Three more coronavirus deaths reported in India as states lock down. Three persons died of the coronavirus in Patna, Mumbai and Surat, news agencies reported as millions of Indians voluntarily undertook a 14-hour long curfew on Sunday to limit the fast-spreading epidemic in the country.
ANI reported that a 38-year-old man died of kidney failure at the state-run AIIMS in Patna after testing positive for the coronavirus. Dr Prabhat Kumar Singh told the news agency the man belonged to Munger in Bihar and had returned home from Kolkata two days ago. A 63-year-old patient of diabetes, high blood pressure and heart disease died Saturday night in Mumbai after testing positive for the coronavirus, said ANI, citing a statement by the city's Public Health Department. The third death was reported after a 67-year-old patient died in Surat, Gujarat. Coronavirus LIVE: India prepares for lockdown as death toll rises to 7.
Coronavirus impact: NSE allows brokers to move trading terminals home. In a bid to allow stockbrokers to work remotely, the National Stock Exchange (NSE) has allowed relocation of trading terminals to locations other than those authorised.
In a circular titled “operational business continuity measures Covid-19”, the exchange said in view of the coronavirus pandemic trading members will have the option of relocating their trading infrastructure subject to conditions. The exchange has asked broking houses to frame an internal policy to stating proper monitoring and controls to prevent unauthorised trading activity. Further, brokerages will have to provide details of users who will be permitted to operate from remote locations. The brokerages will be responsible to ensure that only approved users get access to terminals. “Before operation of terminals from the alternate locations, provide the list of the approved users, terminal details, segment, certificate details and the alternate location address to the exchange,” NSE said. India Inc rules out cut in jobs and salaries amid coronavirus outbreak. Several conglomerates promised on Friday they would not cut salaries of their staff and were not considering layoffs in the wake of the coronavirus pandemic, which threatens to push the global economy into recession, leaving millions out of work.
“I will cut my salary to zero before a single employee is laid off,” Rajiv Bajaj, managing director and chief executive officer of Bajaj Auto, said in a TV interview. The Aditya Birla group, the Vedanta group, and the Essar group also promised not to cut any jobs or salaries of their staff. 'Janata curfew, resolve, restraint': What Modi said in coronavirus speech. Prime Minister Narendra Modi on Thursday made a fervent appeal to all Indians to stay indoors as much as possible to avoid getting infected by coronavirus, saying the world has never seen a danger as grave as this.
A Covid-19 task force has also been set up under the finance minister to tackle the pandemic. He called for 'Janta curfew' on March 22 from 7 am-9 pm, saying no citizen, barring those in essential services, should get out of house. "Even World War I and II did not affect as many countries as coronavirus has done," Modi said in a national broadcast. Asking people to sacrifice "some weeks of yours, some time of yours", Modi said given that coronavirus has no cure yet, the only way to stay safe is to stay indoors. "I request all people in country to get out of house only when it is extremely necessary, try and do all work from home," he said. PM Modi's coronavirus plan: Janata curfew, economic task force.
Prime Minister Narendra Modi urged India’s 1.3 billion citizens to put themselves under self-curfew on Sunday to protect themselves from the coronavirus, hours after the government announced it was barring all international flights from landing in the country for a week starting March 22.
“We are a developing nation and for a country like us, this corona crisis is not an ordinary thing,” Modi said Thursday evening in an address to the nation, noting the pandemic had hit India’s economy. ALSO READ: Indians resolute against coronavirus: PM Modi's speech A task force called Covid-19 under the finance minister will study impact of the disease. Modi assured there will be no shortage of food, medicines, milk and other supplies, and appealed against panic buying. People older than 60-65 should stay at home and the healthcare system must not be burdened with "unnecessary demand". MARKET WRAP: Sensex recovers 1,574 pts from day's low to end at 28,288. Coronavirus LIVE: I want a few weeks from all citizens, says PM Modi. Rupee continues its slide: Nears 75 a dollar, forcing an RBI intervention. The Indian rupee touched almost 75 a dollar, a record low, in morning trade as equities witnessed a rout on Coronavirus fear.
At 10 40 a.m., the partially convertible currency was trading at 74.95 a dollar, from its previous close of 74.26 a dollar. The RBI let the rupee to depreciate, but intervened once it reached the 75 mark to bring it down below the level, currency dealers say. A thinly traded market is compounding problem for the rupee as any minor lumped up demand for dollar, or slight dollar sales by the RBI is changing the course of the exchange rate.
Rupee’s previous record low was 74.50 a dollar. “We are in uncharted territory now. Rupee’s loss is expected as the dollar index, which measures the greenback’s strength against major global currencies crossed 100 as funds sought safe haven investment in US treasury. Coronavirus has claimed nearly 9,000 lives so far globally, and infection in India is on the rise, official numbers reveal. DoT plea for AGR relief to telcos: SC irked, to decide after two weeks. A Supreme Court Bench, comprising Justices Arun Mishra and M R Shah, on Wednesday expressed its displeasure over the Department of Telecommunication’s (DoT’s) plea seeking to allow telecom operators to make a staggered payment of their adjusted gross revenue (AGR) dues.
The matter was deferred to be heard again after two weeks. "Self-assessment by DoT is sheer violation of our orders, sheer contempt," Justice Arun Mishra remarked, according to Live Law. "Who permitted self-assessment? L&T, KEC Int'l: Oil price crash, Covid-19 to hit capital goods companies. The double whammy of pandemic coronavirus (Covid-19) and crash in crude oil prices are expected to hurt businesses of capital good companies with international exposure such as Larsen & Toubro (L&T), KEC International, Thermax, and Engineers India, owing to demand destruction fears.
The sharp slide in crude oil prices of more than 40 per cent to $30/barrel is expected to impact overall orders/awarding from the Middle East and North Africa (MENA) region due to demand destruction fears amid excess supply, according to analysts at ICICI Securities. "The Middle East region contributes nearly 13 per cent to the order book and 14 per cent to consolidated revenues of L&T. KEC International has an exposure of nearly Rs 2,100 crore order book from MENA region, which is 9.5 per cent of order book and 10 per cent to revenue. MP Congress moves SC, seeks deferment of trust vote till by-polls. Madhya Pradesh Congress Party sought in the Supreme Court on Wednesday that the trust vote in the state assembly be deferred till by-polls for the vacant seats are concluded, saying "heavens are not going to fall" if its government led by Kamal Nath is allowed to remain in office till then.
A bench, comprising Justices D Y Chandrachud and Hemant Gupta, was hearing cross petitions filed by former Madhya Pradesh Chief Minister and senior BJP leader Shivraj Singh Chouhan and MP Congress on the ongoing political crisis in the state after 22 rebel MLAs of the ruling combine purportedly offered to resign. IndusInd Bank says it's 'well-capitalised, profitable' after market rumours. Private lender IndusInd Bank has said it is financially strong to quell market rumours about its health after YES Bank was put under moratorium on March 5.
"In the wake of the significantly higher level of market rumours and speculation around IndusInd Bank stock, we would like to reiterate that the Bank is financially strong, well-capitalised, profitable, and a growing entity with a strong governance," IndusInd said in a late night statement on Tuesday. The bank's stock ended nearly 9 per cent down at Rs 604.30 on the BSE on Tuesday. The lender said gross non-performing assets (NPAs) in December quarter 2019 stood at 2.18 per cent—the lowest among large private sector banks. US Fed to buy short-term corporate debt in emergency coronavirus move. The US Federal Reserve on Tuesday said it would relaunch financial crisis-era purchases of short-term corporate debt to thaw credit markets strained by an escalating public health emergency that has disrupted daily life for millions of Americans and threatens to push the economy into recession.
Under the Commercial Paper Funding Facility, first used in 2008, the central bank will buy short-term corporate debt directly from the companies that issue it. The Fed said the facility will provide a liquidity backstop to U.S. issuers of commercial paper through a special purpose vehicle that will purchase unsecured and asset-backed commercial paper directly from eligible companies.
Wall Street deepens historic slump amid virus spread; Dow, S&P fall 12% Wall Street suffered its biggest drop since 1987 on Monday, with the S&P 500 closing at its lowest level since December 2018, as investors fear the coronavirus pandemic is proving a tougher opponent than central banks, lawmakers or the White House are currently capable of battling. The S&P 500 tumbled 12%, its biggest drop since "Black Monday" three decades ago, despite the Federal Reserve's surprise move late Sunday to cut interest rates to near zero, its second emergency interest rate cut in less than two weeks and ahead of its scheduled policy meeting on Tuesday and Wednesday. That added to alarm about the rapid spread of the pandemic and how it has paralyzed parts of the global economy and squeezed company revenue. Stocks fell further late in the session as President Donald Trump urged Americans to halt most social activities for 15 days and not congregate in groups larger than 10 people, in a newly aggressive effort to reduce the spread of the coronavirus in the United States.
Coronavirus LIVE: New helpline number launched as cases rise to 114. YES Bank case: ED summons Subhash Chandra, Naresh Goyal for questioning. The ED has summoned top corporate honchos, including Essel Group promoter Subhash Chandra, Jet Airways founder Naresh Goyal and Indiabulls chairman Sameer Gehlaut, to appear before it for questioning this week in connection with its money laundering probe against Yes Bank promoter Rana Kapoor and others, officials said on Monday.
DHFL CMD Kapil Wadhawan, recently arrested by the Enforcement Directorate (ED) in another case and later released on bail, has also been called for questioning, apart from Reliance Group Chairman Anil Ambani who has been asked to depose on March 19 at the agency office at Ballard Estate in Mumbai, they said. These businessmen represent the top five firms that have either taken loans or dealt in similar transactions with the crisis-hit Yes Bank and these accounts were either in the red or were stressed, the officials said. These are allegations that require a thorough investigation, they added. India's coronavirus plan: EU and UK, passengers barred, schools may close. With the cases of the coronavirus swelling in the country, the government on Monday prohibited entry of passengers from EU countries, Turkey and the UK from March 18 till March 31. The Union health ministry also said four new coronavirus cases -- one each from Odisha, Jammu & Kashmir, Ladakh and Kerala, have been reported, taking the total number of cases to 114 on Monday.
These cases include 10 discharged, three cured and two deaths. The 'contact tracing activity' of these positive cases has led to identification of more than 5,200 contacts, who are kept under rigorous surveillance, health ministry officials said. WPI-based inflation eases to 2.26% in February against 3.1% in Jan. The monthly Wholesale Price Index-based inflation (WPI), stood at 2.26 per cent (provisional) for the month of February as compared with 3.1 per cent for the previous month (Jan 2020) and 2.93 per cent during the corresponding month of the previous year (Feb 2019). The food index-based inflation consisting of food articles and food product decreased from 10.12 per cent in January to 7.31 per cent in February.
The index for food articles group declined by 3.7 per cent for the previous month due to lower price of fruits & vegetables (14 per cent), tea (8 per cent), egg and maize (7 per cent each), condiments & spices and bajra (4 per cent each), gram and jowar (2 per cent each) and fish-inland, pork, ragi, wheat, urad and masur (1 per cent each). However, the price of beef and buffalo meat and fish-marine (5 per cent each), betel leaves (4 per cent), moong and poultry chicken (3 per cent each), mutton (2 per cent) and barley, rajma and arhar (1 per cent each) moved up. India quarantined: Govt suspends all tourist, medical visas till Apr 15. In an effort to contain the continued spread of the novel coronavirus, the government on Wednesday suspended all tourist and medical visas till April 15. The government asked Indians to avoid foreign travel, and said they could be quarantined for 14 days on their return. Engineering, MBA freshers increasingly applying for gig jobs: TeamLease.
Fresh engineering and MBA graduates are increasingly applying for gig jobs, including those of drivers and delivery boys, according to staffing firm TeamLease. The trend is across institutes and cities, as fresh graduates look at more lucrative salaries and flexible working hours, said Kaushik Banerjee, vice-president and business head for TeamLease and Freshersworld.com. “Earlier engineering graduates used to get anywhere between Rs 20,000 and Rs 30,000 per month on average. Depending upon the college, it can go up. Mayhem on D-Street wipes off investor wealth worth over Rs 8 trillion. Investor wealth worth over Rs 8 trillion was wiped off in early trade on Thursday as equity markets crashed amid global equity selloff after World Health Organization termed the coronavirus outbreak a pandemic. YES Bank crisis: Cabinet likely to take up revival plan on March 13. The Reserve Bank of India’s (RBI’s) revival plan for YES Bank will need the central government's approval, which may come in by Friday, according to a government official.
The draft ‘YES Bank Ltd Reconstruction Scheme, 2020’ will be put up for the approval of the Union Cabinet, chaired by Prime Minister Narendra Modi, when it meets on Friday, the official said. GST on mobile phones, textiles likely to be increased in Saturday meeting. Goods and services tax (GST) rates on mobile phones, footwear, textiles and fertiliser are likely to be raised on Saturday. India suspends tourist visas from March 13 to prevent coronavirus spread. Coronavirus: IndiGo waives cancellation, rescheduling charges till March 31. Budget carrier IndiGo on Saturday announced waiving of cancellation and rescheduling charges on flight bookings till March 31 due to the situation arising out of the coronavirus outbreak.
The cancellation fee has been waived off on existing and new domestic and international bookings made between March 12 and March 31, IndiGo said in a statement. Also, there will be no fee charged for date change for flights booked between March 12 to March 31, it said. The waiver, however, comes with a rider. Chidambaram calls SBI plan for YES Bank bizarre, lambasts BJP govt. Launching a scathing attack on the ruling BJP-led government, former Union Finance Minister and senior Congress leader P Chidambaram on Saturday described State Bank of India's rescue plan for YES Bank as "bizarre". Voda Idea pegs dues at Rs 21,533 cr, CEO meets govt for 'new beginning' Beleaguered Vodafone Idea Ltd on Friday put its total dues to the government following a Supreme Court order at Rs 21,533 crore -- less than half of what the Telecom Department has estimated, even as the Vodafone CEO indicated keenness to make a "new, good beginning" in India.
Vodafone Group CEO Nick Read met top ministers, including Finance Minister Nirmala Sitharaman and Telecom Minister Ravi Shankar Prasad, and informed them that UK telecom giant's India joint venture, Vodafone Idea Ltd is "exploring" options to make additional payment towards its outstanding statutory dues. Yes Bank 'won't fall off the cliff', SBI to rescue it with 49% stake. State-owned State Bank of India (SBI) will pick up a 49 per cent stake in troubled private lender YES Bank as part of a revival scheme framed by the Reserve Bank of India (RBI) on Friday. The draft scheme, titled “Yes Bank Ltd. Airfares to UK, US get cheaper by 30% amid coronavirus outbreak. Airfares to Europe and the US have dropped 20-30 per cent as companies cut travel and people hold off booking leisure trips, say experts. Teen sensation Shafali Verma roped in as brand ambassador by PepsiCo.
Black Friday, again: Here are three key reasons why market crashed today. ED files fresh money laundering case against Jet Airways, Naresh Goyal. Coronavirus: India Inc steps up act to contain crisis as tally reaches 29. Merger of 10 banks into 4 to come into effect from Apr 1, says Sitharaman. How badly may Covid-19 hurt India's trade? Could wipe out $348 mn, says UN. RBI may use unconventional tools to combat coronavirus impact: Report. Govt asks Airtel, Voda Idea, others to pay balance AGR dues without delay. Nifty earnings impact due to COVID-19 less than 5% for FY21: Nomura. Looking beyond the feral violence in Northeast Delhi: Riots, really? No need to refer petitions on abrogation of Article 370 to larger bench: SC. Feb unemployment rate hits 4-month high of 7.78% as slowdown persists: CMIE. MEA Jaishankar says 'real negotiations' still ahead in Afghanistan. Analysts expect RBI to cut rates on growth concerns, coronavirus scare.
Centre plans to promote 250 new farmer-producer bodies in FY 2020-21. Black Friday for markets: Sensex falls 1,448 points, Nifty drops 432 points. Steadiness in economy is good sign: Sitharaman as GDP growth stands at 4.7% GDP growth slows to nearly 7-year low of 4.7% in Q3 on weak manufacturing. Sugar exports picking up even as delays in release of subsidy loom. Coronavirus: FM takes stock of trade issues, sees no impact on prices. No reason to doubt govt will meet fiscal deficit targets: RBI Guv backs FM. What can India expect from Satya Nadella's visit as Donald Trump arrives. Coronavirus: FM takes stock of trade issues, sees no impact on prices. MARKET LIVE: Sensex down 300 pts, Nifty below 11,950; IndusInd Bank dips 5%
NSO's consumer spend report showing first fall in 40 yrs won't be released. AGR dues: Vodafone Idea on the brink as DoT may revoke bank guarantees. Narayana Murthy's son-in-law Rishi Sunak named new finance minister of UK. S&P affirms India's rating at 'BBB-', fiscal position remains precarious. Senior IAS officer Debasish Panda appointed new finance secretary.
Vodafone Idea reports consolidated loss of Rs 6,438.8 cr in Dec quarter. Shell, RIL win in English HC against govt in PMT oil, gas field dispute. Senior IAS officer Debasish Panda appointed new finance secretary. Mainak resigns as CARE Ratings chief after Sebi asks for his removal. Srinath Narasimhan to take over as Tata Trusts' CEO from April 1. Nasscom sees IT industry revenues growing at 7.7% in FY20 at $191 billion.
Economy showing signs of revival, green shoots visible: FM Sitharaman. Lower duties for agri goods on cards as US confirms Donald Trump visit. India is a developed economy and ineligible for GSP benefits: US. Omar Abdullah's sister moves SC challenging his detention under PSA. Bong Joon Ho's Parasite makes history, wins big at 92nd Academy Awards. Samsung plans big comeback with premium smartphones in India. Domestic passenger vehicle sales down 6.2% in Jan; car sales slide 8%: SIAM. Coronavirus impact: Experts see weakest quarter for global growth since GFC. Reliance-BP to auction more gas from KG-D6 offshore block this month.
Sebi plans for 'difficult to recover' tag for untraceable defaulters. Centre to release another Rs 35,000 cr GST compensation to states soon. FM Sitharaman pitches for rationalisation of GST rates once a year. TV exit polls predict AAP win in Delhi; BJP's Manoj Tiwari disagrees. Coronavirus conundrum: Naming virus becomes a task for WHO. FPIs trading in rupee bonds face anomaly in tax concessions at GIFT City. Hope Sri Lanka will fulfill Tamil people's aspirations: Modi to Rajapaksa. Byju's raises $200 mn from General Atlantic, current valuation at $8.2 bn. From riches to rags: Anil Ambani pleads poverty, says his net worth is zero. Govt to reintroduce FRDI Bill, no timeline yet: FM Nirmala Sitharaman. Delhi election LIVE: 42.20% voter turnout till now, sharp drop since 2015. China rejects reports of higher fatalities as coronavirus toll rises to 564. RBI Monetary policy: Loans likely to become cheaper by 30 basis points. India's auto industry has leapfrogged to BSVI in record time: Nitin Gadkari.
All 645 Indians evacuated from Wuhan test negative for coronavirus. WhatsApp Pay set for phased roll out in India; granted NPCI licence. Emami to sell cement business to Nirma group arm for Rs 5,500 crore. Current architecture of GST is my brainchild, says PM Narendra Modi. India should double credit growth to 15% for $5 trn economy by '25: Bankers. Vodafone Idea set to drop brand 'Idea' from postpaid services. I-T dept reverses stance on NCLAT's proposed demerger order of Reliance Jio. Bharti Airtel pitches for healthy telecom sector, Vodafone Idea's survival. Coronavirus: 15 students returned home from China via Thailand, says report.
Govt likely to introduce lottery system to boost GST compliance soon. Ball is now in your court: FM Sitharaman exhorts India Inc to invest more.