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THE HINDU DELHI FRIDAY, MARCH 27, 2020 BUSINESS 11 EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEE

market watch 26-03-2020 % CHANGE Crisil cuts growth estimate Sensex dddddddddddddddddddddddd29947 ddddddddddddddd4.94 Sensex climbs 5% on stimulus US Dollardddddddddddddddddddd 75.16 ddddddddddddddd1.03 Brent oil ddddddddddddddddddddd 27.52 ddddddddddddddd3.97 Cites pandemic, lowers FY21 outlook to 3.5% from 5.2% FM’s announcement of package calms investor jitters amid lockdown NIFTY 50 SPECIAL CORRESPONDENT The slump in risk to India’s economic out­ PRICE CHANGE Press Trust of India dressed to corporates or Mumbai <> look. The impact of social Mumbai growth will be Adani Ports...... 248.20...... -7.40 SMEs ‘are still missing’ in the Rating agency Crisil has cut distancing and decline in Asian Paints...... 1616.95...... 23.80 concentrated in Axis Bank ...... 341.40...... 14.60 Equity benchmarks surged package. “Perhaps this will the country’s GDP growth discretionary spending will the first half of the Bajaj Auto ...... 2106.85. .... 160.10 for the third straight session be followed by a monetary forecast for the next finan­ aggravate the downturn in Bajaj Finserv...... 5147.25. .... 316.95 on Thursday, logging their stimulus by RBI, along with cial year to 3.5% from 5.2% next fiscal the April­June quarter, and Bajaj Finance ...... 2793.70. .... 208.10 Dharmakirti Joshi Bharti Airtel ...... 470.70...... 41.60 best three­day gains in years, forbearance on loan projected earlier, due to the the sharp slowdown in key chief economist Crisil. BPCL...... 282.30...... 8.55 after the government’s repayments.” spread of COVID­19. trading­partner economies Britannia Ind ...... 2588.45. .... 137.05 much­awaited stimulus mea­ According to traders, vola­ “We have slashed our sional ramifications be­ will hit exports. Cipla ...... 386.15...... 9.70 Coal India ...... 123.25...... -1.25 sures for COVID­19 lock­ tility remained during the base­case gross domestic cause, and unlike the global Services, which account Dr Reddys Lab ...... 2948.55...... 26.55 down­hit segments lifted day as March derivatives product (GDP) growth fore­ financial crisis of 2008, it for 41% of total exports, have Eicher Motors...... 14757.95. .... 241.35

GAIL (India)...... 73.10...... -2.45 sentiment. contracts expired. cast for fiscal 2021 to 3.5% has not only slammed the been resilient so far, but a re­ Grasim Ind ...... 471.40...... 20.05 The BSE gauge Sensex from the 5.2% expected ear­ brakes on economic activity cession in the advanced eco­ HCL Tech...... 447.70...... -9.90 surged 1,410.99 points, or Rupee climbs lier. This assumes two and jeopardised financial nomies would dampen the HDFC ...... 1733.25...... 87.20

HDFC Bank...... 901.10...... 44.35 4.94 %, to settle at 29,946.77, Traders say market volatility remained during the day as The rupee appreciated 57 things: a normal monsoon, stability, but also brought prospects for IT­ITeS, tou­ Hero MotoCorp ...... 1801.90. .... 134.25 while the NSE barometer Nif­ March derivatives contracts expired. * PAUL NORONHA paise to 75.37 against the U.S. and the effect of the pan­ with it enormous human suf­ rism and bring down servic­ Hindalco ...... 94.55...... 0.00 ty shot up 323.60 points, or dollar in intraday trade. demic subsiding materially, fering not seen in decades. es’ exports growth. Hind Unilever ...... 2194.90. .... 106.75

ICICI Bank ...... 330.25...... 13.35 3.89%, to 8,641.45. HUL and HDFC — rising up to announced a slew of mea­ In positive news for In­ if not wearing out, in the “Since our last forecast of On inflation, Crisil said it IndusInd Bank ...... 435.90. .... 134.60 After the worst­ever crash 10%. sures worth ₹1.70 lakh crore dia’s fiscal health, crude oil April­June quarter,” said 5.2% GDP growth for fiscal may soften in FY21 for three Bharti Infratel ...... 156.50...... 9.00 on Monday, the Sensex has On the other hand, Maruti to help citizens survive the prices continued to trade be­ Dharmakirti Joshi, chief eco­ 2021, the scenario has wor­ reasons; one, the abnormal Infosys ...... 643.00...... 36.80

Indian OilCorp...... 78.00...... 0.15 recovered by 3,965.53 Suzuki, Tech Mahindra, Sun crisis. low $30 a barrel amid a steep nomist, Crisil. sened notably. S&P Global surge in food inflation in ITC ...... 156.40...... 9.05 points, or 15.26%, over the Pharma and Reliance Indus­ Paras Bothra, president of fall in demand due to CO­ has marked global growth 2019 has started to correct; JSW Steel...... 149.80...... -2.00 last three sessions. Likewise, tries closed with losses. Equity Research, Ashika VID­19­led lockdowns in ma­ Mild recovery in H2 down significantly, predict­ two, core inflation will re­ Kotak Bank ...... 1372.95...... 82.80

L&T...... 838.00...... 72.25 the NSE Nifty has regained The broader markets also Stock Broking, said domestic jor parts of the world. The “The slump in growth will ing a likely recession in the main moderate with slowing M&M ...... 285.50...... 7.65 1,031.20 points, or 13.55%, in gained momentum with the markets zoomed for the se­ international oil benchmark, be concentrated in the first U.S. and the Eurozone, and growth; and three, the sharp Maruti Suzuki ...... 4878.00. .. -127.95 three days. Nifty Midcap and Smallcap cond day on the trot, driven Brent crude futures fell half of the next fiscal, while lowering China’s growth to drop in crude prices will Nestle India Ltd...... 14919.65. .... 475.55

NTPC ...... 79.65...... -0.05 On the Sensex chart, In­ indices rising 3% each. by optimism on the $2 tril­ 2.15% to $26.80 per barrel. the second half should see a 2.9% from 4.8% with domi­ keep fuel inflation soft. ONGC ...... 64.75...... 3.20 dusInd Bank was the top In an effort to cushion the lion package to the U.S. eco­ Bourses in Shanghai, mild recovery,” he said. nant downside risks,” the “With base effect also PowerGrid Corp ...... 158.35...... 8.10 gainer, rallying up to 46%. economic blow of the 21­day nomy and also in anticipa­ Hong Kong, Tokyo and Seoul According to the rating rating agency said, adding kicking in, the second half of Reliance Ind ...... 1066.20...... -16.05

State Bank ...... 192.75...... 2.85 Other winners were Bharti lockdown in wake of the CO­ tion of an economic package ended significantly lower. agency, COVID­19 is now the the pandemic in India and next fiscal should see a per­ Shree Cement ...... 17554.05. .... 115.80 Airtel, L&T, Bajaj Finance, VID­19 pandemic, Finance for the Indian economy. Benchmarks in Europe were foremost risk for the world the consequent lockdown ceptible drop in inflation,” Sun Pharma ...... 338.30...... -9.35 Kotak Mahindra, Bajaj Auto, Minister Nirmala Sitharaman He said that measures ad­ also trading in the red. economy with multi­dimen­ for 21 days posed a material the rating agency said. Tata Motors ...... 70.80...... 0.55

Tata Steel ...... 284.45...... -2.35

TCS ...... 1790.95...... 40.65

Tech Mahindra ...... 515.20...... -11.50

Titan ...... 928.30...... 47.50 UltraTech Cement...... 3229.15...... 0.55 Centre, States splurge on Board okays Yes Bank UPL...... 312.55...... 19.75 Ensure smooth transfer of funds Vedanta ...... 65.80...... 1.60

Wipro ...... 182.60...... 7.95 Zee Entertainment ...... 128.75...... 3.25 COVID­19 advertisements to Jan Dhan accounts, banks told plan to raise ₹5,000 cr. EXCHANGE RATES Union Health Ministry tops the list To raise funds in one or more tranches Indicative direct rates in rupees a unit except yen at 4 p.m. on March 26 Replenish ATMs regularly to meet requirement: FinMin CURRENCY TT BUY TT SELL Mini Tejaswi try of Health and Family SPECIAL CORRESPONDENT Bengaluru Mumbai US Dollar...... 74.95...... 75.27 Welfare tops the list with SPECIAL CORRESPONDENT of beneficiaries and share it Euro ...... 82.08...... 82.44 There has been a tremen­ 28% share in ad volumes. Mumbai with the Ministry. “After re­ The newly­constituted British Pound...... 89.70...... 90.10 dous increase in social ad­ More than 65% of the ad The Finance Ministry has ceiving this data, the date of board of Yes Bank held its Japanese Yen (100) . .. . 68.25...... 68.55 Chinese Yuan ...... 10.58...... 10.63 vertisements on TV, higher volume share of social ads asked all the banks to ensure transfer will be intimated,” first meeting on Thursday, Swiss Franc ...... 77.16...... 77.50 than that seen in regular related to COVID­19 were smooth transfer of ₹500 per the letter said. approving additional fund Singapore Dollar ...... 52.08...... 52.32

Canadian Dollar...... 52.93...... 53.18 ads, courtesy COVID­19. from the State governments month to Jan Dhan accounts raising of ₹5,000 crore. Malaysian Ringitt ...... 17.28...... 17.38 The pandemic has in­ over the last seven weeks of all women account hol­ Branch-level liquidity “The board, at its meet­ Source:Indian Bank fluenced the advertising be­ (cumulative), says L.V. ders, announced by Finance The Finance Ministry also ing... has approved, subject haviours of governments, Krishnan, CEO of TAM. Minister Nirmala Sithara­ asked the banks to ensure to receipt of requisite appro­ both the Centre’s and man on Thursday to support adequate liquidity with the vals, raising funds for an ad­ Exchanges cut States’, as per data made Delhi tops States families due to the nation­ bank branches and also with ditional amount aggregating available exclusively to The Among State governments, wide lockdown to halt the business correspondents. up to ₹5,000 crore in one or ment. The bank was put un­ commodity Hindu by TAM Media Re­ the Government of Delhi spread of COVID­19. Banks have been asked to more tranches,” the bank der moratorium earlier this search, a media monitoring, leads all other State govern­ “You are requested to en­ Ministry said in a communi­ regularly replenish automat­ said in a communication to month following a deterio­ trading hours measurement and analytics ments — in communicating sure that the said amount is cation to chief executives of ed teller machines, and ar­ the stock exchanges. ration in its financial health firm. to the audience about the vi­ transferred smoothly, to the public and private sector range mobile ATMs with suf­ The State Bank of India and later, the government With the outbreak of CO­ rus on TV — with 14% of the targeted accounts, so that banks. The government has ficient cash, where required. and other banks and finan­ announced a reconstruc­ Press Trust of India New Delhi VID­19, there has been a big ad volume. the beneficiaries can get ac­ decided to transfer ₹500 per The Ministry also asked cial institutions have alrea­ tion scheme to aid the len­ surge in the virus­related ad­ In all, there were 16,744 cess to the funds during the month for three months in the banks to inform benefici­ dy infused ₹10,000 crore in­ der’s revival. Leading stock exchanges vertisements. minutes of Coronavirus­re­ difficult time to carry on such accounts. aries regarding the time to the bank after a scheme Yes Bank reported a BSE and NSE, on Thursday, For COVID­19­related lated ads over seven weeks, their livelihood without fac­ The Ministry has asked schedule of the withdrawal of reconstruction was an­ ₹18,564­crore loss for the cut down trading hours for messages on TV, the Minis­ TAM Media data showed. ing hardships,” the Finance the lenders to draw up a list via SMS. nounced by the govern­ third quarter. the commodities derivative segment so as end trading at 5 p.m., instead of the current practice of allow­ Industry captains welcome ing it up till midnight, in Promoters up stake in firms as markets drop the wake of the COVID­19 pandemic. Tata firms, Bajaj group, Godrej see buying either by promoters or management Trading will begin at 9 FM’s welfare steps for poor a.m. and close at 5 p.m. Piyush Pandey road,” Mr. Sinha added. and the new timings will be MUMBAI Motilal Oswal Research CII chief bats for fiscal stimulus worth 2.5­3% of GDP effective from March 30 till Indian promoters are using said there was a heightened April 14, the exchanges the drop in equity markets activity in promoters buying Special Correspondent Hero MotoCorp, said, said. In separate state­ as an opportunity to consoli­ / raising stakes. MUMBAI “These welfare measures ments, commodity ex­ date their holdings in group “We expect the buy­backs The welfare package an­ will mitigate the situation for changes MCX and ICEX an­ companies. to accelerate given the pre­ nounced by Union Finance those sections of the society, nounced the reduced This comes at atime when vailing juicy valuations Minister Nirmala Sithara­ which have been affected trading hours. the Indian markets have wit­ across sectors. Any relaxa­ man for the poor and de­ the most by the lockdown.” Commodity markets al­ nessed an unprecedented tion on the buy­back tax prived sections to deal with J.C. Sharma, vice­chair­ low trading between 10 am correction over the last front can prove to be a cata­ the COVID­19­related impact man and MD, Sobha Ltd., and 11.50 pm, while the month and a half lyst for more activity, in our has been welcomed by the said, “The government has equity markets close at Nifty is down 36% from re­ view,” it wrote to its clients. industry and analysts. taken laudable steps to deal 3.30 pm. cent highs and many stocks Tata Sons chairman N. “The Finance Minister with this situation.” “In view of the novel CO­ have seen significant Bear markets offer great pickings for value investors looking Chandrasekaran has bought has done very well to keep Prabhat Chaturvedi, CEO, VID­19 outbreak, the na­ correction. to buy for the long term, says Utkarsh Sinha. * PAUL NORONHA two lakh shares each of Tata the welfare concerns of the Chandrajit Banerjee Netafim Agricultural Financ­ tionwide lockdown of 21 The largest quantum of Steel, Tata Motors and Tata poor in mind while an­ ing Agency Pvt. Ltd. said, days and pursuant to dis­ buying by promoters or top L&T increased its holding Firms such as Sun Phar­ Power each and one lakh nouncing a package of ₹1.70 said. “However, the govern­ “We request the government cussions with SEBI, it has management was witnessed in Mindtree from 60.55% to ma, Emami and Granules In­ shares each of Tata Consum­ lakh crore,” said Chandrajit ment could be more aggres­ to consider forbearance / re­ been decided to revise the in the Tata Group (Tata 61.07%. dia have announced share er Products, Tata Chemicals, Banerjee, said director gen­ sive in its spending with the payment­relief for SHGs, trading timings, BSE and Chemicals, Tata Steel, Indian Utkarsh Sinha, M D, Bex­ buy­backs. Tata Communications and eral, Confederation of In­ overall fiscal stimulus at farmers, daily wagers and NSE said in similar­worded Hotels, Tata Motors, Tata ley Advisors, told The Hin- “Buy­backs are not only Indian Hotels. dian Industry (CII). 2.5­3% of GDP if the disrup­ MSMEs as their repayment circulars. Power and Tata Consumer) du, “Bear markets usually the norm in such an environ­ However, some promo­ He said a combination of tions continue for the next capacities are going to be se­ Narinder Wadhwa, pre­ and the Bajaj Group (Bajaj Fi­ offer great pickings for value ment, they may make the ters were seen reducing instruments had been used, three months,” he added. verely impacted. sident of the Commodity nance, Bajaj Finserv, Bajaj investors looking to buy for most sense for spending ac­ stakes. including provision of extra Sanjiv Puri, chairman, Arun Singh, chief econo­ Participants Association of Holdings and Bajaj Auto). the long term. cumulated capital. If you are Notable names where rations, direct benefit transf­ ITC Ltd., said “These mea­ mist, Dun and Bradstreet, India (CPAI), said the move Promoters also enhanced “We are definitely enter­ able to expand your equity promoter holding had re­ er and increase in wages. sures will greatly benefit the said, “The government has would provide great relief their stakes in Mphasis, Ma­ ing such a phase. And typi­ pool in a bear environment, duced over the last month “The package is expected most vulnerable and poor been more systematic and to all the members, given ruti Suzuki, Sun Pharma, Go­ cally, a promoter is the defi­ it gives you the ability to go include IIFL Wealth, Dixon to alleviate the difficulties sections of society during target­oriented compared to the 21­day nationwide drej Industries, JSW Steel nition of a value investor in back to the market on more Technologies, Varun Bever­ currently being faced by the these challenging times.” the fiscal measures taken by lockdown. and GMR Infra. his or her own company.” favourable terms down the ages and UltraTech Cement. poor and the distressed,” he Pawan Munjal, chairman, some countries globally.” Damanis raise Indian shoemakers on wrong foot Telecom an essential holding in service, says Bharti India Cements With world in COVID­19 grip, global brands cancel orders Airtel CEO Gopal Vittal N. Anand brands that sell our products Special Correspondent CHENNAI under their brand name in Mini Tejaswi Chennai Indian shoe majors are in the U.S. and Europe,” said Bengaluru Investor Radhakishan Da­ dire straits as many interna­ Rafeeque M. Ahmed, chair­ Telecom is an essential service and there­ mani has once again raised tional brands have cancelled man, Farida Group and pre­ fore, there is a greater responsibility on his stake in the India Ce­ a portion of their orders and sident, All India Hides and connectivity providers to do what it takes ments Ltd. (ICL), this time put on hold the rest for the Skins Tanners and Mer­ to make sure everything works seamlessly by 4.73 percentage points, winter season due to the CO­ chants Association. at this time of stress, said Bharti Airtel CEO taking his total to 20.73%. VID­19 outbreak. He said the cancellation Gopal Vittal. Mr. Damani, along with According to rough esti­ for winter season accounted In a letter to enterprise and individual Gopikishan Damani and mates, India exports about for 40% and orders on hold (post­paid) customers of Bharti Airtel, Mr. Shrikantadevi R. Damani 130 million pairs of shoes ev­ were 25%. Vittal said, “Over the last few days, we and Derive Investments ery year, accounting for total Rafeeque M. Ahmed “There is a liquidity crisis have all been inundated with what is hap­ (partners — Mr. Gopikish­ revenue of ₹25,000 crore. everywhere. This season’s pening all around the world on COVID­19. nan Damani and Mr. Rad­ Two of the big firms — Tata pairs. Farida caters to global sale is almost over. We will Clearly, there is a lot that we don’t know hakishan Damani) have International Ltd. (TIL) and brands such as Clarks and find the impact of COVID­19 and the uncertainty weighs on all of us.’’ been aggressively purchas­ Farida Group — collectively Florsheim, while TIL serves during the next two seasons. To improve the overall Internet expe ing ICL shares from De­ have 11 units. Alpine Stars and Marks & Until then, we will have to rience on these days of heavy traffic, he cember 2019 through open The ₹2,000­crore Farida Spencer, among others. reschedule our production,” said, the company had taken various market purchases. Group planned to export “We supply our shoes to said V. Muthukumaran, steps, including accelerating roll­outs, up­ On Thursday, ICL shares nine million pairs in FY20 10 international brands. Till head, leather products, TIL grading quality of service wherever possi­ rose 6.94% to close at and the ₹1,000­crore Tata date, we have received can­ and president, India Shoe ble and advancing investments to meet ad­ ₹102.50 on the BSE. International, 4.8 million cellation orders from eight Federation. ditional bandwidth requirements.

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