14:39 (IST)
No move to impose financial emergency, says govt
Government says no move to impose financial emergency as was claimed by some reports#coronavirusindia pic.twitter.com/TfLVE57shT
— CNBC-TV18 (@CNBCTV18Live) March 24, 2020
14:39 (IST)
GST-related relief announcements
Last date for filing March-April-May 2020 GST returns and also composition returns are extended to 30 June, 2002
In case of GST, because of earlier given staggering dates given which will be applicable.
Particularly, for companies which have less than Rs 5 cr turnover, no interest, no late fee and no penalty charged
For bigger companies, late fee and penalty will be levied and interest at reduced rate of 9 percent will be charged.
The date for opting for composition scheme is extended to 30 June, 2020
14:32 (IST)
Extension for filings
Various other dates for notice filing is extended to 30 June 2020
Aadhaar PAN linking date extended to 30 June, 2020. Last date was earlier 31 March, 2020
Vivaad se Vishwaas scheme has been extended to 30 June, 2020. From now till 30 June, 2020, no 10 percent additional charge. Earlier 30 March, 2020, there was no additional charge. From 1 April, 2020 till June-end, there was additional 10 percent.
14:29 (IST)
Income-tax related compliances
Referring to the financial year 2018-19: the last date for Income Tax returns will be extended to 30 June, 2020
For delayed payments till 30 June for financial year 2018-19 interest rate is 9 percent.
No extension but on delayed deposit of TDS, reduced interest of 9 percent till 30 June 2020 against current 20 percent.
14:29 (IST)
Economic package to be announced sooner rather than later: Nirmala Sitharaman
#Breaking | Economic package will be announced sooner rather than later: FM @nsitharaman #coronavirus pic.twitter.com/kHExCuSNgv
— CNBC-TV18 (@CNBCTV18Live) March 24, 2020
14:27 (IST)
Ecomomic package to be announced soon: Nirmala Sitharaman
Finance Minister Nirmala Sitharaman said that an economic package will be announced soon.
She also appealed to people to remain safe.
14:25 (IST)
Finance Minister states the agenda
Compliance related to income tax matters, compliance and deadlines related to GST, customs and central excise-related; compliance and regulations under MCA; announcement on IBC-related matters; fisheries compliances; bank-related matters; commerce-related compliance
14:23 (IST)
Finance Minister Nirmala Sitharaman speaks
The lockdown is done with intention of flattening the curve for coronovirus. I thank you all for joining us. Work is going on and we are very close to coming out with an economic package that will be announced sooner or later.
14:22 (IST)
Finance Minister Nirmala Sitharaman’s press conference begins
Finance Minister Nirmala Sitharaman’s press conference begins.
14:22 (IST)
Finance Minister Nirmala Sitharaman’s press conference begins
Finance Minister Nirmala Sitharaman’s press conference begins.
14:18 (IST)
ANMI requests SEBI to shut down stock exchanges
Association of National Exchanges Members of India (ANMI) on 23 March requested capital market regulator SEBI to shut down stock exchanges exchanges if state governments do not declare broking and depository operations as essential services.
Earlier, ANMI had requested SEBI to issue advisory to State Governments to include ‘stock broking and depository services’ as essential services and inform all state governments to issue necessary guidelines to that effect.
ANMI members and their staff are facing huge problems to reach their head office to operationalize their central server, back-office functions, risk management, and depository services to meet the requirements of their clients and compliance of Exchanges/ SEBI, said ANMI.
13:47 (IST)
European indices open sharply higher, in-line with global peers
#CNBCTV18Market | European indices open sharply higher, in-line with global peers#CoronavirusOutbreak #CoronavirusPanemic pic.twitter.com/LzNZtBNoe0
— CNBC-TV18 (@CNBCTV18Live) March 24, 2020
13:44 (IST)
Nifty above 7,900-level
#CNBCTV18Market | Market extends gains, #Nifty back above 7900, #Sensex above 27,000 pic.twitter.com/xN75qKMuqL
— CNBC-TV18 (@CNBCTV18Live) March 24, 2020
13:34 (IST)
Sensex above 27,000-mark, Nifty regains 7,900-level
#CNBCTV18Market | Market extends gains, #Nifty back above 7900, #Sensex above 27,000 pic.twitter.com/xN75qKMuqL
— CNBC-TV18 (@CNBCTV18Live) March 24, 2020
13:32 (IST)
Indices extend gains as Nirmala Sitharaman may announce fiscal package
Equity bench mark indices extended the gains in the afternoon trade after Union Finance Minister said that the government was preparing preparing an economic package to tide over the crisis created by coronavirus pandemic.
Sensex surged 1080.54 or 4.16 percent to 27,061.78 at around 1.30 PM while the broader Nifty also zoomed 299.55 points or 3.94% percent to 7,909.80.
13:18 (IST)
HUL share price jumps 8% after acquiring VWash brand from Glenmark
The share price of FMCG major Hindustan Unilever Ltd (HUL) jumped by over 8 percent on Tuesday afternoon after the company signed an agreement with Glenmark Pharmaceuticals to acquire its intimate hygiene brand VWash.
“The deal includes the acquisition of intellectual property rights including trademarks, design and know-how related to the VWash brand,” HUL said in a statement.
The consideration has been split into two parts involving an upfront cash payment upon closing of the deal and a deferred consideration over the next three years, it said.
13:02 (IST)
Sumant Kathpalia takes over as IndusInd Bank MD and CEO, stock tanks 30%
Private sector lender IndusInd Bank has said that newly-appointed managing director and chief executive officer Sumant Kathpalia will take charge from Tuesday for three years.
He will succeed Romesh Sobti whose tenure ended a day earlier.
Kathpalia is a career banker with over three decades of experience in large multi-national banks like Citibank, Bank of America and ABN AMRO, including his stint as head of consumer banking at IndusInd Bank.
12:55 (IST)
Preparing economic package to overcome crisis: Nirmala Sitharaman
Union Finance Minister Nirmala Sitharaman has said that the government is preparing an economic package to tide over the crisis created by coronavirus pandemic.
“We are readying an economic package to help us through the corona lockdown and will be announced soon,” Sitharaman said in a tweet.
Even as we are readying an economic package to help us through the Corona lockdown (on priority, to be announced soon) I will address the media at 2pm today, specifically on statutory and regulatory compliance matters. Via video conference. @FinMinIndia @PIB_India @ANI @PTI_News
— Nirmala Sitharaman (@nsitharaman) March 24, 2020
12:50 (IST)
Sensex zooms over 800 points, Nifty above 7,800-mark in afternoon trade
Sensex zoomed 877.65 points or 3.38 percent to 26,858.89 while Nifty jumped 248.10 points or 3.26 percent to 7,858.35 in the afternoon trade on Tuesday.
Infosys rallied 10 percent after the US Securities and Exchanges Commission (SEC) gave a clean chit to the IT major in a whistleblower case.
12:41 (IST)
Hero Cycles allocates Rs 100-cr contingency fund to mitigate impact of COVID-19
With the COVID-19 outbreak expected to unleash a long-term economic consequences, Hero Cycles on Tuesday said it is setting aside Rs 100 crore as a contingency fund to address and mitigate its impact on partners and the community at large.
The contingency fund will be put to use as and when required to mitigate the impact of Covid-19 situation on employees, suppliers, customers and communities across India, it said in a statement.
12:36 (IST)
Finance Minister Nirmala Sitharaman to address media at 2 pm today
Finance Minister @nsitharaman will address the media at 2 pm today, specifically on statutory and regulatory compliance matters pic.twitter.com/CZ25NNoVtJ
— CNBC-TV18 (@CNBCTV18Live) March 24, 2020
12:34 (IST)
Experts urge Indian firms to avoid layoffs, pay cuts for faster recovery
With the coronavirus pandemic threatening a sharp economic slowdown, experts are suggesting companies to adopt a humane approach in rationalising their expenses without going for across-the-board pay cuts or freezing of hikes to ensure a faster recovery from the slump.
While contract employees in many sectors, especially those in the manufacturing space, are already losing their daily wages due to a lockdown of plants and various other commercial establishments, several companies are said to be planning pay cuts or at least freezing of hikes due from the next month.
However, experts are of the view that it is the time for India Inc to send across a long-lasting message and it is their duty to provide a sense of security to their workforce by retaining their existing staff members and that can be achieved as any fresh hiring is anyway unlikely to happen at the time.
12:29 (IST)
IMF warns coronavirus recession could be worse than 2009 financial crisis
The world economy is facing “severe” economic damage from the coronavirus pandemic that could be even more costly than in 2009 and will require an unprecedented response, International Monetary Fund (IMF) chief Kristalina Georgieva said on Monday.
In comments to finance ministers from the Group of 20 nations, Georgieva called on advanced economies to provide more support to low-income countries, and the IMF stands “ready to deploy all our $1 trillion lending capacity.”
As much of the world faces mass shutdowns, Georgieva warned the outlook for global growth in 2020 “is negative — a recession at least as bad as during the global financial crisis or worse.”
12:18 (IST)
Narendra Modi asks finance minister, NITI Aayog to work out economic relief plan: Report
Govt sources say PM asks @FinMinIndia , @NITIAayog to work out economic relief plan. Economic relief likely for daily wagers, corporates & employees pic.twitter.com/sUfbFU842c
— CNBC-TV18 (@CNBCTV18Live) March 24, 2020
12:15 (IST)
States requested to exempt stock market entities from purview of lockdown
Cabinet Secretary Rajiv Gauba has written to the state secretaries, asking them to keep stock markets and essential staff related to them in exempt category and they should be allowed to commute smoothly.
Stock markets are critical for the economy and as such its various constituents are important financial market institutions, he said in a letter to the state secretaries.
Cabinet Secretary requests states to exempt Stock Market entities from the purview of the lockdown pic.twitter.com/6gW7Jvs5gB
— CNBC-TV18 (@CNBCTV18Live) March 24, 2020
12:10 (IST)
IndusInd Bank turns positive, gains 45% from lows
#CNBCTV18Market | IndusInd Bank turns positive, gains 45% from lows pic.twitter.com/wzxkcVAVfs
— CNBC-TV18 (@CNBCTV18Live) March 24, 2020
12:08 (IST)
Surveys show coronavirus pandemic savaging global economy
Evidence of the devastation wreaked on the global economy by the coronavirus pandemic mounted on Tuesday as activity surveys for March from Australia and Japan showed record falls, with surveys in Europe and the United States expected to be just as dire.
Purchasing Managers’ Index (PMI) surveys from Japan showed the services sector shrinking at its fastest pace on record this month and factory activity contracting at its quickest in a decade.
In Australia, the CBA Services PMI fell to a record low of 39.8 as restaurants, cafes and tourism were hit hard by travel bans and cancellations of events and concerts.
12:06 (IST)
Oil prices climb as US ramps up economic support measures
Oil prices rose on Tuesday on hopes that the United States will reach a deal soon on a $2 trillion coronavirus aid package which could blunt the economic impact of the outbreak and in turn support oil demand.
Brent crude oil futures for May delivery rose by 62 cents, or 2.3 percent, to $27.65 a barrel while West Texas Intermediate (WTI) crude futures gained 76 cents, or 3.3 percent, to $24.12. Both price benchmarks had risen over $1 earlier before pulling back slightly.
12:03 (IST)
COVID-19 a global economic tsunami, millions of job losses likely: Moody’s
Coronavirus pandemic has created a worldwide economic tsunami and the global economy is engulfed in a serious downturn, according to Moody’s Analytics.
The virus has caused significant parts of the Asian and now European and US economies to all but shut down, it said.
“More financial pain is quickly coming as layoffs mount, businesses curtail investment and retirement nest eggs evaporate,” said Mark Zandi, Chief Economist at Moody’s Analytics.
11:59 (IST)
Sensex gains more than 1,000 points from lows
#CNBCTV18Market | Sensex gains more than 1,000 points from lows pic.twitter.com/eXIW2k0BQG
— CNBC-TV18 (@CNBCTV18Live) March 24, 2020
11:57 (IST)
Infosys gets clean chit from SEC in whistleblower case
The US Securities and Exchanges Commission (SEC) has given clean chit to IT major Infosys in the whistleblower case.
“The Company received notification from the SEC that the SEC has concluded its investigation and the company does not anticipate any further action by the SEC on this matter,” Infosys said in a filing to the BSE on Tuesday.
11:43 (IST)
Market stages major recovery, Nifty up more than 200 points from lows
#CNBCTV8Market | Market stages major recovery, #Nifty up more than 200 points from lows pic.twitter.com/VHgAOn20Yq
— CNBC-TV18 (@CNBCTV18Live) March 24, 2020
11:38 (IST)
Sensex soars over 500 points, Nifty above 7,700-mark
Sensex soared 562.07 points or 2.16 percent to 26,543.31 while the broader Nifty jumped 140.95 points or 1.85 percent to 7,751.20 at around 11.30 AM.
11:03 (IST)
Infosys top gainer at 6.65%
Infosys is the top gainer in the Sensex pack at 6.65 percent.
Other gainers included HUL, Tech Mahindra, Sun Pharma, Asian Paints, Reliance Industries, TCS, ONGC, HCL Tech and NTPC.
10:53 (IST)
Nifty touches new low
Nifty has touched a new low and sustained below the previous support level which suggest weakness in the counter, says Ajay Kejriwal, (President), Choice Broking..
On an hourly chart, the price has shifted below the Hourly Moving Average which signifies southward movement in coming trading session.
Based on the above technical structure, we are expecting a downside movement up to the level of 7400 with the resistance 8000, said Choice Broking in its morning report
10:49 (IST)
IndusInd slips to 8-year low
#CNBCTV18Market | IndusInd Bank slips to an 8-year low pic.twitter.com/Xj00GDWnIo
— CNBC-TV18 (@CNBCTV18Live) March 24, 2020
10:22 (IST)
Govt asks banks to provide liquidity support to corporates
The government has asked all state-owned lenders to extend emergency credit lines to corporate borrowers, three government and banking sources said, as it rushes to tackle the fallout from the coronavirus outbreak that has grounded business across the globe, Reuters said.
Banks have been asked to make available an additional 10 percent in funds over and above sanctioned working capital loans, but not exceeding 2 billion rupees ($26.33 million) per loan account as part of the emergency measures, a senior government official, who did not want to be named, said.
State Bank of India (SBI), India’s largest lender, has already rolled out this emergency credit line and the other state-owned lenders are also expected to follow suit shortly, industry officials said.
10:10 (IST)
HUL stocks surge 6%
#CNBCTV18Market | HUL 6% higher after company announces acquisition of ‘VWash’ from Glenmark pic.twitter.com/C7TMLPbxVq
— CNBC-TV18 (@CNBCTV18Live) March 24, 2020
10:04 (IST)
Fed’s big move could help US Treasury liquidity
The Federal Reserve’s unparalleled steps to directly backstop the US economy and its willingness to purchase vast sums of US government debt, mortgage-backed securities and even corporate bonds could help boost depleted liquidity in the $17-trillion Treasury market.
But the disastrous impact of the runaway coronavirus on financial markets will continue to impair price-making in Treasuries even if the Fed buys the entire US debt market, analysts said, as bond investors fret about a steep economic downturn that is sure to come.
Liquidity in Treasuries has thinned in recent weeks, leading to sharp price movements. The Fed began stepping in with a rate cut in early March, followed by increasingly drastic measures to bolster market conditions.
10:00 (IST)
Asian stocks rally
Asian stocks rallied on Tuesday as the US Federal Reserve’s sweeping pledge to spend whatever it took to stabilise the financial system eased debt market pressures, even if it could not offset the immediate economic hit of the coronavirus.
While Wall Street seemed unimpressed, investors in Asia were encouraged enough to lift E-Mini futures for the S&P 500 ESc1 by 1.9 percent and Japan’s Nikkei .N225 by 4.9 percent.
MSCI’s broadest index of Asia-Pacific shares outside Japan .added 1.2 percent, though that followed a drop of almost 6% on Monday. South Korea and Australia also recouped a little of their recent losses.
In its latest drastic step, the Fed offered to buy unlimited amounts of assets to steady markets and expanded its mandate to corporate and muni bonds.
09:55 (IST)
Fed to help stock markets
Fed pledges help to steady financial system
Shares were set to follow Asian peers higher on Tuesday after their worst single-day fall in history, as sentiment improved after the US Federal Reserve pledged to spend as much as needed to steady the financial system.
The Fed said on Monday it will back purchases of corporate bonds, backstop direct loans to companies and “soon” will roll out a program to get credit to small and medium-sized business. It also said it will expand its asset purchases by as much as needed to stabilize financial markets.
09:49 (IST)
Sensex,Nifty erase most of its early gains
Benchmark indices erased most of its early gains but trading higher with Nifty above 7700.
The Sensex is up 369.34 points or 1.42 percent at 26350.58, and the Nifty up 108.40 points or 1.42 percent at 7718.65. About 559 shares have advanced, 696 shares declined, and 62 shares are unchanged.
09:38 (IST)
Sensex, Nifty gives up initial gains
#CNBCTV18Market | Indices on Dalal Street give up gains seen in the initial minutes of trade, #Nifty Bank & Midcap index in the red now pic.twitter.com/kHA2HZWbfr
— CNBC-TV18 (@CNBCTV18Live) March 24, 2020
09:33 (IST)
Rupee appreciates
#Rupee opens mildly higher against US dollar pic.twitter.com/X2EhAjSrNk
— CNBC-TV18 (@CNBCTV18Live) March 24, 2020
09:23 (IST)
Sensex, Nifty open positive; Vedanta, Cipla among major gainers
Benchmark indices opened in positive territory on March 24 with Sensex added more than 1000 points.
At 09:17 hrs IST, the Sensex is up 1,212.60 points or 4.67 percent at 27193.84, and the Nifty up 353.85 points or 4.65 percent at 7964.10.
Bajaj Finserv, Vedanta, Cipla, HUL, Bajaj Finance, Adani Port, Adani Ports and RIL are among major gainers.
09:19 (IST)
Markets open: Indices
#CNBCTV18Market | Indian market begins Tuesday trade with major gains. #Nifty above 8000, #Sensex up 1,400 points pic.twitter.com/3ji7zQZWeQ
— CNBC-TV18 (@CNBCTV18Live) March 24, 2020
Stock Markets LIVE Updates: Union Finance Minister Nirmala Sitharaman has said that the government is preparing an economic package to tide over the crisis created by coronavirus pandemic.
“We are readying an economic package to help us through the corona lockdown and will be announced soon,” Sitharaman said in a tweet.
Sitharaman to address media at 2 pm
The finance minister will address a press conference at 2 pm on Tuesday
Sensex zoomed 877.65 points or 3.38 percent to 26,858.89 while Nifty jumped
248.10 points or 3.26 percent to 7,858.35 in the afternoon trade on Tuesday.
Infosys rallied 10 percent after the US Securities and Exchanges Commission (SEC) gave a clean chit to the Indian company in the whistleblower case.
Prime Minister Narendra Modi reportedly asked Finance Minister Nirmala Sitharaman and NITI Aayog to work out an economic relief plan in the wake of the rise in coronavirus cases in the country.
Economic package may be made for daily wagers, corporates and empolyees, reported CNBC TV18 quoting government sources.
Equity benchmark indices staged a major recover in the late morning trade. Sensex soared over 600 points while the broader Nifty jumped above 7,800-level.
Sensex was trading 672.70 points or 2.59 percent higher at 26,653.94 and the Nifty surged 191.15 points or 2.51 percent to 7,801.40 at around 11.45 AM.
Infosys is the top gainer in the Sensex pack at 7.85 percent. Other gainers included HUL, Tech Mahindra, Sun Pharma, Asian Paints, Reliance Industries, TCS, ONGC, HCL Tech and NTPC.
Investors said other central banks can be expected to follow suit with bold measures to ease the strained financial and credit markets.
Earlier, the BSE Sensex opened in the red and was down by 40 points to 25,941 while the Nifty 50 edged lower by 20 points to 7,591.
Sectoral indices at the National Stock Exchange (NSE) were mixed with Nifty IT ticking up by 4.1 percent, pharma by 2.8 percent, and FMCG by 1.5 percent. But Nifty private bank was down by 1.4 percent and realty by 1.3 percent.
Among stocks, IT major Infosys was the top gainer, moving up 7.9 percent to Rs 568.40 per share. Tech Mahindra edged up by 3.8 percent, HCL Technologies by 3.5 percent and Wipro by 3.4 percent.
Index heavyweight Reliance Industries was up by 3.1 percent to Rs 911.65 while FMCG majors Hindustan Lever and Britannia gained by 6.1 percent and 2.8 percent respectively.
The other prominent gainers were Adani Ports, Cipla and Sun Pharma.
However, IndusInd Bank plunged by nearly 15 percent to Rs 286 per share. Titan, Bharti Infratel, Hero MotoCorp and Bharat Petroleum Corporation traded with a negative bias.
Meanwhile, the Asian stocks rallied on Tuesday as the US Federal Reserve’s sweeping pledge to spend whatever it took to stabilize the financial system eased debt market pressures, even if it could not offset the immediate economic hit of the coronavirus.
#CNBCTV18Market | Asian indices trade sharply higher, currently at day’s high#CoronavirusOutbreak pic.twitter.com/yXsaQX5sn2
— CNBC-TV18 (@CNBCTV18Live) March 24, 2020
While Wall Street seemed unimpressed, investors in Asia were encouraged enough to lift E-Mini futures for the S&P 500 by 1.9 percent and Japan’s Nikkei by 4.9 percent.
MSCI’s broadest index of Asia-Pacific shares outside Japan added 1.2 percent, though that followed a drop of almost 6% on Monday. South Korea and Australia also recouped a little of their recent losses.
In its latest drastic step, the Fed offered to buy unlimited amounts of assets to steady markets and expanded its mandate to corporate and muni bonds.
The numbers were certainly large, with analysts estimating the package could make $4 trillion or more in loans to non-financial firms.
“This open-ended and massively stepped-up program of QE is a very clear signal that the Fed will do all that is needed to maintain the integrity and liquidity of the Treasury market, key asset-backed markets and other core markets,” said David de Garis, a director of economics at NAB.
“COVID-19 developments remain the wild card, as is the development of government policies to support cash flow and the economy.”
The Fed’s package helped calm nerves in bond markets where yields on two-year Treasuries hit their lowest sine 2013, while 10-year yields dropped back sharply to 0.77 percent.
Yet analysts fear it will do little to offset the near-term economic damage done by mass lockdowns and layoffs.
Speculation is mounting data due on Thursday will show U.S. jobless claims rose an eye-watering 1 million last week, with forecasts ranging as high as 4 million.
Goldman Sachs warned the US economic growth could contract by 24% in the second quarter, two-and-a-half times as large as the previous postwar record.
A range of flash surveys on European and US manufacturing for March are due later on Tuesday and are expected to show deep declines into recessionary territory.
While governments around the globe are launching ever-larger fiscal stimulus packages, the latest US effort remains stalled in the Senate as Democrats said it contained too little money for hospitals and not enough limits on funds for big business.
The logjam combined with the stimulus splash from the Fed to take a little of the shine off the US dollar, though it remains in demand as a global store of liquidity.
“The special role of the USD in the world’s financial system – it is used globally in a range of transactions such as commodity pricing, bond issuance and international bank lending—means USD liquidity is at a premium,” said CBA economist Joseph Capurso.
“While liquidity is an issue, the USD will remain strong.”
The dollar eased just a touch on the yen to 110.90 after hitting a one-month top at 111.59 on Monday, while the euro inched up to $1.0754 EUR= from a three-year trough of $1.0635.
The dollar index stood at 102.120, off a three-year peak of 102.99.
Gold surged in the wake of the Fed’s promise of yet more cheap money, and was last at $1,564.51 per ounce having rallied from a low of $1,484.65 on Monday.
Oil prices also bounced after recent savage losses, with US crude up 64 cents at $24.00 barrel. Brent crude firmed 53 cents to $27.56.
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Updated Date: Mar 24, 2020 14:39:26 IST
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