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After a contraction in the current financial year, India's economy is forecast to bounce back with a sharp growth rate of 9.5 per cent next year provided it avoids further deterioration in financial sector health, Fitch Ratings said on Wednesday.

The coronavirus pandemic will lead to shrinking of the already slowing economy in 2020-21 that started in April. Fitch Ratings forecast a 5 per cent contraction in the GDP in the ongoing financial year.

"The pandemic has drastically weakened India's growth outlook and laid bare the challenges caused by a high public-debt burden," Fitch Ratings said in its APAC Sovereign Credit Overview released on Wednesday.

"After the global crisis, India's GDP growth is likely to return to higher levels than 'BBB' category peers, provided it avoids further deterioration in financial sector health as a result of the pandemic," it said forecasting a 9.5 per cent real GDP growth next year.

India on March 25 instituted the world's largest lockdown to combat the novel coronavirus, halting almost all economic activities.

The lockdown has been repeatedly extended, although some restrictions have been eased from May 4 in zones with fewer infections. "However, new cases have continued to rise," it said.

To support the economy, the Reserve Bank of India (RBI) has eased monetary policy by cutting policy rates and providing liquidity through long-term repo operations.

Prudential requirements for banks have also been eased to free up liquidity for lending. "The government has announced stimulus measures amounting to 10 per cent of GDP, of which the fiscal component of about 1 per cent of GDP is significantly less than many of India's peers," the rating agency said.

General government debt already stood at 70 per cent of GDP in 2019-20, well above the 'BBB' rating median of 42 per cent.

India's ratio of public debt/GDP is expected to rise to 84 per cent of GDP in 2020-21  up from a forecast of 71 per cent when Fitch Ratings affirmed the 'BBB-' rating in December 2019.

"This is based on our expectation of slower economic growth in FY21 and wider fiscal deficits, assuming that the government's fiscal response remains restrained," it said.

"The credit profile is strengthened by relative external resilience stemming from solid foreign-reserve buffers, but weakened by some lagging structural factors, including governance indicators and GDP per capita."

Listing positives for India, Fitch Ratings said there was greater confidence in a sustained reduction in general government debt over the medium term to a level closer to the 'BBB' peer median.

Also, there is a possibility of higher sustained investment and growth rates without the creation of macroeconomic imbalances, such as from successful structural reform implementation.

Among the negatives was a material increase in the fiscal deficit, causing the gross general government debt/GDP ratio to be placed on a sustained upward trajectory.

Other negative was loose macroeconomic policy settings that cause a return of persistently high inflation and widening current-account deficits, which would increase the risk of external funding stress, it said.

After a contraction in the current financial year, India's economy is forecast to bounce back with a sharp growth rate of 9.5 per cent next year provided it avoids further deterioration in financial sector health, Fitch Ratings said on Wednesday.

After a contraction in the current financial year, India's economy is forecast to bounce back with a sharp growth rate of 9.5 per cent next year provided it avoids further deterioration in financial sector health, Fitch Ratings said on Wednesday. The coronavirus pandemic will lead to shrinking of the already slowing economy in 2020-21 that started in April. Fitch Ratings forecast a 5 per cent contraction in the GDP in the ongoing financial year. "The pandemic has drastically weakened India's growth outlook and laid bare the challenges caused by a high public-debt burden," Fitch Ratings said in its APAC Sovereign Credit Overview released on Wednesday. "After the global crisis, India's GDP growth is likely to return to higher levels than 'BBB' category peers, provided it avoids further deterioration in financial sector health as a result of the pandemic," it said forecasting a 9.5 per cent real GDP growth next year. India on March 25 instituted the world's largest lockdown to combat the novel coronavirus, halting almost all economic activities. The lockdown has been repeatedly extended, although some restrictions have been eased from May 4 in zones with fewer infections. "However, new cases have continued to rise," it said. To support the economy, the Reserve Bank of India (RBI) has eased monetary policy by cutting policy rates and providing liquidity through long-term repo operations. Prudential requirements for banks have also been eased to free up liquidity for lending. "The government has announced stimulus measures amounting to 10 per cent of GDP, of which the fiscal component of about 1 per cent of GDP is significantly less than many of India's peers," the rating agency said. General government debt already stood at 70 per cent of GDP in 2019-20, well above the 'BBB' rating median of 42 per cent. India's ratio of public debt/GDP is expected to rise to 84 per cent of GDP in 2020-21  up from a forecast of 71 per cent when Fitch Ratings affirmed the 'BBB-' rating in December 2019. "This is based on our expectation of slower economic growth in FY21 and wider fiscal deficits, assuming that the government's fiscal response remains restrained," it said. "The credit profile is strengthened by relative external resilience stemming from solid foreign-reserve buffers, but weakened by some lagging structural factors, including governance indicators and GDP per capita." Listing positives for India, Fitch Ratings said there was greater confidence in a sustained reduction in general government debt over the medium term to a level closer to the 'BBB' peer median. Also, there is a possibility of higher sustained investment and growth rates without the creation of macroeconomic imbalances, such as from successful structural reform implementation. Among the negatives was a material increase in the fiscal deficit, causing the gross general government debt/GDP ratio to be placed on a sustained upward trajectory. Other negative was loose macroeconomic policy settings that cause a return of persistently high inflation and widening current-account deficits, which would increase the risk of external funding stress, it said.

Indian economy to grow at 9.5 per cent in next fiscal: Fitch Ratings

After a special court allowed attachment and confiscation of assets owned by diamantaire Nirav Modi and Mehul Choksi, Enforcement Directorate (ED) on Wednesday brought back over 2,300 kg of polished diamonds and pearls worth Rs 1,350 crore of firms belonging to Nirav Modi and Mehul Choksi from Hong Kong.

<a href="https://www.wionews.com/india-news/pnb-scam-this-is-how-nirav-modi-planned-his-safe-exit-from-india-33071">Also read: This is how Nirav Modi planned his safe exit from India</a> 
 
Both the businessmen are being probed by the ED under the Prevention of Money Laundering Act.

Nirav Modi and his uncle Mehul Choksi duped the Punjab National Bank (PNB) of Rs 14,000 crore through issuance of fraudulent Letters of Undertaking (LoUs), in connivance with some bank officials.

<a href="wionews.com/india-news/pnb-scam-nirav-modi-threatened-to-kill-companys-director-claims-chargesheet-269457">PNB scam: Nirav Modi threatened to kill company's director, claims chargesheet</a> 
 
This scam continues to haunt the gems and jewellery industry even two-and-a-half years later, with banks unwilling to lend money to the sector.&nbsp;

The bank lending to the gems and jewellery industry is on a consistent fall since the financial scam broke out in January 2018.&nbsp;

Nirav Modi is currently facing a probe by two investigating agencies, ED and CBI. India is fighting to secure his extradition from the UK.

(With inputs from PTI)

After a special court allowed attachment and confiscation of assets owned by diamantaire Nirav Modi and Mehul Choksi, Enforcement Directorate (ED) on Wednesday brought back over 2,300 kg of polished diamonds and pearls worth Rs 1,350 crore of firms belonging to Nirav Modi and Mehul Choksi from Hong Kong.

After a special court allowed attachment and confiscation of assets owned by diamantaire Nirav Modi and Mehul Choksi, Enforcement Directorate (ED) on Wednesday brought back over 2,300 kg of polished diamonds and pearls worth Rs 1,350 crore of firms belonging to Nirav Modi and Mehul Choksi from Hong Kong. Also read: This is how Nirav Modi planned his safe exit from India Both the businessmen are being probed by the ED under the Prevention of Money Laundering Act. Nirav Modi and his uncle Mehul Choksi duped the Punjab National Bank (PNB) of Rs 14,000 crore through issuance of fraudulent Letters of Undertaking (LoUs), in connivance with some bank officials. PNB scam: Nirav Modi threatened to kill company's director, claims chargesheet This scam continues to haunt the gems and jewellery industry even two-and-a-half years later, with banks unwilling to lend money to the sector. The bank lending to the gems and jewellery industry is on a consistent fall since the financial scam broke out in January 2018. Nirav Modi is currently facing a probe by two investigating agencies, ED and CBI. India is fighting to secure his extradition from the UK. (With inputs from PTI)

Enforcement Directorate brings back Rs 1,350-cr worth polished diamonds, pearls of Nirav Modi, Choksi firms from Hong Kong

The domestic stock market on Wednesday ended in the positive territory, supported by last-minute buying in counters such as Reliance Industries (RIL), HDFC, TCS, ICICI Bank, and IndusInd Bank.&nbsp;

The S&amp;P BSE Sensex ended the day at 34,247.05, up 290 points or 0.86 per cent with IndusInd Bank (up nearly 8 per cent) being the top gainer and Hero MotoCorp (down nearly 4 per cent) the biggest loser.&nbsp;

NSE's Nifty ended at 10,116, up 69.50 points or 0.69 per cent. Of 50 constituents, 28 advanced and 22 declined. India VIX, the volatility gauge, slipped nearly 3 per cent to 29.35 levels.&nbsp;

The other prominent gainers were Hindalco and Tata Consultancy Services.&nbsp;

However, Hero MotoCorp slipped by 3.4 per cent a day after the company reported Q4 FY20 standalone profit of Rs 621 crore, down 15 per cent from Q4 FY19. GAIL, ONGC, Coal India, Bajaj Auto, Titan, Tata Steel and Britannia too traded with a negative bias.&nbsp;

Meanwhile, Asian stock markets gained for the 10th consecutive session. Japan`s Nikkei rose by 0.15 per cent while South Korea`s Kospi crawled up by 0.31 per cent. But Hong Kong`s Hang Seng was down marginally by 0.03 per cent.

(With inputs from ANI)

The domestic stock market on Wednesday ended in the positive territory, supported by last-minute buying in counters such as Reliance Industries (RIL), HDFC, TCS, ICICI Bank, and IndusInd Bank.

The domestic stock market on Wednesday ended in the positive territory, supported by last-minute buying in counters such as Reliance Industries (RIL), HDFC, TCS, ICICI Bank, and IndusInd Bank. The S&P BSE Sensex ended the day at 34,247.05, up 290 points or 0.86 per cent with IndusInd Bank (up nearly 8 per cent) being the top gainer and Hero MotoCorp (down nearly 4 per cent) the biggest loser. NSE's Nifty ended at 10,116, up 69.50 points or 0.69 per cent. Of 50 constituents, 28 advanced and 22 declined. India VIX, the volatility gauge, slipped nearly 3 per cent to 29.35 levels. The other prominent gainers were Hindalco and Tata Consultancy Services. However, Hero MotoCorp slipped by 3.4 per cent a day after the company reported Q4 FY20 standalone profit of Rs 621 crore, down 15 per cent from Q4 FY19. GAIL, ONGC, Coal India, Bajaj Auto, Titan, Tata Steel and Britannia too traded with a negative bias. Meanwhile, Asian stock markets gained for the 10th consecutive session. Japan`s Nikkei rose by 0.15 per cent while South Korea`s Kospi crawled up by 0.31 per cent. But Hong Kong`s Hang Seng was down marginally by 0.03 per cent. (With inputs from ANI)

Nifty ends above 10,100, Sensex up 290 points

As India began opening up the country amid the <a href="https://www.wionews.com/india-news/covid-19-india-reports-highest-single-day-spike-for-second-consecutive-day-304446">coronavirus </a>crisis, the S&amp;P BSE Sensex climbed up 0.82% at 34,651.09 in morning trade with the NSE Nifty 50 index up 0.79 per cent to 10,247.08.

After diving down over profit-booking, the Sensex regained power to climb&nbsp;325 points.to reach 34,710.52.

Indusland stocks jumped 5 per cent even as HDFC bank stocks was down over 1,000 points with Dr.Reddy's Laboratories Ltd and Sun Pharmaceutical Industries Ltd rising nearly 4 per cent each pushing up the Nifty.

However, PVR &nbsp;Ltd and INOX Leisure Ltd shares slipped after the companies reported losses amid the shutdown of malls during the pandemic.

Other gainers on the stock exchanged included Asian Paints and ITC.

The stocks which went down included Reliance, HCL Tech, Power Grid Corp, BPCL, GAIL and WIPRO.

Meanwhile, Tokyo's benchmark Nikkei index closed slightly lower on Tuesday with the Nikkei 225 index falling 0.38 per cent to 23,091.03, while the Topix index losing 0.14 percent to 1,628.43.

However, Hong Kong stocks gained for the seventh day after the Wall Street surge on Monday with Hang Seng Index adding 0.52 per cent to reach 24,906.01 with China's benchmark Shanghai Composite Index rising 0.06 per cent to 2,939.54. 
&nbsp;

As India began opening up the country amid the coronavirus crisis, the S&P BSE Sensex climbed up 0.82% at 34,651.09 in morning trade with the NSE Nifty 50 index up 0.

As India began opening up the country amid the coronavirus crisis, the S&P BSE Sensex climbed up 0.82% at 34,651.09 in morning trade with the NSE Nifty 50 index up 0.79 per cent to 10,247.08. After diving down over profit-booking, the Sensex regained power to climb 325 points.to reach 34,710.52. Indusland stocks jumped 5 per cent even as HDFC bank stocks was down over 1,000 points with Dr.Reddy's Laboratories Ltd and Sun Pharmaceutical Industries Ltd rising nearly 4 per cent each pushing up the Nifty. However, PVR Ltd and INOX Leisure Ltd shares slipped after the companies reported losses amid the shutdown of malls during the pandemic. Other gainers on the stock exchanged included Asian Paints and ITC. The stocks which went down included Reliance, HCL Tech, Power Grid Corp, BPCL, GAIL and WIPRO. Meanwhile, Tokyo's benchmark Nikkei index closed slightly lower on Tuesday with the Nikkei 225 index falling 0.38 per cent to 23,091.03, while the Topix index losing 0.14 percent to 1,628.43. However, Hong Kong stocks gained for the seventh day after the Wall Street surge on Monday with Hang Seng Index adding 0.52 per cent to reach 24,906.01 with China's benchmark Shanghai Composite Index rising 0.06 per cent to 2,939.54.

Sensex, Nifty rise as India reopens

The government on Tuesday announced hiking of petrol prices by 54 paise per litre and diesel by 58 paise a litre.

The petrol prices in Delhi will now cost Rs 73.00 per litre, with diesel rates now available at Rs 71.17 a litre.

It is the third straight day fuel price hike.

The move comes after oil companies on Sunday had restarted revising prices in line with costs, after ending an 82-day pause after the government on March 14 had hiked excise duty on petrol and diesel by Rs 3 per litre each.

On Sunday, petrol and diesel prices were hiked by 60 paise per litre. On Monday, it was increased by a similar priceline.

According to government data released last week, India's gas sales had jumped sharply in May compared with April due to the lockdown. However, sales in May was still down nearly 36 per cent and 31 per cent respectively from a year earlier, after contracting more than 50 per cent in April compared to last year.

The sale of liquefied petroleum gas (LPG) had risen 13 per cent in May from a year ago while jet fuel declined by 85 per cent during the same period, data showed.

The government on Tuesday announced hiking of petrol prices by 54 paise per litre and diesel by 58 paise a litre. The petrol prices in Delhi will now cost Rs 73.

The government on Tuesday announced hiking of petrol prices by 54 paise per litre and diesel by 58 paise a litre. The petrol prices in Delhi will now cost Rs 73.00 per litre, with diesel rates now available at Rs 71.17 a litre. It is the third straight day fuel price hike. The move comes after oil companies on Sunday had restarted revising prices in line with costs, after ending an 82-day pause after the government on March 14 had hiked excise duty on petrol and diesel by Rs 3 per litre each. On Sunday, petrol and diesel prices were hiked by 60 paise per litre. On Monday, it was increased by a similar priceline. According to government data released last week, India's gas sales had jumped sharply in May compared with April due to the lockdown. However, sales in May was still down nearly 36 per cent and 31 per cent respectively from a year earlier, after contracting more than 50 per cent in April compared to last year. The sale of liquefied petroleum gas (LPG) had risen 13 per cent in May from a year ago while jet fuel declined by 85 per cent during the same period, data showed.

Petrol, diesel prices hiked for third straight day

The domestic equity market slipped over a per cent on Tuesday amid across-the-board sell-off with the financials taking the biggest knock.

Sensex shed 414 points or 1.2 per cent to settle at 33,956.69 while NSE's Nifty ended at 10,047, down 121 points or 1.19 per cent. Nifty Bank lost 462 points or over 2 per cent to 20,724.90 levels. Volatility index, India VIX, climbed over 2 per cent to 30.26 levels.&nbsp;

India’s economy will shrink by 3.2 per cent in the current fiscal, the World Bank said on Monday as it joined a chorus of international agencies that are forecasting a contraction in growth rate due to the coronavirus lockdown halting economic activity. The Washington-based multilateral lender said that the COVID-19 pandemic and the multi-phased lockdown imposed to curb its spread has resulted in a devastating blow to the Indian economy.

Global markets

Asian stocks extended their winning streak for the ninth consecutive session on Tuesday and oil prices rose as the lifting of coronavirus lockdowns in many countries fed investor hopes of a relatively quick global economic recovery. Australia’s S&amp;P/ASX 200 surged 2.6 per cent, China’s blue-chip CSI300 index advanced 0.7 per cent and Hong Kong’s Hang Seng index climbed 1.6 per cent. Japan’s Nikkei bucked the trend to be down 0.6 per cent.&nbsp;

(With inputs from agencies)

The domestic equity market slipped over a per cent on Tuesday amid across-the-board sell-off with the financials taking the biggest knock. Sensex shed 414 points or 1.

The domestic equity market slipped over a per cent on Tuesday amid across-the-board sell-off with the financials taking the biggest knock. Sensex shed 414 points or 1.2 per cent to settle at 33,956.69 while NSE's Nifty ended at 10,047, down 121 points or 1.19 per cent. Nifty Bank lost 462 points or over 2 per cent to 20,724.90 levels. Volatility index, India VIX, climbed over 2 per cent to 30.26 levels. India’s economy will shrink by 3.2 per cent in the current fiscal, the World Bank said on Monday as it joined a chorus of international agencies that are forecasting a contraction in growth rate due to the coronavirus lockdown halting economic activity. The Washington-based multilateral lender said that the COVID-19 pandemic and the multi-phased lockdown imposed to curb its spread has resulted in a devastating blow to the Indian economy. Global markets Asian stocks extended their winning streak for the ninth consecutive session on Tuesday and oil prices rose as the lifting of coronavirus lockdowns in many countries fed investor hopes of a relatively quick global economic recovery. Australia’s S&P/ASX 200 surged 2.6 per cent, China’s blue-chip CSI300 index advanced 0.7 per cent and Hong Kong’s Hang Seng index climbed 1.6 per cent. Japan’s Nikkei bucked the trend to be down 0.6 per cent. (With inputs from agencies)

Sensex plunges 850 points from day’s high, Nifty ends 535 points down

The Sensex went up 608 points to 34,895.83 in early trade on Monday with the Nifty surging 184.60 pts to 10,326.75.

<a href="https://www.wionews.com/india-news/covid-19-india-gears-up-for-unlock-10-devotees-flock-to-religious-places-304096">Also Read:&nbsp;India gears up for Unlock 1.0; devotees flock to religious places&nbsp;</a>

The big gainers were IndusInd Bank, Bajaj Finance and Axis Bank. Reliance Industries stocks also went up over 2 per cent.

Yes Bank shares also rose on Monday, going up over 3 per cent to a ten-week high after rating firm Crisil reaffirmed BBB ratings for the bank.

The market sentiment was boosted after India began to unlock further from today after being on lockdown from March 25.

Places of worship, including malls have been allowed to reopen in the country amid rising cases.

Meanwhile, Hong Kong stocks ended Monday's morning session slightly higher with the Hang Seng Index rising 0.17 per cent to 24,812.58.

Tokyo's Nikkei index rose for the sixth consecutive session on Monday amid Wall Street rally last week.

The Nikkei closed 23,178.10 with over 300 points up. Wall Street stocks had surged last week after US jobs data was released which showed the country had regained 2.5 million jobs in May and unemployment had dropped amid the pandemic.

The Sensex went up 608 points to 34,895.83 in early trade on Monday with the Nifty surging 184.60 pts to 10,326.75. Also Read: India gears up for Unlock 1.0; devotees flock to religious places The big gainers were IndusInd Bank, Bajaj Finance and Axis Bank.

The Sensex went up 608 points to 34,895.83 in early trade on Monday with the Nifty surging 184.60 pts to 10,326.75. Also Read: India gears up for Unlock 1.0; devotees flock to religious places The big gainers were IndusInd Bank, Bajaj Finance and Axis Bank. Reliance Industries stocks also went up over 2 per cent. Yes Bank shares also rose on Monday, going up over 3 per cent to a ten-week high after rating firm Crisil reaffirmed BBB ratings for the bank. The market sentiment was boosted after India began to unlock further from today after being on lockdown from March 25. Places of worship, including malls have been allowed to reopen in the country amid rising cases. Meanwhile, Hong Kong stocks ended Monday's morning session slightly higher with the Hang Seng Index rising 0.17 per cent to 24,812.58. Tokyo's Nikkei index rose for the sixth consecutive session on Monday amid Wall Street rally last week. The Nikkei closed 23,178.10 with over 300 points up. Wall Street stocks had surged last week after US jobs data was released which showed the country had regained 2.5 million jobs in May and unemployment had dropped amid the pandemic.

Sensex rises over 600 points in early trade as India unlocks

India's economy will shrink by 3.2 per cent in the current fiscal, the World Bank said on Monday as it joined a chorus of international agencies that are forecasting a contraction in growth rate due to the coronavirus lockdown halting economic activity.

The Washington-based multilateral lender said that the COVID-19 pandemic and the multi-phased lockdown imposed to curb its spread has resulted in a devastating blow to the Indian economy.

In its latest edition of the Global Economic Prospect, the World Bank downgraded its projection of India by a massive negative nine per cent.

However, the Indian economy is expected to bounce back in 2021, the World Bank said.

"In India, growth is estimated to have slowed to 4.2 per cent in the fiscal year 2019/20 (the year ending in March-2020) and output is projected to contract by 3.2 per cent in fiscal year 2020/21 when the impact of COVID-19 will largely materialise.

"Stringent measures to restrict the spread of the virus, which heavily curtail short-term activity, will contribute to the contraction," it said in the Global Economic Prospect report.

International rating agencies like Moody's Investors Service, Fitch Rating and S&amp;P Global Ratings have all predicted a 4-5 per cent contraction in India's economic growth rate from April 2020 to March 2021 fiscal. Crisil has said this would be the country's fourth recession since Independence, first since liberalisation, and perhaps the worst to date.

The World Bank said spillovers from the weaker global growth and balance sheet stress in the financial sector will also weigh on activity, despite some support from the fiscal stimulus and continued monetary policy easing.

According to the report, the central bank has been purchasing government bonds to further ease the financial conditions. The Indian government has also increased its spending on healthcare to bolster the COVID-19 response, wage support, in-kind and cash transfers to lower-income households, deferral of tax payments, as well as loan and liquidity support for small businesses and financial institutions.

The growth rate of the Indian economy in fiscal 2017 was seven per cent, which dropped to 6.1 per cent in fiscal 2018 and to 4.2 per cent in fiscal 2020, it said.

The real impact of the COVID-19 and lockdown would be felt in the current fiscal (2020-21) beginning April, the bank said as it forecast a negative growth rate of 3.2 per cent.

The World Bank revised its January projection on India by a massive negative nine per cent for the year 2020 and minus three per cent for the year 2021.

The contraction in the Indian economy will have a spillover impact in South Asia, according to the bank's projections.

Growth in the region is projected to register a contraction of -2.7 per cent in 2020 and is marked by high uncertainty, the report said. 
Across the region, the pandemic mitigation measures will severely hinder consumption and services activity, while high uncertainty about the pandemic will constrain private investment.

India's economy will shrink by 3.2 per cent in the current fiscal, the World Bank said on Monday as it joined a chorus of international agencies that are forecasting a contraction in growth rate due to the coronavirus lockdown halting economic activity.

India's economy will shrink by 3.2 per cent in the current fiscal, the World Bank said on Monday as it joined a chorus of international agencies that are forecasting a contraction in growth rate due to the coronavirus lockdown halting economic activity. The Washington-based multilateral lender said that the COVID-19 pandemic and the multi-phased lockdown imposed to curb its spread has resulted in a devastating blow to the Indian economy. In its latest edition of the Global Economic Prospect, the World Bank downgraded its projection of India by a massive negative nine per cent. However, the Indian economy is expected to bounce back in 2021, the World Bank said. "In India, growth is estimated to have slowed to 4.2 per cent in the fiscal year 2019/20 (the year ending in March-2020) and output is projected to contract by 3.2 per cent in fiscal year 2020/21 when the impact of COVID-19 will largely materialise. "Stringent measures to restrict the spread of the virus, which heavily curtail short-term activity, will contribute to the contraction," it said in the Global Economic Prospect report. International rating agencies like Moody's Investors Service, Fitch Rating and S&P Global Ratings have all predicted a 4-5 per cent contraction in India's economic growth rate from April 2020 to March 2021 fiscal. Crisil has said this would be the country's fourth recession since Independence, first since liberalisation, and perhaps the worst to date. The World Bank said spillovers from the weaker global growth and balance sheet stress in the financial sector will also weigh on activity, despite some support from the fiscal stimulus and continued monetary policy easing. According to the report, the central bank has been purchasing government bonds to further ease the financial conditions. The Indian government has also increased its spending on healthcare to bolster the COVID-19 response, wage support, in-kind and cash transfers to lower-income households, deferral of tax payments, as well as loan and liquidity support for small businesses and financial institutions. The growth rate of the Indian economy in fiscal 2017 was seven per cent, which dropped to 6.1 per cent in fiscal 2018 and to 4.2 per cent in fiscal 2020, it said. The real impact of the COVID-19 and lockdown would be felt in the current fiscal (2020-21) beginning April, the bank said as it forecast a negative growth rate of 3.2 per cent. The World Bank revised its January projection on India by a massive negative nine per cent for the year 2020 and minus three per cent for the year 2021. The contraction in the Indian economy will have a spillover impact in South Asia, according to the bank's projections. Growth in the region is projected to register a contraction of -2.7 per cent in 2020 and is marked by high uncertainty, the report said. Across the region, the pandemic mitigation measures will severely hinder consumption and services activity, while high uncertainty about the pandemic will constrain private investment.

India's economy to contract by 3.2% in 2020-21: World Bank

The Ryanair boss Michael O’Leary on Sunday said that his company will not cancel flights despite the UK government's new quarantine rules. “British people are ignoring this quarantine.

The Ryanair boss Michael O’Leary on Sunday said that his company will not cancel flights despite the UK government's new quarantine rules. “British people are ignoring this quarantine. They know it’s rubbish,” he was quoted as saying by The Guardian. O’Leary said thousands of Britons were still booking holidays with Ryanair, which intends to operate almost 1,000 flights a day from 1 July, he said and added, he had no intention of cancelling flights in the peak months of July and August if the rules were still in place then. “No [we won’t cancel], because the flights are full outbound of the UK,” he said. “British people are ignoring this quarantine. They know it’s rubbish. Ryanair is operating a thousand daily flights to points all over Portugal, Spain, Italy [and] Greece from the 1st of July, the 2nd, the 3rd and every day after that,” he was quoted as saying. Also read: Britain starts mandatory self-quarantine for arrivals O’Leary said he expected British tourists would still book holidays in Europe but European travellers would be put off travelling to Britain. O’Leary’s comments come after Ryanair, easyJet and IAG, the owner of British Airways, started legal action against the government in an attempt to overturn new rules requiring all passengers arriving in the UK to self-isolate for 14 days, which came into effect on Monday. Breaking the rules, which are designed to help prevent a second wave of the coronavirus, is punishable with a £1,000 fine. John Holland-Kaye, the chief executive of Heathrow airport, has warned that “millions” of jobs could be lost if the government does not come up with a plan to allow restriction-free travel. Also read: UK's situational awareness was quite poor, it cost many lives: Government scientific advisor “We cannot go on like this as a country,” he told Sky News. “We need to start planning to reopen our borders. If we don’t get aviation moving again quickly, in a very safe way, then we are going to lose hundreds of thousands if not millions of jobs in the UK just at the time when we need to be rebuilding our economy.”

Ryanair boss says British people know quarantine rules are rubbish

Domestic stock market indices Sensex and Nifty slip nearly 2% from highs to close Monday trade with minor gains.HDFC Twins, Reliance &amp; ITC drag market while Infosys, Axis Bank and Bajaj Finance support.

The S&amp;P BSE Sensex slipped 557 points from day's high to end at 34,370.58, up 83 points or &nbsp;0.24 per cent while NSE's Nifty ended at 10,167 points, up 25 points or 0.25 per cent. &nbsp;India VIX, the volatility index, climbed 3.64 per cent to 29.72 levels.&nbsp;

Oil, IT, and Technology and Media stocks led the gains today, while some selling was seen in Basic Materials, Health, and Metal stocks.

Global markets

World shares paused on Monday as investors turned cautious after a 42 per cent surge since March, as economies continued to struggle with the effects of the coronavirus pandemic.&nbsp;

Europe’s blue-chip stock index opened 0.5 per cent lower after its best weekly gain in more than eight years. US S&amp;P 500 futures inched 0.1 per cent lower, giving up most of the gains made earlier in the day.&nbsp;

(With inputs from agencies)&nbsp;

Domestic stock market indices Sensex and Nifty slip nearly 2% from highs to close Monday trade with minor gains.HDFC Twins, Reliance & ITC drag market while Infosys, Axis Bank and Bajaj Finance support.

Domestic stock market indices Sensex and Nifty slip nearly 2% from highs to close Monday trade with minor gains.HDFC Twins, Reliance & ITC drag market while Infosys, Axis Bank and Bajaj Finance support. The S&P BSE Sensex slipped 557 points from day's high to end at 34,370.58, up 83 points or 0.24 per cent while NSE's Nifty ended at 10,167 points, up 25 points or 0.25 per cent. India VIX, the volatility index, climbed 3.64 per cent to 29.72 levels. Oil, IT, and Technology and Media stocks led the gains today, while some selling was seen in Basic Materials, Health, and Metal stocks. Global markets World shares paused on Monday as investors turned cautious after a 42 per cent surge since March, as economies continued to struggle with the effects of the coronavirus pandemic. Europe’s blue-chip stock index opened 0.5 per cent lower after its best weekly gain in more than eight years. US S&P 500 futures inched 0.1 per cent lower, giving up most of the gains made earlier in the day. (With inputs from agencies)

Sensex, Nifty end higher led by banks, IT names

An executive who was paid about $18,000 a month by LafargeHolcim Ltd. to do nothing failed in his suit to force the company to fire him with a payout worth more than $2 million, according to Bloomberg&nbsp;

When his employer Lafarge SA announced in 2015 a staff-buyout program as part of its merger with Holcim Ltd., Antoine Zenone hoped he could make a fortune but the company told him he wasn't eligible and French judges have said "non" -- three times in a row.

The Paris appeals court ruled that Zenone couldn't benefit from the plan because he'd already agreed to an expatriate position in Singapore. That suspended his French employment contract and excluded him from buyout offers made to Lafarge's domestic staff.

Zenone was seeking about 2.1 million euros ($2.3 million) and until recently had been paid 16,195 euros gross a month by Lafarge without having to provide any work, according to last week's ruling. 
The world's two largest cement makers combined in 2015 to cut costs and boost value as demand for building materials eroded. But LafargeHolcim shares slid in subsequent years on a loss of investor confidence and a scandal over operations in war-torn Syria.

An executive who was paid about $18,000 a month by LafargeHolcim Ltd. to do nothing failed in his suit to force the company to fire him with a payout worth more than $2 million, according to Bloomberg When his employer Lafarge SA announced in 2015 a staff-buyout program as part of its merger with Holcim Ltd.

An executive who was paid about $18,000 a month by LafargeHolcim Ltd. to do nothing failed in his suit to force the company to fire him with a payout worth more than $2 million, according to Bloomberg When his employer Lafarge SA announced in 2015 a staff-buyout program as part of its merger with Holcim Ltd., Antoine Zenone hoped he could make a fortune but the company told him he wasn't eligible and French judges have said "non" -- three times in a row. The Paris appeals court ruled that Zenone couldn't benefit from the plan because he'd already agreed to an expatriate position in Singapore. That suspended his French employment contract and excluded him from buyout offers made to Lafarge's domestic staff. Zenone was seeking about 2.1 million euros ($2.3 million) and until recently had been paid 16,195 euros gross a month by Lafarge without having to provide any work, according to last week's ruling. The world's two largest cement makers combined in 2015 to cut costs and boost value as demand for building materials eroded. But LafargeHolcim shares slid in subsequent years on a loss of investor confidence and a scandal over operations in war-torn Syria.

Man paid to do nothing wanted $2 million but he missed his chance by two days: Report

Indian oil-to-telecoms conglomerate Reliance Industries said on Sunday that the Abu Dhabi Investment Authority (ADIA) will buy 1.16% of its digital unit Jio Platforms for 56.

Indian oil-to-telecoms conglomerate Reliance Industries said on Sunday that the Abu Dhabi Investment Authority (ADIA) will buy 1.16% of its digital unit Jio Platforms for 56.83 billion rupees ($752 million). ADIA's investment in Jio Platforms, which comprises Reliance's telecoms arm Jio Infocomm and its music and video streaming apps, gives the unit an enterprise value of 5.16 trillion rupees, Reliance said in a regulatory filing. Reliance, controlled by India's richest man Mukesh Ambani, has now sold just over 21% of Jio Platforms to investors including Facebook Inc, securing nearly $13 billion in less than seven weeks. On Friday, Abu Dhabi's state fund Mubadala Investment Co announced it would purchase a 1.85% stake in Jio Platforms for 90.93 billion rupees. "The rapid growth of the (Jio) business, which has established itself as a market leader in just four years, has been built on a strong track record of strategic execution," Hamad Shahwan Aldhaheri, executive director in ADIA's private equities department, said in a statement. With estimated assets of nearly $700 billion, ADIA is chaired by the president of the United Arab Emirates, Sheikh Khalifa bin Zayed al-Nahyan, while its deputy chairman is Abu Dhabi Crown Prince Sheikh Mohammed bin Zayed al-Nahyan. With more than 376 million users, Jio Infocomm is India's biggest telecoms firm by subscribers. Since entering the market in 2016 with free voice service and cut-price data it has forced out several rivals and driven consolidation in the sector. Ambani has always pitched Jio as a tech company instead of a traditional mobile carrier, often saying publicly that "data is the new oil".

Reliance says Abu Dhabi Investment Authority invests $752 million in digital unit

Indian stock market indices BSE Sensex and Nifty 50 were trading over 1 per cent higher on Friday led by gains in index heavyweights such as Reliance Industries, HDFC Bank, ICICI Bank, HDFC and Kotak Mahindra Bank.

During the initial trade, the Sensex rose 376 points to touch an intra-day high of 34,357.30 points.

The stock markets trimmed major gains tracking a mixed trend in the Asian indices.

Around 11:30 am, it was trading at 34,089.60, higher by 108.90 or 0.32 per cent from the previous close of 33,980.70.

Similarly, NSE Nifty rose 63.15 points, or 0.63%, to 10,092.20.

Meanwhile, the rupee appreciated 19 paise to 75.38 against the US dollar in early trade on Friday as strong domestic equity supported by foreign fund inflows boosted investor sentiments.

Forex traders said positive domestic stock market, sustained foreign fund inflows, weak American currency and upbeat risk appetite supported the rupee.

The rupee opened on a strong note at 75.38 at the interbank forex market, up 19 paise over its last close.

(With inputs from agencies)

Indian stock market indices BSE Sensex and Nifty 50 were trading over 1 per cent higher on Friday led by gains in index heavyweights such as Reliance Industries, HDFC Bank, ICICI Bank, HDFC and Kotak Mahindra Bank.

Indian stock market indices BSE Sensex and Nifty 50 were trading over 1 per cent higher on Friday led by gains in index heavyweights such as Reliance Industries, HDFC Bank, ICICI Bank, HDFC and Kotak Mahindra Bank. During the initial trade, the Sensex rose 376 points to touch an intra-day high of 34,357.30 points. The stock markets trimmed major gains tracking a mixed trend in the Asian indices. Around 11:30 am, it was trading at 34,089.60, higher by 108.90 or 0.32 per cent from the previous close of 33,980.70. Similarly, NSE Nifty rose 63.15 points, or 0.63%, to 10,092.20. Meanwhile, the rupee appreciated 19 paise to 75.38 against the US dollar in early trade on Friday as strong domestic equity supported by foreign fund inflows boosted investor sentiments. Forex traders said positive domestic stock market, sustained foreign fund inflows, weak American currency and upbeat risk appetite supported the rupee. The rupee opened on a strong note at 75.38 at the interbank forex market, up 19 paise over its last close. (With inputs from agencies)

Sensex up 300 points, Nifty trades above 10,100

Nations across the globe have witnessed severe impact of the coronavirus pandemic on their economy.

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. COVID-19 is likely to push more than 34 million people into extreme poverty, the report further said.

The total number of coronavirus cases has increased to over 6.6 million, claiming more than 390,000 lives. Economies are struggling to cope with the fallout of the crisis. 
 
<a href="https://www.wionews.com/business-economy/us-billionaires-get-richer-during-coronavirus-pandemic-combined-wealth-soar-by-half-a-trillion-303632">Also Read: US billionaires get richer during coronavirus pandemic</a> 
 
Here are five worst-affected sectors:

Oil

After nearly two-thirds of the world went into lockdown to contain the spread of coronavirus, the demand for oil fell by over 30 million barrels per day.

In April 2020, US oil prices collapsed to a historic low, close to minus $37 per barrel. Oil has recovered as most countries have lifted lockdowns,&nbsp;but oil&nbsp;remains on the slippery ground.

Prices are expected to touch at least $40 dollars per barrel by the end of the year if a second wave doesn't force more lockdowns.

Automobiles

The pandemic has smashed the automobile sector like never before. Global auto sales are expected to fall by 20 per cent in 2020.&nbsp; 
 
It may also take some time before the car manufacturing units go on full steam with a full roster of workers.&nbsp; 
 
<a href="https://www.wionews.com/world/why-are-short-term-schemes-and-stimulus-are-insufficient-to-tackle-covid-19-303676">Also Read: Why are short term schemes and stimulus are insufficient to tackle COVID-19</a>

Aviation&nbsp;

The first measure governments adopted to stop the spread of the virus was stopping air travel. Global air passenger traffic plunged 94 per cent in April.

Airlines across the world have reached out for relief. Leading aircraft makers, Boeing and Airbus, have cautioned their respective governments that they may fold up if no help arrives.

Several countries have restarted domestic flights now and international air travel is also expected to resume in mid-June, but the turbulence will remain for a while.

Tourism

International tourism could decline by 60 to 80 per cent this year, resulting in a revenue loss of over one trillion dollars. 
 
Many countries are wholly-reliant on tourists to drive their economy. It's one of the most labour-intensive industries in the world and over 100 million jobs are at risk.

Luxury Goods

Over the last two months, luxury goods sales have slipped by close to 80 per cent. The industry took a major hit after e-commerce platforms deemed luxury goods deliveries as non-essential.

Nearly 40 per cent of the luxury goods in the world are manufactured in Italy which was one of the severely-affected countries. And thus, fashion brands lost their manufacturing base.

Some countries are opening malls, but the industry will have to wait to see its fortunes revive. 
&nbsp;

Nations across the globe have witnessed severe impact of the coronavirus pandemic on their economy. A report by the United Nations Department of Economic and Social Affairs has projected that the world economy is set to lose nearly $8.

Nations across the globe have witnessed severe impact of the coronavirus pandemic on their economy. 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. COVID-19 is likely to push more than 34 million people into extreme poverty, the report further said. The total number of coronavirus cases has increased to over 6.6 million, claiming more than 390,000 lives. Economies are struggling to cope with the fallout of the crisis. Also Read: US billionaires get richer during coronavirus pandemic Here are five worst-affected sectors: Oil After nearly two-thirds of the world went into lockdown to contain the spread of coronavirus, the demand for oil fell by over 30 million barrels per day. In April 2020, US oil prices collapsed to a historic low, close to minus $37 per barrel. Oil has recovered as most countries have lifted lockdowns, but oil remains on the slippery ground. Prices are expected to touch at least $40 dollars per barrel by the end of the year if a second wave doesn't force more lockdowns. Automobiles The pandemic has smashed the automobile sector like never before. Global auto sales are expected to fall by 20 per cent in 2020. It may also take some time before the car manufacturing units go on full steam with a full roster of workers. Also Read: Why are short term schemes and stimulus are insufficient to tackle COVID-19 Aviation The first measure governments adopted to stop the spread of the virus was stopping air travel. Global air passenger traffic plunged 94 per cent in April. Airlines across the world have reached out for relief. Leading aircraft makers, Boeing and Airbus, have cautioned their respective governments that they may fold up if no help arrives. Several countries have restarted domestic flights now and international air travel is also expected to resume in mid-June, but the turbulence will remain for a while. Tourism International tourism could decline by 60 to 80 per cent this year, resulting in a revenue loss of over one trillion dollars. Many countries are wholly-reliant on tourists to drive their economy. It's one of the most labour-intensive industries in the world and over 100 million jobs are at risk. Luxury Goods Over the last two months, luxury goods sales have slipped by close to 80 per cent. The industry took a major hit after e-commerce platforms deemed luxury goods deliveries as non-essential. Nearly 40 per cent of the luxury goods in the world are manufactured in Italy which was one of the severely-affected countries. And thus, fashion brands lost their manufacturing base. Some countries are opening malls, but the industry will have to wait to see its fortunes revive.

Coronavirus impact: Sectors that took the worst hit

Nations across the globe have witnessed the severe impact of the coronavirus pandemic on their economy, but American billionaires see a jump on their wealth.&nbsp;

The combined wealth of US billionaires that include Jeff Bezos, Mark Zuckerberg, and Elon Musk surged by more than $565 billion or 19% since the beginning of the outbreak in the country, as per a report published by the Institute for Policy Studies (IPS).

Also read |&nbsp;<a href="https://www.wionews.com/world/divorce-that-creates-a-billionaire-chinese-couple-parting-ways-with-a-settlement-of-32-billion-302587">Divorce that creates a billionaire: Chinese couple parting ways with a settlement of $3.2 billion</a>

"These statistics remind us that we are more economically and racially divided than at any time in decades," Chuck Collins said, a co-author of the report.&nbsp;

Also read |&nbsp;<a href="https://www.wionews.com/world/2153-billionaires-have-more-money-than-46-billion-people-combined-oxfam-275420">2,153 billionaires have more money than 4.6 billion people combined: Oxfam</a>

In the report, which includes the 11-week period, Amazon's founder Bezos's wealth rose by $36.2 billion, while Facebook CEO Zuckerberg saw it soar by nearly $30.1 billion. &nbsp;

Tesla Inc CEO Musk's net worth also soared by $14.1 billion.

Last week, the wealth of US billionaires jumped by $79 billion, according to the report. 
&nbsp;

Nations across the globe have witnessed the severe impact of the coronavirus pandemic on their economy, but American billionaires see a jump on their wealth. The combined wealth of US billionaires that include Jeff Bezos, Mark Zuckerberg, and Elon Musk surged by more than $565 billion or 19% since the beginning of the outbreak in the country, as per a report published by the Institute for Policy Studies (IPS).

Nations across the globe have witnessed the severe impact of the coronavirus pandemic on their economy, but American billionaires see a jump on their wealth. The combined wealth of US billionaires that include Jeff Bezos, Mark Zuckerberg, and Elon Musk surged by more than $565 billion or 19% since the beginning of the outbreak in the country, as per a report published by the Institute for Policy Studies (IPS). Also read | Divorce that creates a billionaire: Chinese couple parting ways with a settlement of $3.2 billion "These statistics remind us that we are more economically and racially divided than at any time in decades," Chuck Collins said, a co-author of the report. Also read | 2,153 billionaires have more money than 4.6 billion people combined: Oxfam In the report, which includes the 11-week period, Amazon's founder Bezos's wealth rose by $36.2 billion, while Facebook CEO Zuckerberg saw it soar by nearly $30.1 billion. Tesla Inc CEO Musk's net worth also soared by $14.1 billion. Last week, the wealth of US billionaires jumped by $79 billion, according to the report.

US billionaires get richer during coronavirus pandemic, combined wealth soar by half a trillion

OPEC and its allies led by Russia will meet on Saturday to discuss extending record oil production cuts and to approve a new approach that aims to force laggards such as Iraq and Nigeria to comply better with the existing curbs.

The producers known as OPEC+ previously agreed to cut supply by 9.7 million barrels per day (bpd) during May and June to prop up prices which collapsed due to the coronavirus crisis. Cuts have been due to taper to 7.7 million bpd from July to December.

Two OPEC+ sources said Saudi Arabia and Russia had agreed to extend the deeper cuts until the end of July but they said Riyadh was also pushing to extend them until the end of August.

Benchmark Brent crude, which slumped below $20 a barrel in April, climbed 2% on Friday to trade at a three-month high of nearly $41. Prices had slipped from recent highs earlier in the week on uncertainty about when OPEC+ would meet.

Saturday's meetings would start with talks between members of the Organization of the Petroleum Exporting Countries and be followed by a gathering of the OPEC+ group, an OPEC+ source said, after Algerian and Russian media reported the meetings.

Three OPEC sources said an extension to cuts was contingent on high compliance and countries that produced above quota in May and June must promise to adhere to targets and agree to compensate for any earlier overproduction by cutting more in July, August and September.

Iraq, which had one of the worst compliance rates in May according to a Reuters survey of OPEC production, agreed to the additional pledge, OPEC sources said.

"The Saudis have been pushing Baghdad hard to comply," one OPEC+ source said. "Iraq has agreed to the pledge to improve its full compliance with the cuts."

Baghdad blamed technical reasons and a recent change in its government for weak compliance in May, another OPEC source said.

OPEC and its allies led by Russia will meet on Saturday to discuss extending record oil production cuts and to approve a new approach that aims to force laggards such as Iraq and Nigeria to comply better with the existing curbs.

OPEC and its allies led by Russia will meet on Saturday to discuss extending record oil production cuts and to approve a new approach that aims to force laggards such as Iraq and Nigeria to comply better with the existing curbs. The producers known as OPEC+ previously agreed to cut supply by 9.7 million barrels per day (bpd) during May and June to prop up prices which collapsed due to the coronavirus crisis. Cuts have been due to taper to 7.7 million bpd from July to December. Two OPEC+ sources said Saudi Arabia and Russia had agreed to extend the deeper cuts until the end of July but they said Riyadh was also pushing to extend them until the end of August. Benchmark Brent crude, which slumped below $20 a barrel in April, climbed 2% on Friday to trade at a three-month high of nearly $41. Prices had slipped from recent highs earlier in the week on uncertainty about when OPEC+ would meet. Saturday's meetings would start with talks between members of the Organization of the Petroleum Exporting Countries and be followed by a gathering of the OPEC+ group, an OPEC+ source said, after Algerian and Russian media reported the meetings. Three OPEC sources said an extension to cuts was contingent on high compliance and countries that produced above quota in May and June must promise to adhere to targets and agree to compensate for any earlier overproduction by cutting more in July, August and September. Iraq, which had one of the worst compliance rates in May according to a Reuters survey of OPEC production, agreed to the additional pledge, OPEC sources said. "The Saudis have been pushing Baghdad hard to comply," one OPEC+ source said. "Iraq has agreed to the pledge to improve its full compliance with the cuts." Baghdad blamed technical reasons and a recent change in its government for weak compliance in May, another OPEC source said.

OPEC+ to meet on Saturday on extending cuts, pushing for compliance

The domestic stock markets were fluctuating between gains on losses in Thursday's early deals ahead of the F&amp;O (futures &amp; options) weekly expiry.

Among headline indices, the S&amp;P BSE Sensex hovered around 34,000 levels and the Nifty50 slipped below the 10,100-mark. Tech Mahindra (up 2%) was the top Sensex gainer. Besides, HDFC Bank and ICICI Bank gained 1 per cent each. On the other hand, Titan dipped 3 per cent.

Among Sensex gainers were Tech Mahindra, Sun Pharma, TCS, Power Grid, HDFC Bank, HCL Tech and ICICI Bank, all up in the range of 1-3 per cent. On the side, Titan Company was the top Sensex laggard, down 3 per cent followed by Kotak Mahindra Bank, ONGC, M&amp;M, Bajaj Finance, Axis Bank, State Bank of India (SBI).&nbsp;

The domestic stock markets were fluctuating between gains on losses in Thursday's early deals ahead of the F&O (futures & options) weekly expiry. Among headline indices, the S&P BSE Sensex hovered around 34,000 levels and the Nifty50 slipped below the 10,100-mark.

The domestic stock markets were fluctuating between gains on losses in Thursday's early deals ahead of the F&O (futures & options) weekly expiry. Among headline indices, the S&P BSE Sensex hovered around 34,000 levels and the Nifty50 slipped below the 10,100-mark. Tech Mahindra (up 2%) was the top Sensex gainer. Besides, HDFC Bank and ICICI Bank gained 1 per cent each. On the other hand, Titan dipped 3 per cent. Among Sensex gainers were Tech Mahindra, Sun Pharma, TCS, Power Grid, HDFC Bank, HCL Tech and ICICI Bank, all up in the range of 1-3 per cent. On the side, Titan Company was the top Sensex laggard, down 3 per cent followed by Kotak Mahindra Bank, ONGC, M&M, Bajaj Finance, Axis Bank, State Bank of India (SBI).

Sensex, Nifty volatile, swinging between gains and losses

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. 
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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