Rupee tumbles 70 paise against US dollar, hits 17-month low
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The rupee on Thursday nosedived a whopping 70 paise against the US dollar after World Health Organisation (WHO) declared the deadly Coronavirus (Covid-19) pandemic. The currency hit a low of 74.34 during the session. However, later it trimmed some losses to trade at 74.12.
The number of cases in over 100 countries around the world has risen to more than 124,000, with over 4,500 deaths, including a jump in fatalities in Iran and Italy in particular, according to an AFP tally.
China remains the worst-affected country with more than 80,000 confirmed cases and over 3,000 deaths.
On Wednesday, the domestic unit settled at 73.64 against the greenback amid some respite in the domestic equities and weakening of the American dollar in the overseas market.
"More or less the market will keep trading volatile as Corona virus updates keep the buyers interested in USD/INR pair but falling crude prices give the strength to rupee," said Jateen Trivedi, Senior Research Analyst (Commodity & Currency) at LKP Securities.
Foreign investors continued to dump Indian equities amid Coronavirus scare. On Wednesday, overseas investors were net sellers to the tune of Rs 3,515.38 crore while domestic investors (DIIs) were the net buyers to the tune of Rs 2,835.46 crore.
In the equity market, stocks continued to slide and the indices entered the bear market. At 09:44 am, the S&P BSE Sensex was trading around 1,650 points or 4.6 per cent lower at 34,052 while the NSE's Nifty50 index slipped below the crucial 10,000 level for the first time since October 2017. It was trading at 9,957 points, down 501 points or 4.8 per cent.
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Cement maker ACC on Thursday said its profit after tax (PAT) increased four-fold to Rs 945 crore in the March quarter of the previous fiscal year on account of robust sales.
The company had reported a PAT of Rs 236 crore in the year-ago period.
Revenue from operations rose to Rs 5,409 crore in the fourth quarter as compared with Rs 4,791 crore in the year-ago period, ACC Ltd said in a regulatory filing.
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Nestle on Thursday missed first-quarter organic sales growth estimates, as the world's biggest packaged food company hiked prices and sold fewer products, particularly in North America.
The maker of Maggi noodles, Nescafe coffee and KitKat chocolate wafer bars confirmed its 2024 guidance of organic sales growth of about 4 per cent and a moderate increase in underlying trading profit margin.
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Shares of Hitachi Energy were buzzing in trade on Thursday as they soared as much as 18.89 per cent to hit a fresh record high of Rs 9,765.30 per share, driven by expansion plans. On the other hand, S&P BSE 500 was trading 0.21 per cent higher at 74,010.29 levels, as of 1:02 PM.
Hitachi Energy intends to establish additional global capability centres (GCCs) in India to bolster its local operations in response to escalating energy demand and the government's focus on expanding renewable energy generation, according to Reuters.
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Air India Express will give first-time voters aged 18 to 22 a 19 per cent discount on domestic and international flight tickets for travelling to their home constituencies and back, the Economic Times (ET) reported.
This deal is part of the airline’s "#VoteAsYouAre" campaign, “designed to mobilise first-time voters to fly home to exercise their constitutional right and help guide the flight path of the nation", ET reported.
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National Stock Exchange (NSE) on Wednesday introduced derivative contracts on Nifty Next 50 index, which received a positive response from market participants.
More than 375 trading members from across the country participated in the index derivatives, the National Stock Exchange (NSE) said in a statement.
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