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‘Economy likely to enter into technical recession for first time in history’: RBI

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In yet another setback for the struggling Indian economy, the Reserve Bank of India has projected that the economy is likely to enter into a technical recession for the first time in history at the end of the first half of 2020-21.

India has already witnessed a worrying decline of 23.9 per cent in the GDP for April-June quarter which was a result of nationwide lockdown induced due to the coronavirus pandemic.

However, before the pandemic too, the World Bank had projected India’s economy to grow a mere 4.5 per cent.

The RBI also said that the NSO estimates for the second quarter expected at the end of November 2020 will formally bear out the extent of improvement that occurred in the quarter gone by.

This decline in economy is an eyebrow-raiser for the nation as in the economic terms, when the GDP growth rate is negative for two consecutive quarters or more, it is termed recession.

Perhaps, the Reserve Bank has said that the economy will break out of contraction of the six months gone by and return to positive growth in the October-December quarter of 2020-21.

“With the momentum of September having been sustained, there is optimism that the revival of economic activity is stronger than the mere satiation of pent-up demand released by unlocks and the rebuilding of inventories. If this upturn is sustained in the ensuing two months, there is a strong likelihood that the Indian economy will break out of contraction of the six months gone by and return to positive growth in the third quarter (Q3) of 2020-21,” it said.

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Dogecoin crosses 70 cent mark after Elon Musk SNL tease

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Dogecoin, a cryptocurrency that started as a joke in 2013, skyrocketed to a high of 71 cents on Saturday afternoon. Earlier on Friday, the cryptocurrency had jumped to touch a new high of 75 cents.

This latest surge in Dogecoin price comes after Tesla Inc. CEO Elon Musk tweeted a promotional image of his upcoming appearance on comedy and variety show, Saturday Night Live (SNL) this weekend photoshopped to include image of the ‘Shiba Inu’ dog, a breed used as a logo for the cryptocurrency. The picture, which also includes musical guests Miley Cyrus and The Kid LAROI, was captioned as “Guest Starring.”

So far, the image has been retweeted 93.4K times and has gathered more than 568,000 likes.

Dogecoin on Saturday at 3.37 p.m. was up by 16.4 per cent at 71 cents with a market cap of over $91 billion.

Since the announcement of Elon Musk’s appearance on SNL, traders across the world have been pouring money into Dogecoin in hopes that the show would help the cryptocurrency to hit or even cross the $1 mark.

Data showed that over the past week the world’s fourth-largest cryptocurrency doubled in value, and it is up over 1000 per cent in the past 30 days period.

source: The Statesman

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Infosys to buy back shares again soon

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Global software major Infosys announced on Sunday that it is planning to buy back more shares again with a proposal in this regard on the agenda at its board meeting on April 14.

“The board will consider a proposal for buyback of fully paid-up equity shares at its meeting on April 14, 2021, in accordance with the Securities and Exchange Board of India (Buy-back of Securities) Regulations, 2018,” said the city-based company in a regulatory filing on the BSE.

The board meets on April 13-14 here to approve its financial results for the fourth quarter and fiscal year 2020-21.

The last time (the second) when the IT major bought back shares was in March 2019, buying 2.36 per cent of the paid-up capital (103.25 million shares) worth Rs 8,260 crore at Rs 800 per share through the open market route.

It made a maiden buyback of 11.3 crore equity shares in December 2017 for Rs 13,000 crore at Rs 1,150 per share.

The company’s blue-chip scrip of Rs 5 face value touched a 52-week high of Rs 1,454 on April 9 before closing at Rs 1,440.75 at the end of trading on Friday.

source: The Statesman

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Bulls drive markets for second day in row; Sensex rallies 1,128 points, Nifty tops 14,845

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Indian stock markets continued their bullish trend for second day in a row on Tuesday on the back of profits in index majors HDFC twins, Infosys and Reliance Industries amid a positive trend in global markets.

The S&P BSE Sensex ended 1,128.08 points or 2.30 per cent higher at 50,136.58 with HCL Tech being the top gainer as it rose over 4 per cent.

Similarly, Nifty50 surged 337.80 points or 2.33 per cent to 14,845.10.

In the Sensex pack, other gainers included HDFC Bank, Infosys, NTPC, Nestle India, TCS and HUL.

On the other hand, M&M, Bharti Airtel and Axis Bank were the laggards.

Except for today’s depreciation, the INR has remained quite steady even though the dollar index rose. Also when the US 10-year bond yields has spiked sharply India’s 10-year bond yield has remained quite stable.

These two factors could act in India’s favour and help Indian equities outperform its peers in the emerging markets, said Rusmik Oza, Executive Vice President, Head of Fundamental Research at Kotak Securities.

The recent correction could be due to rising COVID-19 cases and year-end phenomenon wherein retail and HNI investors would have avoided taking any fresh positions, he said, adding that the start of new settlement for FY22 and forthcoming Q4 earnings seasons could be the reasons for fresh investor interest in stocks.

US markets, especially the Dow Jones and S&P 500 are showing firm uptrend due to the ongoing stimulus and faster vaccination drive which could also be one of the reasons for our markets to inch upwards, Oza noted.

In the broader markets, the BSE MidCap and SmallCap ended marginally higher at 0.98 per cent and 1.3 per cent respectively.

Elsewhere in Asia, bourses in Shanghai, Hong Kong, Tokyo and Seoul ended on a positive note.

Stock exchanges in Europe were also trading with significant gains in mid-session deals.

Meanwhile, the global oil benchmark Brent crude was trading 0.49 per cent lower at USD 64.60 per barrel.

source: The Statesman

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