The surge of coronavirus cases around the world has sent markets to breathtaking drops since mid-February, undercutting what had been a good start to the year.
The interest rate for Senior Citizens Savings Scheme has been slashed to 7.4 per cent from 8.6 per cent, while that for National Savings Certificate has been cut to 6.8 per cent from 7.9 per cent.
The Ordinance, which got presidential assent Tuesday, also amended the provisions of the Income-tax Act to provide the same tax treatment to the PM-CARES Fund as available to the Prime Minister’s National Relief Fund.
The Sensex rose 1,028.17 points, or 3.62 per cent, to 29,468.49, while the NSE Nifty gained 3.82 per cent, or 317 points, at 8,597.75.
My sense is that the lockdown was the right thing to do and it does seem like that was the only way of preventing and delay the rise in number of cases and, in the meantime, prepare the facilities, medical equipments and infrastructure to fight it out, says Naushad Forbes.
For instance, hydroxychloroquine and chloroquine medicines like Ipca Laboratories’ HCQS and Lariago are still stocked out in several pharmacies in Delhi.
Out of gross borrowings of Rs 7.8 lakh crore in FY21, the Centre has proposed to borrow Rs 4.88 lakh crore, or 62.56 per cent, in the first half of the fiscal, as against 62.25 per cent done in the previous fiscal.
The move is expected to ensure continuity of payments amid a cash crunch being faced by companies.
At close of trade, the market capitalisation (m-cap) of RIL was Rs 7,05,211.81 crore, which was Rs 21,133.32 crore more than that of Tata Consultancy Services' Rs 6,84,078.49 crore valuation on the BSE.
The company said it has re-purposed the perfume facility to help produce an additional 1,25,000 litres of Savlon hand sanitisers as there has been an unprecedented surge in demand for hand hygiene products like sanitisers.
In an advisory to all states and Union Territories, the Ministry of Road Transport and Highways has asked them to treat such documents as valid till June 30.
“Companies who introduce newer technologies invest in its research and development. In case they see no return on their investments, why would they introduce the same for our farmers?”
"SpiceJet management has decided to implement a pay cut between 10-30 per cent in March across our employee base. Our Chairman and Managing Director (Ajay Singh), in fact, has opted for the highest cut of 30 per cent in compensation," the airline said in the communication.
According to a joint statement issued after a video conference, the ministers agreed to support the availability and accessibility of essential medical supplies at affordable prices, on an equitable basis, where they are most needed and will guard against profiteering and unjustified price increases.
The Ministry of Finance has issued a clarification after some reports claimed that the fiscal year was going to get extended.
"Bharti Enterprises and its companies Bharti Airtel, Bharti Infratel and others are contributing a sum of over Rs 100 crore for India's fight against COVID-19," the statement said.
Mistry’s Shapoorji Pallonji & Co. had 90.2 billion rupees ($1.2 billion) of debt as of Sept. 30, according to rating assessor ICRA Ltd. A representative for Shapoorji Pallonji Group declined to comment.
Brent crude was up by 43 cents, or 1.9%, at $23.19 a barrel by 0406 GMT, after closing on Monday at $22.76, its lowest finish since November 2002.
Japan's Nikkei firmed 1.0% after a jittery start, while South Korea added 2%. E-Mini futures for the S&P 500 added another 0.6%, supported by talk of book-keeping demand.
The S&P BSE Sensex ended at 29,468.49, up 1,028.17 points (3.62 per cent) while the Nifty 50 settled at 8,597.75, up 316.65 points (3.82 per cent).