Tag: covid

Will 'Omicron' force RBI to delay policy normalisation?

Will 'Omicron' force RBI to delay policy normalisation?
Thursday, January 6, 2022
Many economists are expecting RBI to delay the policy normalisation move, which is expected in the February review since COVID-19 infections spike in the country resulting in restrictions in various states and impacting the fragile recovery. The country has reported a single-day rise of 58,097 new COVID-19 cases as of Wednesday morning-the highest in around 199 days- of which 2,135 are Omicron cases and later in the day, the first confirmed Omicron-related death has also been reported. The active cases were recorded above 2 lakh after around 81 days and the COVID toll has climbed to 4,82,551 with 534 daily fatalities. Read more

New and Stricter Covid-19 curbs back in India as Omicron cases multiply

New and Stricter Covid-19 curbs back in India as Omicron cases multiply
Wednesday, January 5, 2022
India is in the emerging stage of the third wave of COVID-19 pandemic with a surge in Omicron cases amid an increase in the test positivity rate, more than 37,000 cases on Tuesday (the highest in 118 days), and an uptick in hospitalisation. The number of Omicron cases in the country detected till Tuesday morning reached 1,892. Experts have warned in a country with a huge population such as India, a small proportion of severe Omicron cases could put the health infrastructure to the test. More restrictions such as weekend curfews halved capacity in private offices, and work from home in government offices was imposed in Delhi while the Mumbai authorities warned of lockdown measures if the number of daily cases crossed 20,000. Read more

As bulls ignore Omicron fears investors add Rs 1.87 lakh cr

As bulls ignore Omicron fears investors add Rs 1.87 lakh cr
Tuesday, January 4, 2022
Traders on Dalal Street continued to shrug off rapidly rising Covid-19 cases and increasing curbs by buying power and financials stocks and sent benchmark indices soaring for the third straight day today(4th Jan.2020). Mumbai has said it will enforce lockdown if daily virus cases jump above 20,000 while Delhi is going for a weekend curfew. Other states are also enforcing curbs that will likely impact consumer-focused companies. The 30-share pack Senex advanced 672.71 points or 1.14 percent to close at 59,855.93. Its broader peer NSE Nifty rose 179.55 points or 1.02 percent to 17,805.25. Thanks to the rally, equity investors grew their wealth by Rs 1.87 lakh crore as the BSE market cap climbed to Rs 271.13 lakh crore. In the past three sessions' market rally, investors' wealth ballooned by Rs 7.75 lakh crore.

India's Manufacturing PMI falls to three month low in December amid Covid fears

India's Manufacturing PMI falls to three month low in December amid Covid fears
Monday, January 3, 2022
India’s manufacturing activity lost some momentum in December falling to a three-month low after hitting a 10 month high in November, amid fears that the rapidly spreading third wave of the Coronavirus (Covid-19) pandemic may hit consumer sentiment and output. Data released by the analytics firm IHS Markit showed that the Purchasing Managers’ Index (PMI) for manufacturing fell to 55.5 in December from 57.6 in November. A reading above 50 indicates expansion in economic activity and a number below that signals contraction. “Companies continued with their stock-building initiatives, as evidenced by another robust upturn in buying levels. Business confidence strengthened, but sentiment was again dampened by concerns surrounding supply-chain disruptions, Covid-19 and inflationary pressures,” the data analytics firm said. Read more

MARKET UPDATE: Sensex quoted 653 points lower at 56,358 level while Nifty broke below the 16,800-mark at 16,795, down 190 points

MARKET UPDATE: Sensex quoted 653 points lower at 56,358 level while Nifty broke below the 16,800-mark at 16,795, down 190 points
Monday, December 20, 2021
Indian benchmark indices opened lower today (20th Dec.2021) as investors continue to track the spread of the Omicron Covid variant. The World Health Organization recently warned that the number of cases is doubling in 1.5 to 3 days in areas with community spread. That apart, Asian stocks dropped in early trading today after China slashed its benchmark lending rate for the first time in more than one-and-a-half years. The move likely indicates policymakers' concerns around the slowing economic growth in China, which worried investors. The BSE Sensex quoted 653 points lower at 56,358 level while the Nifty50 broke below the 16,800-mark at 16,795, down 190 points. Both the indices were down over 1 percent each. In the broader markets, the BSE MidCap and SmallCap indices fell 2 percent each. Read more

BSE IT Index trading at P/E multiple of 34.3x - nearly 29% higher than that of Sensex

BSE IT Index trading at P/E multiple of 34.3x - nearly 29% higher than that of Sensex
Wednesday, December 8, 2021
Tata Consultancy Services, Infosys, Wipro, and HCL Technologies, etc., India’s leading information technology (IT) services companies, are the flavor of the season on D-Street. The IT industry valuation premium over the broader market is now at its highest level in more than a decade as investors continue to accumulate the shares of top IT companies and go underweight on at-risk sectors, such as banking, oil and gas, metals, and even fast-moving consumer goods companies (FMCG). The BSE IT Index is currently trading at a trailing price-to-earnings (P/E) multiple of 34.3x — nearly 29 percent higher than the benchmark BSE Sensex P/E multiple of 26.6x. In contrast, till six months ago, the IT index was trading at a discount to the benchmark index. This is the first time in five years that the IT index valuations are higher than the benchmark indexes. Read more

Indian stocks unlikely to recoup recent losses: Poll

Indian stocks unlikely to recoup recent losses: Poll
Wednesday, December 1, 2021
According to a Reuters poll of strategists, Indian equities will not recoup recent losses until after mid-2022 on worries over Coronavirus (COVID-19) resurgence and global monetary policy tightening. The report also predicted a likely correction in the next six months. Buoyed by easy monetary policy, a gradual re-opening of the economy, and a rapid vaccination drive, the benchmark BSE Sensex Index has rallied nearly 20% year-to-date. But the BSE index has dropped around 8% from its all-time high of 62,245.43 sets on Oct. 19 as concerns mount over the Omicron coronavirus variant, dampening investor sentiment further. The Nov. 16-30 Reuters poll of 35 equity strategists forecast the benchmark Sensex index to touch 60,450 by mid-2022, a gain of around 5.6% from Monday's close of 57,260.58. If realised, the gain would not be enough to recoup recent losses. However, the index was expected to rise further to hit a high of 63,000 by end-2022. Read more

Has Markets over-reacted to Omicron Covid variant?

Has Markets over-reacted to Omicron Covid variant?
Monday, November 29, 2021
Global equity markets, including India, have seen a sharp sell-off over the past few sessions as the Omicron Covid variant reignited concerns of sporadic lockdowns and limit movement of goods and people across key economies. Analysts, however, believe that the markets have overreacted to the development, and a market falls from here on, if any, should be used to add to positions from a medium-to-long-term perspective. The omicron variant was labeled a ‘variant of concern’ by the World Health Organization (WHO) last Friday that sent global equity markets into a tailspin. As a result, the BSE Sensex and Nifty tanked nearly 3 percent each in a broad-based sell-off. Read more

MARKET UPDATE:Frontline indices extended their losses;Sensex tumbled 439 points to 56,668 levels while Nifty at 16,863, down 163 points

MARKET UPDATE:Frontline indices extended their losses;Sensex tumbled 439 points to 56,668 levels while Nifty at 16,863, down 163 points
Monday, November 29, 2021
The Indian frontline indices extended their losses in today's(29th Nov.2021) deals amid weakness in Asian markets as investors continue to monitor developments surrounding the recently discovered omicron, Covid variant. The BSE Sensex tumbled 439 points, or 0.77 percent, to 56,668 levels and the Nifty50 slipped below 16900-mark at 16,863, down 163 points. In the broader markets, the BSE MidCap and SmallCap indices fell up to 3 percent.

MARKET UPDATE:‘Black Friday’;Sensex shaved-off over 1,400 points in intra-day deals while Nifty lost over 400 points

MARKET UPDATE:‘Black Friday’;Sensex shaved-off over 1,400 points in intra-day deals while Nifty lost over 400 points
Friday, November 26, 2021
It was a horrible ‘Black Friday’ for the Indian markets that saw an across-the-board sell-off. The S&P BSE Sensex shaved off over 1,400 points in intra-day deals. Its counterpart on the National Stock Exchange, the Nifty50 index, lost over 400 points. The negative sentiment today(26th Nov.2021) in the Indian markets was on account of weak global cues. Most Asian markets were a sea of red with Japan’s Nikkei down 2 percent and Straits Times slipping nearly one percent. Shanghai Composite, Kospi, and Taiwan were down 0.2-0.4 percent, each. The US markets, however, were shut on account of the Thanksgiving holiday. This weak sentiment across Asian markets was triggered by fears of a sooner-than-expected rate hike by the US Federal Reserve (US Fed). Investors and traders, according to analysts, now expect the US central bank to raise rates faster on the back of the recently released FOMC minutes. Read more

US futures fall over 1% due to growth worries amid Covid

US futures fall over 1% due to growth worries amid Covid
Monday, September 20, 2021
U.S. stock index futures fell 1% today (20th Sept.2021), as investors worried about rising COVID-19 cases and the pace of economic growth at the start of a week in which the Federal Reserve will decide on potentially tapering its massive pandemic-era stimulus. Futures tracking the blue-chip Dow index, which mainly comprises stocks reliant on a steady economic recovery, were down 1.5% by 04:31 a.m. ET. Wall Street's main indexes have been hurt this month by fears of potentially higher corporate tax rates denting earnings and have shrugged off signs inflation might have peaked. The benchmark S&P 500 is on track to snap a seven-month gaining streak. All eyes on Wednesday(22nd Sept.) will be on the Fed's policy meeting, where the central bank is expected to lay the groundwork for a tapering, although the consensus is for an actual announcement to be delayed until November or December meetings. Read more

The economic toll from second wave of Covid-19 in last quarter is not as bad as feared

The economic toll from second wave of Covid-19 in last quarter is not as bad as feared
Tuesday, August 31, 2021
The economic toll from a deadly second wave of Covid-19 that swept through India last quarter doesn’t appear to be as bad as feared, with analysts still seeing the nation pulling off the world’s fastest growth this year. A better-than-expected manufacturing performance and a milder hit to services, combined with a robust pace of vaccinations, have helped keep the annual growth outlook for the economy steady at 9.2%, according to a survey. That pace is the same seen in a poll last month and the quickest among major economies. “The economic damage appears to be less than previously expected,” said an expert.“With the second outbreak brought under control, a rapid recovery appears underway,” he said. Gross domestic product(GDP) grew 21% in the three months through June from a year ago, according to the median of 45 estimates compiled by Bloomberg, mainly as a bounce back from last year’s crash.

Oil price lowest since May on demand concerns amid Covid surge

Oil price lowest since May on demand concerns amid Covid surge
Thursday, August 19, 2021
Crude Oil dropped towards $66 a barrel today(19th August 2021) to its lowest since May, due to concerns about weaker demand as Covid-19 cases rise, a stronger US dollar, and a surprise increase in US gasoline inventories. "The potential withdrawal of monetary support, the chaotic Taliban takeover of Afghanistan that threatens with another migrant crisis and worries about the continuous spread of the virus keep the dollar in demand, which, in turn, acts as a brake on any attempted oil-price rally." Brent crude was down $1.72, or 2.5%, at $66.51 at 0816 GMT, after touching its lowest since May 21. US West Intermediate (WTI) fell $1.96, or 3%, to $63.50 after falling as low as $63.39, also its lowest since May 21. Both Brent and US crude have declined for six days in a row, the longest losing streak since a six-day drop for both contracts that ended on Feb. 28, 2020. Read more

RBI hints at normalising ultra-loose policy

RBI hints at normalising ultra-loose policy
Friday, August 6, 2021
The August review of the Reserve Bank of India’s bi-monthly monetary policy was interesting as: 1.) no unanimous voting on the policy stance 2.) more than expected revision in inflation forecast for FY22 and 3.) announcement of the variable rate reserve repo auction – an indication that the central bank has started the gradual withdrawal of the ultra-loose monetary policy that was in place since the onset of the Covid-19 pandemic. As expected, there was complete unanimity among all the six members of the monetary policy committee (MPC) to keep the interest rate unchanged at 4%. However, on maintaining the accommodative stance, five of the six members voted in favour. Professor Jayanth Verma disagreed. Read more

Service activities decline for 3rd straight month in July due to Lockdown

Service activities decline for 3rd straight month in July due to Lockdown
Wednesday, August 4, 2021
The biggest sector of India's economy, Services, continued to contract for the third month in a row in July due to restrictions imposed by state governments to arrest the spread of the Covid-19 pandemic according to a widely tracked IHS Markit purchasing managers' index (PMI) survey. Business activity, new orders, and employment declined in July, according to a commentary associated with the survey. The latest data also pointed to an intensification of inflationary pressures across the sector, it said. New work intakes also fell for the third month running in July, albeit at a softer pace than in June. In addition to challenging conditions domestically, firms observed a further deterioration in international demand for services. New business from abroad decreased at a sharp pace that was little changed from June. Read more

SBI Life Q1 results: Net profit sinks 43% YoY to Rs 223 cr

SBI Life Q1 results: Net profit sinks 43% YoY to Rs 223 cr
Monday, July 26, 2021
SBI Life Insurance Company today(26th July 2021) reported a 43 percent year-on-year decline in its net profit to Rs 223 crore for the quarter ended March. The company's sharp decline in bottom line was on account of additional reserves of Rs 440 crore created by the life insurers towards Covid-19 pandemic-related claims that may come up in the coming quarters. The life insurer said that there was a 1.28 times increase in the number of claims reported from the end of the previous financial year to the end of the June quarter, reflecting the devastating impact of the second wave of Covid-19 pandemic on the country. The company said that the total number of claims in the reported quarter was at 8,956, while claims net of reinsurance stood at around Rs 570 crore. Read more

Smallcap funds make for a good investment choice now

Smallcap funds make for a good investment choice now
Tuesday, July 20, 2021
Smallcap companies are those that have a market capitalisation of less than the 250th stock on the stock exchange. With economic data improving, the corporate profitability of smallcap companies can be expected to improve. Investors looking for decent returns and having a higher risk tolerance can look to invest in small caps. When it comes to mutual funds, schemes that invest at least 65% of their portfolio in smallcap stocks can be deemed as smallcap funds. There are over 4,500 smallcap companies listed on the stock exchange in India. Though they have the potential to give investors good returns, it is advisable to stay invested in them for the long term to mitigate the risks. Actively managed to smallcap funds can outperform other segments of the market, especially during phases of economic recovery or growth. Historically too, the smallcap funds have managed to outperform other segments. Read more

India's economic fundamentals strong, recovery underway: HDFC Chairman

India's economic fundamentals strong, recovery underway: HDFC Chairman
Tuesday, July 20, 2021
"Owing to the second wave, the Indian economy is likely to mirror a similar trend seen in FY21, where the first half of the financial year is weaker and the second half is significantly stronger,” according to HDFC Chairman Deepak Parekh. However, in terms of the overall macroeconomic environment, “the key challenge remains the unpredictability of the virus. The world is still susceptible to recurring waves of infections. Thus, economic recovery will remain uneven and patchy,” he said. There are a couple of factors working in favour of India. The foreign exchange reserves and foreign direct investment inflows are at a record high, agriculture growth is expected to remain strong with foodgrains estimated at over 305 million tonnes. RBI’s accommodative stance and government measures to alleviate covid-related stress would also help in the recovery, Parekh said.

Revival uncertain, Which stock to bet on -IT, pharma or consumer stocks?

Revival uncertain, Which stock to bet on -IT, pharma or consumer stocks?
Monday, July 12, 2021
Clearly, the market has been able to take the Second Covid Wave in stride, and very strong liquidity continues to flow into the markets. In addition to that, some of the very short-term high-frequency indicators have been pretty much positive and have been in strong momentum. On the whole, the market has essentially been able to take any kind of softness in the June quarter numbers and is willing to look at the second half of this financial year and beyond. The markets probably are more in a medium-term mindset, the experts feel. Read more

Bajaj Healthcare gains 11 percent after receiving DRDO nod to manufacture 2-DG

Bajaj Healthcare gains 11 percent after receiving DRDO nod to manufacture 2-DG
Thursday, July 8, 2021
Shares of Bajaj Healthcare surged 11 per cent and hit 52 weeks high of Rs 1,009.80 on the BSE in intra-day trade on Thursday after the company received a licence from Defence Research and Development Organisation (DRDO) to manufacture and market "2-Deoxy-D-Glucose" (2-DG) as approved medication for the treatment of COVID-19 patients. The 2-DG Ccovid-19 control and treatment drug has been developed by the DRDO laboratory's Institute of Nuclear Medicine and Allied Sciences (INMAS), in collaboration with the pharma major Dr Reddy’s Laboratories. It has already received emergency approval from the Drugs Controller General of India (DCGI) for use on Covid-19 patients in the country. The drug comes in powder form and retails at Rs 990 per sachet, which is taken orally by dissolving it in water. It accumulates in the virus-infected cells and prevents virus growth by stopping viral synthesis and energy production. Read more

June GST collection falls below Rs 1 trn-mark after 8 months

June GST collection falls below Rs 1 trn-mark after 8 months
Tuesday, July 6, 2021
GST collections for the month of June fell below Rs 1 trillion for the first time in months, according to the government data released today(7t6th July 2021). The gross GST revenue collected in the month of June is Rs 92,849 crore. The collection dropped below the Rs 1 trillion marks after posting above the mark for eight months in a row. GST collections moderated to an eight-month low of Rs 1.02 trillion in May. The revenues for the month of June 2021 are 2 percent higher than the GST revenues in the same month last year. The figures include GST collection from domestic transactions between June 5 to July 5 since taxpayers were given various relief measures in the form of waiver/reduction in interest on delayed return filing for 15 days for the return filing month June for the taxpayers with the aggregate turnover up to Rs 5 crore in the wake of covid pandemic second wave.

Market may again favour the bulls soon

Market may again favour the bulls soon
Wednesday, June 30, 2021
The market mood is changing towards a bull run again, according to some analysts. The major positives for the market now are the steadily declining fresh Covid cases and fast-rising vaccinations, which will facilitate the further easing of restrictions and rebound in economic activity. From the market perspective, the fact that FPIs have ceased selling and the DIIs have turned aggressive buyers are strong positives. Therefore, it is quite possible that the market may again favour the bulls and the 'buy on dips strategy' may resume. Since exports are doing well & INR has depreciated, exporters are likely to do well. In banking, the share of the private sector in credit approvals has risen above 36% which is positive for the leading private bank majors.

Moody's slashed India's growth projection to 9.6% from earlier estimate of 13.9% for 2021

Moody's slashed India's growth projection to 9.6% from earlier estimate of 13.9% for 2021
Wednesday, June 23, 2021
Moody's today(23rd June 2021) slashed India's growth projection to 9.6 percent for the 2021 calendar year, from its earlier estimate of 13.9 percent, and said faster vaccination progress will be paramount in restricting economic losses to the June quarter In its report titled 'Macroeconomics India: Economic shocks from second COVID wave will not be as severe as last year's, Moody's said high-frequency economic indicators show that the second wave of COVID-19 infections hit India's economy in April and May. With states now easing restrictions, economic activity in May is likely to signify the trough. "The virus resurgence adds uncertainty to India's growth forecast for 2021; however, it is likely that the economic damage will remain restricted to the April-June quarter. We currently expect India's real GDP to grow at 9.6 percent in 2021 and 7 percent in 2022," Moody's said. Read more

Curevac's Covid 19 Vaccine Disappoints in Clinical Trial

Curevac's Covid 19 Vaccine Disappoints in Clinical Trial
Thursday, June 17, 2021
The German company CureVac dropped more than 50% in the extended session Wednesday after the company said its COVID-19 vaccine candidate is 47% effective in preventing the disease. The trial, which included 40,000 volunteers in Latin America and Europe, estimated that CureVac’s mRNA vaccine had an efficacy of just 47 percent, among the lowest reported so far from any Covid-19 vaccine maker. The trial will continue as researchers monitor volunteers for new cases of Covid-19, with a final analysis expected in two to three weeks. The CureVac vaccine is of key importance to Europe, which has preordered 225 million doses, with the option to buy 180 million more. “While we were hoping for a stronger interim outcome, we recognize that demonstrating high efficacy in this unprecedented broad diversity of variants is challenging,” Chief Executive Franz-Werner Haas said in a statement. Read more

Indian banks proved the doomsday predictions wrong in a pandemic year

Indian banks proved the doomsday predictions wrong in a pandemic year
Monday, June 14, 2021
When the Covid-19 pandemic broke out in March last year and a nationwide lockdown was imposed to restrict its spread, there were concerns all around over its impact on the banking sector. Bad loans were stabilising after a relentless rise for several years and there was a ray of hope for the banking sector after a long time with non-performing assets have crossed the hump. Then the Covid-19 pandemic broke out crippling economic activity due to the lockdown and fears of asset quality problems resurfaced. The Reserve Bank of India (RBI) too, raised a red flag about the possible ballooning of bad loans. Stress tests by RBI projected gross non-performing assets of the Indian banks to shoot up to 13.5% by September 2021 as compared to 7.5% in September 2020 – under a baseline scenario. The situation was predicted to worsen under a severe stress scenario. Read more

TCS stock up 3000% since its IPO -Chandrasekaran

TCS stock up 3000% since its IPO -Chandrasekaran
Friday, June 11, 2021
Tata Consultancy Services (TCS) has navigated the pandemic very well, and has earned tremendous goodwill from customers, which enhanced the firm’s standing in the market, N Chandrasekaran, chairman, said in his virtual address of the 26th Annual General Meeting on Thursday. He said, if an investor had invested in TCS IPO investor’s wealth would have increased by 3000% in 17 years. One share of TCS at a price of Rs 850 during the IPO in 2004 would be worth Rs 28000 today, giving shareholders a 3000% return on their investment. On the performance of the company, he said barring the first quarter of the fiscal year, the company delivered a sharp recovery. For FY21, TCS has returned Rs 33,873 crore in dividends and buyback to shareholders, resulting in a payout of 95 per cent of free cash flow.Chandrasekaran also recounted the contribution of FC Kohli, who led TCS during the initial 27 years, navigating multiple technology waves investing continuously in people and in research Read more

Nomura ups India's 2022 GDP forecast to 7.7%

Nomura ups India's 2022 GDP forecast to 7.7%
Friday, June 11, 2021
Nomura has raised India’s gross domestic product (GDP) forecast for 2022 by 0.7 percentage points (pp) to 7.7 percent in spite of the second wave of Covid infections that brought the economic activity in most cities to a standstill in the past few months. The research and brokerage house has rejigged the forecasts for consumer price inflation (CPI) and current account deficit. “We raise our 2021 and 2022 current account (CA) deficit forecasts to 1.5 percent and 1.3 percent of GDP, respectively (from 1.1 percent and 0.8 percent), and CPI inflation to 5 percent and 5.3 percent (from 4.9 percent in both years). We also pencil-in an additional 25bp repo rate hike in Q3 2022,” according to a note of Nomura. The first flush of growth indicators for May, according to Nomura, suggest a significant hit to consumption and services, with the manufacturing and export sectors being more resilient. The overall impact, Varma and Nandi said, is turning out to be less than during the first wave Read more

V-shaped economic recovery of 2020 won’t be repeated after this year’s Covid-19 carnage

V-shaped economic recovery of 2020 won’t be repeated after this year’s Covid-19 carnage
Tuesday, June 1, 2021
The V-shaped economic recovery in 2020 won’t be repeated after this year’s Covid-19 carnage according to some analysts. Government statistics released 0n 31st May showed 1.6% growth in GDP from a year earlier in the March quarter, before a deadly second wave of infections. But this expansion, an improvement over the 0.5% rate in the previous three months, is a statistical artifact. A better metric is seasonally adjusted quarter-on-quarter growth, which Capital Economics calculates at 0.7%, a sharp slowdown from 9.5% in the December quarter. During the current surge in cases, there have been only local restrictions on physical activity. That’s making some analysts optimistic about the resumption of growth that will inevitably occur when the coronavirus fully recedes. Yet there are several crucial differences from last year that could make it harder for India to bounce back. Read more

Investment activity hits historic low in FY21 due to pandemic

Investment activity hits historic low in FY21 due to pandemic
Tuesday, June 1, 2021
In the fourth quarter of the financial year, 2020-21 (Q4FY21) investment activity revived to a seven-quarter high and demand recovered to a five-quarter high but this may not sustain because of the impact of the second wave of Covid-19 on rural demand and corporate spending, feel economists. The better-than-expected economic growth in Q4 was largely led by a spike in government spending and double-digit growth in investment activity, owing to a low base. However, for the whole of FY21, growth in investment and consumption touched a historic low as the country grappled with the impact of the nationwide lockdown in Q1. Read more

Sensex gained 6.5 per cent or 3,154 points;sharpest May-month rally in seven years

Sensex gained 6.5 per cent or 3,154 points;sharpest May-month rally in seven years
Monday, May 31, 2021
The S&P BSE Sensex posted its biggest May month rally in the past seven years. If analysts are to be believed, there is still more room for an upside, albeit amid minor corrections on the way. The optimism is despite the second wave of the Covid pandemic that brought the Indian economy to a near standstill yet again in 2021. This time, however, analysts believe the impact to be less severe as compared to 2020. “The risk-reward is still favorable for equities given the US Fed intervention to control yields. Any sell-off could offer a good buying opportunity as the medium-term outlook is solid. Our cyclical bias continues with a preference for mid-caps over large-caps,” say experts. Read more

Indian economy is on track to grow 10% in the year that began April 1st

Indian economy is on track to grow 10% in the year that began April 1st
Monday, May 31, 2021
The resilience of the Indian economy will be tested by its ability to overcome a devastating outbreak of Covid-19, although no one is yet doubting its potential to pull off the world’s fastest pace of growth among major economies this year. The economy is on track to grow 10% in the year that began April 1, according to the median of 12 estimates compiled by Bloomberg News. That’s after several economists downgraded their forecasts in recent weeks to factor in local curbs on activity, including in India’s political and commercial hubs. Economists say the relaxation of restrictions across states will determine the strength of the rebound, while the willingness of consumers to spend will also be key. Data likely to be released today(31st May 2021) will probably show gross domestic product grew 1% in the three months ended March, making it the second straight quarter of expansion since India exited a rare recession. Read more

Lockdown to be lifted gradually in Delhi from Monday

Lockdown to be lifted gradually in Delhi from Monday
Friday, May 28, 2021
Chief Minister Arvind Kejriwal today(28th May 2021 said Delhi has somehow gained control over the second wave of COVID-19 and the government will now start the process of lifting the lockdown gradually, starting with the resumption of construction activities and reopening of factories for one week from Monday. This doesn't mean the fight against the deadly disease has ended, he stressed. "It is time to start the unlock process. It should not be the case that people escape coronavirus but die of hunger... We have to maintain a balance between controlling the spread of coronavirus and allowing economic activities," Kejriwal said during an online press briefing. "At a meeting of the Delhi Disaster Management Authority (DDMA) today, it was decided that the lockdown be lifted gradually.

Natco Pharma hits 52 week on starting production of 'Black Fungus' drug

Natco Pharma hits 52 week on starting production of 'Black Fungus' drug
Monday, May 24, 2021
Share of Natco Pharma rose 20 per cent to hit a fresh 52-week high of Rs 1188.95 in early tradeafter the Drug Controller General of India (DCGI) gave its nod to the firm to start manufacturing antifungal drug Amphotericin B liposomal injection, which is critical in the treatment of Mucormycosis, also called 'Black Fungus'. Also the company initiated phase III clinical trial to evaluate the efficacy and safety of Molnupiravir capsules in mild COVID-19 patients in India.The first dose under the phase-III trials was given to a patient in the city-based Yashoda Hospitals, the Hyderabad-based firm said in a regulatory filing. Meanwhile the company said it has received approval from the US health regulator for the generic version of Celgene's multiple myeloma drug, Revlimid (Lenalidomide) capsules in US. Lenalidomide capsule is indicated for treatment of adults with multiple myeloma, mantle cell lymphoma and myelodysplastic syndromes. Read more

Sensex soared 613 pts; Nifty at 15,108 levels; MidCap index hits record peak

Sensex soared 613 pts; Nifty at 15,108 levels; MidCap index hits record peak
Tuesday, May 18, 2021
As the daily Covid-19 cases reported become less than three lakh for the second straight day, domestic indices advanced over 1 percent today(18th May 2021). Automobile and consumer discretionary stocks caught investors' fancy as they hoped that restrictions/curbs would ease once cases decline further. Supporting the sentiment were news flows around the vaccination front that more and more pharma companies are tying up for vaccine manufacturing. Visibility on economic recovery has largely continued even during the lockdown and now, with restrictions likely to ease, consumer demand is expected to make a come-back, believe analysts. Given this, the benchmark S&P BSE Sensex soared 613 points, or 1.24 percent, to end the day at 50,193 levels. On the NSE, the Nifty50 index reclaimed the 15,000-mark for the first time since March 12 on a closing basis, and shut shop at 15,108 levels, up 185 points or 1.24 percent. Read more

Second wave of Covid-19 will delay earnings recovery of India Inc: Moody's

Second wave of Covid-19 will delay earnings recovery of India Inc: Moody's
Monday, May 17, 2021
The massive second wave of coronavirus seen in India will delay earnings recovery for Indian companies, rating agency Moody's said today(17th May 2021). "The sharp rise in infections will disrupt earnings, recovery recorded by companies over the past six months," it said while adding that prolonged and wider lockdown will have a more severe effect on earnings recovery. However, the rating agency sees a limited impact of second-wave lockdowns on economic activity so far. Moody's further said restrictions on movement and lockdowns in several parts of the country will lead to weaker consumer sentiment and will hit housing and automobile sales. It said the slowdown in the construction sector will make a dent in cement demand in India and also sees transportation-fuel demand to take a hit temporarily. Read more

Markets will digest dent on June quarter earnings as one-time hit: Analysts

Markets will digest dent on June quarter earnings as one-time hit: Analysts
Friday, May 14, 2021
The present Covid-19 pandemic situation across key economic hubs will dent corporate earnings in the June 2021 quarter (Q1FY22), but the markets will take this in their stride and digest them as a one-time hit look forward to growth as the economy normalises after this wave, believe analysts. They expect the second wave in India to peak by June. Economic normalisation, is likely by August – September 2021 according to them. Economic pain, most analysts believe, will be restricted to the second quarter of this fiscal (Q2FY22) as the stringency of the lockdown measures is relatively low as compared to the first wave in 2020. Yet, leading brokerages and rating agencies, including Moody’s, Nomura, Crisil, QuantEco Research, and CARE Ratings, have cut India’s GDP growth estimates for FY22. Read more

Dr Reddy’s Laboratories launched COVID vaccine Sputnik V in the Indian market

Dr Reddy’s Laboratories launched COVID vaccine Sputnik V in the Indian market
Friday, May 14, 2021
Russia’s Covid-19 vaccine Sputnik V launched in India on Friday, with the first dose being administered in Hyderabad. The price of the imported vaccine is priced at a maximum retail price of Rs 948, with 5 percent GST per dose, amounting to Rs 995.4 per dose. Dr. Reddy's Laboratories (DRL), the Indian distribution partner for the vaccine, said that the first consignment of the imported doses landed in India on May 1 and received regulatory clearance from the Central Drugs Laboratory, Kasauli, on May 13. Dr Reddy's on May 14 said it plans to vaccinate 125 million people in the next 8-12 months with the Sputnik vaccine. About 15-20 percent of the initial supplies would be imported from Russia."With the rising cases in India, vaccination is the most effective tool in our battle against COVID-19. Contributing to the vaccination drive in India is our biggest priority right now to help Indians be healthy and safe," said G V Prasad, co-chairman and Managing Director of DRL. Read more

Indian stock market’s passive reaction to new Covid-19 situation is not a mystery

Indian stock market’s passive reaction to new Covid-19 situation is not a mystery
Wednesday, May 12, 2021
The stock market’s passive reaction to the harrowing reality on the ground caused by a destructive wave of Covid-19 is a mystery for many. Last year in the US people was dismayed by the stocks rally amid the US Fed’s unprecedented intervention, even as the healthcare infrastructure collapsed in the city after city. This year in India in a similar way the participants and non-participants are equally baffled by the resilience shown by the market even in the face of rising infections, deaths, and localized lockdowns. It goes back to the old adage in the investing world: investors hate uncertainty; they hate fogginess when they look into the future, even though their track record in predicting it accurately is about as good as a flipped coin. Read more

Markets in a vulnerable zone: Analysts

Markets in a vulnerable zone: Analysts
Tuesday, May 11, 2021
The equity market in India is in a ‘vulnerable zone’ and is likely to remain very volatile, impacted by the sharp rise in Covid cases since the past few weeks that have seen many state governments impose lockdowns and mobility restrictions to check the rampant spread, said analysts. They, however, have ruled out a deep correction for now. From a medium-to-long term perspective, however, most analysts remain bullish about the markets but do caution against the possible earnings downgrades given the sporadic lockdowns and expensive valuation. While lockdowns can weigh on growth expectations in the near term, acceleration of vaccine drives and the overall direction of active cases will still act as the key catalyst for the market. Read more

SBI Life stock to outperform peers over the next one-two years:Analysts

SBI Life stock to outperform peers over the next one-two years:Analysts
Monday, May 10, 2021
As the second wave of the Covid-19 pandemic gripped India, it resulted in an increased demand for insurance products. The institutional players on the Street saw it as an opportunity and lapped up shares of the largest private player - SBI Life Insurance Company. Moreover, an impressive March quarter show made them even more gung-ho on the prospects of the firm. The stock has rewarded handsomely with a rise of 11 percent from March-end, outperforming the benchmark Sensex which has gained 3 percent in the same period, show data available on ACE Equity. The growth prospects for the industry remain robust, underscored by the latest data. In April, the insurance industry posted Annual Premium Equivalent (APE) growth - a measure of new business sales growth in the insurance industry growth - of 70 percent YoY, coming off a low base with private insurers growing 80 percent and LIC at 57 percent. Read more

RBI relief will only postpone financial stress from India's Covid surge: Fitch

RBI relief will only postpone financial stress from India's Covid surge: Fitch
Monday, May 10, 2021
According to the rating agency Fitch.RBI's Covid-19 relief package will provide some relief to financial institutions (FIs) in the next 12-24 months. However, it will largely be at the expense of postponing the recognition and resolution of underlying asset-quality problems. There are growing indications that India’s latest wave of Covid-19 infections will add to risks among financial institutions (FIs) by sapping near-term momentum from the economic recovery, Fitch Ratings said in a statement. “We expect the shock to economic activity from the latest wave of the pandemic in India to be less severe than in 2020, even though caseloads and fatalities are much higher. The authorities are implementing lockdowns more narrowly, and companies and individuals have adjusted behaviour in ways that cushion the effects," it added. Read more

Banks want RBI to relax NPA norms for MSME sector underlockdown stress

Banks want RBI to relax NPA norms for MSME sector underlockdown stress
Friday, May 7, 2021
Commercial banks have requested the RBI to relax norms on the classification for non-performing loans for micro, medium, and small enterprises (MSMEs) in view of the stress the sector is facing due to lockdowns imposed by different state governments following the second Covid-19 wave. Sources said a request was made to the banking regulator to extend the non-performing asset classification norms for MSME borrowers to 180 days from 90 days now. A sub-standard loan is the first category of NPA. Bankers said the MSME sector was already reeling under pressure and now the second wave will make things extremely difficult for the sector. Read more

Why isn’t India’s stock market falling more?

Why isn’t India’s stock market falling more?
Thursday, May 6, 2021
What are the reasons for India’s stock market not falling much in spite of the most pervasive second wave of Covid-19 pandemic considering the risky asset class in a country struggling with its most horrific calamity. New daily Covid-19 infections have remained above 300,000 for two weeks now, the worst caseload the world has seen. The death rate is 3,700-plus. Fear of the virus is pervasive. Even the rich and the powerful are finding it hard to arrange a hospital bed or track down an oxygen cylinder. But in all this, the benchmark Nifty 50 Index is down ever so slightly, clocking a less than 5% decline since mid-February. At 32 times earnings, almost double the valuations in China, the Indian market is super-expensive. The logic for those prices runs like this: Unlike last year, there’s no national lockdown. And there may not be one if the peak of the surge is just a week or two away, as some epidemiological models indicate. Read more

RBI announces relief measures to cushion NPA blow from second Covid wave

RBI announces relief measures to cushion NPA blow from second Covid wave
Wednesday, May 5, 2021
The announcement of Reserve Bank of India(RBI) a fresh round of restructuring of loans for individual and small borrowers for up to two years is a start of a possible long-drawn battle, say analysts who hailed the timely action by the central bank but fell short of giving a verdict on the impact on the sector. The possible impact on the banking sector of the announcements is difficult to be assessed at the moment as the Covid-19 situation remains precarious, they say. “The RBI has done something, to begin with, which addresses the concerns of, both, the lenders and the borrowers because of the uncertainty due to the rising cases and subsequent lockdowns,” says an expert. He also adds that to pre-empt the situation and comment on the impact is extremely difficult right now because we don’t know how long the local lockdowns will stay or whether the vaccination drive will pick up sooner than expected to improve the economic situation.

Indian government is unlikely to impose a nationwide lockdown

Indian government is unlikely to impose a nationwide lockdown
Monday, May 3, 2021
The Indian government is unlikely to impose a nationwide lockdown, though states and UTs have been advised to take stringent measures and implement “customised lockdowns” to break the chain of transmission and curb the spread of COVID-19 infection, official sources said. The Supreme Court today directed the central and state governments to consider enforcing a ban on mass gatherings and super spreader events as well as consider imposing a lockdown. "We would seriously urge the central and state governments to consider imposing a ban on mass gatherings and super spreader events. They may also consider imposing a lockdown to curb the virus in the second wave in the interest of public welfare," the Supreme Court said. Read more

India's coronavirus crisis may derail the world economy

India's coronavirus crisis may derail the world economy
Saturday, May 1, 2021
The second wave of the COVID-19 pandemic has struck India with a devastating impact. With over 300,000 new cases and 3,000 deaths across the country each day at present, the total number of deaths has just passed the 200,000 mark – that’s about one in 16 of all COVID deaths across the world. There is now a humanitarian crisis of significant proportions. India is a country of 1.4 billion people and makes up a sixth of the world’s population. Hence it is also most likely going to affect the world economy. India is itself the fifth largest economy in the world. With relatively high growth rates (of between 4% and 8%) and its large size, it has a significant impact on the world economy. Read more

Sensex ends 984 points lower, halts 4-day rally-investors' wealth came down by Rs 2.02 lakh

Sensex ends 984 points lower, halts 4-day rally-investors' wealth came down by Rs 2.02 lakh
Friday, April 30, 2021
Indian benchmark indices put an end to a four-day winning run today(30th April 2021) as a worsening pandemic and shortage of vaccines in the country spooked Dalal Street bulls. Investors dumped whatever was in their hands on fears that a recovery could now be delayed. In the freefall, investors' wealth came down by Rs 2.02 lakh crore as the total market capitalisation of BSE-listed companies plunged to Rs 207.01 lakh crore. For Dalal Street investors bears came roaring amid weakness in Asian markets and an unabated rise in Covid-19 cases along with hiccups in vaccination drive back home. Profit booking too weighed on markets following four straight sessions of gains that led to a 4 percent rally in the benchmark indices this week. Read more

Sensex zooms 790 pts; banks rally: Investors look beyond Covid cases' surge

Sensex zooms 790 pts; banks rally: Investors look beyond Covid cases' surge
Wednesday, April 28, 2021
Expectations that Covid-19 cases could soon peak in the country boosted investor confidence on Dalal Street today(28th April 2021). Besides, healthy buying in the financial counters ahead of the monthly expiry of the F&O contracts of April due tomorrow further lifted benchmark indices 1.6 percent today. Today was the third consecutive day of gains at the bourses. Maharashtra’s stabilising Covid cases could be a precursor to India's curve flattening over one-two months, believes some experts. Meanwhile, CLSA opines that the surge in Covid cases in Maharashtra may taper in May as the state is in its fourth month of the second wave. This, it believes, will be positive for the markets. Read more

India’s double-digit growth forecast in risk

India’s double-digit growth forecast in risk
Monday, April 26, 2021
Fifteen days back, the International Monetary Fund upgraded India’s economic growth forecast to 12.5% -- the quickest rate among major economies. Now, as Covid-19 cases surge the most globally, that bullish view is looking increasingly in doubt. In Delhi, India’s political capital, the streets are mostly empty and the markets nearly deserted with almost all shops closed in response to curbs put in place by the local administration to fight the pandemic. The scene is not so different in Mumbai, the financial hub. Aimed at controlling the COVID-19 spike, the Karnataka government today announced "close down" across the state for 14 days from Tuesday(27th April 2021) night. High-frequency data are already pointing to a deepening contraction in retail activity in the week through April 18 relative to its pre-pandemic January 2020 level, said a Bloomberg Economist. That’s a key risk for an economy where consumption makes up some 60% of gross domestic product.

Karnataka Government announces Close down for 14 days from tomorrow 9 Pm

Karnataka Government announces Close down for 14 days from tomorrow 9 Pm
Monday, April 26, 2021
Karnataka Chief Minister BS Yediyurappa on April 26 announced "close down" across the state for 14 days from Tuesday night from 9 PM aimed at controlling the COVID-19 spike. All essential shops will be functioning from 6 am to 10 am, after which all shops will close. "Only construction, agriculture sectors, Medical sector and manufacturing sector except garments allowed. Public transport to remain shut", said Karnataka CM. The state cabinet also decided to provide COVID-19 vaccinations free of cost at government hospitals for those between 18-45 years of age. The health department will draw the guidelines required.

Zydus gets emergency nod for ‘Virafin’ for COVID-19 treatment

Zydus gets emergency nod for ‘Virafin’ for COVID-19 treatment
Friday, April 23, 2021
Zydus Cadila(Pharma company) today (23rd April 2021) received restricted Emergency use approval from India’s drug regulator for the use of Virafin, Pegylated Interferon alpha-2b (PegIFN) in treating moderate Covid-19 infection in adults. When administered early on during Covid, Virafin will help patients recover faster and avoid much of the complications, the company said in a statement. Virafin will be available on the prescription of a medical specialist for use in a hospital setup. “A single dose subcutaneous regimen of the antiviral Virafin will make the treatment more convenient for the patients,” the company said. In its Phase III clinical trials, the therapy had shown better clinical improvement in the patients suffering from Covid-19. "The drug ensures faster viral clearance and has several add-on advantages compared to other anti-viral agents”.

Indian Industrial gas maker shares jump amid shortage of life-saving oxygen

Indian Industrial gas maker shares jump amid shortage of life-saving oxygen
Friday, April 23, 2021
India recorded 314,835 new infections yesterday (22nd April 2021), the world’s biggest one-day jump, and taking its case count to almost 16 million, the second-most globally. Supplies of medical oxygen, essential in many cases to treat seriously ill patients, have been depleted as hospitals around India have been overwhelmed by Covid-19 cases. An acute shortage of medical oxygen in India, amid a deadly wave of coronavirus infections, has triggered a surge in stocks seen linked to industrial gases. Oxygen manufacturer Linde India Ltd. has gained more than 90% so far this year, while National Oxygen Ltd. has advanced 59%.

MARKET UPDATE:Sensex down 250 points at 47,462 levels and Nifty hovering around 14,250 levels

MARKET UPDATE:Sensex down 250 points at 47,462 levels and Nifty hovering around 14,250 levels
Thursday, April 22, 2021
Indian equity markets opened gap-down today (22nd April 2021) as a record single-day spike of over three lakh Covid-19 cases kept investor sentiment at bay. However, buying at lower levels in IT and metal counters helped indices stage mild recovery. The benchmark S&P BSE Sensex was quoting at 47,462levels, down 250 points or 0.5 percent. On the NSE, the Nifty50 was hovering around 14,250 levels, down 56 points. Ultratech Cement, Shree Cement, IndusInd Bank, Axis Bank, Hero MotoCorp, and NTPC, down up to 3.5 percent, were leading the list of losers on the Nifty while Bajaj Auto, Dr. Reddy's Labs, Wipro, BPCL, and Tata Steel outperformed the market and gained between 1.5 percent and 3.5 percent. In the broader markets, the S&P BSE MidCap index slipped 0.13 percent while the S&P BSE SmallCap index gained 0.3 percent. Read more

Covid second wave may not dent FY22 earnings: Analysts

Covid second wave may not dent FY22 earnings: Analysts
Tuesday, April 20, 2021
Despite the sharp rise in Covid cases and the ensuing lockdown imposed in some important cities across India that can dent the economic momentum, analysts remain optimistic on the earnings trajectory of India Inc and have not yet downgraded / cut projections for fiscal 2021-22 (FY22). “Corporate earnings are yet to come back to their pre-Covid levels in realistic terms even though they may look optically higher due to the low base effect of the last year. Despite the recent lockdown measures, the companies engaged in essential services continue to run. The curbs can, at best, slow the earnings growth for a couple of months. I do not see any major impact on FY22 numbers at an aggregate level as of now,” say experts. Read more

New double mutation variant is fueling India’s deadlier new wave of COVID-19 cases

New double mutation variant is fueling India’s deadlier new wave of COVID-19 cases
Monday, April 19, 2021
The public health experts worry that a new -- possibly more virulent -- coronavirus variant could be racing through the Indian population. The new variant, which has a so-called double mutation, is thought to be fueling India’s deadlier new wave of cases that have made it the world’s second worst-hit country, surpassing Brazil again, and has already begun to overwhelm its hospitals and crematoriums. India has reported more than 14.5 million Covid cases so far and more than 175,600 fatalities. R“This is a variant of interest we are following,” Maria Van Kerkhove, the World Health Organization’s technical lead officer on Covid, told reporters Friday. “Having two of these mutations, which have been seen in other variants around the world, are concerning,” she said, adding that there was a similarity with mutations that increase transmission as well as reduce neutralization, possibly stunting the ability of vaccines to curb them. Read more

Manic Monday! Major factors for the stock market crash today

Manic Monday! Major factors for the stock market crash today
Monday, April 19, 2021
The Indian benchmark indices nosedived in today's(19th April 2021) session mainly due to a strong second wave of Covid-19 in the country, leaving the market bulls battered. An across-the-board selling resulted in a 1,469-point crash on the BSE barometer Sensex in intra-day trade. The index, however, recouped some losses and ended 883 points lower at 47,949 with HDFC twins, Reliance Industries, and select banking counters among the worst drags. Barring shares of Dr. Reddy's Labs and Infosys, all constituents of the 30-pack index traded in the red. Meanwhile, its NSE counterpart Nifty after shedding as much as 425 points ended with a 258-point cut at 14,359. High volatility marked today's session with India VIX settling 10.20 percent higher at 22.48. The sell-off was equally bad in the broader markets as mid-cap and small-cap indices lost 2.1 - 2.4 percent lower. Except for Nifty pharma, all indices on NSE traded in the red. Read more

Johnson & Johnson set to begin its trial of single-dose vaccine in India

Johnson & Johnson set to begin its trial of single-dose vaccine in India
Friday, April 9, 2021
Johnson & Johnson is in talks with India's government to begin a clinical trial of its single-dose COVID-19 vaccine in the country, the company said on Friday. India is looking to ramp up its vaccine doses amidst high demand due to the second surge of coronavirus in the country, with several states saying they are running out of supplies. Top government sources told The Indian Express that J&J will soon conduct the trials, which could pave the way for its vaccine to be marketed in India. “Johnson & Johnson has sent a letter to the CDSCO (Central Drugs Standard Control Organisation) that they will very shortly apply for permission to conduct clinical bridging trials in India,” the sources said. A bridging study tests the safety and immunogenicity of a vaccine, and India has indicated that any vaccine maker must conduct such a trial for a shot to be considered for its immunisation programme.

Panacea Biotec surges 20% as company to make 100 mn Sputnik V doses yearly

Panacea Biotec surges 20% as company to make 100 mn Sputnik V doses yearly
Tuesday, April 6, 2021
Shares of Panacea Biotec were locked in the upper circuit of 20 per cent at Rs 220.85 on the BSE in Tuesday's session after the company and the Russian Direct Investment Fund (RDIF) agreed to produce 100 million doses of Sputnik V vaccine in India per year.Production of Sputnik V at Panacea Biotec sites will help facilitate the global supply of Sputnik V to international partners of RDIF, a joint statement said.Panacea Biotec will produce Sputnik V in its internationally accredited facilities complying to strict GMP standards and prequalified by the World Health Organization (WHO), he added. Efficacy of Sputnik V is 91.6 per cent as confirmed by the data published in the Lancet, one of the world's oldest and most respected medical journals," the release said.

Sensex leaps in spite of the continued threat of increasing Covid-19 cases

Sensex leaps in spite of the continued threat of increasing Covid-19 cases
Tuesday, March 30, 2021
Buying in consumer-focused and energy stocks today(30th March 2021) lifted benchmark indices in spite of the continued threat of increasing Covid-19 cases and rising bond yields put pressure on investors. Indian markets also appear to be unscathed from a hedge fund blowup in the US. A sharp decline in FII selling coupled with large buying by DIIs can support the market and even take it higher, said an analyst. The major factors for the rally in the markets are: 1. Fed remains dovish: The Federal Reserve is "a long way from raising interest rates at this point", Governor Christopher Waller said on Monday, reinforcing hopes that the central bank is ready to remain dovish as long as virus woes linger. 2. Factory activity in China: China's factory activity was expected to have grown at a faster pace in March, a Reuters poll showed. Read more

Are Indian markets among worst performers globally?

Are Indian markets among worst performers globally?
Thursday, March 25, 2021
The S&P BSE Sensex and the Nifty 50 have been among the worst-performing major frontline indices across the globe. if analysts and technical chartists are to be believed, there is still more pain left before the Indian markets start to look up again. The recent surge in Covid cases across the country, elevated commodity prices, and higher bond yields have punctured the market sentiment. From its 52-week high of 52,516.76 hits in intra-day deals on February 16, the S&P BSE Sensex has slipped over 3,000 points, or 6 percent till now. Only the ones in Turkey, Sri Lanka, the Philippines, and Hong Kong have fared worse during this period, data show. At the global level, the positive news of the $1.9 trillion fiscal stimuli in the US and the good progress of the vaccine campaign got overshadowed by the adverse effects of a rebound in the US dollar and rising US bond yields. Read more

From April 1st , people above 45 years can get vaccinated

From April 1st , people above 45 years can get vaccinated
Tuesday, March 23, 2021
The government on Tuesday allowed people above 45 years to get vaccinated against coronavirus from April 1."It has been decided that from April 1, the (COVID-19) vaccine will open for everybody above 45 years of age. We request that all those eligible should immediately register and get vaccinated," Javadekar said. Until now, apart from those aged above 60, only those with co-morbidities and aged above 45 can get vaccinated. Javadekar, while briefing the press following the Union Cabinet meeting, added that scientists have found that the second dose of the Covishield vaccine can be taken up to eight weeks after the first dose, as opposed to the initial recommendation of up to six weeks.

Investments amid Covid-19 second wave in India

Investments amid Covid-19 second wave in India
Friday, March 19, 2021
India is going to complete one year of Covid-19 lockdown on March 24, 2020. But, even before that India is seeing Covid-19 related restrictions including night curfews across various states, and mandatory institutional quarantine after inter-state travels back in place. In a recent turn of events, the Bombay Municipal Corporation (BMC) on Friday ordered mandatory negative (COVID) test reports for mall visitors in Mumbai. Amid this, sustainable recovery in stocks related to malls, multiplexes, quick restaurant services (QSR), and aviation is still some time away, say analysts, who believe that investors will be better off if they avoid these stocks till the Covid-19 situation improves. There are more lucrative options in the markets than these counters, they said. Read more

Sensex has sunk over 2,300 points in five sessions

Sensex has sunk over 2,300 points in five sessions
Thursday, March 18, 2021
Sensex tanked close to 800 points today after initially starting the day in the green. Sensex has now sunk over 2,300 points in five sessions and is inching closer towards its first technical correction since the crash of last March caused by the COVID-19 pandemic. To back its determination to keep monetary policy accommodative, the US Fed also hiked the limit for overnight reverse repo auction exposure to $80 billion from $30 billion earlier to assuage the mayhem in the US Treasury bond market. Yet the market does not seem convinced. The major factors driving the skittishness in the Indian equity market are: Read more

Maharashtra, TN, Punjab, MP, Delhi, Gujarat and Karnataka - displaying an upward trajectory in the number of fresh Covid-19 cases

Maharashtra, TN, Punjab, MP, Delhi, Gujarat and Karnataka - displaying an upward trajectory in the number of fresh Covid-19 cases
Friday, March 12, 2021
India reported 23,285 fresh Covid-19 cases yesterday pushing the overall tally to 11,308,846, according to Worldometer. The death toll from the deadly infection jumped to 158,326. The country continues to be second-most-affected globally and ranks 11th among worst-hit nations by active cases. The five most affected states are Maharashtra, Kerala, Karnataka, Andhra Pradesh, and Tamil Nadu. The total number of Covid-19 vaccine doses administered in the country crossed 26,164,000. Coronavirus cases rise unabated across the globe with 119,097,578 infected by the deadly virus. While 94,635,198 have recovered, 2,640,868 have died so far. The US remains the worst-hit country with 29,922,718, followed by India, Brazil, Russia, and the United Kingdom. However, in terms of the total number of active cases, the US tops the charts, followed by France, Brazil, UK, and Belgium.

Spike in Covid-19 cases takes toll on business recovery:NIBRI

Spike in Covid-19 cases takes toll on business recovery:NIBRI
Tuesday, March 9, 2021
Nomura Global Markets Research flagged that the sharp resurgence in pandemic cases in some states and the expected spike due to upcoming elections in five states may have a deeper effect if mobility gets affected. The Nomura India Business Resumption Index (NIBRI) fell to 95.2 for the week ended March 7 versus 98.5 in the week before as both the Apple driving index and the Google retail and recreation indices took a hit while power demand and labour participation rates fell as Covid cases rose. “However, in our view, this threatens near-term normality equilibrium, rather than triggering more serious economic damage,” the research firm said. Read more

India's GDP is within the striking distance of attaining positive growth: RBI bulletin

India's GDP is within the striking distance of attaining positive growth: RBI bulletin
Thursday, January 21, 2021
India's GDP is within the striking distance of attaining positive growth, the Reserve Bank said. The Indian government launched the world's biggest vaccination drive on January 16 to protect people from COVID-19. "What will 2021 look like? The shape of the recovery will be V-shaped after all and the 'V' stands for the vaccine," said an article on the 'state of the economy' in the RBI's January Bulletin. India has launched the biggest vaccination drive in the world, backed by its comparative advantage of having the largest vaccine manufacturing capacity in the world and a rich experience of mass inoculation drives against polio and measles. "If successful, it will tilt the balance of risks upwards," said the authors who among others include RBI Deputy Governor Michael Debabrata Patra. Read more

Will Pfizer-BioNTech shot neutralise mutating coronavirus?

Will Pfizer-BioNTech shot neutralise mutating coronavirus?
Wednesday, January 20, 2021
Pfizer Inc. and BioNTech SE built the case that their Covid-19 vaccine will protect against the new UK variant. Like previous work out of the University of Texas Medical Branch, the results published today(20th January 2021) showed that antibodies in the blood of people who had been vaccinated were able to neutralize a version of the mutant virus that was created in the lab. The study was published on preprint server BioRxiv prior to peer review. Unlike the earlier study, which focused on one crucial mutation, the new research tested all 10 mutations located on the virus’s spike protein, which helps it bind to cells in the host. Antibodies in the blood of 16 volunteers in a previous German trial of the vaccine were just as effective against the lab-created mutant strain as they were against the original virus. The result “makes it very unlikely that the U.K. variant viruses will escape” protection from the vaccine, wrote a BioNTech research team.

PVR plans to release films in theatres as virus eases

PVR plans to release films in theatres as virus eases
Tuesday, January 19, 2021
PVR Ltd. is now planning to release their movies in cinema halls rather than on streaming sites like those run by Netflix Inc. and Amazon.com Inc., now that the pandemic is easing in India. The country’s biggest cinema operator, which runs about 835 screens across 71 cities, is currently operating most theaters at half capacity due to Covid-related restrictions. However, it sees benefits in the “age-old strategy” of movies first coming to the big screen before being monetized on other platforms. A number of Indian films starring top actors such as Amitabh Bachchan, Akshay Kumar, and Vidya Balan opted for streaming platform release in 2020 as theaters were shuttered by shelter-at-home rules. PVR’s shares, which snapped eight years of gains to fall about 30% in 2020, have risen almost 14% this year. The stock has 20 buy calls, six holds, and four sales among analysts tracked by Bloomberg.

MARKET UPDATE:Sensex shot up 230 points to above the 48,000 levels for the first time ever and Nifty hovered around 14,100 zone

MARKET UPDATE:Sensex shot up 230 points to above the 48,000 levels for the first time ever and Nifty hovered around 14,100 zone
Monday, January 4, 2021
The markets in India made a firm start today(4th January 2021), recording their fresh new high, after the Indian drug regulator DGCI gave its approval to Covid vaccines produced by AstraZeneca and Bharat Biotech for emergency use in the country. Among the headline indices, the S&P BSE Sensex shot up 230 points and was trading above the level of 48,000 for the first time ever. The broader Nifty50 index also hovered around the 14,100 zones. ONGC, TCS, State Bank of India, Infosys, and IndusInd Bank (up 1% each) were the top Sensex gainers. On the other hand, Reliance Industries was trading with marginal cuts after Sebi imposed penalties on the conglomerate for alleged manipulative trading in the shares of erstwhile Reliance Petroleum, back in November 2007. Read more

Expectations from fixed income market in 2021: What experts say

Expectations from fixed income market in 2021: What experts say
Friday, January 1, 2021
The year 2021 will be marked with hopes for the early rollout of the Covid-19 vaccine, normalisation of economic activities, and a steady recovery in growth. India will see a slow cyclical recovery along with the gradual easing of inflation, though that may not be enough to sustain RBI’s accommodative policy stance. Interest rates will likely harden with no rate cuts and persistent fiscal pressure. Key risks for the government will be to steer through any financial sector stress, reviving the weak investment cycle, and any adverse issues with global liquidity. Two issues will shape India’s macro-economic situation in CY2021; easy money policies in developed markets and rollout/mass availability of Covid vaccines. Easier global monetary policies will aid risk-on flows, while vaccine rollouts Interest rates will likely harden with no rate cuts and persistent fiscal pressure. Read more

IndiGo recovering from Covid-19 induced aviation ‘carnage’, may rehire staff

IndiGo recovering from Covid-19 induced aviation ‘carnage’, may rehire staff
Wednesday, December 23, 2020
Shares of India’s biggest airline, Indigo gained more than 5 per cent today to Rs 1458, after Chief Executive Officer Ronojoy Dutta said it may start slowly rehiring staff in three months as capacity rebuilds from “the background of carnage” caused by Covid-19, with domestic services likely to return to pre-pandemic levels by January or February, Dutta said we are recovering pretty nicely, especially domestically and the recovery in international capacity will take longer due to quarantines and virus flareups in places such as the U.K., but the airline is hoping it will be back to normal levels by the end of 2021, according to Dutta. He also added “We are anxious to get back into the international game in a big way and we have lots of plans for rapid growth,” he said. IndiGo, has some 730 Airbus SE A320neo planes on order, laid off about 10% of its workforce due to the pandemic-driven slowdown. Read more

New Covid-19 strain effect:Sensex sinks 1,407 points

New Covid-19 strain effect:Sensex sinks 1,407 points
Monday, December 21, 2020
Investors on Dalal Street witnessed wealth erosion of over Rs 7 lakh crore today(21st December 2020) as market participants preferred to book profits, amid weak global cues and concerns over a new strain of the virus leading to fresh restrictions in European countries. The market capitalisation of BSE-listed firms tanked to Rs 178 lakh crore from Rs 185 lakh crore on Friday From the day's high, the Sensex index dropped 2,133 points and logged it's sharpest intra-day fall since April 2020. The Nifty index, on the other hand, lost 646 points from the day's high. Read more

India suspends flights from UK Amid Concern Over Virus Strain

India suspends flights from UK Amid Concern Over Virus Strain
Monday, December 21, 2020
The government of India has suspended all flights from and to the UK from Tuesday midnight till December 31, in view of the rising spread of a new Covid strain there. The announcement follows the discovery of a new strain of COVID-19 in the UK, leading to several nations restricting flight services to Britain. The statement came after Delhi Chief Minister Arvind Kejriwal urged the Centre to ban all flights from the UK "immediately" to contain the spread of the virus in the country. India joins a growing list of countries who have already announced restrictions on travel to the UK. These countries include Ireland, Germany, France, Italy, the Netherlands and Belgium.

UK approves Pfizer-BioNTech COVID-19 vaccine,First COVID-19 vaccine in the world

UK approves Pfizer-BioNTech COVID-19 vaccine,First COVID-19 vaccine in the world
Wednesday, December 2, 2020
Shares of Pfizer gained 5 per cent to Rs 5384.95 after the U.K.country approved a Covid-19 vaccine, with its regulator clearing Pfizer Inc. and BioNTech SE’s shot ahead of decisions in the U.S. and European Union. The UK became the first country to approve Covid-19 Vaccine and will be available in Britain from next week, according to a government statement. The British regulator, the Medicines and Healthcare products Regulatory Agency (MHRA), says the jab, which claims to offer up to 95 per cent protection against COVID-19 illness, is safe for rollout. The UK is expected to receive a total of 40 million doses by the end of 2021, enough to vaccinate up to a third of the population, with the majority of doses anticipated in the first half of next year. The vaccine will be manufactured in BioNTech’s German sites, as well as Pfizer’s manufacturing site in Belgium. Read more

Pfizer surges 19% as parent's Covid vaccine trial success

Pfizer surges 19% as parent's Covid vaccine trial success
Tuesday, November 10, 2020
Shares of Pfizer gained 20 per cent on Tuesday and touched a record high of Rs.5900 a piece after its parent company Pfizer Inc said that its Covid-19 vaccine was more than 90 per cent effective, based on initial trial results. Pfizer and German partner BioNTech said they had found no serious safety concerns yet and expected to seek US emergency use authorization this month, raising the chance of a regulatory decision as soon as December, an announcement that triggered hopes worldwide. The trial will continue through a final analysis at 164 confirmed cases. The trial has enrolled 43,538 participants to date, and of these, 38,955 had received a second dose as of November 8. If permission granted, the two companies estimate they can roll out up to 50 million doses this year, enough to protect 25 million people, and then produce up to 1.3 billion doses in 2021. This announcement has cheered the world market on hopes of Covid vaccine. Read more

India-made COVID-19 vaccine could be launched by February?

India-made COVID-19 vaccine could be launched by February?
Thursday, November 5, 2020
An Indian government-backed COVID-19 vaccine could be launched as early as February as last-stage trials begin this month and studies have so far shown it is safe and effective, according to sources. Bharat Biotech, a private company that is developing COVAXIN with the government-run Indian Council of Medical Research (ICMR), had earlier hoped to launch it only in the second quarter of next year. "The vaccine has shown good efficacy," senior ICMR scientist Rajni Kant, who is also a member of its COVID-19 task-force, said at the research body's New Delhi headquarters on 5th November 2020.. "It is expected that by the beginning of next year, February or March, something would be available." A launch in February would make COVAXIN the first India-made vaccine to be rolled out. Read more

Tata Motors Q2 result: Loss widens to Rs 314.5

Tata Motors Q2 result: Loss widens to Rs 314.5
Tuesday, October 27, 2020
The country's largest commercial vehicle maker Tata Motors on Tuesday reported a consolidated loss of Rs 314.5 crore for the quarter ended September 30. The CNBC-TV18 poll has estimated Rs 1,290 crore loss. The company had reported a loss of Rs 216.56 crore in the September quarter of 2019. The auto major’s total revenue from operations dropped by 18.19 per cent to Rs 53,530 crore, from 65,431.95 crores a year ago. The company’s finance costs increased by Rs 114 crore to Rs 1,950 crore in the quarter due to higher gross borrowings. The company said its revenue in the last six months had been impacted as the group’s manufacturing plants and offices had to be closed down for a considerable period of time due to the Covid-19 pandemic. The company is monitoring the situation closely taking into account directives from the governments. Read more

GOI sets aside $7 bn for COVID-19 vaccination

GOI sets aside $7 bn for COVID-19 vaccination
Thursday, October 22, 2020
Govt of India has set aside about 500 billion rupees ($7 billion) to vaccinate the world’s most populous nation after China against the coronavirus, according to some sources. The govt estimates an all-in cost of about $6-$7 per person in the nation of 1.3 billion, it is said. The money provisioned so far is for the current financial year ending March 31 and there will be no shortage of further funds for this purpose, they added. While a government-backed panel predicts that India is past the peak of infections and may contain the spread by February, the nation has taken a massive blow to economic growth and Modi has been reopening the economy. Starting this weekend, Indians will be celebrating several festivals that could lead to a sharp jump in daily virus infections. Pm Narendra Modi on Tuesday said his government will ensure all Indians have access to a Covid-19 vaccine as soon it is ready.

Bajaj Finance Q2 profit declines 36% YoY to Rs 965 crore

Bajaj Finance Q2 profit declines 36% YoY to Rs 965 crore
Wednesday, October 21, 2020
Shares of Bajaj Finance was down 0.89 per cent at Rs 3,233 on Wednesday after the Company posted huge 35.94 per cent year-on-year (YoY) drop in net profit at Rs 964.88 crore for the quarter ended September 30 as the lender almost tripled provisions for bad loans as the coronavirus pandemic impacted demand for credit and borrowers’ ability to repay. Analysts in an ET NOW had projected the figure at Rs 1,037 crore. The Company had reported Rs 1,506 crore in the same period last year. Loan losses and provisions for the second quarter ended September 30, 2020, was ₹1,700 crore as against ₹594 crores in Q2 FY20. Consolidated assets under management rose to ₹137,090 crores as compared to ₹135,533 crores in the year-ago period.Net interest income of the NBFC increased 4 per cent YoY to Rs 4,165 crore which was better than the CNBC-TV18 poll estimates of Rs 3,711.7 crore. Total operating expenses for Q2 FY21 was down by 16% to ₹1,160 crores from ₹1,384 crores. Read more

Covid-19 crisis:Unlock 5.0 has been set in motion in India

Covid-19 crisis:Unlock 5.0 has been set in motion in India
Thursday, October 1, 2020
In India unlock 5.0 has been set in motion from today(1st Oct.2020). The new set of guidelines aims to further open up economic activities. Last month the MHA allowed metro rails to resume, allowed functions and gatherings of up to 100 people, allowed bars and pubs to open and removed all interstate and intrastate movement restrictions. However, education institutions were told to remain closed, cinemas and entertainment parks were kept shut, and international travel too, except as permitted by the MHA, remained suspended. What are the major changes expected in unlock:5? Read more

Serum Institute to make 200 mn Covid vaccines in 2021

Serum Institute to make 200 mn Covid vaccines in 2021
Tuesday, September 29, 2020
India registered 70,589 new Covid-19 cases, taking the total caseload to 6,145,291. The death toll now stands at 96,351. The Union Health Ministry has launched a web portal that will provide all important information on coronavirus, vaccine development, ongoing clinical trials, and progress made in this area locally and globally. The "vaccine web portal" and the ''National Clinical Registry for Covid-19'' have been developed by ICMR. The Ministry of Health and Family Welfare yesterday (28th Sept.2020) said that the first vaccine in India will most likely be available by early 2021. The WHO and its leading partners have agreed to roll out 120 million rapid-diagnostic tests for the coronavirus to help lower- and middle-income countries make up ground in a testing gap with richer countries - even if it's not fully funded yet. Read more

COVID-19: India's active cases see net reduction

COVID-19: India's active cases see net reduction
Sunday, September 27, 2020
India reported a net reduction in its count of active coronavirus cases on Saturday,26th Sept.2020. In the seventh daily reduction in eight days, the country’s active cases came down by 9,147 to 960,969. A jump of 93,420 in the number of cured cases, meanwhile, pushed recoveries in the country to 4,849,584, or 82.14 percent all infections reported so far. While a single-day increase of 85,362 in total cases took India’s overall tally to 5,903,932, its death toll reached 93,379 with 1,089 fatalities being reported in 24 hours. The second-most-affected country by active and total cases, and third by a fatality, India has added 595,918 in the past seven days. following are the salient points of the coronavirus data released by the MoHFW on Saturday (September 26, 2020): Read more

Cold chain logistics required for Covid-19 vaccine distribution

Cold chain logistics required for Covid-19 vaccine distribution
Friday, September 11, 2020
As the vaccine for Covid-19 is getting ready putting together an efficient cold chain to deliver it to nook and corner of the country. From having community cold-chain networks to combining agricultural and medical cold chains wherever possible — many such ideas are abroad. A few hundred vaccine candidates are being developed globally, using different technology platforms. India, with 1.3 billion people, is the world’s largest vaccine maker. Some frontrunners are in advanced stages of trial and can hit the market early next year. Read more

Relief on NPAs extended after govt tells interest issue being looked into

Relief on NPAs extended after govt tells interest issue being looked into
Thursday, September 10, 2020
Today(10th Sept.2020)The Supreme Court of India extended its interim order that no account is to be declared NPA till further orders after the Centre said an expert panel has been set up to look into the issue of interest being charged by banks on instalments deferred during the moratorium period due to the COVID-19 pandemic. The top court was hearing a batch of pleas which have raised the issue of interest being charged on instalments which were deferred during the moratorium period due to the COVID-19 pandemic. The top court granted two weeks to the Centre and Reserve Bank of India (RBI) to file the affidavit and place before it the decisions taken in this regard. Read more

Maruti Suzuki posts Rs 249 crore loss for Q1

Maruti Suzuki posts Rs 249 crore loss for Q1
Wednesday, July 29, 2020
Maruti Suzuki on Wednesday reported a consolidated loss of Rs 249.4 crore for the June quarter of FY21 (Q1FY21) as compared to a profit of Rs 1,376.8 crore reported in the corresponding quarter last year due to operating loss and lower revenue following a steep decline in sales volumes during the lockdown. It was the first time since its listing in 2003 that the auto major reported a quarterly loss. Analysts had projected a net loss of Rs 340 crore for the company. Revenue from operations declined sharply by 79.2 per cent to Rs 4,106.5 crore compared to the year-ago period. The company sold a total of 76,599 vehicles during the quarter, sharply lower from 4,02,594 in the same quarter a year ago. Sales in the domestic market stood at 67,027 units, while exports were at 9,572 units. The stock was down at Rs 6,172.35, down 1.83 per cent on the BSE. Read more

Bajaj Finance Q1 Results:Profit falls 19% YoY to Rs 962 crore

Bajaj Finance Q1 Results:Profit falls 19% YoY to Rs 962 crore
Tuesday, July 21, 2020
NBFC major Pune based Bajaj Finance on July 21 reported a 19 per cent year-on-year (YoY) fall in consolidated net profit at Rs 962.32 crore for the quarter ended June 30. It had posted a net profit of Rs 1,195.25 crore in the corresponding quarter last year. The Pune-based company's net interest income rose 12% over the year-ago period to Rs 4,152 crore, against the Rs 3,637-crore forecast. Bajaj Finance made additional contingency provisions worth Rs 1,450 crore for Covid-19, taking the overall contingency provision to Rs 2,350 crore during the quarter. Consolidated revenue for the quarter came in at Rs 6,648.2 crore rising 14.5 per cent over Rs 5,805.5 crore in the corresponding period the previous year. Consolidated asset under management of the company increased 7 per cent YoY to Rs 1,38,055 crore during the quarter. Read more

Biocon Share gains 5 %, as Company to launch COVID-19 drug

Biocon Share gains 5 %, as Company to launch COVID-19 drug
Tuesday, July 14, 2020
Shares of Bengaluru-based Biocon gained almost 7 per cent intraday on July 14 after the company said it will launch biologic drug Itolizumab for the treatment of moderate to severe COVID-19 patients on the basis of its clinical trials done on 30 patients across four centres. The price band will be around Rs 8,000 per vial. Itolizumab is the first novel biologic therapy to be approved anywhere in the world for treating patients with moderate to severe Covid-19 complications and has been used since 2013 for the treatment of patients with moderate to severe chronic plaque psoriasis under the brand name Alzumab, the health ministry said. The company has received approval from the Drugs Controller General of India (DCGI) to market Itolizumab injection 25mg/5mL solution for emergency use in India for treating patients with cytokine storm.Itolizumab will be manufactured and formulated as an intravenous injection at Biocon’s bio-manufacturing facility at Biocon Park, Bengaluru.

Gold breached $1,800 barrier for the first time since 2011

Gold breached $1,800 barrier for the first time since 2011
Wednesday, July 8, 2020
Gold briefly breached $1,800 an ounce today(8th July 2020) for the first time since 2011 as mounting fears over the fast global spread of the coronavirus sent investors scurrying for safe havens. Spot gold had risen 0.3 percent to $1,799.22 per ounce by 0854 GMT, after hitting its highest since November 2011, at $1,800.18, earlier in the session. US gold futures rose 0.2 percent to $1,812.90 per ounce. European shares opened lower as soaring COVID-19 cases dented hopes of a swift economic recovery. Read more

Glenmark shares gains 40% after regulator's nod for COVID-19 drug

Glenmark shares gains 40% after regulator's nod for COVID-19 drug
Monday, June 22, 2020
Shares of Mumbai-based firm Glenmark Pharmaceuticals gained 40 per cent to Rs 572.7 in the intra-day trade on the BSE on Monday after the company on Saturday said it has launched antiviral drug Favipiravir, under the brand name FabiFlu, for the treatment of patients with mild to moderate Covid-19. Glenmark Pharmaceuticals has become the first Indian company to commercially launch an antiviral drug. The stock has surged over 172 per cent in the last three months, The price range of Favipiravir is at Rs 103 per tablet. The drug will be available as a 200 mg tablet at an MRP of Rs 3,500 for a strip of 34 tablets. It is a prescription-based medication, with the recommended dose being 1,800 mg twice daily on day 1, followed by 800 mg twice daily up to day 14. It offers rapid reduction in viral load within four days and provides faster symptomatic and radiological improvement. Favipiravir has shown clinical improvement of up to 88 per cent in mild to moderate Covid-19 cases. Read more

Tata Motors slips nearly 7% after reporting a weak number in March quarter

Tata Motors slips nearly 7% after reporting a weak number in March quarter
Tuesday, June 16, 2020
Shares of Tata Motors slipped nearly 7 per cent to Rs 92 on the BSE after posting a consolidated net loss of Rs 9,863.73 crore in the fourth quarter ended March 31 (Q4FY20). Analysts had projected a net loss of Rs 1,300 crore. The consolidated profit for the March quarter FY19 was at Rs 1,117.5 crore and Rs 1,738.3 crore in Q3 FY20. Revenue from operations dropped 27.7 per cent to Rs 62,492.96 crore during the quarter, as standalone business fell 48 per cent to Rs 9,733 crore during the quarter YoY. For the full financial year 2019-20, Tata Motors reported a consolidated net loss of Rs 11,975.23 crore and total revenue from operations stood at Rs 2,61,067.97 crore. Hit by pandemic, company’s flagship subsidiary, Jaguar Land Rover (JLR) suffered a loss of £501 million in the March quarter and £422 million for the full year on revenues of £5.4 billion and £23 billion, respectively.

Panacea Biotec surges 20% on COVID-19 vaccine collaboration with US-based Refana Inc

Panacea Biotec surges 20% on COVID-19 vaccine collaboration with US-based Refana Inc
Wednesday, June 10, 2020
Shares of Panacea Biotec gained 20 per cent upper circuit at Rs 203 on the BSE on Wednesday after the company said it would partner with US-based Refana Inc to make a potential vaccine for COVID-19. Under the partnership, Panacea Biotec will be responsible for product development and commercial manufacturing of an inactivated virus-based vaccine, the Indian firm said in an exchange filing. The collaboration aims to make more than 500 million doses of the vaccine candidate, with over 40 million doses expected to be available early next year. Both Panacea and Refana will undertake sales and distribution of the vaccine in their respective territories, it said. With today’s rally in the stock, the market capitalisation of Panacea Biotec stands at Rs 1,242.17 crore, according to BSE. The stock is trading close to its 52-week high level of Rs 210.60, touched on April 28, 2020. Around 860,000 shares changed hands and there were pending buy orders for 210,000 shares on the NSE and BSE.

PVR, Inox Leisure share prices plunge up to 11% after reporting Q4 loss

PVR, Inox Leisure share prices plunge up to 11% after reporting Q4 loss
Tuesday, June 9, 2020
Shares of entertainment exhibition companies PVR and Inox Leisure declined up to 11 per cent on the BSE on Tuesday after reporting weak earnings for the quarter ended March 2020 (Q4FY20), impacted by the outbreak of Covid-19 in the last month of the quarter.PVR share price slipped up to 8 per cent to touch the day’s low of Rs 1,064 apiece on BSE, while Inox Leisure share price fell 11 per cent to Rs 248 a piece in today’s session. PVR reported a consolidated net loss of Rs 74.61 crore for the fourth quarter ended March 31The company had posted a net profit of Rs 46.75 crore in the January-March quarter a year ago. Consolidated revenues were down 22 per cent YoY at Rs 662 crore as compared to Rs 846 crore during the corresponding period of last year.PVR expenses were at Rs 731.84 crore in the fourth as against Rs 771.27 crore a year ago. The board of directors of PVR has approved the fundraising of up to Rs 300 crore through a rights issue. Read more

Coronavirus UPDATE: Whether Covid entered India as early as in November?

Coronavirus UPDATE: Whether Covid entered India as early as in November?
Thursday, June 4, 2020
India has on 4th June recorded its biggest spike in the number of coronavirus cases, with 9,304 of them being reported in a single day, besides over 250 deaths. The total number of corona cases in the country stands at 216,919. The global tally of coronavirus cases are 6,568,644 and 387,959 people have died from the disease. Meanwhile, top scientists from leading research institutes in the country have estimated that the ancestor of the novel coronavirus strain from Wuhan was in circulation by December 11, 2019. The first confirmed Covid-19 case in India was registered on January 30 in Kerala, the most recent common ancestor (MRCA) of Indian strains with roots in China was in circulation as early as November 2019, reports TOI. Read more

VIP Industries may lose half its sales due to COVID Hit

VIP Industries may lose half its sales due to COVID Hit
Wednesday, June 3, 2020
Leading manufacturer of luggage and travel accessories VIP Industries yesterday (2nd June 2020) said it might take a 50 percent hit on its top line in FY21 due to a bleak demand environment for its products following the Covid-19 disruption. The Covid-19 pandemic has brought the travel & tourism industry to a grinding halt, denting VIP Industries’ March quarter sales by Rs 120 crore. The company reported a 28.4 percent YoY drop in consolidated net sales at Rs 311.30 crore against Rs 435 crore in the year-ago quarter. Profit for the quarter fell 72.2 percent to Rs 9.5 crore from Rs 26 crore in the year-ago quarter. Read more

Covid-19 vaccine development moving positively, says Biotech CEO

Covid-19 vaccine development moving positively, says Biotech CEO
Tuesday, June 2, 2020
The development of a vaccine for Covid-19 is moving in a positive direction and the next one month will be very crucial, said Krishna Mohan Ella, the chief executive officer at Bharat Biotech. The company has formed a collaborative framework with the University of Wisconsin, Indian Council of Medical Research (ICMR), and the Thomas Jefferson University of Philadelphia to develop a vaccine for Covid-19. Speaking to IANS, he said, "The vaccine development is moving in a positive direction. The next month is very crucial. I am a scientist and I believe in science."He expressed satisfaction on the progress of the research connected with the vaccine development so far, but insisted that "in science, things can change".

India Unlock 1.0 begins: Hotels, malls, places of worship to open from June 8

India Unlock 1.0 begins: Hotels, malls, places of worship to open from June 8
Sunday, May 31, 2020
The Centre on 30th May eased the lockdown curbs significantly while announcing ‘’unlock 1’’ with an “economic focus”. With this, the Centre has outlined a plan to reopen nearly all activities outside of containment zones starting Monday,1st June. Places of worship, hotels, restaurants and malls can resume business by June 8, it has said. Coinciding with this, some states have extended the lockdown for 15 to 30 days. For areas in containment zones, the Centre has extended the lockdown till June 30. It’s up to the local authorities to demarcate containment and buffer zones. With lockdown 4.0 ending today (31st May), the Centre has issued detailed guidelines for phased reopening of all prohibited activities. Amid state governments imposing restrictions on inter-state travel, the Centre has suggested that there will be unrestricted inter-state and intra-state movement of people and goods. Read more

Ten stocks that won Covid-19 war in Q4 itself

Ten stocks that won Covid-19 war in Q4 itself
Thursday, May 28, 2020
March quarter earnings have been marred largely by bottom line shrinkage. But 10 BSE500 companies have stood out by clocking 20-30 percent sales growth and up to four times profit expansion in a challenging quarter. Analysts say most of these firms could fare better than peers post Covid-19 crisis, both in terms of earnings growth and market share gains. Only those firms were considered whose quarterly sales exceeded Rs 500 crore. 1. Retailer Trent surprised Dalal Street by reporting a four-fold jump in March quarter profit at Rs 32.65 crore against Rs 8.13 crore in the same quarter a year ago. The company also showed a 20 percent jump in sales to Rs 842.93 crore from Rs 694.32 crore. Read more

Biocon gets on DCGI approval for use of CytoSorb to treat COVID-19 patients

Biocon gets on DCGI approval for use of CytoSorb to treat COVID-19 patients
Wednesday, May 27, 2020
Biocon has received approval from the Drugs Controller General of India (DCGI) for its blood purification device CytoSorb meant for Covid-19 patients. It is a device that reduces pro-inflammatory cytokines levels in confirmed Covid-19 patients admitted to the intensive care unit with confirmed or imminent respiratory failure. Biocon Biologics has been granted the license for emergency use of CytoSorb to treat Covid-19 patients who are 18 years of age or older. The license will be effective until control of the Covid-19 outbreak in the country."CytoSorb is an in-licensed unique device that reduces cytokine storm in critically ill patients and was introduced by Biocon in India in 2013. Since then many patients undergoing organ transplant and sepsis treatment have benefitted from it," said Kiran Mazumdar-Shaw, Executive Chairperson, Biocon. In April, the US Food and Drug Administration (FDA) granted emergency use authorization (EUA) of CytoSorb for use in patients with COVID-19 infection. Read more

We kept lessons of the 2008-13 period in mind when designing the Covid stimulus: FM Nirmala Sitharaman

We kept lessons of the 2008-13 period in mind when designing the Covid stimulus: FM Nirmala Sitharaman
Wednesday, May 20, 2020
Within days of announcing a series of measures to help businesses deal with the lockdown impact, Union Finance Minister Nirmala The government kept the lessons of the 2008-13 period in mind when designing its 20 lakh crore stimulus package, finance minister Nirmala Sitharaman told explaining why it had avoided spending recklessly to revive the economy. She was referring to the program implemented in the wake of the global financial crisis and its aftermath. Replying to a specific question on whether there would be a stimulus package 6.0, after five days of back-to-back announcements last week, the FM said, “As we go along, we will see. We cannot shut the doors.” Read more

Covid-19 vaccine shows promise in early trials:Moderna Inc.

Covid-19 vaccine shows promise in early trials:Moderna Inc.
Tuesday, May 19, 2020
Moderna Inc's experimental COVID-19 vaccine, the first to be tested in the United States, produced protective antibodies in a small group of healthy volunteers, according to very early data released by the biotech company on 18th May 2020. Overall, the study showed the vaccine was safe and all study participants produced antibodies against the virus. The news, issued in a release by the U.S. biotechnology company, lifted shares of Moderna by 20%. Moderna launched a $1.34 billion share offering at an offer price of $76 per share late Monday. The company had earlier said it plans to sell $1.25 billion in common stock to raise money for vaccine development and manufacturing.

corona test swab price brought down to one-tenth

corona test swab price brought down to one-tenth
Monday, May 18, 2020
As COVID-19 pandemic spread quickly, India faced twin challenges - short supply of testing swabs and those imported from China at a steep price of Rs 17 per stick were proving to be inferior. A solution was fixed in 10-days combining the expertise of Johnson & Johnson of manufacturing a similar product in earbuds, and Reliance Industries providing custom-made polyester staple fiber that resulted in the cost of swabs coming down to just Rs 1.7 per unit. While the earbuds typically use cotton and the stick is too small to take throat and nasal swabs, an extender was used to increase the length of the stem and the PSF from Reliance provided lab-approved material for testing. Read more

Biocon Q4 results: Profit down 42%

Biocon Q4 results: Profit down 42%
Friday, May 15, 2020
Shares of Biocon Limited dropped 9% to Rs 320 on the BSE on Friday after the biotechnology major's net profit declined 42.2 per cent year-on-year (YoY) to Rs 123 crore in the fourth quarter of FY20 (Q4FY20), down from Rs 214 crore at the end of the December quarter. Consolidated net profit for the fiscal year ended March this year stood at Rs 748 crore down from Rs 905 crore a year ago. Biocon’s consolidated revenue for the same period grew 6% to Rs 1,644 crore. The scrip was trading at a price of Rs 359 per share last Friday and it hit an intraday low of Rs 320 this Friday due to disappointing Q4 result. The firm's profit before tax (PBT) declined 28.2 per cent to Rs 204 crore during the quarter when compared with the corresponding quarter of the previous financial year. The Bengaluru-headquartered company said its biologics business has taken a beating due to one-time Covid-19 related impact during the quarter. Read more

Eastern states can leverage Covid lockdown into an opportunity

Eastern states can leverage Covid lockdown into an opportunity
Sunday, May 10, 2020
Every entrepreneurial decision is made on a cost-benefit analysis and there is always a point from where a business strategy that appeared impractical and risky begins to look appealing. The disruption caused by the coronavirus pandemic could be one such point, for the states like Orissa, Bihar, Jharkhand etc.provided these states that supply much of the migrant labour to industries in states like Tamil Nadu, Andhra Pradesh, and Karnataka have the foresight and political will to reform their industrial environment. It is evident from many accounts that many migrant workers who have fled to their home states will not return. Read more

India COVID-19 cases near 63,000; death toll at 2,109

India COVID-19 cases near 63,000; death toll at 2,109
Sunday, May 10, 2020
The death toll due to COVID-19 rose to 2,109 and the number of cases climbed to 62,939 in the country today (10th May 2020), registering an increase of 128 deaths and 3,277 cases in the last 24 hours, according to the Union Health Ministry. The number of active COVID-19 cases stood at 41,472, while 19,357 people have recovered and one patient has migrated, the ministry said. The total number of cases also include 111 foreign nationals. Of the 2,109 fatalities, Maharashtra tops the tally with 779 deaths. Gujarat comes second with 472 deaths, followed by Madhya Pradesh at 215, West Bengal at 171, Rajasthan at 106, Uttar Pradesh at 74, Delhi at 73, and Andhra Pradesh and Tamil Nadu at 44. The death toll is 31 in Punjab, 30 each in Karnataka and Telangana. Jammu and Kashmir and Haryana each have registered nine COVID-19 deaths, Bihar five and Kerala four. Read more

COVID-19: Google helps share credible health information

COVID-19: Google helps share credible health information
Wednesday, May 6, 2020
As Covid-19 affects all sections of the society, Google is focussed on the on-going crisis in the Asia Pacific on prioritising three things: contributing to the immediate health response, helping people learn and work from home, and supporting the small businesses most affected. The company said in a statement on 5th MAy 2020 that in India, it is helping female internet "saathis" (or trainers) share authoritative health advice with their networks in rural villages. "Our team in India has helped local governments share the location of night and food shelters on Google Maps," said Scott Beaumont President, Asia Pacific. Google started showing the locations of Covid-19 test centres on Google Maps, Search, and Assistant in Indonesia, before extending the feature to other countries around the world, including India, Korea, and the Philippines.

COVID-19-UPDATE: 3,900 new cases and 195 fatalities in last 24 hrs, highest increase in single day

COVID-19-UPDATE: 3,900 new cases and 195 fatalities in last 24 hrs, highest increase in single day
Wednesday, May 6, 2020
In India 3,900 new COVID-19 cases and 195 fatalities were reported in the last 24 hours, the biggest spike in a single day, the health ministry said on Tuesday and asserted that some states were not reporting cases in a timely manner, which is now being addressed. Addressing the daily briefing on the COVID-19 situation in the country, joint secretary at the health ministry Lav Agarwal said the total number of cases stand at 46,433 and the death toll at 1,568. The ministry said 1,020 COVID-19 patients recovered in the last 24 hours, taking the total number of those cured to 12,726, a recovery rate of 27.41 percent. Read more

COVID-19 pandemic effect:RIL announces pay cuts in its oil & gas division

COVID-19 pandemic effect:RIL announces pay cuts in its oil & gas division
Thursday, April 30, 2020
India’s most-valued company Reliance Industries(RIL) announced pay cuts for employees in its oil and gas division, an internal memo showed. “The COVID-19 pandemic has posed unprecedented challenges for India and the world. All societies, industries, and businesses are impacted and Reliance is no exception,” the memo read. The memo said Chairman Mukesh Ambani has agreed to forgo his entire compensation, while the board of directors, executive directors, EC members, and senior leaders will forgo 30-50 percent of their compensation. Employees in its hydrocarbons division with compensation of less than Rs 15 lakh per annum will not face any pay cut, while those above that will have a 10 percent reduction in their fixed pay. Also, the annual cash bonus and performance-linked incentives that are paid in the first quarter will be deferred. It was not immediately clear if the pay cuts are limited to the oil & gas division.

Glenmark zooms 9% as DCGI nod to conduct clinical trials for Favipiravir(COVID-19 drug)

Glenmark zooms 9% as DCGI nod to conduct clinical trials for Favipiravir(COVID-19 drug)
Thursday, April 30, 2020
Glenmark Pharmaceuticals shares rallied 9 percent to Rs 359 on the BSE today 30th April 2020) after the company announced that it has received approval from the regulator DCGI (Drug Controller General of India) to conduct clinical trials on Favipiravir Antiviral tablets for COVID-19 patients. The product is a generic version of Avigan of Fujifilm Toyama Chemical, Japan. Glenmark is the first pharmaceutical company in India to be given approval by the regulator to start the trial on COVID-19 patients in India, the company said in a press release. At 09:16 am, the stock was trading 6 percent higher at Rs 350 on the BSE, against a 2 percent rise in the S&P BSE Sensex. Around 740,000 shares have changed hands on the counter the BSE and NSE so far.

How much deadly is the COVID-19 virus

How much deadly is the COVID-19 virus
Wednesday, April 1, 2020
The sudden spike in coronavirus cases threatens to ruin every plan India has made. But there is a Silverline that the disease may not be as deadly as thought earlier. According to a study published in The Lancet Infectious Diseases journal a couple of days ago, the death rate for COVID-19 could be significantly lower than what was previously thought. The new study, done by British researchers, was carried out on people who caught the infection and got cured without showing severe symptoms or getting tested. It was based on findings from new comprehensive analyses of coronavirus cases in mainland China. The death rate caused by the virus — after taking into account both confirmed and unconfirmed cases — was 0.66%, the study found. The death rate from confirmed COVID-19 cases turned out to be 1.38%. Read more

Dealing with Covid-19 after the lockdown

Dealing with Covid-19 after the lockdown
Monday, March 30, 2020
The government needed to take "extraordinary" and "unprecedented" measures like a nationwide lockdown for three weeks to prevent the spread of the coronavirus, said Prime Minister Narendra Modi on 30th March (Monday). The government denied a community outbreak of the disease. “It took 12 days for cases to rise from 100 to 1,000 in our country, whereas seven other developed nations having lesser population than us have seen multiple increases,” said Lav Agarwal, joint secretary in the health ministry, at a press conference in Delhi. The government made the statements as India’s cumulative coronavirus infections have breached the 1,000 mark. The country is entering a crucial phase in this outbreak, with the number of daily cases also growing in triple digits for the last three days. Read more

Government panel lists essential drugs that can run out due to Covid-19 impact

Government panel lists essential drugs that can run out due to Covid-19 impact
Tuesday, March 3, 2020
A government committee has identified various essential drugs including key antibiotics such as amoxicillin, moxifloxacin, doxycycline and TB drug rifampicin that could run out as supplies of bulk raw materials from China have been disrupted because of Covid-19 outbreak. A high-level government committee, which submitted its report to the Department of Pharmaceuticals (DoP) last week, reviewed 54 drugs and said that out of these, 34 have no alternative.

Covid-19 impact: Indian companies stare at prospect of airlifting raw materials

Covid-19 impact: Indian companies stare at prospect of airlifting raw materials
Monday, March 2, 2020
The growing spread of COVID-19 and its impact on production in China have left Indian companies scrambling for options for getting the raw material. While airlifting raw materials from China is a measure that some firms are now considering, others are looking at neighboring countries such as Taiwan, Vietnam, and Thailand for their sourcing requirements. Categories where the pressure is felt the most include electronics, apparel, auto, and pharmaceuticals. Almost 70 percent of pharma raw material comes from China. And 18 percent of automobile components, 30 percent of tyres, and 45 percent of completely built units of consumer durables are imported from China.

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