Category: BUSINESS

Equity benchmark Sensex rallied over 1,265 points on Thursday, led by robust buying in auto, financial and IT stocks amid hopes of a second stimulus package from the government to mitigate the blow of the Covid-19 lockdown. After hitting a high of 31,225.20 during the day, the 30-share BSE barometer ended 1,265.66 points or 4.23 per cent higher at 31,159.62. Similarly, the NSE Nifty soared 363.15 points, or 4.15 per cent, to 9,111.90. Mahindra and Mahindra was the top gainer in the Sensex pack, surging over 16 per cent, followed…

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In a bid to provide further relief to states amid the coronavirus outbreak, the finance ministry is planning to soon release another about Rs 34,000 crore to states as compensation for their revenue loss in the goods and services tax (GST) regime. States, so far, have been paid pending dues till November and the remaining will be cleared in phases soon, sources said. The finance ministry cleared about Rs 34,000 crore pending GST compensation for October and November in two tranches. The first tranche of Rs 19,950 crore was released…

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Asian markets rose Monday as some of the world’s worst-hit countries reported falling death rates, providing some much-needed hope in the battle against the coronavirus, though oil prices dipped after a meeting of top producers was delayed. While the disease continues its deadly sweep across the planet, with more than 1.25 million now infected and nearly 70,000 dead, news out of Europe that fatalities were easing has lifted spirits on trading floors. Italy reported its lowest daily toll in two weeks, while Spanish officials said deaths fell for the third…

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The Indian macroeconomic situation is bleak and all set to get worse if local or national lockdowns continue for some more time, renowned economist Jean Dreze said on Sunday. Dreze further said that due to the country-wide lockdown, social unrest in many parts of India has already started. The country is under a 21-day lockdown as part of larger efforts to curb spreading of coronavirus infections. “The situation is bleak and all set to get worse, if local or national lockdowns of varying intensity continue for some time, as is…

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Stocks are falling in afternoon trading Friday, putting Wall Street on track for its third losing week in the last four. The losses came after the government said U.S. employers cut 701,000 more jobs than they added last month, the first drop in nearly a decade. Many businesses have screeched to a halt amid attempts to slow the spread of the coronavirus outbreak, and economists say the dire data is only going to get worse. U.S. stock indexes held steady at first, then headed lower after the price of oil…

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The global economy could shrink by up to one per cent in 2020 due to the coronavirus pandemic, a reversal from the previous forecast of 2.5 per cent growth, the UN has said, warning that it may contract even further if restrictions on the economic activities are extended without adequate fiscal responses. The analysis by the UN Department of Economic and Social Affairs (DESA) said the COVID-19 pandemic is disrupting global supply chains and international trade. With nearly 100 countries closing national borders during the past month, the movement of…

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Equity benchmark Sensex slumped over 700 points in early trade on Wednesday tracking losses in index heavyweights Reliance Industries, Kotak Bank, HDFC Bank and Infosys amid weak cues from global markets. Starting the new financial year on a negative note, the 30-share BSE barometer was trading 714.74 points or 2.43 per cent lower at 28,753.75. Similarly, the NSE Nifty fell 199 points, or 2.31 per cent, to 8,398.75. Kotak Bank was the top loser in the Sensex pack, cracking up to 8 per cent, followed by SBI, Infosys, HDFC Bank,…

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Equity indices notched up smart gains on the last day of 2019-20 on Tuesday, but ended deep in the red for the fiscal as the global coronavirus pandemic triggered record-shattering selloffs in March. The 30-share BSE Sensex traded in the positive zone throughout the session, ending 1,028.17 points or 3.62 per cent higher at 29,468.49 on across-the-board buying. Similarly, the NSE Nifty rose 316.65 points, or 3.82 per cent, to close at 8,597.75. During the financial year 2019-20, the Sensex plunged 9,204.42 points or 23.80 per cent, while the Nifty…

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Equity benchmark Sensex plunged over 1,100 points in opening session on Monday tracking losses in global equities as unabated spike in COVID-19 cases across the world has hammered economic growth, sending the world into an economic recession. The International Monetary Fund (IMF) has said the world is in the face of a devastating impact due to the coronavirus pandemic and has clearly entered a recession. After hitting a low of 28,708.83, the 30-share BSE barometer was trading 855.82 points or 2.87 per cent lower at 28,959.77. Similarly, the NSE Nifty…

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Corporates have spent Rs 52,000 crore towards social welfare activities in the last five financial years and now making contributions to the Prime Minister’s relief fund will further help them meet their obligations under the companies law, according to a senior government official. As the country fights the outbreak of coronavirus, which has so far infected nearly 1,000 people, the government has initiated a slew of measures to deal with the situation. The corporate affairs ministry has said contributions to the PM-CARES Fund would qualify as Corporate Social Responsibility (CSR)…

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