Oil prices crashed, equities plunged and sovereign bond yields slumped after crude producers launched a price war, an additional disruption to a global economy already struggling thanks to the coronavirus.
Oil markets tumbled more than 30 percent after the disintegration of the OPEC+ alliance triggered an all-out price-war between Saudi Arabia and Rossi 6a that is likely to have sweeping political and economic consequences.
U.S. stocks staged a furious rally in the final hour of trading on Friday that cut in half a rout that reached 4 percent and left the S&P 500 higher after a tumultuous week dominated by fear the spreading coronavirus will upend global growth.
🎯 News & Impact 🎯
🎯 Yesbank :
The Enforcement Directorate (ED) arrested Yes Bank's former MD & CEO Rana Kapoor on charges of money laundering under PMLA Act.
🎯 SBI, Yes Bank :
SBI will acquire a 49 % stake in Yes Bank and make an initial investment of Rs 2,450 crore.
Positive for Yesbank.
🎯 IndusInd Bank :
Board meeting to raise funds has been deferred in view of the current market conditions and as the bank is adequately capitalized at present.
🎯 Indiabulls Housing Finance :
Exposure to Yes Bank’s AT-1 bonds is close to Rs 662 crore.
🎯 SMS Pharma :
USFDA completes inspection with zero observation.
🎯 BPCL :
DIPAM uploaded EoI for selling government’s entire stake in BPCL. Government will carve out BPCL’s 61.65 percent stake in Numaligarh Refinery Ltd. to a CPSE and that won’t be a part of the divestment.
🎯 Hikal :
Company said that it has received a notice from the Maharashtra Pollution Control Board (MPCB) for the closure of its Mahad Unit based on a complaint received from the local community in Taloja.
🎯 Natco Pharma :
Company received one observation for its formulation facility at Kothur by the U.S. FDA, who had completed pre-approval inspection from March 2-6.
🎯 Novartis :
Company received demand notice for Rs 169.52 crore from the income tax department.
🎯 PTC India :
Company received projects worth Rs 75 crore for its consulting business from EESL.
🎯 Gayatri Projects :
Received Rs 44 crore from a settlement of its claim related to a NHAI project.
🎯 Granules India :
Released pledge of 1.28 crore shares on March 5.
Negative for the stock.
🎯 Future Retail :
Promoter Future Corporate Resources created pledge of 1.6 crore shares from March 4-5.
Negative for the stock.
🎯 Sadbhav Engineering :
Promoter created pledge on additional 0.42 percent stake.
Negative for the stock.
🎯 GMR Infra :
Promoter created pledge on additional 0.43 percent stake.
Negative for the stock.
🎯 Adani Transmission :
Promoter created pledge on additional 0.11 percent stake.
Negative for the stock.
🎯 Adani Green Energy :
Promoter created pledge on additional 0.16 % stake.
Negative for the stock.
🎯 Max India :
Promoter created additional pledge on 2.76 % stake.
Negative for the stock.
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Edited by Sharp.
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