsia taking delivery of them, according to sources familiar with the matter.
The Asian budget carrier is one of the European manufacturer’s largest customers, with 349 A321neos and 13 A320neos on order that have yet to be delivered, according to the Airbus order book.
AirAsia expects to end 2020 with 242 aircraft in its fleet, down one from last year, executive chairman Kamarudin Meranun said in a statement.
12:30 (IST)
Sensex surges 374 points, Nifty holds 9,450
Sensex zoomed 374.19 points or 1.17 percent to 32,488.71 while the Nifty was up 107.50 points or 1.15 percent at 9,488.40 at around 12.15 pm.
12:25 (IST)
Pilots not to get salaries for April, May: SpiceJet
SpiceJet on Wednesday told its pilots that they will not be paid salaries for April and May, and said those who have been operating cargo flights will get paid for “block hours flown”.
SpiceJet’s flight operations chief Gurcharan Arora told pilots through an email that ‘as of today, 16 percent of our aircraft and 20 percent of our pilots are flying’.
“We are doing this by flying our five cargo aircraft and also flying more ‘cargo on seat’ on our passenger aircraft,” he said.
The budget carrier has a total of 116 passenger planes and five freight aircraft in its fleet.
12:17 (IST)
Rupee surges to 3-week high of 75.64
#CNBCTV18Market | #Rupee surges to a 3-week high against the US dollar pic.twitter.com/oz3q3LElsl
— CNBC-TV18 (@CNBCTV18Live) April 29, 2020
Stock market today LIVE Updates: Markets open in green, Sensex up, Nifty above 9,400-mark; IndusInd Bank, Axis Bank fall
Asian equities made cautious gains in early trade on Wednesday following mixed US corporate earnings while oil prices looked set for more wild swings as storage concerns capped optimism about easing coronavirus lockdowns.
Technology stocks drove all three major US stock indexes into the red, though they remained within 20 percent of their February all-time highs.
“There was a big sector rotation as money left high value, growth sectors in tech like Amazon and went to value and cyclical sectors like energy, industrial, financials,” said Tim Ghriskey, chief investment strategist at Inverness Counsel in New York.
Alphabet Inc’s earnings beat analysts’ estimates for quarterly revenue as its Google unit posted double-digit advertising growth despite the coronavirus-induced slowdown. While users were searching more, they were looking up less commercial topics and advertisers were cutting spending.
In early Asian trade, Japan’s Nikkei index slipped 0.06 percent. Australia was up 0.3 percent and South Korea climbed 0.2 percent. MSCI’s broadest index of Asia-Pacific shares outside Japan was up 0.2 percent at 467.95.
Markets were looking for any forward guidance from the US Federal Reserve, which is due to issue a policy statement at the close of its two-day meeting on Wednesday. The European Central Bank meets on Thursday.
Representational image. Reuters.
Analysts said it was unlikely the Fed would make further major policy moves, given the scope and depth of its efforts to counter the economic damage caused by the coronavirus.
Reassuring UBS earnings lifted European banks nearly 5 percent, while Wall Street digested upbeat numbers from industrial conglomerate 3M Co, a maker of N95 respirator masks, and drugmaker Pfizer Inc.
The Dow Jones Industrial Average fell 0.13 percent, the S&P 500 lost 0.52 percent and the Nasdaq Composite dropped 1.4 percent.
The greenback gave back some earlier losses as stocks came off their highs on concerns the coronavirus could spread further than previously thought if businesses reopened prematurely.
The dollar index against a basket of currencies fell 0.089 percent. The euro slipped 0.11 percent to $1.0816 while the euro index eased after Fitch cut Italy’s credit rating to BBB-, just one notch above ‘junk’ status.
The Japanese yen strengthened 0.35 percent versus the greenback at 106.87 per dollar, while sterling was last trading at $1.242, down 0.06 percent on the day.
The benchmark 10-year US Treasury rose 12/32 in price to yield 0.6161 percent, from 0.654 percent late on Monday.
Oil prices ended mixed with Brent up on positive sentiment about the easing of lockdowns, while US crude traders remained cautious as storage capacity were filling up fast.
Crude prices rose in post-settlement trading after data showed a slightly smaller-than-expected buildup in stockpiles.
US crude recently rose 2.66 percent to $13.12 per barrel, and Brent was at $20.74, up 3.75 percent on the day.
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Updated Date: Apr 29, 2020 13:13:35 IST
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