- Asian shares scaled four-month peaks on Monday as investors counted on super-cheap liquidity and fiscal stimulus to sustain the global economic recovery
- Wall Street closed higher on Thursday as investors headed into their long holiday weekend buoyed by a record surge in payrolls
The chairman of Moody’s Investors Service has warned that economic recovery in India will remain a “major challenge” unless the number of COVID-19 cases starts declining. “The only tool we have right now [to fight coronavirus is social distancing and that’s exceptionally hard to do in India,” Henry McKinnell told The Financial Times adding that a vaccine for the deadly virus is still a long way off. “Hopefully we’ll have a vaccine, but I think the vaccine is going to take longer than people understand,” McKinnell added.
Prism Johnson board has approved divestment of its entire holding of 51% of the paid-up equity share capital in Raheja QBE General Insurance Company, a material subsidiary, to QORQL Private Limited, a technology company with majority shareholding of Vijay Shekhar Sharma and remaining held by Paytm, for an aggregate consideration of Rs 289.68 crore.
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Sensex closed at 36,487, up 465.86 points or 1.3%, while Nifty settled 162.45 points or 1.5% higher to close at 10,769.80, both hitting four-month highs.
As businesses struggle to resume operations after gradual relaxation of nationwide lockdown, corporate debt is likely to increase adding to the already stressed balance sheet. According to India Ratings and Research (Ind-Ra), top 500 debt-heavy private sector borrowers may see an additional ₹1.67 trillion of debt due to covid-19 led disruptions. The tepid corporate capex coupled with muted revenue is likely to restrict credit growth in FY21, it said on Monday.
BEML is among the three Indian companies that have shown interest in manufacturing rakes for the monorail projects, weeks after town planning authority MMRDA scrapped the bids by two Chinese firms.
The company had posted a 44% jump in consolidated profit to ₹137.52 crore for the quarter ended March 31, 2020.
Kalpataru Power Transmission Limited (KPTL) has signed definitive agreements to sell Alipurduar Transmission Limited (ATL) to Adani Transmission Limited for a total enterprise value of about ₹1286 crore.
"SSWL has bagged firm exports orders for over 119,000 wheels for US Caravan Trailer Market to be executed in the month of August from its Chennai plant. This is the largest monthly order from one customer and encompasses most of the developments we have done for the US market. As EU and US markets gain momentum after the slowdown of the pandemic, this appears as a major step towards acceleration of business activities and resuming normalcy. Inflow of more orders are expected to come from various other customers as the market gains stability."
Angel Broking has put 'buy' rating on Bharti Airtel with a target price of ₹672. "Telecom operators have increased tariffs by ~35% in Nov’19. There is a possibility of another round of tariff hikes by telecom companies in FY21 given that tariffs are still very low . If Vodafone Idea goes out of business, Bharti would benefit significantly from addition of subscribers," the brokerage said.
The board of directors of ICICI Bank will meet on Wednesday to discuss a proposal to raise funds by issuing equity shares to strengthen its financial position. "A meeting of the Board of Directors of the bank will be held on Wednesday, July 8, 2020 to discuss and consider the proposal of raising funds by issue of equity shares and/or other equity linked securities," the bank said in a regulatory filing on Sunday.
American private equity firm The Carlyle group on Friday made a complete exit from its investment in diagnostic chain Metropolis Healthcare Ltd, selling its residual stake in the company for around ₹84 crore, through block deals on the stock exchanges.
The chairman of Moody's Investors Service has warned that economic recovery in India will remain a "major challenge" unless the number of COVID-19 cases starts declining. "The only tool we have right now [to fight coronavirus] is social distancing and that's exceptionally hard to do in India," Henry McKinnell told The Financial Times adding that a vaccine for the deadly virus is still a long way off. "Hopefully we'll have a vaccine, but I think the vaccine is going to take longer than people understand," McKinnell added.