Hello There! Good Morning. Welcome to the ETMarkets Morning podcast. This is Saloni Goel from ETMarkets.com, and here is all the news you need to start your day
>> FinMin proposes moratorium on loan EMIs
>> US Senate delays vote on much-awaited stimulus
>> LIC valued far less than what market had projected
>> Radhakishan Damani buys shares in India Cements
And We have more. Stay with us.
Let’s first have a quick glance at how the markets are looking like...
Nifty futures on the Singapore Exchange traded some 70 points lower at 7am (IST), signalling possible weakness ahead on Dalal Street. Elsewhere in Asia, stock markets made a cautious start this morning following a two-day rally, as investors await the passage and details of a $2 trillion stimulus package in the US to combat the economic fallout from the coronavirus.
>> MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.3%. Japan’s Nikkei fell 2.2%. Hong Kong futures rose 1% and China A50 futures gained 0.2%.
>> In overnight trade, the Dow rose 2.4% and S&P500 1.2%, while the Nasdaq dropped half a per cent following a Nikkei report that Apple was weighing a delay in the launch of its 5G iPhone.
IN THE CURRENCY MART
>> Money markets were shut on Wednesday on account of Gudi Padwa. On Tuesday, the rupee gained 26 paise to settle at 75.94 against the US dollar.
LET ME NOW quickly GO OVER the top news we are tracking this morning.
FINMIN PROPOSES MORATORIUM ON EMIs TO RBI
The finance ministry has asked RBI to consider implementing a series of emergency measures aimed at helping borrowers cope with the economic havoc wreaked by the Covid-19 pandemic, ET reported. The financial services secretary Debashish Panda has written to RBI suggesting a moratorium of a few months on the payment of EMIs, interest and loan repayments and a relaxation in the classification of non-performing assets. Panda also underscored the importance of maintaining liquidity in the system.
GOVT SAID TO BE MULLING RS 1.5 LAKH CR STIMULUS
India is likely to agree an economic stimulus package of more than Rs 1.5 lakh crore ($19.6 billion) to fight a downturn in the country that is currently locked down to stem the spread of coronavirus, Reuters reported. The report said the package will be used to put money directly into the accounts of more than 100 million poor and to support businesses hit the hardest by the lockdown.
US SENATE DELAYS VOTE ON $2 TRILLION STIMULUS
Senate vote on a $2 trillion stimulus package was delayed as key lawmakers in both the Democratic and Republican parties objected to various measures included in the bill. The issue is in the process of being resolved and would likely clear the way for prompt approval of the measure, Senator Lindsey Graham said on Wednesday
LIC VALUED MUCH LESS THAN EXPECTED
Independent valuation firm RBSA Advisors’ has valued LIC in the range of Rs 9.9 lakh crore to Rs 11.5 lakh crore, much lower than what private insurers command. Market capitalisation as a percentage of assets under management is lower for the state behemoth as LIC distributes about 95% of its surplus among policyholders. The government aims to raise Rs 2.1 lakh crore by listing the insurance firm in FY21.
NOW, LET’S HAVE A QUICK LOOK AT SOME OF THE TOP CORPORATE NEWS THIS MORNING
>> Investor Radhakishan Damani bought 16 lakh shares of India Cements on Wednesday at Rs 94.97 per share
>> Europacific Growth Fund has sold 35.8 lakh shares of IndusInd Bank at an average price of Rs 298.83 per share
>> With the unprecedented nationwide lockdown, ONGC has been forced to cut natural gas production by up to one-tenth as customers refused to take supplies because of business disruption
>> Walmart India has promoted Sameer Aggarwal as its chief executive from April, replacing Krish Iyer, who headed the largest retailer’s India operations for eight years
>> Adani Ports & SEZ has declared force majeure due to the lockdown, ensuring that conditions of commercial contracts will no longer apply.
LASTLY a look at OIL,
>> Crude oil prices were mixed on Thursday following three days of gains, with the prospect of rapidly dwindling demand due to coronavirus travel bans and lockdowns. WTI crude futures slipped 4 cents, or 0.2%, to $24.45, while Brent futures rose 12 cents, or 0.4%, to $27.51.