Global Business News Daily Updates

Investors lose ₹11 lakh cr in 6 sessions, Sensex records worst week since 2009

Sensex registered its worst week since 2009 sliding nearly 7%, as global markets fell on growing fears that the coronavirus outbreak could turn into a pandemic. Equity investors' wealth, measured by the market capitalisation of all the BSE-listed firms, eroded by ₹11 lakh crore in just 6 sessions. The Sensex fell 1,448 points to close at 38,297 on Friday.
read more at Reuters

India's GDP growth at 4.7% in Q3, weaker than previous quarter's 5.1%

India's Gross Domestic Product growth for the October-December quarter came in at 4.7%, lower than the upwardly revised 5.1% in the previous quarter, official data showed. The growth rate for the April-June quarter was revised to 5.6% from 5%. The growth in GDP for 2019-20 is estimated at 5%, the lowest in 11 years, as compared to 6.1% in 2018-19.
read more at Bloomberg Quint

₹4 lakh crore investor wealth gone in minutes as Sensex plunges 1,100 points

The Sensex fell over 1,100 points to 38,601 in early trade on Friday and wiped out investor wealth over ₹4 lakh crore within minutes. The broader Nifty fell below 11,350, with the total market capitalisation of BSE falling below ₹150 lakh crore mark. Meanwhile, the markets are falling as cases of coronavirus continue to increase across the globe.
read more at Livemint

Coronavirus impacts Corona beer's demand, shares dive 8%

The coronavirus outbreak has impacted the sale of Corona beer as the shares of its maker Constellation Brands Inc. dived 8% this week in New York. The beer has become the subject of memes on social media for being associated with the coronavirus. The Mexican beer, which derives its name from the sun's corona, is third-most-popular US beer.
read more at Bloomberg Quint

Fix ₹35 per GB as minimum price for data: Vodafone Idea tells govt

Vodafone Idea has asked the government to fix ₹35 per GB as the minimum price for data and 6p/minute as the minimum price for calls to other networks. It also sought a minimum connectivity charge of ₹50 for a period of 28 days. The "fixed floor price" will double the telecom sector's revenue from ₹1,75,000 crore, the operator said.
read more at Deccan Herald

Asia's richest person Mukesh Ambani becomes $10 billion poorer in 40 days

Reliance Industries MD and Chairman Mukesh Ambani, the richest person in Asia, has seen his wealth erode by $10 billion in just 40 days as shares of his company fell. Ambani is now worth $51.4 billion, while Reliance's market value has fallen by $22.2 billion to $116.5 billion. Reliance is still India's most valuable company.
read more at Times Now

Petrol, diesel prices to go up from April 1 as India switches to BS-VI

Indian Oil on Friday said there will be a marginal increase in the prices of petrol and diesel from April 1 as India switches to BS-VI emission norms. "But let me assure you, we won't be burdening the consumers with a steep hike," Chairman Sanjiv Singh said. State-run refiners have invested ₹35,000 crore to upgrade refineries to produce low-sulphur fuels.
read more at Deccan Herald

India's chicken sales fell 50% due to false coronavirus rumours: Godrej Agrovet

False rumours that the novel coronavirus can be spread by chickens has slashed Indian poultry sales by almost 50%, animal feed company Godrej Agrovet's MD BS Yadav said. Sales have fallen to around 40 million birds a week, while prices have slumped by 60%, he said. Farmers are now getting just ₹30-35 per bird, down from ₹80-85, Yadav added.
read more at Reuters

Govts should fight coronavirus, worry about stimulus later: Ex-RBI Governor

Former RBI Governor Raghuram Rajan said governments should focus on fighting coronavirus to reduce its impact on the global economy and worry about the stimulus later. "More government spending would help, priority should be on convincing companies and households that the virus is under control," he said. We've moved from extreme confidence to extreme panic in one week, he added.
read more at The Financial Express

RBI approves Sumant Kathpalia's appointment as IndusInd Bank MD, CEO

The Reserve Bank of India has approved the appointment of Sumant Kathpalia as the MD and CEO of IndusInd Bank for three years, with effect from March 24. Currently, Kathpalia heads the bank's consumer banking business and will assume his new role after retirement of current MD and CEO, Romesh Sobti. Sobti assumed leadership role at the bank in 2008.
read more at Livemint

Govt cuts ministries' spending limit for March to contain fiscal slippage

The government has asked its departments and ministries to limit expenditure in March to 10% of their 2019-20 budget allocations as against 15% earlier to contain fiscal slippage. Ministries and departments spent ₹21.1 lakh crore during April-December 2019, leaving ₹5.9 lakh crore for spending during January-March 2020. Earlier, fiscal deficit target was raised to 3.8% from 3.3% for 2019-20.
read more at Livemint

India's fiscal deficit touches 128.5% of ₹7.67 lakh crore FY20 target

India's fiscal deficit stood at ₹9.85 lakh crore at January end, which is 128.5% of the full year budget estimate of 2019-20, the Controller General of Accounts said. The government had targeted a fiscal deficit of ₹7.67 lakh crore during the year ending March 31. Earlier, the government raised fiscal deficit target to 3.8% of GDP from 3.3% for 2019-20.
read more at The New Indian Express

Vistara takes delivery of its first Boeing 787-9 Dreamliner plane

Vistara took delivery of its first wide-body aircraft Boeing 787-9 Dreamliner plane, becoming the first Indian airline to fly this aircraft. The aircraft will fly customers within India for a limited time from March before flying to long-haul international routes, Vistara said. Currently, Air India is only Indian airline to have long-haul flights in countries like Europe and the US.
read more at Deccan Herald