Bloodbath on D-Street; Yes Bank, Coronavirus shake up stock, rupee & gold markets

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Published : Mar 6, 2020, 2:33 PM IST

Updated : Mar 10, 2020, 11:51 AM IST

23:25 March 06

Yes Bank's public shareholders lose Rs 7,000 cr post RBI takeover

Public shareholders of Yes Bank faced bigger losses on the RBI's latest action on the private sector lender with Friday's stock price of Rs 16.60, meaning that their stake value now stands at Rs 3,880.91 crore against Rs 10,976.82 crore in December 31, a loss of Rs 7,092 crore and it could be more if the stock price is hammered more in coming days.

And since these shareholders are not there in the new scheme of things, their recovery, through higher value of their stake, is near impossible. They lost Rs 9,691 crore since December after the Reserve Bank of India (RBI) took control of private sector lender when its stock price hit all time loss of Rs 5.5 intra day.

Public shareholders of Yes Bank are 25 mutual funds, 238 foreign portfolio investors, four financial institutions and banks, the LIC and 11 qualified institutional buyers among others which held 91.67 per cent stake in the lender as on December 31, 2019.

21:58 March 06

Covid-19: Lufthansa introduces waiver policy for rebooking

The Lufthansa Group airlines Lufthansa, SWISS, Austrian Airlines, Brussels Airlines and Air Dolomiti are now introducing more flexible rebooking options to cater to air travellers who face uncertainties in their movement in wake of global spread of coronavirus.

Under the flexible booking option, Lufthansa Group airlines will waive the rebooking fees for all newly-booked flights worldwide and offer a one-time rebooking - regardless of condition of the original booking fare purchased. This will be applicable with immediate effect and will include all bookings made upto March 31. Rebooking without additional fees can be done for a new travel date until December 31, 2020.

The airline said that the new waiver policy for rebooking would apply to both existing and future bookings worldwide. Even in the case of existing bookings, passengers will be allowed to rebook to a new date up to December 31, without any rebooking fee.

20:34 March 06

Govt to consider relief for domestic airlines industry amid coronavirus outbreak

The government will consider providing relief to the airlines industry, which is grappling with the impact of the coronavirus outbreak, and discussions are going on between domestic airlines and the civil aviation ministry.

Civil Aviation Minister Hardeep Singh Puri said airlines are quite clear on what they want and that there are many things "we can do to provide relief".

20:34 March 06

Coronavirus could cost China USD 103 billion: ADB

The global losses due to the deadly coronavirus outbreak could be about USD 156 billion, of which China may account for USD 103 billion, the ADB said in its assessment report on the impact of the novel COVID-19 outbreak on the global economy.

20:18 March 06

Govt warns of stringent action against hoarding of masks, hand sanitisers

The Centre has warned of stringent action against hoarding and blackmarketing of face masks and hand sanitisers amid increasing demand in the wake of rising coronavirus cases in India.

Union Minister for Chemicals and Pharmaceuticals D V Sadananda Gowda said although the government does not have the latest update on supply-demand of these products, the real assessment of availability will be made.

19:09 March 06

Tata Steel, JSW raise steel price by Rs 500-800 a tonne

Indian steel majors have raised the price of steel between Rs 500 and Rs 800 a tonne in the wake of higher input costs and shortage in the international markets as coronavirus have hit China's steel production.

"Tata Steel has raised the price by Rs 500-750 a tonne, a senior Tata Steel official said.

19:09 March 06

Rate cut to create only asset bubbles, not to lift demand: Report

Days after the US Fed sharply cut interest rates by 50 bps in one single stroke to help fight the coronavirus, SBI economists have warned against any such action by the RBI, saying slashing interest in an economy facing a severe demand slump will only create fresh asset bubbles.

The coronavirus outbreak has been roiling the global markets since the middle of the past month and has spread to over 84 countries now, massively disrupting the global supply-chains and trade and commerce. The World Bank has warned of an impact to global trade to the tune of around USD 350 billion.

"A rate cut by the Reserve Bank in current domestic context will only lead to asset bubble and possibly no correction in demand," SBI Research warned in a note.

19:08 March 06

Rupee dives 46 paise to 73.79 against USD

The Indian rupee resumed its downward journey after a day's hiatus on Friday, plummeting by 46 paise to 73.79 (provisional) against the US dollar as coronavirus-panicked investors kept assessing deteriorating financial markets.

At the interbank foreign exchange, the domestic currency started the session with a massive plunge at 73.94 to the US dollar. It went on to hit a day's low of 74.08 before staging a recovery. The rupee finally settled with a loss of 46 paise at 73.79 a dollar.

19:08 March 06

Investors get poorer by Rs 3.28 lakh cr in market sell-off

A sharp plunge in the equity market made investors poorer by Rs 3.28 lakh crore on Friday as the BSE barometer Sensex plummeted over 1,400 points in early trade led by massive sell-off in banking, metal and energy stocks.

Tracking the plunge in the indices, the market capitalisation of the BSE-listed companies dropped by Rs 3,28,684.5 crore to Rs 1,44,31,224.41 crore.

17:30 March 06

Oil plunges over 5% on OPEC reports, coronavirus

World oil prices, already slumping on coronavirus fears, extended losses to more than 5.0 per cent on reports Russia wants to delay deeper output cuts recommended by its OPEC allies.

In London morning deals, Brent North Sea crude dived to USD 47.02 per barrel, the lowest levels since July 2017.

WTI tumbled to USD 43.28 -- the lowest since late 2018.

16:37 March 06

Samsung temporarily moves smartphone production to Vietnam

Samsung Electronics Co. said it will temporarily move some of its smartphone production to Vietnam, after shutting down a local factory following a positive coronavirus test there.

It shut down the factory in the southeastern city of Gumi after a worker tested positive for coronavirus.

Samsung said the plant will be closed till Saturday, while the floor where the employee worked will be closed off till Sunday, Yonhap news agency reported.

16:31 March 06

Nippon India Mutual Fund marks down its investment in Yes Bank to zero

Nippon India Mutual Fund on Friday said it has marked down the value of its investments to zero in bonds issued by troubled private sector lender Yes Bank.

In addition, the fund house has imposed a limit of Rs 2 lakh on fresh inflows into the impacted schemes till further notice, Nippon India MF said in a statement.

This limit is imposed only on the new applications, switch-ins, systematic transfer plans and systematic investment plans received after March 5, it said.

16:20 March 06

Gold jumps Rs 773 on safe-haven appeal

Gold on Friday jumped Rs 773 to Rs 45,343 per 10 gram in the national capital as mounting worries over the economic fallout from the fast-spreading coronavirus drove investors towards the safe-haven metal.

In the previous trade, the precious metal had closed at Rs 44,570 per 10 gram, according to HDFC Securities.

Silver prices also rose by Rs 192 to Rs 48,180 per kg as compared to the previous close of Rs 47,988 per kg.

In the international market, gold was trading with gains at USD 1,678 per ounce and silver at USD 17.34 per ounce.

16:02 March 06

Tata Motors expects limited volume hit in domestic biz due to coronavirus

Tata Motors said it expects limited volume loss in its domestic business during the January-March 2020 period due to disruption of supply chain from China owing to the coronavirus outbreak.

The auto major also expects Jaguar Land Rover's (JLR) full-year EBIT (earnings before interest and tax) margin to be down by about 1 per cent due to reduction in China sales.

"For Tata Motors' domestic business, fourth quarter performance was already planned to be significantly impacted due to the switchover from BS-IV to BS-VI and the shortage of parts is likely to have some additional impact on specific BS-VI models which is expected to be secured in the coming months," the company said in a statement.

While sharing an update on the impact of coronavirus, the company, however, remained optimistic to end the fourth quarter with positive free cash flow.

15:44 March 06

Market Closing: Sensex lost 894 points, Yes Bank shares drop 55%

Market benchmark Sensex plunged 894 points on Friday following intensifying rout in global stocks on coronavirus concerns, while the regulatory curbs on Yes Bank further soured sentiment.

After nosediving over 1,459 points during the day, the 30-share index settled 893.99 points or 2.32 per cent lower at 37,576.62. Likewise, the broader NSE Nifty tanked 279.55 points or 2.48 per cent to close at 10,989.45.

Shares of Yes Bank tanked over 55 per cent after the Reserve Bank of India (RBI) placed the lender under a moratorium, capping deposit withdrawals at Rs 50,000 per account for a month and superseding its board.

Tata Steel was the top laggard in the Sensex pack, cracking over 6 per cent, followed by SBI, IndusInd Bank, HDFC, ICICI Bank and ONGC.

Bajaj Auto, Maruti and Asian Paints were the only gainers.

15:40 March 06

Auto industry well prepared to deal with coronavirus impact, says Mercedes-Benz official

The global automobile industry is well prepared to deal with the impact of the coronavirus outbreak due to its strong supply chain management mechanism, according to a senior Mercedes-Benz official.

"...I firmly believe the auto industry is probably one of the best prepared industries for this type of problem because it has lot of experience in supply chain management", Managing Director and CEO, Mercedes-Benz India, Martin Schwenk said.

15:33 March 06

Global GDP may lose $77-347 bn due to coronavirus, Asia to be hit significantly : ADB

The coronavirus outbreak has the potential to significantly harm the Asian economies, and the global economy may suffer losses of USD 77-347 billion, Asian Development Bank (ADB) said.

The virus outbreak may impact developing Asian economies through numerous channels, including sharp declines in domestic demand, lower tourism and business travel, trade and production linkages, supply disruptions, and health effects, ADB said, citing a new analysis done by it.

"The magnitude of the economic losses will depend on how the outbreak evolves, which remains highly uncertain.

The range of scenarios explored in the analysis suggests a global impact in the range of USD 77-347 billion, or 0.1-0.4 per cent of global gross domestic product (GDP), it said.

"In a moderate scenario, where precautionary behaviours and restrictions such as travel bans start easing three months after the outbreak intensified and restrictions were imposed in late January, global losses could reach UD 156 billion, or 0.2 per cent of global GDP," as per ADB's analysis.

China would account for USD 103 billion of those losses, or 0.8 per cent of its GDP. The rest of developing Asia would lose USD 22 billion, or 0.2 per cent of its GDP.

"There are many uncertainties about COVID-19, including its economic impact," said ADB Chief Economist Yasuyuki Sawada.

15:25 March 06

No F&O contracts for Yes Bank from May 29: BSE, NSE

Leading stock exchanges BSE and NSE on Friday decided to drop Yes Bank from Futures and Options segment from May 29. The existing Futures and Options contracts across all expiries will expire on May 28.

13:16 March 06

Manmohan fears economic despair to expand due to COVID-19

Former Prime Minister Manmohan Singh said the country has becomes a majoritarian state in economic despair expressing concern over the possibility of coronavirus causing further decline in the economic growth and called for the need of the government to put together a detailed and meticulous plan to boost consumption demand and revive the economy.

13:08 March 06

RBI ready to intervene in whatever way required to respond to coronavirus challenges: Governor Das

Reserve Bank governor Shaktikanta Das on Friday assured that the central bank will take every measure needed to secure the economy against the challenges arising from the coronavirus epidemic.

13:04 March 06

Rupee slides 65 paise against USD to 73.99 on growth concerns

The rupee plunged 65 paise to 73.99 against the US currency in opening trade on Friday amid continued forex outflows following weak global growth concerns.

Stocks plummeting 3 per cent in early session also hit the domestic currency.

12:16 March 06

Yes Bank shares dropped over 57%

Yes Bank shares dropped by 57.88 per cent or 21.30 points to trade at 15.50 at the broader Nifty at 12:17 AM.

23:25 March 06

Yes Bank's public shareholders lose Rs 7,000 cr post RBI takeover

21:58 March 06

Covid-19: Lufthansa introduces waiver policy for rebooking

20:34 March 06

Govt to consider relief for domestic airlines industry amid coronavirus outbreak

Civil Aviation Minister Hardeep Singh Puri said airlines are quite clear on what they want and that there are many things "we can do to provide relief".

20:34 March 06

Coronavirus could cost China USD 103 billion: ADB

20:18 March 06

Govt warns of stringent action against hoarding of masks, hand sanitisers

The Centre has warned of stringent action against hoarding and blackmarketing of face masks and hand sanitisers amid increasing demand in the wake of rising coronavirus cases in India.

19:09 March 06

Tata Steel, JSW raise steel price by Rs 500-800 a tonne

"Tata Steel has raised the price by Rs 500-750 a tonne, a senior Tata Steel official said.

19:09 March 06

Rate cut to create only asset bubbles, not to lift demand: Report

"A rate cut by the Reserve Bank in current domestic context will only lead to asset bubble and possibly no correction in demand," SBI Research warned in a note.

19:08 March 06

Rupee dives 46 paise to 73.79 against USD

19:08 March 06

Investors get poorer by Rs 3.28 lakh cr in market sell-off

Tracking the plunge in the indices, the market capitalisation of the BSE-listed companies dropped by Rs 3,28,684.5 crore to Rs 1,44,31,224.41 crore.

17:30 March 06

Oil plunges over 5% on OPEC reports, coronavirus

World oil prices, already slumping on coronavirus fears, extended losses to more than 5.0 per cent on reports Russia wants to delay deeper output cuts recommended by its OPEC allies.

In London morning deals, Brent North Sea crude dived to USD 47.02 per barrel, the lowest levels since July 2017.

WTI tumbled to USD 43.28 -- the lowest since late 2018.

16:37 March 06

Samsung temporarily moves smartphone production to Vietnam

Samsung Electronics Co. said it will temporarily move some of its smartphone production to Vietnam, after shutting down a local factory following a positive coronavirus test there.

It shut down the factory in the southeastern city of Gumi after a worker tested positive for coronavirus.

Samsung said the plant will be closed till Saturday, while the floor where the employee worked will be closed off till Sunday, Yonhap news agency reported.

16:31 March 06

Nippon India Mutual Fund marks down its investment in Yes Bank to zero

Nippon India Mutual Fund on Friday said it has marked down the value of its investments to zero in bonds issued by troubled private sector lender Yes Bank.

In addition, the fund house has imposed a limit of Rs 2 lakh on fresh inflows into the impacted schemes till further notice, Nippon India MF said in a statement.

This limit is imposed only on the new applications, switch-ins, systematic transfer plans and systematic investment plans received after March 5, it said.

16:20 March 06

Gold jumps Rs 773 on safe-haven appeal

In the previous trade, the precious metal had closed at Rs 44,570 per 10 gram, according to HDFC Securities.

Silver prices also rose by Rs 192 to Rs 48,180 per kg as compared to the previous close of Rs 47,988 per kg.

In the international market, gold was trading with gains at USD 1,678 per ounce and silver at USD 17.34 per ounce.

16:02 March 06

Tata Motors expects limited volume hit in domestic biz due to coronavirus

Tata Motors said it expects limited volume loss in its domestic business during the January-March 2020 period due to disruption of supply chain from China owing to the coronavirus outbreak.

The auto major also expects Jaguar Land Rover's (JLR) full-year EBIT (earnings before interest and tax) margin to be down by about 1 per cent due to reduction in China sales.

While sharing an update on the impact of coronavirus, the company, however, remained optimistic to end the fourth quarter with positive free cash flow.

15:44 March 06

Market Closing: Sensex lost 894 points, Yes Bank shares drop 55%

Market benchmark Sensex plunged 894 points on Friday following intensifying rout in global stocks on coronavirus concerns, while the regulatory curbs on Yes Bank further soured sentiment.

Tata Steel was the top laggard in the Sensex pack, cracking over 6 per cent, followed by SBI, IndusInd Bank, HDFC, ICICI Bank and ONGC.

Bajaj Auto, Maruti and Asian Paints were the only gainers.

15:40 March 06

Auto industry well prepared to deal with coronavirus impact, says Mercedes-Benz official

The global automobile industry is well prepared to deal with the impact of the coronavirus outbreak due to its strong supply chain management mechanism, according to a senior Mercedes-Benz official.

15:33 March 06

Global GDP may lose $77-347 bn due to coronavirus, Asia to be hit significantly : ADB

The coronavirus outbreak has the potential to significantly harm the Asian economies, and the global economy may suffer losses of USD 77-347 billion, Asian Development Bank (ADB) said.

"The magnitude of the economic losses will depend on how the outbreak evolves, which remains highly uncertain.

The range of scenarios explored in the analysis suggests a global impact in the range of USD 77-347 billion, or 0.1-0.4 per cent of global gross domestic product (GDP), it said.

China would account for USD 103 billion of those losses, or 0.8 per cent of its GDP. The rest of developing Asia would lose USD 22 billion, or 0.2 per cent of its GDP.

"There are many uncertainties about COVID-19, including its economic impact," said ADB Chief Economist Yasuyuki Sawada.

15:25 March 06

No F&O contracts for Yes Bank from May 29: BSE, NSE

13:16 March 06

Manmohan fears economic despair to expand due to COVID-19

13:08 March 06

RBI ready to intervene in whatever way required to respond to coronavirus challenges: Governor Das

Reserve Bank governor Shaktikanta Das on Friday assured that the central bank will take every measure needed to secure the economy against the challenges arising from the coronavirus epidemic.

13:04 March 06

Rupee slides 65 paise against USD to 73.99 on growth concerns

The rupee plunged 65 paise to 73.99 against the US currency in opening trade on Friday amid continued forex outflows following weak global growth concerns.

Stocks plummeting 3 per cent in early session also hit the domestic currency.

12:16 March 06

Yes Bank shares dropped over 57%

Yes Bank shares dropped by 57.88 per cent or 21.30 points to trade at 15.50 at the broader Nifty at 12:17 AM.

Last Updated : Mar 10, 2020, 11:51 AM IST

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