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In what could possibly be another big investment in India's telecom sector, Jeff Bezos's Amazon is in talks to buy a stake in cash-strapped Bharti Airtel worth at least $2 billion.

The talks are in early-stage, but if the said deal happens, it would imply&nbsp;Amazon owning a roughly 5% stake in Bharti based on the current market value.&nbsp;

Also read |&nbsp;<a href="https://www.wionews.com/india-news/amazon-to-generate-50000-jobs-in-india-amid-coronavirus-300747">Amazon to generate 50,000 jobs in India amid coronavirus</a>

This development comes weeks after telecom giant Reliance Jio struck a deal with Facebook, KKR, and others, which was over 10 billion dollars.&nbsp;

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/reliance-launches-jiomart-online-grocery-service-challenges-amazon-flipkart-300813">Reliance launches JioMart online grocery service; challenges Amazon, Flipkart</a>

However, two of the three sources also said that the deal could change or might not happen at all, reported Reuters.&nbsp;

An Amazon spokesperson declined to comment on the developments, saying the organisation does "not offer comments on speculation of what we may or may not do in future."

Bharti also did not spill any beans and said that they regularly engage with digital players to bring their products and services to customers.&nbsp;

Recently, Amazon shared its plans to increase market presence significantly in India, committing 6.5 billion dollars worth investments mainly to expand its e-commerce business.&nbsp; 
&nbsp;

In what could possibly be another big investment in India's telecom sector, Jeff Bezos's Amazon is in talks to buy a stake in cash-strapped Bharti Airtel worth at least $2 billion.

In what could possibly be another big investment in India's telecom sector, Jeff Bezos's Amazon is in talks to buy a stake in cash-strapped Bharti Airtel worth at least $2 billion. The talks are in early-stage, but if the said deal happens, it would imply Amazon owning a roughly 5% stake in Bharti based on the current market value. Also read | Amazon to generate 50,000 jobs in India amid coronavirus This development comes weeks after telecom giant Reliance Jio struck a deal with Facebook, KKR, and others, which was over 10 billion dollars. Also read | Reliance launches JioMart online grocery service; challenges Amazon, Flipkart However, two of the three sources also said that the deal could change or might not happen at all, reported Reuters. An Amazon spokesperson declined to comment on the developments, saying the organisation does "not offer comments on speculation of what we may or may not do in future." Bharti also did not spill any beans and said that they regularly engage with digital players to bring their products and services to customers. Recently, Amazon shared its plans to increase market presence significantly in India, committing 6.5 billion dollars worth investments mainly to expand its e-commerce business.

Amazon in talks to invest $2 billion in Bharti Airtel : Report

The coronavirus crisis can&nbsp;cause $25 trillion fossil fuel industry collapse by accelerating a terminal decline for the world’s most polluting companies.

A study has found that the value of the world’s fossil fuel reserves could fall by two-thirds, sooner than the industry expects, because&nbsp;the crisis&nbsp;has hastened the peak for oil, gas and coal demand.

The looming fossil fuel collapse could pose ''a significant threat to global financial stability''&nbsp;by wiping out the market value of fossil fuel companies, according to financial thinktank Carbon Tracker.

Also read:&nbsp;<a href="https://www.wionews.com/world/study-economics-in-college-and-then-explain-fossil-fuels-to-us-us-treasury-secretary-mnuchin-to-greta-thunberg-276204">Study economics in college and then explain fossil fuels to us: US Treasury secretary Mnuchin to Greta Thunberg</a>

The report predicts a 2 per cent&nbsp;decline in demand for fossil fuels every year could cause the future profits of oil, gas and coal companies to collapse from an estimated $39 trillion to just $14 trillion.

According to Kingsmill Bond, the lead author of the study, ''Now is the time to plan an orderly wind-down of fossil fuel assets and manage the impact on the global economy rather than try to sustain the unsustainable.''

The report says the world is ''witnessing the decline and fall of the fossil fuel system''&nbsp;owing to the quicker-than-expected growth of clean energy alternatives coupled with the collapse in demand for fossil fuels amid the pandemic.

It follows findings from the International Energy Agency, which forecast the Covid-19 fallout would lead to the most severe plunge in energy demand since the second world war and&nbsp;trigger&nbsp;multidecade lows for the world’s consumption of oil, gas and coal, while renewable energy continued to grow.

The world’s demand for fossil fuels has plunged&nbsp;by almost 10 per cent&nbsp;amid the coronavirus lockdown, and many energy economists believe it may fail to recover from the crisis.

It warns that a blow to fossil fuel companies could send shockwaves through the global economy because their market value makes up a quarter of the world’s equity markets and they owe trillions of dollars to the world’s banks.

The coronavirus crisis can cause $25 trillion fossil fuel industry collapse by accelerating a terminal decline for the world’s most polluting companies. A study has found that the value of the world’s fossil fuel reserves could fall by two-thirds, sooner than the industry expects, because the crisis has hastened the peak for oil, gas and coal demand.

The coronavirus crisis can cause $25 trillion fossil fuel industry collapse by accelerating a terminal decline for the world’s most polluting companies. A study has found that the value of the world’s fossil fuel reserves could fall by two-thirds, sooner than the industry expects, because the crisis has hastened the peak for oil, gas and coal demand. The looming fossil fuel collapse could pose ''a significant threat to global financial stability'' by wiping out the market value of fossil fuel companies, according to financial thinktank Carbon Tracker. Also read: Study economics in college and then explain fossil fuels to us: US Treasury secretary Mnuchin to Greta Thunberg The report predicts a 2 per cent decline in demand for fossil fuels every year could cause the future profits of oil, gas and coal companies to collapse from an estimated $39 trillion to just $14 trillion. According to Kingsmill Bond, the lead author of the study, ''Now is the time to plan an orderly wind-down of fossil fuel assets and manage the impact on the global economy rather than try to sustain the unsustainable.'' The report says the world is ''witnessing the decline and fall of the fossil fuel system'' owing to the quicker-than-expected growth of clean energy alternatives coupled with the collapse in demand for fossil fuels amid the pandemic. It follows findings from the International Energy Agency, which forecast the Covid-19 fallout would lead to the most severe plunge in energy demand since the second world war and trigger multidecade lows for the world’s consumption of oil, gas and coal, while renewable energy continued to grow. The world’s demand for fossil fuels has plunged by almost 10 per cent amid the coronavirus lockdown, and many energy economists believe it may fail to recover from the crisis. It warns that a blow to fossil fuel companies could send shockwaves through the global economy because their market value makes up a quarter of the world’s equity markets and they owe trillions of dollars to the world’s banks.

Coronavirus crisis can trigger collapse of $25 trillion fossil fuel industry

Sensex jumped over 300 points in early trade on Tuesday. After opening on a tepid note, the 30-share index was trading 309.68 points or 0.93 per cent higher at 33,613.20.

Heavyweights Kotak Bank, HDFC, TCS and Reliance Industries were the major gainers amid positive cues from global markets.

Similarly, NSE Nifty advanced 98.10 points or 1 per cent to 9,924.25.

Kotak Bank was the top gainer in the Sensex pack, rising around 7 per cent, followed by M&amp;M, Sun Pharma, Hero MotoCorp, Bajaj Finance, Tata Steel, Bharti Airtel and HCL Tech.

On the other hand, L&amp;T, ITC, ICICI Bank and SBI were among the major losers.

In the previous session, the BSE barometer settled 879.42 points or 2.57 per cent higher at 33,303.52 and the broader Nifty surged 245.85 points or 2.57 per cent to finish at 9,826.15. 
&nbsp;

Sensex jumped over 300 points in early trade on Tuesday. After opening on a tepid note, the 30-share index was trading 309.68 points or 0.93 per cent higher at 33,613.

Sensex jumped over 300 points in early trade on Tuesday. After opening on a tepid note, the 30-share index was trading 309.68 points or 0.93 per cent higher at 33,613.20. Heavyweights Kotak Bank, HDFC, TCS and Reliance Industries were the major gainers amid positive cues from global markets. Similarly, NSE Nifty advanced 98.10 points or 1 per cent to 9,924.25. Kotak Bank was the top gainer in the Sensex pack, rising around 7 per cent, followed by M&M, Sun Pharma, Hero MotoCorp, Bajaj Finance, Tata Steel, Bharti Airtel and HCL Tech. On the other hand, L&T, ITC, ICICI Bank and SBI were among the major losers. In the previous session, the BSE barometer settled 879.42 points or 2.57 per cent higher at 33,303.52 and the broader Nifty surged 245.85 points or 2.57 per cent to finish at 9,826.15.

Sensex up over 300 points in early trade; Nifty tops 9,900

Amazon.com Inc said on Sunday that it was removing certain images after messages using extremely strong racist abuse appeared on some listings on its UK website when users searched for Apple's AirPods and other similar products.

Amazon.com Inc said on Sunday that it was removing certain images after messages using extremely strong racist abuse appeared on some listings on its UK website when users searched for Apple's AirPods and other similar products. The message sparked outrage on Twitter, with the topic "AirPods" trending in the United Kingdom, according to Reuters. "We are removing the images in question and have taken action on the bad actor," an Amazon spokeswoman told Reuters on Sunday. She did not elaborate more on the "bad actor". Screenshots and video grabs of the messages were trending on Twitter, with users sharing the images. In April, several of Amazon's foreign websites, including the UK domain, were added to the U.S. trade regulator's "notorious markets" report on marketplaces known for counterfeiting and piracy concerns. Amazon strongly disagreed with the report at that time, describing it as a "purely political act." (With inputs from Reuters)

Amazon removes racist messages that appeared on some product listings

India's economy grew&nbsp;3.1 per cent in the January-March quarter of 2019-20 as against 5.7 per cent in the corresponding quarter of 2018-19, according to data released by the National Statistical Office (NSO).

In 2019-20, the Indian economy had grown&nbsp;by 4.2 per cent against 6.1 per cent in 2018-19, the government statistical body said.

The government had imposed a lockdown on March 25, however, slow business growth in the January-March quarter had impacted the Indian economy.

India's annual growth hit an 11-year low at 4.2 per cent as a fallout of the coronavirus epidemic.&nbsp;

China's economy had shrunk by 6.8 per cent in January-March 2020 due to the impact of coronavirus pandemic.

India's economy grew 3.1 per cent in the January-March quarter of 2019-20 as against 5.7 per cent in the corresponding quarter of 2018-19, according to data released by the National Statistical Office (NSO).

India's economy grew 3.1 per cent in the January-March quarter of 2019-20 as against 5.7 per cent in the corresponding quarter of 2018-19, according to data released by the National Statistical Office (NSO). In 2019-20, the Indian economy had grown by 4.2 per cent against 6.1 per cent in 2018-19, the government statistical body said. The government had imposed a lockdown on March 25, however, slow business growth in the January-March quarter had impacted the Indian economy. India's annual growth hit an 11-year low at 4.2 per cent as a fallout of the coronavirus epidemic. China's economy had shrunk by 6.8 per cent in January-March 2020 due to the impact of coronavirus pandemic.

India's GDP growth slips to 3.1% in January-March quarter

Tesla CEO Elon Musk on Thursday unveiled the first of 12 possible stock option awards from the compensation plan he signed in 2018 -- and it’s worth nearly $800 million.

This plan replaced one from 2012.

Tesla eclipsed $20 billion in total revenue over the last four quarters and a market capitalisation of more than $100 billion. Hence, the company disclosed, Musk now has the option to buy 1.69 million of its shares.

Tesla’s stock price was $805.81 when the markets closed on Thursday, meaning those shares are worth about $1.36 billion. Musk, however, only has to pay a $350.02 per share strike price to get them.

This implies he could net around $770 million depending on when he pulls the trigger.

At this rate, Musk can eventually wind up collecting around 20.3 million new shares of Tesla at that strike price, clearing a path for him to collect tens of billions of dollars or more.

The company originally categorised the compensation plan as an at-risk performance award that ensures Musk will be compensated only if Tesla and all of its shareholders do extraordinarily well.”

The company’s annual meeting this year will take place on July 7.

Shareholders will have seven proposals to vote on at that meeting. The first is to reelect Elon Musk and Tesla chairwoman Robyn Denholm to the board of directors, and to approve the recently-announced appointment of Hiromichi Mizuno. The second is to approve compensation for Tesla’s executives. The third is to reappoint PricewaterhouseCoopers LLP as Tesla’s auditor.

Proposal four is Tesla should start spending money on advertising — something Musk has famously avoided.&nbsp;

The fifth proposal is measuring votes by a simple majority.

Proposal six is for Tesla to scrap forced arbitration.

The final proposal is Tesla preparing a report about human rights violations at the companies it buys raw materials from.

Tesla CEO Elon Musk on Thursday unveiled the first of 12 possible stock option awards from the compensation plan he signed in 2018 -- and it’s worth nearly $800 million.

Tesla CEO Elon Musk on Thursday unveiled the first of 12 possible stock option awards from the compensation plan he signed in 2018 -- and it’s worth nearly $800 million. This plan replaced one from 2012. Tesla eclipsed $20 billion in total revenue over the last four quarters and a market capitalisation of more than $100 billion. Hence, the company disclosed, Musk now has the option to buy 1.69 million of its shares. Tesla’s stock price was $805.81 when the markets closed on Thursday, meaning those shares are worth about $1.36 billion. Musk, however, only has to pay a $350.02 per share strike price to get them. This implies he could net around $770 million depending on when he pulls the trigger. At this rate, Musk can eventually wind up collecting around 20.3 million new shares of Tesla at that strike price, clearing a path for him to collect tens of billions of dollars or more. The company originally categorised the compensation plan as an at-risk performance award that ensures Musk will be compensated only if Tesla and all of its shareholders do extraordinarily well.” The company’s annual meeting this year will take place on July 7. Shareholders will have seven proposals to vote on at that meeting. The first is to reelect Elon Musk and Tesla chairwoman Robyn Denholm to the board of directors, and to approve the recently-announced appointment of Hiromichi Mizuno. The second is to approve compensation for Tesla’s executives. The third is to reappoint PricewaterhouseCoopers LLP as Tesla’s auditor. Proposal four is Tesla should start spending money on advertising — something Musk has famously avoided. The fifth proposal is measuring votes by a simple majority. Proposal six is for Tesla to scrap forced arbitration. The final proposal is Tesla preparing a report about human rights violations at the companies it buys raw materials from.

Elon Musk earns $770 million performance-based payday in stock options after Tesla hits targets

The domestic stock markets were trading over one per cent higher on Thursday, lifted by rally in financials for second straight day, ahead of the expiry of futures and options contracts of May series.&nbsp;

At 1:30 pm, Sensex was up 571.26 points or 1.81% at 32176.48, and the Nifty jumped 169.70 points or 1.82% at 9484.65.

Hero MotoCorp and Larsen &amp; Tubro (both up 5%) were the top Sensex gainers. Besides, the HDFC twins also inched 2 per cent higher and contributed majorly to the index's up move.

Gold edged up on after hitting a two-week low in the previous session as the rift between Washington and Beijing over Hong Kong escalated, with prices also supported by the central bank and government largesse to cushion the blow from the pandemic.

The domestic stock markets were trading over one per cent higher on Thursday, lifted by rally in financials for second straight day, ahead of the expiry of futures and options contracts of May series.

The domestic stock markets were trading over one per cent higher on Thursday, lifted by rally in financials for second straight day, ahead of the expiry of futures and options contracts of May series. At 1:30 pm, Sensex was up 571.26 points or 1.81% at 32176.48, and the Nifty jumped 169.70 points or 1.82% at 9484.65. Hero MotoCorp and Larsen & Tubro (both up 5%) were the top Sensex gainers. Besides, the HDFC twins also inched 2 per cent higher and contributed majorly to the index's up move. Gold edged up on after hitting a two-week low in the previous session as the rift between Washington and Beijing over Hong Kong escalated, with prices also supported by the central bank and government largesse to cushion the blow from the pandemic.

Sensex rises 500 points, Nifty above 9,450 as banks, autos gain

The Finnish mobile handset maker Nokia last week suspended operations at a telecoms gear manufacturing plant in southern India after some employees tested positive for COVID-19.

Nokia did not disclose how many workers at the plant in Sriperumbudur in Tamil Nadu tested positive, but reports said they were at least 42.

The company had already implemented measures such as social distancing and changes to canteen facilities.

The factory had begun operations in a restricted manner over the past few weeks at its India plant after the country eased the world’s biggest lockdown to kick-start its economy which has been pummelled by the shutdown.

The company hopes to resume operations soon at a restricted level with skeletal staff strength. Chinese smartphone maker oppo last week suspended operations at a recently re-opened plant on the outskirts of New Delhi after at least nine workers tested positive for the novel coronavirus.&nbsp;

Coronavirus had hit the restart plans of India's top two carmakers Hyundai and Maruti Suzuki last week that had opened their plants after facing two months of lockdown. Both automakers reported coronavirus positive cases at their facilities.

Three employees at Hyundai motor's Indian plant in Chennai tested positive for the virus and Maruti Suzuki, which sells one in every two cars in the country, said one employee at its plant in the northern city of Manesar had tested positive over the last few days.

The Finnish mobile handset maker Nokia last week suspended operations at a telecoms gear manufacturing plant in southern India after some employees tested positive for COVID-19.

The Finnish mobile handset maker Nokia last week suspended operations at a telecoms gear manufacturing plant in southern India after some employees tested positive for COVID-19. Nokia did not disclose how many workers at the plant in Sriperumbudur in Tamil Nadu tested positive, but reports said they were at least 42. The company had already implemented measures such as social distancing and changes to canteen facilities. The factory had begun operations in a restricted manner over the past few weeks at its India plant after the country eased the world’s biggest lockdown to kick-start its economy which has been pummelled by the shutdown. The company hopes to resume operations soon at a restricted level with skeletal staff strength. Chinese smartphone maker oppo last week suspended operations at a recently re-opened plant on the outskirts of New Delhi after at least nine workers tested positive for the novel coronavirus. Coronavirus had hit the restart plans of India's top two carmakers Hyundai and Maruti Suzuki last week that had opened their plants after facing two months of lockdown. Both automakers reported coronavirus positive cases at their facilities. Three employees at Hyundai motor's Indian plant in Chennai tested positive for the virus and Maruti Suzuki, which sells one in every two cars in the country, said one employee at its plant in the northern city of Manesar had tested positive over the last few days.

Nokia shuts India plant in Chennai after COVID-19 case

The BSE Sensex rose over 400 points on Tuesday to trade over the psychological mark of 31,000 points tracking gains in the Asian markets. Sensex opened at 30,864.

The BSE Sensex rose over 400 points on Tuesday to trade over the psychological mark of 31,000 points tracking gains in the Asian markets. Sensex opened at 30,864.27 and has so far touched an intra-day high of 31,086.70 and a low of 30,835.01 points. The Nifty50 on the National Stock Exchange was trading at 9,143.65, higher by 104.40 points or 1.15 per cent from the previous close. ITC was the top gainer in the Sensex pack, rallying over 4 per cent, followed by IndusInd Bank, HDFC Bank, Tata Steel, Titan, UltraTech Cement and L&T. On the other hand, Bharti Airtel, TCS, Hero MotoCorp and Infosys were among the laggards.

Sensex rallies over 400 points in opening session; Nifty tops 9,100

Germany threw Lufthansa a 9 billion euro ($9.8 billion) lifeline on Monday, agreeing a bailout which gives Berlin a veto in the event of a hostile bid for the airline.

Germany threw Lufthansa a 9 billion euro ($9.8 billion) lifeline on Monday, agreeing a bailout which gives Berlin a veto in the event of a hostile bid for the airline. The largest German corporate rescue since the coronavirus crisis struck will see the government get a 20% stake, which could rise to 25% plus one share in the event of a takeover attempt, as it seeks to protect thousands of jobs. Lufthansa has been locked in talks with Berlin for weeks over aid it needs to survive an expected protracted travel slump, with the airline wrangling over how much control to yield in return for financial support. Germany's central government has spent decades offloading stakes in companies, but remains a large shareholder in former state monopolies such as Deutsche Post and Deutsche Telekom. Berlin also still has a 15% holding in Commerzbank, which it took on during the global financial crisis. Other airlines including Franco-Dutch Air France-KLM and U.S. carriers American Airlines, United Airlines and Delta Air Lines have also sought state aid after the coronavirus hit global travel. Germany's Finance and Economy Ministries said on Monday that Lufthansa, whose shares closed up 7.5% at 8.64 euros, had been operationally healthy and profitable with good prospects, but had run into trouble because of the pandemic. "The support that we're preparing here is for a limited period," Finance Minister Olaf Scholz said of the deal, under which Germany is buying new shares at the nominal value of 2.56 euros apiece for a total of about 300 million euros. Berlin, which has set up a 100 billion euro fund to take stakes in companies struck by the coronavirus crisis, said it plans to sell the Lufthansa stake by the end of 2023. "When the company is fit again, the state will sell its stake and hopefully ... with a small profit that puts us into a position to finance the many, many requirements which we have to meet now, not only at this company," Scholz added. Conditions of the deal include the waiver of future dividend payments and limits on management pay, Lufthansa said, adding that the government will also fill two seats on its supervisory board, with one becoming a member of the audit committee. SILENT PARTICIPATION Under the bailout package, details of which were earlier reported by Reuters, the government will also inject 5.7 billion euros in non-voting capital, known as a silent participation. Part of this could be converted into an additional 5% equity stake, either to protect Lufthansa against a hostile takeover or in case coupon payments of 4% in 2020 and 2021, increasing to 9.5% by 2027, are missed by the airline. "(The bailout deal) will prevent Lufthansa from being sold out," Economy Minister Peter Altmaier said, adding that it would help to save thousands of jobs but did not include any extra environmental conditions on top of planned measures. Lufthansa will separately receive a 3 billion euro three-year loan from state-backed KfW and private banks. The state's WSF rescue fund plans to refrain from exercising voting rights at regular shareholder meetings under the bailout deal, which still requires approval by shareholders as well as the European Commission, Lufthansa said. It is still discussing with Europe's competition watchdog which airport slots it will have to give to ensure the bailout does not hamper competition, a person close to the matter said. "Scrutiny is extremely thorough as it is the first large equity-based bailout in the pandemic," the source said. German newspaper Handelsblatt reported that Chancellor Angela Merkel had said that Berlin would fight to ensure that remedies were not too stringent.

Germany stamps authority on Lufthansa with $9.8 billion lifeline

Ride-hailing firm Uber has laid off 600 employees in India, about 25% of its total workforce in the country. The development comes after Uber's competitor in India, Ola had also announced that it was laying off over 1,400 employees, around 35% of its total workforce in the country.

Ride-hailing firm Uber has laid off 600 employees in India, about 25% of its total workforce in the country. The development comes after Uber's competitor in India, Ola had also announced that it was laying off over 1,400 employees, around 35% of its total workforce in the country. Uber cut job across the segments, including customer and driver support, business development, legal, finance, policy and marketing verticals, according to a report. Uber said that the affected employees will be provided with 10-week payout and medical insurance coverage for the next six months. These reductions are part of previously announced global job cuts this month, a report quoting Pradeep Parameswaran, President, Uber India and South Asia stated. Parameswaran said that they made the decision to look to the future with confidence. He also apologized to departing colleagues and extended his heartfelt thanks to them for their contributions to Uber and the riders and driver-partners. Uber has fired a total of 6,700 total employees worldwide. With this, 25 per cent of its global workforce is now out of job.

After Ola, ride-hailing firm Uber lays off 600 employees in India

Reliance Industries Ltd has launched an online grocery service, JioMart, the head of its grocery retail business said, in a move aimed at rivalling Amazon.com's local unit and Walmart Inc's Flipkart in the huge Indian market. JioMart will deliver groceries in more than 200 towns across the country, Damodar Mall, chief executive of grocery retail at the Indian conglomerate, said on Twitter late on Saturday.&nbsp;

Mumbai-headquartered Reliance has not announced JioMart's launch at a time it is selling $7 billion in new shares.

Reliance launched a small pilot of JioMart deliveries in select areas of the Indian financial capital Mumbai late last month, days after announcing that Facebook Inc would spend $5.7 billion for 9.99 percent stake in the company's digital unit, Jio Platforms.

That partnership will help Reliance roll out service for India's grocers and small businesses by capitalising on India's 40 crore-strong user base for Facebook's WhatsApp messaging service.

JioMart, the e-commerce venture of Reliance's retail arm, offers free express grocery delivery from neighbourhood mom-and-pop stores. It will pose a formidable challenge to local rivals, which are also betting big on groceries for their growth.

The launch comes as India is witnessing a surge in coronavirus cases. A person familiar with the matter told Reuters the product catalogue on JioMart's website will be expanded after lockdown restrictions aimed to curb the spread of the new coronavirus are eased.

"Never waste a crisis, they say!" Mall said in his tweet. "A wise colleague mentioned today, 'Alibaba also flourished starting from the SARS crisis.'"

The oil-to-telecoms giant, controlled by India's richest man, Mukesh Ambani, did not immediately respond to an email seeking comment on the launch.

Reliance is on a fundraising spree with Jio Platforms, which houses telecoms ventures Jio Infocomm, winning a massive $10 billion from investors including Facebook, KKR &amp; Co Inc and General Atlantic in a month. 
&nbsp;

Reliance Industries Ltd has launched an online grocery service, JioMart, the head of its grocery retail business said, in a move aimed at rivalling Amazon.com's local unit and Walmart Inc's Flipkart in the huge Indian market.

Reliance Industries Ltd has launched an online grocery service, JioMart, the head of its grocery retail business said, in a move aimed at rivalling Amazon.com's local unit and Walmart Inc's Flipkart in the huge Indian market. JioMart will deliver groceries in more than 200 towns across the country, Damodar Mall, chief executive of grocery retail at the Indian conglomerate, said on Twitter late on Saturday. Mumbai-headquartered Reliance has not announced JioMart's launch at a time it is selling $7 billion in new shares. Reliance launched a small pilot of JioMart deliveries in select areas of the Indian financial capital Mumbai late last month, days after announcing that Facebook Inc would spend $5.7 billion for 9.99 percent stake in the company's digital unit, Jio Platforms. That partnership will help Reliance roll out service for India's grocers and small businesses by capitalising on India's 40 crore-strong user base for Facebook's WhatsApp messaging service. JioMart, the e-commerce venture of Reliance's retail arm, offers free express grocery delivery from neighbourhood mom-and-pop stores. It will pose a formidable challenge to local rivals, which are also betting big on groceries for their growth. The launch comes as India is witnessing a surge in coronavirus cases. A person familiar with the matter told Reuters the product catalogue on JioMart's website will be expanded after lockdown restrictions aimed to curb the spread of the new coronavirus are eased. "Never waste a crisis, they say!" Mall said in his tweet. "A wise colleague mentioned today, 'Alibaba also flourished starting from the SARS crisis.'" The oil-to-telecoms giant, controlled by India's richest man, Mukesh Ambani, did not immediately respond to an email seeking comment on the launch. Reliance is on a fundraising spree with Jio Platforms, which houses telecoms ventures Jio Infocomm, winning a massive $10 billion from investors including Facebook, KKR & Co Inc and General Atlantic in a month.

Reliance launches JioMart online grocery service; challenges Amazon, Flipkart

The Bank of China(BOC)&nbsp;is one of the big four banks in the country. It is state-owned and flush with funds.

The Bank of China owns a Singapore based company - BOC Aviation, it lends aircraft to airlines the world over. The same company now owns a chunk of Norwegian Air but this story is much bigger and spreads way beyond Norway.

The global airline industry is in turmoil. The coronavirus pandemic has led to a hard landing for some of the biggest airlines and several face the risk of going bankrupt since their planes remain grounded. The income of major airlines the world over has stopped but their expenses continue.&nbsp;

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As of December 31st last year, the company had a net book value of 16.9 billion dollars. The book value represents the worth of a company if all its assets are sold, and liabilities, paid back. The company has a fleet of 567 planes plus, a $2 billion funding line from the Bank of China.&nbsp;

Now, the company is using the pile of cash to get more planes in its fleet, and winning more clients in the process. BOC has picked up more than 12 percent of Norwegian Air. The Norwegian carrier had leased planes from the Chinese company.

Those lease obligations were converted into equity shares. The Bank of China controls it through a complex web of companies.

Ultimately, its the Chinese government that stands to gain. It is making most of the chaos, picking up more deals and acquisitions in some of the most disturbed sectors. So, India is stepping up the scrutiny on Chinese cash. After the new FDI rules, India will now check foreign portfolio investors(FPIs).

It is basically overseas investors. People or institutions who invest in securities and financial assets. India wants to keep a check on FPIs from China and Hong Kong. Reports say&nbsp;the government could set up a body to scrutinise new FPI registrations.

The development comes after India introduced a new layer of rules for Chinese investments. They will have to be first approved by the government. The threat of hostile takeovers from China is real and India is now plugging the loopholes in its laws to protect Indian businesses.

Germany is another country that is making new laws against hostile takeovers. Earlier this week, the German government gave itself new powers which would allow them to veto hostile foreign takeover bids in healthcare. The measure was adopted during a cabinet meeting.

Germany says these measures will help in ensuring continuous supply of viral medical products during the pandemic. Under the new rules, the German government can block investors from outside the European Union. Companies that are trying to buy German firms that make vaccines, protective equipment, ventilators, medicines or other supplies.

Germany has been proactive in tackling the threat of foreign takeovers other countries may want to take note and shore up their defences.

The Bank of China(BOC) is one of the big four banks in the country. It is state-owned and flush with funds. The Bank of China owns a Singapore based company - BOC Aviation, it lends aircraft to airlines the world over.

The Bank of China(BOC) is one of the big four banks in the country. It is state-owned and flush with funds. The Bank of China owns a Singapore based company - BOC Aviation, it lends aircraft to airlines the world over. The same company now owns a chunk of Norwegian Air but this story is much bigger and spreads way beyond Norway. The global airline industry is in turmoil. The coronavirus pandemic has led to a hard landing for some of the biggest airlines and several face the risk of going bankrupt since their planes remain grounded. The income of major airlines the world over has stopped but their expenses continue. As of December 31st last year, the company had a net book value of 16.9 billion dollars. The book value represents the worth of a company if all its assets are sold, and liabilities, paid back. The company has a fleet of 567 planes plus, a $2 billion funding line from the Bank of China. Now, the company is using the pile of cash to get more planes in its fleet, and winning more clients in the process. BOC has picked up more than 12 percent of Norwegian Air. The Norwegian carrier had leased planes from the Chinese company. Those lease obligations were converted into equity shares. The Bank of China controls it through a complex web of companies. Ultimately, its the Chinese government that stands to gain. It is making most of the chaos, picking up more deals and acquisitions in some of the most disturbed sectors. So, India is stepping up the scrutiny on Chinese cash. After the new FDI rules, India will now check foreign portfolio investors(FPIs). It is basically overseas investors. People or institutions who invest in securities and financial assets. India wants to keep a check on FPIs from China and Hong Kong. Reports say the government could set up a body to scrutinise new FPI registrations. The development comes after India introduced a new layer of rules for Chinese investments. They will have to be first approved by the government. The threat of hostile takeovers from China is real and India is now plugging the loopholes in its laws to protect Indian businesses. Germany is another country that is making new laws against hostile takeovers. Earlier this week, the German government gave itself new powers which would allow them to veto hostile foreign takeover bids in healthcare. The measure was adopted during a cabinet meeting. Germany says these measures will help in ensuring continuous supply of viral medical products during the pandemic. Under the new rules, the German government can block investors from outside the European Union. Companies that are trying to buy German firms that make vaccines, protective equipment, ventilators, medicines or other supplies. Germany has been proactive in tackling the threat of foreign takeovers other countries may want to take note and shore up their defences.

Amid takeovers, India keeps an eye on FPIs from China and Hong Kong

Hertz Global Holdings Inc has filed for bankruptcy protection on Friday after its business was decimated during the coronavirus pandemic and talks with creditors failed to result in much needed relief.

Hertz earlier laid off about 10,000 employees and said there was substantial doubt about its ability to continue as a going concern.

The more than a century old car rental firm is reeling under government orders restricting travel and requiring citizens to remain home. A large portion of Hertz's revenue comes from car rentals at airports, which have all but evaporated as potential customers eschew plane travel.

With nearly $19 billion of debt and roughly 38,000 employees worldwide as of the end of 2019, Hertz is among the largest companies to be undone by the pandemic.

Hertz's board, earlier in the day, approved the company seeking Chapter 11 protection in a US bankruptcy court in Delaware, according to court records. Its international operating regions including Europe, Australia and New Zealand were not included in the US proceedings.

Even before the pandemic, Hertz and its peers were under financial pressure as travelers shifted to ride-hailing services such as Uber.

To combat Uber, Hertz had adopted a turnaround plan, aiming to modernise its smartphone apps and improve management of its fleet of rental cars.

(with inputs from Reuters)

Hertz Global Holdings Inc has filed for bankruptcy protection on Friday after its business was decimated during the coronavirus pandemic and talks with creditors failed to result in much needed relief.

Hertz Global Holdings Inc has filed for bankruptcy protection on Friday after its business was decimated during the coronavirus pandemic and talks with creditors failed to result in much needed relief. Hertz earlier laid off about 10,000 employees and said there was substantial doubt about its ability to continue as a going concern. The more than a century old car rental firm is reeling under government orders restricting travel and requiring citizens to remain home. A large portion of Hertz's revenue comes from car rentals at airports, which have all but evaporated as potential customers eschew plane travel. With nearly $19 billion of debt and roughly 38,000 employees worldwide as of the end of 2019, Hertz is among the largest companies to be undone by the pandemic. Hertz's board, earlier in the day, approved the company seeking Chapter 11 protection in a US bankruptcy court in Delaware, according to court records. Its international operating regions including Europe, Australia and New Zealand were not included in the US proceedings. Even before the pandemic, Hertz and its peers were under financial pressure as travelers shifted to ride-hailing services such as Uber. To combat Uber, Hertz had adopted a turnaround plan, aiming to modernise its smartphone apps and improve management of its fleet of rental cars. (with inputs from Reuters)

Car rental group Hertz files for bankruptcy

The Reserve Bank of India (RBI) on Friday decided to cut the policy rate by 40 basis points from 4.4 per cent to 4 per cent. The reverse repo rate has been reduced to 3.35 per cent. It has also extended the moratorium on loan repayments by three more months.

Governor Shaktikanta Das said in a press briefing that the Monetary Policy Committee (MPC) unanimously voted to cut the repo rate keeping in mind the nation-wide lockdown.

"RBI's Monetary Policy Committee met again from May 20-22. MPC voted to 5:1 majority to reduce the policy repo rate by 40 basis points from 4.4 to 4 per cent," RBI Governor Shaktikanta Das said on Friday, adding that the GDP growth in India in 2020-21 is estimated to remain in the negative territory.

"India is seeing a collapse of demand. Private consumption has seen the biggest blow due to the Covid-19 outbreak, investment demand has halted. The government revenues have been impacted severely due to slowdown in economic activity," said the governor.

In a big relief to the corporate sector, the Reserve Bank of India allowed a three-month extension of the moratorium on payment of instalment concerning all term loans outstanding on March 1, 2020.

The moratorium, as announced by RBI on March 27, was ending on May 31. This has been extended till August 31 now.

Here are the top 5 announcements by RBI Governor Shaktikanta Das

<ul>
	<li>Repo rate cut by 40 basis points&nbsp;</li>
	<li>Loan moratorium extended for 3 months.&nbsp;</li>
	<li>Headline inflation could stay firm in the first half of 2020 but soften thereafter. If inflation trajectory evolves as expected, space will open up for more rate cuts.&nbsp;</li>
	<li>India GDP growth in 2020-21 is estimated to remain in negative territory.&nbsp;</li>
	<li>Regulatory measures to support exports, imports, states. 
	 
	(With inputs from agencies)</li>
</ul>

The Reserve Bank of India (RBI) on Friday decided to cut the policy rate by 40 basis points from 4.4 per cent to 4 per cent. The reverse repo rate has been reduced to 3.

The Reserve Bank of India (RBI) on Friday decided to cut the policy rate by 40 basis points from 4.4 per cent to 4 per cent. The reverse repo rate has been reduced to 3.35 per cent. It has also extended the moratorium on loan repayments by three more months. Governor Shaktikanta Das said in a press briefing that the Monetary Policy Committee (MPC) unanimously voted to cut the repo rate keeping in mind the nation-wide lockdown. "RBI's Monetary Policy Committee met again from May 20-22. MPC voted to 5:1 majority to reduce the policy repo rate by 40 basis points from 4.4 to 4 per cent," RBI Governor Shaktikanta Das said on Friday, adding that the GDP growth in India in 2020-21 is estimated to remain in the negative territory. "India is seeing a collapse of demand. Private consumption has seen the biggest blow due to the Covid-19 outbreak, investment demand has halted. The government revenues have been impacted severely due to slowdown in economic activity," said the governor. In a big relief to the corporate sector, the Reserve Bank of India allowed a three-month extension of the moratorium on payment of instalment concerning all term loans outstanding on March 1, 2020. The moratorium, as announced by RBI on March 27, was ending on May 31. This has been extended till August 31 now. Here are the top 5 announcements by RBI Governor Shaktikanta Das Repo rate cut by 40 basis points Loan moratorium extended for 3 months. Headline inflation could stay firm in the first half of 2020 but soften thereafter. If inflation trajectory evolves as expected, space will open up for more rate cuts. India GDP growth in 2020-21 is estimated to remain in negative territory. Regulatory measures to support exports, imports, states. (With inputs from agencies)

RBI announces emergency 40 basis point rate cut, 3-month loan moratorium extension

The&nbsp;World&nbsp;Bank&nbsp;on Wednesday named former Bear Stearns executive Carmen Reinhart as its chief economist, tapping a financial crisis expert who also currently serves on advisory boards of the IMF and the New York Federal Reserve.

World&nbsp;Bank&nbsp;President David Malpass said in a statement Reinhart's experience and insights would prove invaluable as the coronavirus pandemic heaps economic pain on developing countries. She starts at the&nbsp;bank&nbsp;on June 15.

Also read:&nbsp;<a href="https://www.wionews.com/business-economy/coronavirus-pandemic-smashes-auto-sector-worldwide-299757" hreflang="en">Coronavirus pandemic smashes auto sector worldwide</a>

Reinhart, a professor at Harvard University, published a book entitled "This Time is Different: Eight Centuries of Financial Folly," together with economist Kenneth Rogoff of Harvard University in 2009.

The book called for stricter regulations and an early-warning system to sound the alarm about financial bubbles, arguing that central&nbsp;bankers, policy makers and investors tended to ignore the telltale signs of a bubble.

In an article she wrote on the pandemic in March, Reinhart said: "Clearly, this is a 'whatever-it-takes' moment for large-scale, outside-the-box fiscal and monetary policies."

Reinhart has a Ph.D. from Columbia University and teaches international economics at the Harvard Kennedy School. She has also worked at the Peterson Institute for International Economics, the International Monetary Fund and the University of Maryland and the former Bear Stearns investment&nbsp;bank.

IMF Managing Director Kristalina Georgieva tweeted her congratulations, calling Reinhart "a great choice, especially at this time of crisis."

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I warmly congratulate Carmen Reinhart on her appointment as the <a href="https://twitter.com/WorldBank?ref_src=twsrc%5Etfw">@WorldBank</a>'s new Chief Economist. Great choice, especially at this time of crisis - something Carmen knows a lot about. <a href="https://t.co/6xudIdPv5x">pic.twitter.com/6xudIdPv5x</a>
— Kristalina Georgieva (@KGeorgieva) <a href="https://twitter.com/KGeorgieva/status/1263168010283552774?ref_src=twsrc%5Etfw">May 20, 2020</a></blockquote>
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IMF chief economist Gita Gopinath, in a separate tweet, added: "@carmenmreinhart is an extraordinary economist with deep expertise in crises, debt, capital flows, from a current and historical perspective."

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Absolutely wonderful news! <a href="https://twitter.com/carmenmreinhart?ref_src=twsrc%5Etfw">@carmenmreinhart</a> is an extraordinary economist with deep expertise in crises, debt, capital flows, from a current and historical perspective. Congratulations <a href="https://twitter.com/carmenmreinhart?ref_src=twsrc%5Etfw">@carmenmreinhart</a> and look forward to working closely! <a href="https://t.co/udLdEMTvoa">https://t.co/udLdEMTvoa</a>
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"She’s obviously well suited to the moment," said Scott Morris, a former US&nbsp;Treasury official who is now a senior fellow with the Centre for Global Development. "The&nbsp;Bank&nbsp;could be entering uncharted territory in the months ahead, so it’s good to have her intellectual firepower onboard."

Reinhart’s expertise include international capital flows, and sovereign debt crises, the&nbsp;Bank&nbsp;said.

She replaces Pinelopi Goldberg, who left on March 1 after only 15 months on the job.

The World Bank on Wednesday named former Bear Stearns executive Carmen Reinhart as its chief economist, tapping a financial crisis expert who also currently serves on advisory boards of the IMF and the New York Federal Reserve.

The World Bank on Wednesday named former Bear Stearns executive Carmen Reinhart as its chief economist, tapping a financial crisis expert who also currently serves on advisory boards of the IMF and the New York Federal Reserve. World Bank President David Malpass said in a statement Reinhart's experience and insights would prove invaluable as the coronavirus pandemic heaps economic pain on developing countries. She starts at the bank on June 15. Also read: Coronavirus pandemic smashes auto sector worldwide Reinhart, a professor at Harvard University, published a book entitled "This Time is Different: Eight Centuries of Financial Folly," together with economist Kenneth Rogoff of Harvard University in 2009. The book called for stricter regulations and an early-warning system to sound the alarm about financial bubbles, arguing that central bankers, policy makers and investors tended to ignore the telltale signs of a bubble. In an article she wrote on the pandemic in March, Reinhart said: "Clearly, this is a 'whatever-it-takes' moment for large-scale, outside-the-box fiscal and monetary policies." Reinhart has a Ph.D. from Columbia University and teaches international economics at the Harvard Kennedy School. She has also worked at the Peterson Institute for International Economics, the International Monetary Fund and the University of Maryland and the former Bear Stearns investment bank. IMF Managing Director Kristalina Georgieva tweeted her congratulations, calling Reinhart "a great choice, especially at this time of crisis." I warmly congratulate Carmen Reinhart on her appointment as the @WorldBank's new Chief Economist. Great choice, especially at this time of crisis - something Carmen knows a lot about. pic.twitter.com/6xudIdPv5x — Kristalina Georgieva (@KGeorgieva) May 20, 2020 × IMF chief economist Gita Gopinath, in a separate tweet, added: "@carmenmreinhart is an extraordinary economist with deep expertise in crises, debt, capital flows, from a current and historical perspective." Absolutely wonderful news! @carmenmreinhart is an extraordinary economist with deep expertise in crises, debt, capital flows, from a current and historical perspective. Congratulations @carmenmreinhart and look forward to working closely! https://t.co/udLdEMTvoa — Gita Gopinath (@GitaGopinath) May 20, 2020 × "She’s obviously well suited to the moment," said Scott Morris, a former US Treasury official who is now a senior fellow with the Centre for Global Development. "The Bank could be entering uncharted territory in the months ahead, so it’s good to have her intellectual firepower onboard." Reinhart’s expertise include international capital flows, and sovereign debt crises, the Bank said. She replaces Pinelopi Goldberg, who left on March 1 after only 15 months on the job.

World Bank names financial crisis expert Reinhart as chief economist

The coronavirus pandemic has slammed the brakes on the auto sector. Lockdowns had brought it to a screeching halt, both in terms of manufacturing and consumer demand. Carmakers across the world are now slowly restarting their factories.

Also read:&nbsp;<a href="https://www.wionews.com/world/world-health-organisation-will-continue-to-lead-global-fight-against-pandemic-tedros-299723" hreflang="en">WHO will continue to lead global fight against pandemic: Tedros</a>

But while the production gets back on track, sales have nosedived. In April, it was down anywhere between 50 per cent to 100 per cent and the road ahead is set to be a rocky.

Also read:&nbsp;<a href="https://www.wionews.com/world/coronavirus-infection-may-lead-to-mental-health-issues-says-study-299680" hreflang="en">Coronavirus infection may lead to mental health issues, says study</a>

The Wuhan virus has devasted&nbsp;the auto industry. Car factories were among the first to be shut and&nbsp;manufacturing came to a halt.

Sales plummeted after showrooms were shut. Auto companies across the world are now surveying the damage.

And it doesn't look good. European auto market was down by over 76 per cent in&nbsp;April.&nbsp;New car registrations fell by over 55 per cent in March. Every EU nation has suffered double-digit losses.

Europe's automobile powerhouse -&nbsp;Germany witnessed a 61 per cent fall in car sales which is the worst since 1990. France saw new car sales fall&nbsp;nearly 89 per cent in April.

Italy and Spain, the worst hit by the Wuhan virus, saw virtually no sales. Their auto sector was down by almost 97 per cent in the last month.

Denmark and Sweden were the least hit. Their market fell by more than a third. Car majors like Fiat-Chrysler, Jeep and Alfa Romeo have suffered the most, however, BMW, Mitsubishi and Volvo fared the best.

In Britain, sales of new cars plunged 97 per cent in April. The worst in nearly 75 years.&nbsp;In Russia, car sales plummeted by 72 per cent in April 2020. Less than 40,000 units were sold. It's the biggest monthly drop since Russia's car sales figures began to be tracked in 2008.

The situation is so bad that American automakers are refusing to report monthly sales data.&nbsp;In Asia, the situation is grim with a15 per cent drop in March.&nbsp;

Car sales in Indonesia spiralled&nbsp;over 91 per cent in April. Less than 8,000 cars were sold in the country during the month. In the same period last year, more than 84,000 cars&nbsp;were sold.

American auto sales have plunged so badly that companies are refusing to report monthly sales data. The likes of General Motors and Ford are now releasing only quarterly numbers.

However, carmakers in India are still putting out monthly sales numbers and they have been some of the worst in decades.

Passenger vehicle sales fell 50 per cent on average across companies. It is estimated that India's auto sector suffered a daily revenue loss of over $300 million due to plant closures.

All across the world car factories are slowly cranking back to work but things aren't about to get better anytime soon for automakers.

Rating agency Moody's expects global auto sales to plummet 20 per cent in 2020. That's because consumer sentiment has been the biggest casualty of all. Jobs and livelihoods are facing the wrath of the pandemic. People's confidence to spend big money buying cars is at the lowest.

Even as cars start lining up to be rolled out of assembly lines. The question is will people queue up to buy them?

The coronavirus pandemic has slammed the brakes on the auto sector. Lockdowns had brought it to a screeching halt, both in terms of manufacturing and consumer demand.

The coronavirus pandemic has slammed the brakes on the auto sector. Lockdowns had brought it to a screeching halt, both in terms of manufacturing and consumer demand. Carmakers across the world are now slowly restarting their factories. Also read: WHO will continue to lead global fight against pandemic: Tedros But while the production gets back on track, sales have nosedived. In April, it was down anywhere between 50 per cent to 100 per cent and the road ahead is set to be a rocky. Also read: Coronavirus infection may lead to mental health issues, says study The Wuhan virus has devasted the auto industry. Car factories were among the first to be shut and manufacturing came to a halt. Sales plummeted after showrooms were shut. Auto companies across the world are now surveying the damage. And it doesn't look good. European auto market was down by over 76 per cent in April. New car registrations fell by over 55 per cent in March. Every EU nation has suffered double-digit losses. Europe's automobile powerhouse - Germany witnessed a 61 per cent fall in car sales which is the worst since 1990. France saw new car sales fall nearly 89 per cent in April. Italy and Spain, the worst hit by the Wuhan virus, saw virtually no sales. Their auto sector was down by almost 97 per cent in the last month. Denmark and Sweden were the least hit. Their market fell by more than a third. Car majors like Fiat-Chrysler, Jeep and Alfa Romeo have suffered the most, however, BMW, Mitsubishi and Volvo fared the best. In Britain, sales of new cars plunged 97 per cent in April. The worst in nearly 75 years. In Russia, car sales plummeted by 72 per cent in April 2020. Less than 40,000 units were sold. It's the biggest monthly drop since Russia's car sales figures began to be tracked in 2008. The situation is so bad that American automakers are refusing to report monthly sales data. In Asia, the situation is grim with a15 per cent drop in March. Car sales in Indonesia spiralled over 91 per cent in April. Less than 8,000 cars were sold in the country during the month. In the same period last year, more than 84,000 cars were sold. American auto sales have plunged so badly that companies are refusing to report monthly sales data. The likes of General Motors and Ford are now releasing only quarterly numbers. However, carmakers in India are still putting out monthly sales numbers and they have been some of the worst in decades. Passenger vehicle sales fell 50 per cent on average across companies. It is estimated that India's auto sector suffered a daily revenue loss of over $300 million due to plant closures. All across the world car factories are slowly cranking back to work but things aren't about to get better anytime soon for automakers. Rating agency Moody's expects global auto sales to plummet 20 per cent in 2020. That's because consumer sentiment has been the biggest casualty of all. Jobs and livelihoods are facing the wrath of the pandemic. People's confidence to spend big money buying cars is at the lowest. Even as cars start lining up to be rolled out of assembly lines. The question is will people queue up to buy them?

Coronavirus pandemic smashes auto sector worldwide

The domestic stock market indices on Tuesday opened higher on May 20 with Nifty above 8,900 level.

At 09:40 IST, the Sensex was up 234.43 points or 0.79% at 30,434.34, and the Nifty was up 75.10 points or 0.85% at 8,954.20.&nbsp;

About 392 shares have advanced, 220 shares declined, and 29 shares are unchanged.

IRCTC surged 5 per cent after the Indian Railways decided to double the number of Shramik special trains to 400 a day by this week.

The domestic stock market indices on Tuesday opened higher on May 20 with Nifty above 8,900 level. At 09:40 IST, the Sensex was up 234.43 points or 0.79% at 30,434.

The domestic stock market indices on Tuesday opened higher on May 20 with Nifty above 8,900 level. At 09:40 IST, the Sensex was up 234.43 points or 0.79% at 30,434.34, and the Nifty was up 75.10 points or 0.85% at 8,954.20. About 392 shares have advanced, 220 shares declined, and 29 shares are unchanged. IRCTC surged 5 per cent after the Indian Railways decided to double the number of Shramik special trains to 400 a day by this week.

Sensex gains 230 points, Nifty above 8,950

Spurred by gains in Bharti Airtel and positive data from an early trial of a potential COVID-19 vaccine, the blue-chip Nifty 50 was up 2.09% at 9,007.20 by 11 am, while the S&P BSE Sensex was 2.

Spurred by gains in Bharti Airtel and positive data from an early trial of a potential COVID-19 vaccine, the blue-chip Nifty 50 was up 2.09% at 9,007.20 by 11 am, while the S&P BSE Sensex was 2.12% higher at 30,665.07. The NSE Nifty 50 index has slid 9% in May so far, with sharp falls in the last three sessions, as India's economic relief measures disappointed markets and domestic COVID-19 infections rose steadily. Shares in Bharti Airtel Ltd jumped 9 per cent and hit a record high as the telecoms firm reported a 15% rise in revenue. The stock was the biggest boost to the Nifty 50. Banking stocks were the next biggest boost to the Nifty 50, following a bruising Monday that saw the sector record its worst day in two weeks. HDFC Bank and mortgage lender HDFC <HDFC.NS> gained over 2% each. The banking index is down 44% this year and is among the worst performers in 2020, with the industry staring at more defaults by businesses hit by the COVID-19 pandemic, raising concerns of a fresh bout of bad loans. The number of COVID-19 cases in India surged past 100,000 on Tuesday, and the death toll stood at 3,163. India is currently under a two-month lockdown that has hit the incomes of millions of workers and left businesses without revenues. Although some lockdown curbs have been eased, air travel and most public gatherings remain restricted.

Indian shares jump on potential COVID-19 vaccine; Bharti Airtel surges

BSE Sensex plunged over 700 points while the Nifty50 on the National Stock Exchange (NSE) also fell over 200 points, below the psychological 9,000 mark. India on Sunday extended a nationwide lockdown to May 31, while easing some restrictions, but a ban on air travel and several public gatherings still remained.

BSE Sensex plunged over 700 points while the Nifty50 on the National Stock Exchange (NSE) also fell over 200 points, below the psychological 9,000 mark. India on Sunday extended a nationwide lockdown to May 31, while easing some restrictions, but a ban on air travel and several public gatherings still remained. As of Monday, India's tally of coronavirus infections surged past 96,000, while deaths surpassed 3,000. The fall can be attributed to the extension of the nationwide lockdown and the disappointment in several quarters over the economic package, according to Reuters. Around 10 a.m., the Sensex was trading at 30,359.56. lower by 738.17 points or 2.37 per cent from the previous close of 31,097.73. It had opened at 31,248.26 and has so far touched an intra-day high of 31,248.26 and a low of 30,265.67. The Nifty50 was trading at 8,916.70, lower by 220.15 points or 2.41 per cent from the previous close. Shares in drugmaker Cipla Ltd jumped 2% after March-quarter results on Friday and its filing of a new drug application for a generic version of GSK's blockbuster lung drug Advair. Indian oil-to-telecoms conglomerate Reliance Industries Ltd gained 1% after unveiling yet another sizeable investment in its digital arm.

Sensex plunges over 700 points, Nifty below 9,000 in early trade

Finance Minister Nirmala Sitharaman on Sunday said a new "coherent" public sector enterprises policy will be formulated that will define strategic sectors which will have not more than four PSUs.

Finance Minister Nirmala Sitharaman on Sunday said a new "coherent" public sector enterprises policy will be formulated that will define strategic sectors which will have not more than four PSUs. List of strategic sectors requiring presence of public sector undertakings (PSUs) in public interest will be notified, she said while announcing her fifth and final economic stimulus package. In strategic sectors, at least one enterprise will remain in the public sector but private sector will also be allowed. In other sectors, PSUs will be privatised. "To minise wasteful administrative costs, number of enterprises in strategic sectors will ordinarily be only one to four; others will be privatised/merged/brought under holding companies," she said. (With inputs from PTI)

Government to privatise non-strategic PSUs: Finance minister

Indian markets declined over 1 per cent on Friday, pulled down by auto and bank stocks, amid mixed global cues.

The 30-share Sensex slipped below 31,000-mark, to trade at 30,947, down 175 points or 0.53 per cent. While broader Nifty 50 index breached the crucial 91,00-mark and was ruling at 9,088 with a loss of 54 points or 0.59 per cent.&nbsp;

Out of 30 Sensex stocks that constitute BSE Sensex, 20 scrips were trading in negative territory. M&amp;M was the top Sensex loser down 3.27 per cent, followed by Maruti, Hero MotoCorp and Bajaj Finance.

Indian markets declined over 1 per cent on Friday, pulled down by auto and bank stocks, amid mixed global cues. The 30-share Sensex slipped below 31,000-mark, to trade at 30,947, down 175 points or 0.

Indian markets declined over 1 per cent on Friday, pulled down by auto and bank stocks, amid mixed global cues. The 30-share Sensex slipped below 31,000-mark, to trade at 30,947, down 175 points or 0.53 per cent. While broader Nifty 50 index breached the crucial 91,00-mark and was ruling at 9,088 with a loss of 54 points or 0.59 per cent. Out of 30 Sensex stocks that constitute BSE Sensex, 20 scrips were trading in negative territory. M&M was the top Sensex loser down 3.27 per cent, followed by Maruti, Hero MotoCorp and Bajaj Finance.

Sensex slips below 31,000, down over 300 points, Nifty trades below 9,100

With the governments imposing large-scale restrictions on economic activities to halt the spread of coronavirus, the global economy has come to a virtual standstill.&nbsp;

A report by the United Nations Department of Economic and Social Affairs has projected that the world economy is set to lose nearly $8.5 trillion over the next 2 years.

UN has predicted that the world economy will contract by 3.2 per cent in 2020 amid the coronavirus crisis, the sharpest contraction since the Great Depression in the 1930s.

But in the worst-case scenario, it said the global economy could contract by a further 0.5 per cent in 2021 if a new wave of infections and lockdowns continues in the third quarter, which ends September 30.

The UN report projects that the economic output of developed countries will plunge to minus 5 per cent and below, meanwhile, the GDP of the developing countries will contract by 0.7 per cent in 2020.

The report also forecast a 15 per cent contraction in world trade in 2020 as a result of sharply reduced global demand and disruptions in global supply chains.&nbsp;

COVID-19 is likely to push more than 34 million people into extreme poverty, the report added.&nbsp;

India’s GDP growth rate dips to 1.2% for FY 2020-21

The UN has slashed India's projected growth rate to 1.2 per cent in 2020, a further deterioration from the already slowed growth of 4.1 per cent in 2019.

However, India, which grew at 6.8 per cent in the fiscal year 2018, is forecast to recover slightly and clock a 5.5 per cent growth rate in 2021.

“The national lockdown in India, for example, is expected to depress economic growth to just 1.2 per cent, much lower than the already disappointing growth in 2019,” the report said.

The abrupt halt of commercial activity threatens to impose economic pain so profound and enduring in every region of the world at once that recovery could take years.

(With inputs from agencies)

With the governments imposing large-scale restrictions on economic activities to halt the spread of coronavirus, the global economy has come to a virtual standstill.

With the governments imposing large-scale restrictions on economic activities to halt the spread of coronavirus, the global economy has come to a virtual standstill. A report by the United Nations Department of Economic and Social Affairs has projected that the world economy is set to lose nearly $8.5 trillion over the next 2 years. UN has predicted that the world economy will contract by 3.2 per cent in 2020 amid the coronavirus crisis, the sharpest contraction since the Great Depression in the 1930s. But in the worst-case scenario, it said the global economy could contract by a further 0.5 per cent in 2021 if a new wave of infections and lockdowns continues in the third quarter, which ends September 30. The UN report projects that the economic output of developed countries will plunge to minus 5 per cent and below, meanwhile, the GDP of the developing countries will contract by 0.7 per cent in 2020. The report also forecast a 15 per cent contraction in world trade in 2020 as a result of sharply reduced global demand and disruptions in global supply chains. COVID-19 is likely to push more than 34 million people into extreme poverty, the report added. India’s GDP growth rate dips to 1.2% for FY 2020-21 The UN has slashed India's projected growth rate to 1.2 per cent in 2020, a further deterioration from the already slowed growth of 4.1 per cent in 2019. However, India, which grew at 6.8 per cent in the fiscal year 2018, is forecast to recover slightly and clock a 5.5 per cent growth rate in 2021. “The national lockdown in India, for example, is expected to depress economic growth to just 1.2 per cent, much lower than the already disappointing growth in 2019,” the report said. The abrupt halt of commercial activity threatens to impose economic pain so profound and enduring in every region of the world at once that recovery could take years. (With inputs from agencies)

UN forecasts coronavirus to shrink world economy by 3.2%; India's growth rate projected to slow to 1.2% in 2020

With the governments imposing large-scale restrictions on economic activities to halt the spread of coronavirus, the global economy has come to a virtual standstill. A report by the United Nations Department of Economic and Social Affairs has projected that the world economy is set to lose nearly $8.5 trillion over the next 2 years.

Global economic output to reduce by $8.5 trillion in 2 years

India's finance minister Nirmala Sitharaman&nbsp;unveiled the next part of the economic <a href="https://www.wionews.com/business-economy/government-changes-definition-of-msmes-pm-modi-says-will-empower-entrepreneurs-298496">stimulus</a> package after announcing it on Tuesday.

<a href="https://www.wionews.com/india-news/governments-financial-package-big-relief-for-msmes-indian-taxpayers-298416">Also Read: Government's financial package: Big relief for MSMEs, Indian taxpayers</a>

Sitharaman said the second tranche of the economic stimulus package will benefit migrant workers, street vendors and small farmers.

Three crore marginal farmers have already availed Rs 4 lakh crore loans on concessional rates, India's finance minister said.

On employment of migrant workers, Sitharaman said that 14.62 crore man-days generated up to May 13 under MNREGA with Rs 10,000 crore has been spent.

Government backs universal right to minimum wages and regional disparity in minimum wages need to be bridged by national floor wage, the finance minister asserted.

Major announcements:

Government to spend Rs 3,500 crore on giving free food grain to 8 crore migrant workers who do not have either central or state PDS cards.

PDS ration cards to be made portable to allow migrant workers to use ration cards across states.

Rs 1,500 crore interest subvention for MUDRA-Shishu loans of up to Rs 50,000.

Government to launch affordable rental housing scheme for migrant workers.

50 lakh street vendors to be given Rs 5,000 crore.

Affordable housing scheme for middle income families with Rs 6 lakh to Rs 18 lakh annual income to be extended till March 2021.

Rs 30,000 crore additional emergency working capital fund to be provided through NABARD to small, marginal farmers. 
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India's finance minister Nirmala Sitharaman unveiled the next part of the economic stimulus package after announcing it on Tuesday. Also Read: Government's financial package: Big relief for MSMEs, Indian taxpayers Sitharaman said the second tranche of the economic stimulus package will benefit migrant workers, street vendors and small farmers.

India's finance minister Nirmala Sitharaman unveiled the next part of the economic stimulus package after announcing it on Tuesday. Also Read: Government's financial package: Big relief for MSMEs, Indian taxpayers Sitharaman said the second tranche of the economic stimulus package will benefit migrant workers, street vendors and small farmers. Three crore marginal farmers have already availed Rs 4 lakh crore loans on concessional rates, India's finance minister said. On employment of migrant workers, Sitharaman said that 14.62 crore man-days generated up to May 13 under MNREGA with Rs 10,000 crore has been spent. Government backs universal right to minimum wages and regional disparity in minimum wages need to be bridged by national floor wage, the finance minister asserted. Major announcements: Government to spend Rs 3,500 crore on giving free food grain to 8 crore migrant workers who do not have either central or state PDS cards. PDS ration cards to be made portable to allow migrant workers to use ration cards across states. Rs 1,500 crore interest subvention for MUDRA-Shishu loans of up to Rs 50,000. Government to launch affordable rental housing scheme for migrant workers. 50 lakh street vendors to be given Rs 5,000 crore. Affordable housing scheme for middle income families with Rs 6 lakh to Rs 18 lakh annual income to be extended till March 2021. Rs 30,000 crore additional emergency working capital fund to be provided through NABARD to small, marginal farmers.

Second tranche of economic stimulus will benefit migrant workers & small farmers: Nirmala Sitharaman

Domestic equity market benchmarks BSE Sensex and Nifty 50 settled over 2.5 per cent lower on Thursday mainly dragged by financials and IT stocks.

At the close, the S&amp;P BSE Sensex stood at 31,123, down 886 points or 2.8 per cent while Nifty ended at 9,143, down 241 points or 2.57 per cent.&nbsp;

Global markets

World stock markets fell for a third day running on Thursday after a sobering warning from the World Health Organization that the coronavirus may never go away.

The head of the Federal Reserve quashed talk of U.S. interest rates going negative to kickstart investment and new outbreaks of the virus in South Korea and China and some dour assessments of the global economy aroused concern too.

Asian markets had followed Wall Street lower overnight with MSCI's broadest index of Asia-Pacific shares finishing down 1.3% and Japan's heavyweight Nikkei closing 1.75% lower.

(With Reuters inputs)

Domestic equity market benchmarks BSE Sensex and Nifty 50 settled over 2.5 per cent lower on Thursday mainly dragged by financials and IT stocks. At the close, the S&P BSE Sensex stood at 31,123, down 886 points or 2.

Domestic equity market benchmarks BSE Sensex and Nifty 50 settled over 2.5 per cent lower on Thursday mainly dragged by financials and IT stocks. At the close, the S&P BSE Sensex stood at 31,123, down 886 points or 2.8 per cent while Nifty ended at 9,143, down 241 points or 2.57 per cent. Global markets World stock markets fell for a third day running on Thursday after a sobering warning from the World Health Organization that the coronavirus may never go away. The head of the Federal Reserve quashed talk of U.S. interest rates going negative to kickstart investment and new outbreaks of the virus in South Korea and China and some dour assessments of the global economy aroused concern too. Asian markets had followed Wall Street lower overnight with MSCI's broadest index of Asia-Pacific shares finishing down 1.3% and Japan's heavyweight Nikkei closing 1.75% lower. (With Reuters inputs)

Sensex ends 886 points lower, Nifty settles below 9,150