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market watch U.S. Fed cuts 03-03-2020 % CHANGE Rupee in free fall on Sensex dddddddddddddddddddddddd38624 ddddddddddddddd1.26 Idea pays ₹3,043 cr. rates as G7 US Dollardddddddddddddddddddd 73.23 ddddddddddddd-0.65 Gold ddddddddddddddddddddddddddd 42,958 ddddddddddddddd0.01 COVID­19 fears; RBI Brent oil ddddddddddddddddddddd 52.37 ddddddddddddddd3.46 pledges action NIFTY 50 in deferred spectrum dues Reuters soothes markets PRICE CHANGE TOKYO/WASHINGTON Adani Ports...... 347.30...... 6.65 Bharti pays ₹1,950 crore; ₹1,053 cr.; Tatas cough up ₹2,000 cr. in AGR dues The U.S. Federal Reserve ...... 1800.55...... 13.75

Axis Bank ...... 687.15...... 2.95 cut interest rates on Tues­ Ready to take action, says central bank

Bajaj Auto ...... 2692.25...... -99.95 Special Correspondent ’s statutory dues day in an emergency move NEW DELHI ...... 8963.65...... 49.15 are about ₹14,000 crore. designed to shield the SPECIAL CORRESPONDENT ...... 4454.10...... 93.35 Beleaguered service provid­ Vodafone Idea is strug­ world’s largest economy ...... 520.80...... 2.45 er Vodafone Idea on Tues­ gling to pay its estimated from the impact of CO­ The rupee fell for the third BPCL...... 425.00...... 12.65

Britannia Ind ...... 3026.50...... 77.40 day paid ₹3,043 crore to the AGR­related dues of ₹53,000 VID­19, as Group of Seven consecutive session on ...... 425.30...... 23.35 Department of Telecom crore and has, till now, paid finance officials pledged Tuesday on concerns over Coal ...... 178.20...... 8.85 (DoT), while Bharti Airtel­ about ₹3,500 crore. ‘appropriate,’ unspecified the deadly COVID­19spread­ Dr Reddys Lab ...... 3043.70. .... 138.15 made a payment of ₹1,950 The company has already policy moves. ing in India amid the central ...... 17888.45. .... 875.05

GAIL (India)...... 103.20...... 3.55 crore as did Reliance Jio with cautioned that its ability to In a statement, the Fed bank stepping in to calm in­ Grasim Ind ...... 700.05...... 31.60 ₹1,053 crore, towards de­ continue as a going concern said it was cutting rates by vestor sentiment. HCL Tech...... 565.05...... 15.35 ferred spectrum dues, sourc­ would depend on a favoura­ a half percentage point to a The rupee dropped be­ HDFC ...... 2191.40...... 11.75 es said. ble outcome of its modifica­ target range of 1% to 1.25%. low the 73­a­dollar level HDFC Bank...... 1181.80...... 2.20

Hero MotoCorp ...... 2054.85...... 79.40 These dues are mainly in­ tion plea in the Supreme “The fundamentals of even as the equity markets Hindalco ...... 159.30...... 9.55 stalments for airwaves Court. Additionally, last the U.S. economy remain bounced back, snapping a Hind Unilever ...... 2166.65...... 7.20 bought by telcos in the pre­ month, in a letter to the Tele­ strong. However, COVID­19 seven­day losing streak. ICICI Bank ...... 514.75...... 8.65 vious auctions, and are not com Secretary, it had ex­ poses evolving risks to eco­ The Reserve Bank of In­ 72.76, but weakened after IndusInd Bank ...... 1108.05...... 28.80

Bharti Infratel ...... 219.35...... 2.50 related to AGR liabilities. Dial D for debt: Vodafone Idea is already struggling to pay its pressed its inability to make nomic activity,” it said in a dia (RBI) stepped in to issue reports of the COVID­19

Infosys ...... 747.00...... 5.95 The Tata group, on the estimated AGR­related dues of ₹53,000 crore. * AFP these payments without go­ statement. a statement saying the cen­ spreading in India. Indian OilCorp...... 106.65...... 2.70 other hand, made an on­ac­ vernment support. Finance Ministers from tral bank was closely moni­ A school in Noida was re­ ITC ...... 193.85...... -1.45 count payment of ₹2,000 (Maharash­ The on­account payment In fact, Vodafone Group the G7 group of rich coun­ toring the situation and portedly shut down after a JSW Steel...... 246.45...... 11.45

Kotak Bank ...... 1626.30...... 27.30 crore to the DoT towards tra) Ltd. said in a statement is subject to reconciliation CEO will be tra­ tries were ready to take ac­ stood ready to take appro­ student’s parent tested posi­ L&T...... 1181.30...... 20.40 dues related to adjusted they had made the payment after the conclusion of the velling to India this week tion, including fiscal mea­ priate action. tive for COVID­19. The In­ M&M ...... 466.25...... 7.95 gross revenue (AGR). This is “in good faith and as a mat­ process of computation and ahead of the next Supreme sures where appropriate, The central bank acknow­ dian currency ended the ...... 6386.05. .... 100.90 in addition to the ₹2,197 ter of abundant caution to­ verification being conducted Court hearing on the AGR is­ Japanese Finance Minister ledged that the spillover of day at 73.23 , down 0.65% Nestle India Ltd...... 16359.40. .... 249.45

NTPC ...... 108.90...... 5.00 crore the group had deposit­ wards licence fee, spectrum by the DoT spanning a pe­ sue on March 17. He has re­ Taro Aso said. Central the global financial market from its previous close — a

ONGC ...... 93.35...... 4.25 ed with the government on usage charges and applica­ riod beginning FY07 and quested a meeting with Tele­ banks would continue to turmoil in India had been 16­month low. PowerGrid Corp ...... 191.70...... 8.20 February 17. ble interest, penalty and in­ spread across 20 circles. As com Minister Ravi Shankar support price stability and largely contained as there The spread of the virus, Reliance Ind ...... 1342.85...... 26.70 Tata Teleservices Ltd. and terest on penalty.” per the DoT’s estimates, the Prasad on March 6. economic growth. were hopes of coordinated the impact of which is ex­ State Bank ...... 289.85...... 2.45

Sun Pharma ...... 393.55...... 24.05 policy action. pected to be higher than

Tata Motors ...... 130.35...... 4.95 that of the SARS outbreak in ...... 387.55...... 23.50 Spillover contained 2003, is likely to affect glo­ TCS ...... 2036.20...... 34.90 “Globally, financial markets bal trade. The IMF has lo­ ...... 752.30...... 7.75 Rural ATMs under recalibration for ₹200, ₹500 notes Titan ...... 1247.00...... 2.85 have been experiencing wered global GDP growth

UltraTech Cement...... 4299.90. .... 158.20 considerable volatility, with projections by 10 basis UPL...... 521.55...... 7.20 Lower denomination notes sought after than ₹2,000 note in these areas, says NCR’s MD the spread of the coronavi­ points to 3.2% in 2020. Vedanta ...... 119.55...... 8.60 rus triggering risk­off senti­ ...... 223.70...... 2.90 MANOJIT SAHA ...... 31.20...... -0.35 ATMs in the country. drawn from the system. ments and flights to safe ha­ Impact on exports Mumbai Zee Entertainment ...... 251.10...... 17.25 There are a total 2.1 lakh According to RBI data, ven. Spillovers to financial Since India and China are Automated teller machines bank­deployed ATMs in the 3,291 million pieces of markets in India have large­ major trading partners, a EXCHANGE RATES (ATMs), mostly in rural country apart from about ₹2,000 notes were in circula­ ly been contained. Growing sharp hit to their exports Indicative direct rates in rupees a unit areas, are being recalibrated 30,000 white label ATMs. tion as at March 2019, which hopes of coordinated policy and imports is likely. except yen at 4 p.m. on March 03 to replace the cassettes for “Not all the ATMs are re­ was roughly the same figure action to mitigate a broader “Slowdown in economic CURRENCY TT BUY TT SELL ₹2,000 bank notes with eith­ placing the ₹2,000­note cas­ for the previous two years. fallout to economic activity activity in China is likely to US Dollar...... 73.09...... 73.41 er those for ₹500 or ₹200. sette. It is being done strateg­ have boosted market senti­ weigh on exports from In­ Euro ...... 81.29...... 81.65 This is because in such ically, depending on the Bias towards cash ment today,” the RBI said. dia. China’s economic British Pound...... 93.38...... 93.79 areas the demand for ₹2,000 requirement and the need of A recent report by RBI has “The Reserve Bank of In­ growth is likely to moderate Japanese Yen (100) . .. . 67.84...... 68.14 bank note is not high while the location,” he said. showed that the country dia is monitoring global and to below 6% in 2020,” said Chinese Yuan ...... 10.48...... 10.53 lower denomination notes The average ticket size of continues to have a strong domestic developments Abheek Barua, chief econo­ Swiss Franc ...... 76.33...... 76.67 closely and continuously mist, HDFC Bank. Singapore Dollar ...... 52.50...... 52.73 are more sought after. ATM withdrawals is ₹4,000 bias for cash payments.

Canadian Dollar...... 54.67...... 54.93 “It is more in the rural to ₹4,500, slightly up from Cash withdrawals from and stands ready to take ap­ “Export of commodities

Malaysian Ringitt ...... 17.36...... 17.46 areas. There, people do not the ₹3,500 earlier. ATMs have increased over propriate actions to ensure like ores (India exports 72%

Source: want ₹2,000 notes. Because According to Mr. Dastur, Mr. Dastur emphasised replace the ₹2,000 with the past five years and India orderly functioning of finan­ of its total ores to China), or­ it becomes difficult to in the urban and metro loca­ that it was a business deci­ ₹500 or ₹200,” he added. is next only to China in terms cial markets, maintain mar­ ganic chemicals, cotton, etc. change those notes. They tions, ATMs typically carry sion that responded to the The ₹2,000 notes came of cash withdrawals from ket confidence and preserve is likely to get hit should the BULLION RATES generally prefer ₹100 and ₹2,000 notes. Bank branch­ demand. “In some urban into calculation after the de­ ATMs. However, the percen­ financial stability,” it added. disruption from the CO­ March 03 rates in rupees with previous rates in parentheses ₹200,” said Navroze Dastur, es in the urban areas also areas also, if you do not see monetisation exercise of tage of cash withdrawals to The rupee opened stron­ VID­19 continue for an ex­

Retail Silver (1g) ...... 48.5...... (48.6) MD, NCR Corporation. NCR prefer putting ₹2,000 notes offtake of ₹2,000 notes as a 2016 when ₹500 and ₹1,000 GDP has been constant in In­ ger at 72.45 a dollar com­ tended period,” Mr. Barua 22 ct gold (1 g) ...... 4025...... (4005) manages close to 1.1 lakh in their ATMs. business decision, you will currency notes were with­ dia at about 17%. pared to its previous close of said. SC junks order against Pandey is Sensex regains on hopes Cut in Budgetary allocation will resolution plan for Orchid new Finance of global booster dose Secretary jeopardise tourism: House panel Paves way for its takeover by Dhanuka ‘G7 meeting will be keenly watched’ PRESS TRUST OF INDIA NEW DELHI Sanjay Vijayakumar Orchid figured in SPECIAL CORRESPONDENT of the fall means the market ‘₹147.42 cr. shortfall due to broad cuts by Finance Ministry’ CHENNAI <> MUMBAI RBI’s second list Revenue Secretary A. B. P. is starting to form a short Pandey was on Tuesday Yuthika Bhargava The Supreme Court has set that had names of After seven straight sessions term bottom. The G7 meet­ aside the National Company designated as the Finance of losses, Indian equity in­ ing and its outcome would NEW DELHI 28 big defaulters Law Appellate Tribunal’s Secretary, according to a dices gained ground on be a keenly watched event. The Finance Ministry’s (NCLAT) order against the order had to be set aside in Personnel Ministry order. Tuesday on the back of a If the result is good then it move to cut down the bud­ approval of Dhanuka Labo­ view of a recent judgment, The Appointments Com­ global rally as investor senti­ will be good for the equity getary allocation for the Tou­ ratories’ resolution plan for where it was categorically mittee of the Cabinet has ment improved over hopes markets,” Mr. Chouhan rism Ministry in the upcom­ the debt­ridden Chennai­ held that no provision in the approved designating Mr. of global coordinated mea­ added. ing financial year will based Orchid Pharma. Insolvency and Bankruptcy Pandey, a 1984 batch IAS sures to address the eco­ Elsewhere in Asia, the ‘seriously jeopardise’ the The SC order in the case Code or regulations have officer of nomic impact of the CO­ benchmarks of China, Indo­ targeted tourism outcomes filed by the State Bank of In­ been brought to the court’s cadre, as the Finance Se­ VID­19 outbreak. nesia, Taiwan and South Ko­ during 2020­21, a Parliamen­ Raw deal: Lower allocation as compared to the projected dia paves the way for the ta­ notice under which the bid cretary, it said. The 30­share Sensex rea all gained ground even tary panel has said in its demand was not unique to FY21, the panel says. * FILE PHOTO keover of Orchid by Dhanu­ by any resolution applicant The vacancy was neces­ gained 479.68 points, or as the overnight Dow Jones report. ka Laboratories, whose has to match the liquidation sitated following the supe­ 1.26%, to close at 38,623.70. registered one of its biggest In the Union Budget 2020­ as compared to the project­ reduced to ₹2,113.48 crore resolution plan was ap­ value arrived at in the man­ rannuation of Rajiv Kumar, The broader Nifty ended at single day gain of nearly 21, the Tourism Ministry has ed demand was not unique and ₹1,416.00 crore as re­ proved by the Chennai ner provided in the relevant Financial Services Secre­ 11,303.30, gaining 170.55 1,300 points. witnessed a reduction in al­ to FY2020­21, the panel vised estimates (RE) 2018­19 bench of the National Com­ regulations. tary, last month. points or 1.53%. “After wit­ Back in India, foreign location of funds due to pointed out that against the and RE 2019­20 stages, pany Law Tribunal (NCLT) “Accordingly, the appeal Mr. Kumar, a 1984 batch nessing a trending fall in the portfolio investors (FPIs) “broad budgetary cuts im­ projected demands of respectively. in June 2019. is allowed and the judgment IAS officer of last seven days, the market continued to be net sellers posed by the Ministry of Fi­ ₹4,320.42 crore and “The committee notes Orchid informed the ex­ of the NCLAT is set aside,” cadre, was in July last year rebounded today but not in equities at ₹2,416 crore on nance”, and has been allo­ ₹4,612.18 crore for FY2018­19 with dismay the huge mis­ changes about the apex the order said. Orchid Phar­ designated as the Finance before exhibiting volatility Tuesday. cated ₹2,499.83 crore as and 2019­20, respectively, match between the project­ court’s order on Tuesday. ma owes about ₹3,200 crore Secretary. The senior­most in intraday trades,” said Overall market breadth against its projected de­ the Ministry of Finance pro­ ed demand for funds and ac­ The SC’s division bench to a total of 24 banks. Orchid bureaucrat among all se­ Shrikant Chouhan, senior was slightly in the negative mand of ₹2,647.25 crore, vided ₹2,150.00 crore and tual allocations made for the comprising Justice Rohinton figured in RBI’s second list cretaries in the Finance Mi­ V­P, Equity Technical Re­ with more than 1,200 stocks leading to a shortfall of ₹2,189.22 crore in budget es­ Ministry of Tourism for the Fali Nariman and Justice S. that had the names of 28 nistry is designated as the search, Kotak Securities. in the red as against 1,118 ₹147.42 crore. timates (BE) 2018­19 and BE years 2018­19 and 2019­20 as Ravindra Bhat said NCLAT’s large defaulters. Finance Secretary. “Volatility at the bottom gainers. Noting that less allocation 2019­20, which was further well,” the report said. SBI Cards IPO ‘Electric cars need charging infra’ AM/NS India Reliance Capital defaults NBCC gets subscribed acquires nod to acquire Till that happens, diesel is the best bet: Mercedes India MD on HDFC, Axis loans 0.87 times Mini Tejaswi Bhander plant Jaypee Infra Bengaluru Says curbs on asset sale led to default SPECIAL CORRESPONDENT The adoption of electric cars Special Correspondent Press Trust of India MUMBAI will increase only when cus­ MUMBAI SPECIAL CORRESPONDENT the company to dispose off, New Delhi The initial public offer of tomer concerns around bat­ AM/NS India, a JV between Mumbai alienate, encumber either State­owned NBCC on SBI Cards and Payment tery charging are fully re­ ArcelorMittal and Nippon Reliance Capital has default­ directly or indirectly or oth­ Tuesday got approval from Services, which opened for moved, according to Martin Steel, has acquired the 500 ed on term loans of Axis erwise part with the posses­ the NCLT to acquire debt­ bidding on Monday, was Schwenk, MD & CEO, Mer­ MW Bhander Power Plant Bank and HDFC Ltd. as on sion of any assets pursuant laden Jaypee Infratech subscribed 0.87 times with cedes­Benz India. at Hazira in from January 31, the company in­ to order dated November through an insolvency pro­ bids received for nearly “People always have this Edelweiss Asset Recon­ formed the exchanges. 20, 2019 passed by theDelhi cess and complete around 8.75 crore equity shares as fear of their cellphones run­ struction Company. Reliance Capital (an High Court,” Reliance Capi­ 20,000 pending flats over against 10.03 crore shares ning out of charge, they The natural gas­based NBFC) has defaulted on in­ tal said. the next three and half on offer in the price band don’t want to do that with thermal power plant will terest payment of ₹4.76 “Further, pursuant to the years. of ₹750 to ₹755. their cars as well,” he said. be captive for AM/NS In­ crore to HDFC Ltd. and ₹0.71 proceedings initiated by Vis­ In its hearing on Tues­ Further, the portions re­ In an interaction, he said, Driving in style: Martin Schwenk with the new GLC Coupe in dia’s steel manufacturing crore to . tra ITCL (India) Ltd., the day, the Principal bench of served for retail investors “The EV adoption will in­ Bengaluru on Tuesday. * G R N SOMASHEKAR operations at Hazira. The total principal Debt Recovery Tribunal has the National Company Law and employees were fully crease when cars of decent It was acquired by AM/ amount for HDFC Ltd. was also prohibited the compa­ Tribunal (NCLT), headed subscribed even as the seg­ range are made available your cellphones, he said. ble, fuel efficient by 25% NS India under the Securi­ ₹523.98 crore while the ny from transferring, alie­ by acting president B. S. V. ment reserved for high net­ and also when the charging than petrol and also leaves tisation and Reconstruc­ principal for Axis Bank was nating, encumbering or oth­ Prakash Kumar, gave the worth individuals was sub­ infrastructure is provided Strong future for EVs less carbon footprint com­ tion of Financial Assets and ₹100.63 crore at 8.25%. erwise parting with the go­ahead to the resolution scribed 0.47 times, as per within 15 minutes of driving “However, for sure, I see a pared with petrol engines,’’ Enforcement of Securities Reliance Capital said the possession of assets owned plan of NBCC. The tribunal NSE website. distance and not when they strong future for electric he added. Mr. Schwenk also Interest Act. Earlier this default was due to a Delhi by the company,” it added. ordered that the ₹750 crore While the retail segment are 10 hours away.’’ cars. There’s already a go­ said there was a strong trend month, ArcelorMittal India High Court order that Reliance Capital said the deposited by Jaypee Infra­ has been subscribed 1.21 “Electric cars are more vernment push, but it will towards SUVs in global mar­ emerged the preferred bid­ placed a restriction on the total financial indebtedness tech’s parent firm Jaipra­ times, the portion reserved expensive to produce and take time for customer de­ kets. “It will be a strong year der for an iron ore mine li­ sale of assets belonging to of the entity was ₹18,921.81 kash Associates Ltd. with for employees was sub­ sell. On the customer front, mand to pick up. Until such for Mercedes­Benz in India cence in in an auc­ the company. crore, including interest ac­ the registry of the Supreme scribed 1.84 times till you can’t walk around with time, the strongest option is as well. [The year] 2020 will tion by the State “… delay in debt servic­ crued up to January 31 , Court would be part of the Tuesday. your cars like you do with diesel, which is more relia­ be a year of SUVs for us.’’ government. ing is due to prohibition on 2020. resolution plan. CM A ND-NDE YK