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Having risen 1,300 points, Sensex gave up all gains and closed lower for the day as the government reported two new cases of coronavirus in Delhi and Telangana. Today, markets had recovered marginally from Friday's losses on hopes that central banks across the world will take coordinated monetary policy actions to mitigate the impact of coronavirus outbreak. After touching an intraday high of 39,083 points, the index ended 0.4% down at 38,144.02 points. Nifty slipped below 11,200.
The company has received new export orders of approximately ₹450 crore. With this, the total unexecuted order book of the company stands around ₹2,000 crores. The company plans to execute the pending orders in the next eight-to-nine months.
State-owned Bank of Baroda has approved raising funds worth ₹600 crore through Basel III-compliant additional tier I bonds in single or multiple tranches.
Eicher Motors, HCL Technologies, ICICI Bank, HDFC Bank, JSW Steel, Nestle India and Infosys contributed the most to the gains.
Shares of Eicher Motors advanced more than 6% on the BSE after the company reported a 1% year-on-year rise in sales under its motorcycle brand Royal Enfield to 63,536 units for February.
Like Asian shares, key European stocks traded higher. FTSE 100 index on the London Stock Exchange gained more than 2.5%, France's CAC 40 also rose 1.9%, while the bluechip index Dax in Germany fell nearly 1.7%.
Key European indices jumped at open as investor sentiment was buoyed by promises of a coordinated global monetary policy response to mitigate the economic impact of the coronavirus outbreak.
Indian Oil Corporation has cut prices of aviation turbine fuel or jet fuel in Delhi to ₹56,859/kl from ₹63,449 earlier.
Fear gauge India VIX was down 8.19% after markets partly recovered from Friday's losses due to hopes of global liquidity.
Fitch Solutions has cut its forecast for India's economic growth to 4.9% for the current fiscal ending 31 March, saying that manufacturing could come under pressure from weak domestic demand and supply chain disruptions due to the spread of coronavirus worldwide.
State-owned mineral producer NMDC's iron ore production fell a marginal to 3.24 MT from 3.34 MT in the same month last year. Sales during February also declined to 2.91 MT from 3.54 MT a year ago.
Two-wheeler market leader Hero MotoCorp on Friday reported a 1.96% decline in total sales to 6,17,215 units for February. The company had sold 6,29,597 units in the same period last year. In the first two months of the current quarter ending March, there has been a sequential pick-up in the demand, although still lower than expected. The stock was down 1.2% at ₹2,023.85 on the BSE.
Shares of the private lender touched a 52-week high today on the BSE, trading 4.3% higher at ₹517.25. The stock was also among the top gainers of the Nifty 50 index.
Unlike the BSE MidCap index that rose 1.25%, few of its constituents Federal Bank, Exide Industries, Amara Raja Batteries, TVS Motor, Muthoot Finance, Tata Chemical, Tata Power and Oil India were in the red.
IT services provider Mindtree has appointed Dayapatra Nevatia as its chief operating officer (COO) effective from today. Shares rose 1.6% on the BSE.
Shares of the telecom operator advanced 1.5% to ₹531.50 on the BSE. After completion of self assessment, the company said it owes a total of ₹13,004 crore to department of telecommunications (DoT). Earlier this month, Airtel had paid ₹10,000 crore to the DoT. The company has now paid its balance dues of ₹3,004 crore. In addition to ₹13,004 crore, Bharti Airtel has also paid ₹5,000 crore as “an ad hoc payment subject to subsequent refund/adjustment" to cover differences arising from the reconciliation exercise with the DoT.
The finance ministry has accepted power ministry's reservations against stake sale in NTPC, PFC and Power Grid Corporation. The ministry has accepted that the proposed stake sale is not possible, television news channel CNBC TV18 said, quoting news agency NewsRise.
Shares of the private lender were up a marginal 0.6% on the BSE. The government and Reserve Bank of India (RBI) are considering all options, including an interim bailout of the bank, in case the proposed $2 billion fundraising gets more delayed, according to a Mint report.
State-owned construction firm NBCC (India) has bagged an order from Bharat Heavy Electrical (BHEL) to construct three 150-meter high reinforced concrete single steel flue chimney of 660 MW each at north Karanapura in Jharkhand. The total cost of the project is ₹64.83 crore.
After Tata Teleservices, Bharti Airtel self-assessment of adjusted gross revenue (AGR) dues threw up a vastly lower number. Airtel’s assessment pegs the dues at ₹13,000 crore and do not see them exceeding ₹18,000 crore. This is almost half the amount ( ₹35,300 crore) demanded by the government. Similarly, Tata Tele says it owes a fraction ₹14,000 crore what the government is demanding. Based on self-assessment it paid ₹2,197 crore. Vodafone Idea Ltd is yet to release its self-assessment figures.
Ratings agency Crisil has reaffirmed A1+ for Ujjivan Small Finance Bank's certificate of deposits (CDs) worth ₹2,500 crore.
HCL Technologies, ICICI Bank, Eicher Motors, Infosys and Coal India were the top gainers, while Bajaj Auto, GAIL (India), Kotak Mahindra Bank and Bajaj Finance led the losses on the Nifty.
Ashok Leyland reported a 37% year-on-year decline in total vehicle sales, including domestic and exports, to 11,475 units for February. Sales of medium and heavy commercial vehicles (M&HCV) fell 45% to 7,368 units.
Shares of Indiabulls Housing Finance jumped nearly 14% on the BSE after the company on Saturday said the Reserve Bank of India, in an affidavit, has absolved the company of all charges of financial irregularities.
Ratings agency CARE revised the rating for secured redeemable and non-convertible debentures (NCDs) of Welspun Corp to AA from AA- with a stable outlook.
Shares of Bajaj Auto slumped more than 1% in early deals after the auto company said its total domestic sales, including that of two-wheeler and exports, fell 24% year-on-year in February to 2,21,706 units.
Shares of Affle (India) climbed up nearly 5% on the BSE after the company on Friday announced it has signed a definitive agreement to acquire Spain-headquartered Mediasmart, a self-serve mobile programmatic and proximity marketing platform.
Bajaj Auto's total domestic sales, which include two-wheelers and commercial vehicles (CV), saw a year-on-year decline of 24% to 2,21,706 units in February. However, exports during the month rose 9% YoY.
Shares of India's largest public-sector bank advanced over 2% as its credit card subsidiary SBI Cards opens for subscription today.
The auto company reported a 58% year-on-year (YoY) fall in its passenger vehicle (PV) sales for February as it lowered its production of BS-IV compliant units due to difficulty in procuring parts and components from China, the starting point of the coronavirus outbreak.
Indian rupee opened marginally higher against the US dollar at 72.07 against 72.18 in close on Friday.
State Bank of India's credit card subsidiary SBI Cards will open for subscription today to raise over ₹10,000 crore. Bharti Airtel, Tata Motors, Maruti Suzuki, Reliance Industries, GMR Infrastructure and Mahindra & Mahindra will be other stocks to watch.
On Monday, almost all Asian equities traded higher in early deals. Some benchmark stocks had plunged as much as 10% last week due to fears that cornonavirus may impact global trade and economy. Today, Japan's Nikkei 225 was up 1.1%, while Hang Seng index in Hong Kong traded 0.70% higher. Shanghai Composite index in China jumped 2.7%.
The US Federal Reserve chair Jerome H. Powell on Friday issued a statement reaffirming markets and investors that the central bank will use its tools and “act as appropriate to support the economy."
In the US, S&P 500 slipped 11%, while Dow Jones lost 12%. FTSE 100 in the UK tumbled 11% and DAX in Germany plunged 12%. Among Asian stocks, KOSPI in South Korea declined 8% in the previous week, Hong Kong's Hang Seng Index was down 4% and Nikkei 225 in Japan 10%.
The sell-off was triggered by concerns that measures to contain Covid-19, commonly known as coronavirus, would dent corporate profits and global economic growth. Investors fear that the disease, which started in the world's second largest economy China, could get worse. Global benchmarks indices witnessed extreme pessimism during the week.
