Business

Mumbai, Apr 3 (PTI) Equity indices spiralled lower for yet another session on Friday, pressured by heavy selling in bank stocks, as the steady rise in Covid-19 cases fuelled uncertainty over the economic impact of the pandemic.

Unabated foreign fund outflows and a depreciating rupee, which skidded below the 76-mark against the dollar, further kept investors on the sidelines, traders said.

After hitting a low of 27,500.79 during the day, the 30-share BSE barometer ended 674.36 points or 2.39 per cent lower at 27,590.95.

New Delhi, Apr 3 (PTI) Personal grooming products maker Nivea India on Friday said it has started production of hand sanitisers from its skincare manufacturing plants in collaboration with its key partners.

The company said its plant at Sanand in Gujarat which originally manufactures skincare products for the India market has begun production of alcohol-based hand sanitisers, and it will be shifting part of its production towards the making of sanitisers at the plant.

New York, Apr 3 (AFP/PTI) Irish aircraft leasing company Avolon said Friday it was canceling an order for 75 737 MAX planes due to the massive deterioration in travel because of COVID-19.

The planes being canceled had been scheduled for delivery in the 2020-2023 timeframe. Avolon also pushed back delivery of 16 other 737 MAX planes to 2024 or later and also annulled a plan to buy four Airbus A330neo aircraft.

New York, Apr 3 (AP) Stocks are falling in afternoon trading Friday, putting Wall Street on track for its third losing week in the last four.

The losses came after the government said U.S. employers cut 701,000 more jobs than they added last month, the first drop in nearly a decade. Many businesses have screeched to a halt amid attempts to slow the spread of the coronavirus outbreak, and economists say the dire data is only going to get worse.

MOSCOW, April 4 (NNN-AGENCIES) — Russia is ready to cooperate with Saudi Arabia and the United States to cut oil production, President Vladimir Putin said.

Putin said Russia was willing to make agreements within the framework of the OPEC+ group and that “we are ready for cooperation with the United States of America on this issue,” according to a statement published by the Kremlin.

“I believe that it is necessary to combine efforts in order to balance the market and reduce production.”

BERLIN/WASHINGTON, April 4 (NNN-AGENCIES) — The US has been accused of redirecting 200,000 Germany-bound masks for its own use, in a move condemned as “modern piracy”.

The local government in Berlin said the shipment of US-made masks was “confiscated” in Bangkok.

The FFP2 masks, which were ordered by Berlin’s police force, did not reach their destination, it said.

Andreas Geisel, Berlin’s interior minister, said the masks were presumably diverted to the US.

03 April 2020; MEMO: The Sudanese Ministry of Industry and Trade has temporarily banned exports of maize from 15 April until further notice as a result of the coronavirus pandemic.

Undersecretary of the Ministry of Industry and Trade Muhammad Ali Abdullah said in a statement yesterday that the decision was taken after identifying a gap in the maize reserves with the aim of building a stockpile in line with the declaration of a health emergency in the country due to the coronavirus pandemic.

03 April 2020; MEMO: Saudi Arabia yesterday called for an urgent meeting of the OPEC+ oil producers with the “aim of seeking a fair agreement that will restore the desired balance to the oil markets”, state-run Saudi Press Agency reported.

The agency said the Saudi invitation came after a phone call between US President Donald Trump and Crown Prince Mohammed Bin Salman.

03 April 2020; MEMO: American shale oil companies are calling for a number of measure to reprimand Saudi Arabia including denying the kingdom access to its oil refinery in the US, as part of an aggressive lobbying campaign against Riyadh.

Mumbai, Apr 3 (PTI) The rupee settled 53 paise lower at 76.13 (provisional) against the US dollar on Friday amid a significant rise in coronavirus cases in the country and weak domestic equities.

Forex traders said heavy selling in domestic equities dragged the local unit amid mounting fears of a coronavirus-led economic slowdown.