India’s Covid-19 tally stands at 112,359, of which 45,300 have recovered and 3,435 died due to the infection, leaving behind 63,624 active cases till morning, according to the Ministry of Health and Family Welfare.   Globally, more than 5 million people have been infected out of which around 2.02 million have been cured, according to Worldometer.   Let’s begin our daily coronavirus briefing of India and elsewhere.   In a complete reversal of the home ministry’s stance of prohibiting air transport until May 31, Civil Aviation Minister Hardeep Singh Puri announced to resume domestic passenger flight services from May 25 in a calibrated manner.   The minister, however, did not say as to when international passenger flights would resume.   The move was announced on the day when the country witnessed its biggest daily spike in the total number of cases, with 5,609 being reported in 24 hours.   Click podcast for more

Investors will today react to the several announcements made by the government yesterday, corporate results and global cues.  Aviation stocks will be in focus today after the government announced that domestic airline operations would resume on May 25, more than two months after all flights were halted. Moreover, the government clarified that it would use RBI money to support struggling NBFCs for only three months, as against industry expectations of 2-3 years The Union Cabinet also approved additional funding of up to Rs 3 trillion at a concessional rate of 9.25 per cent for the MSME sector hit hard by the coronavirus crisis. Besides, the new auction methodology for commercial mining and sale of coal by private companies was also approved by the Cabinet yesterday. The rights issue of Reliance Industries, which opened yesterday, drew a huge interest. Shareholders paid as much as Rs 212 to invest in the Rights Entitlement to be eligible for participation in the Rs 53,125-crore rights issue. Trading in RIL RE will continue till May 29. On the results front, Bajaj Auto posted better-than-expected earnings for the March quarter over the year-ago period, helped strongly by export volumes of motorcycles. Revenue shrunk 8 per cent over the corresponding quarter last year at Rs 6,816 crore while net profit remained flat. Drug major Dr Reddy's Laboratories Limited reported a 22 per cent increase in profit before tax at Rs 714.2 crore for the quarter. Investors will first react to these results today. Besides, a total of 13 companies including Bajaj Finserv, Colgate Palmolive,  and Hindustan Zinc are scheduled to announce their March quarter results later in the day. Meanwhile, the Sebi has advised India Inc to make enhanced disclosures pertaining to the virus impact on their businesses, and provide both quantitative and qualitative aspects of the same. Sebi has also mandated the listing of units of schemes being wound up, giving investors of schemes in Franklin Templeton Mutual Fund an alternative route to access liquidity. Moving on to the updates on coronavirus, India yesterday witnessed its biggest daily spike in the total number of cases, with over 6,000 being reported in 24 hours. At present, there are 107,789 cases, and as many as 3,316 people have died from the disease.  The World Bank has announced emergency operations worth $160 billion in 100 developing countries to fight the deadly virus which has infected over 50 lakh people globally so far. The three major averages on Wall St. notched their fourth gain in five sessions on Wednesday. The Dow Jones rose 1.5 per cent, the S&P 500 gained 1.7 per cent, and the Nasdaq Composite added 2 per cent. Asian shares were mixed. Japan's Nikkei rose 0.2 per cent while Australia's ASX200 was flat in early deals. SGX Nifty edged lower, indicating a slightly lower negative start for the Indian indices today. Read by: Kanishka Gupta

Benchmark indices ended over 2 per cent higher on Wednesday amid buying in financial stocks such as HDFC and HDFC Bank. Further, finance minister Nirmala Sitharaman's statement that the government was with industry and would do as much as possible to repair the damage when companies were going through the most stressful time, also boosted sentiment.  The S&P BSE Sensex rallied an impressive 622 points or over 2 per cent to 30,819 levels, with HDFC (up over 5.5 per cent) being the top gainer. Other top index gainers included Mahindra & Mahindra (up over 5 per cent), L&T (up 5 per cent), and Tata Steel (up 4 per cent).  NSE's Nifty ended above 9,050 levels at 9,066.55 points, up 187 points or over 2 per cent. Volatility index, India VIX, saw a sharp drop of 10 per cent at 35.59.  Sectorally, all the indices on the NSE ended in the green. Nifty Pharma topped the list with over 4 per cent gains at 9,456.80 levels. Nifty Bank and Nifty Private Bank gained 2 per cent each.  In the broader market, the S&P BSE MidCap index climbed around 1.5 per cent to 11,278 while the S&P BSE SmallCap added over 1 per cent to 10,472. Buzzing stocks Shares of Reliance Industries – Rights Entitlement (RIL-REL) moved higher by up to 36 per cent to Rs 211.95 level on the National Stock Exchange (NSE) on the first day of its trading. The stock opened at Rs 158.05 and hit an intra-day low of Rs 152 on the exchange.  The market capitalisation (m-cap) of Avenue Supermarts, which runs the DMart chain of stores, crossed the packaged consumer goods company Nestle India today.  Shares of Larsen & Toubro (L&T) Infotech rallied 7 per cent after the company posted revenue growth of 4.7 per cent in constant currency (CC) terms on sequential basis in March quarter results. In rupee terms, the firm's revenue during the quarter under review grew up 7.1 per cent quarter on quarter (QoQ) at Rs 3,012 crore while consolidated net profit rose 13 per cent year-on-year to Rs 427.5 crore.

So far, India has reported 106,750 Covid-19 cases, out of which, 42,298 have been treated successfully while 3,303 died, leaving behind 61,149 active cases, according to the Ministry of Health and Family Welfare.   According to  data shared by the health ministry, for every 100,000 population, there are 7.1 coronavirus cases in India so far, as against 60 globally.   Among the most affected regions, Maharashtra has reported 2,100 fresh cases, taking its overall tally to 37,158. Meanwhile, Delhi has reported 10,554 cases so far, with 500 fresh cases, despite the fact that the national capital has allowed DTC buses to hit the road and all offices are permitted to resume work as usual. Click podcast for more

Days after announcing a slew of measures to help businesses deal with the lockdown impact, Union Finance Minister Nirmala Sitharaman said in an interview to Business Standard that the government was with industry and would do as much as possible to repair the damage when companies were going through the most stressful time. Replying to a specific question on whether there would be a stimulus package 6.0, the FM said, “We cannot shut the doors.” The Union Cabinet is likely to discuss the proposals, announced in the recent ‘Atma Nirbhar Bharat’ package in a meeting expected to be held later in the day. Meanwhile, the number of coronavirus cases in India has now reached 103,292, according to Worldometer. As many as 3,179 people have died from the disease in the country, while a little over 39,000 have recovered even as several states continue to open up parts of their economy after getting relaxations from the Centre. Citing the nation-wide lockdown which caused both exports and imports to their all-time lows in April, Barclays has said that India may end the current fiscal with a record surplus of about $ 20 billion or 70 basis points of the GDP. Besides these,corporate results will continue to pour in. Investors will first react to Bajaj Finance's Q4 numbers announced yesterday in which it reported a profit of Rs 948 crore versus Rs 1,176 crore in the year-ago quarter. Net interest income grew to Rs 4,684 crore. Today, a total of 22 companies including Bajaj Auto, Dr Reddy's Laboratories, UltraTech Cement, and Jubilant FoodWorks, are scheduled to announce their March quarter earnings. Reliance Industries will be in focus today as its mega rights issue opens today and closes on June 3. The conglomerate has said it will use three-fourth of the proceeds for repayment of some of its borrowings. Here's one interesting report. BofA Securities has released a survey report of fund managers in which 52 per cent of them have said that the second wave of Covid-19 is the biggest tail risk for the markets. Permanently high unemployment, the break-up of the European Union, and systemic credit event are the other tail risks cited. Now, let's look at the global cues for today. Indices on the Wall Street fell overnight after a report said that early data from Moderna COVID-19 vaccine was insufficient. The Dow Jones fell 1.6 per cent, the S&P 500 lost 1.05 per cent, and the Nasdaq Composite dropped 0.54 per cent. Asia stocks were largely higher on Wednesday. Hang Seng up 75 points, Kospi was up 0.1 per cent, ASX200 was down 0.5 per cent and Nikkei was up 0.6 per cent. SGX Nifty also ticked up 80 points, suggesting a green start for the Indian indices today.  In commodities, Brent crude was trading around $34.55 a barrel. Read by: Kanishka Gupta

According to a recent report by international management consulting firm Arthur D Little, up to 135 million jobs could be lost and 120 million people might be pushed in poverty in India. If that happens, it could have a huge impact on consumer income, spending and savings. India's working class is likely to bear the brunt of the coronavirus impact in the form of job losses, rising poverty levels and reduced per-capita income. This, in turn, will bring about a steep decline in GDP.   Labour statistics improved during the week ended May 10, 2020. But only in comparison to the previous week, which was the worst India has witnessed so far.   The unemployment rate shot up to 27.1 per cent in the week ended May 3. This is the highest rate recorded so far, and the spike left many job seekers highly disappointed, after they failed to find gainful employment despite having struggled. However, the unemployment rate remained stable at 24 per cent during the week ended May 17.   Here is the list of major companies that have said they are downsizing their workforce.   1. Yesterday (that is 18th may) Uber Technologies eliminated an additional 3,000 jobs IN INDIA. The company is closing dozens of offices around the world and is shutting down many of its side projects in an effort to weather the coronavirus pandemic that has devastated the ride-hailing business.   Earlier this month, Uber dismissed 3,700 employees in customer support and human resources. Combining both the sets, the layoffs now work out to about 25 per cent of the total workforce. A company spokesman said more job cuts could come.   2. Lyft laid off 982 employees, or 17% of its workforce last month, and cut the base salaries of its top executives in addition to furloughing hundreds of employees.   Uber and rival Lyft Inc have been under investor pressure to show profits but the coronavirus-led lockdowns have forced them to cut costs and withdraw their full-year financial outlooks as demand for app-based rides have dropped sharply across the world.   3. Healthcare startup Cure.fit has also laid off 10 per cent of its employees and cut salaries across board, after business took a hit following the coronavirus pandemic. Sources said the Bengaluru-based company had laid off around 500 people.   Trainers, centre managers and human resources personnel were among employees who were either asked to resign from May 1 or were allowed to work till the month end for experience.   4. British airline Virgin Atlantic said on the 5th of May that it is planned to cut 3,150 jobs and would move its flying programme from London Gatwick to Heathrow airport as it counts the cost of the Covid-19 pandemic.   The spread of the novel coroanvirus has virtually brought airports around the globe to a standstill, leaving airlines taking drastic steps to make savings.   5. Co-working major WeWork India, owned by realty firm Embassy Group, has decided to lay off around 20 per cent of its staff with effect from June, as the coronavirus pandemic hits its businesses and revenues across the globe. This would be done to cut its operational costs after its business was hit by the Covid-19 pandemic.   In an email, Karan Virwani, CEO, WeWork India, said that the company needs to make fundamental changes by streamlining its workforce around a more focused business strategy which would entail reduction of its workforce across different roles by around 20 per cent.   6. Zomato said it will cut 13 per cent, or about 520, jobs as a result of the extended lockdown and restaurants shutting shop, Co-founder and Chief Executive Officer Deepinder Goyal told the firm in an email on May 15.   According to sources, the total number of employees at Zomato is currently about 4,000. The employees being laid off in the latest round will remain with Zomato and will be paid half the salary for the next six months. Outplacement teams will help them look for jobs elsewhere, previously allocated ES

The domestic equity market ended on a positive note on Tuesday, after three straight sessions of losses but failed to hold on to day's high levels as selling in banking stocks continued. Telecom major Bharti Airtel was the stock of the day as it hit a new lifetime high of Rs 603 during the day after the company reported a healthy 15.1 per cent year-on-year (YoY) growth in consolidated revenue at Rs 23,723 crore for the quarter ended March 2020 (Q4FY20). The stock ended at Rs 599, up over 11 per cent on the BSE. ONGC was another stock that remained in focus and ended around 6 per cent higher at Rs 77 apiece on the BSE amid rise in oil prices.  The S&P BSE Sensex today ended at 30,196, up 167 points or 0.56 per cent. 22 of 30 constituents ended in the green and rest 8 in the red. IndusInd Bank (down over 2 per cent) was the biggest loser on the index while Bharti Airtel ended as the top gainer.  The 50-share index Nifty of NSE ended at 8,879, up 56 points or 0.63 per cent. Volatility index, India VIX, slipped 4.42 per cent to 39.10 levels.   On the sectoral front, shares of public sector banks were under pressure, with the Nifty PSU Bank index hitting an over 15-year low. At the close, Nifty PSU Bank index stood at 1,087 levels, down 29 points or 2.6 per cent. It was the top loser among sectoral indices.  Nifty Bank slipped 0.5 per cent to 17,486.25 levels. On the other hand, metal and auto stocks were among the top gainers. NIfty Metal index gained over 1 per cent and Nifty Auto was up 1 per cent at 5,486 levels.   In the broader market, the S&P BSE MidCap index edged higher by 0.52 per cent and the S&P BSE SmallCap index ended flat, down just 0.2 per cent.   Global markets Asian shares extended gains on Tuesday as more countries emerged from their economic lockdowns and a successful early-stage trial of a coronavirus vaccine cheered sentiment, although oil shed some of its early moves higher. The rally followed a firmer Wall Street lead after data from Moderna Inc’s COVID-19 vaccine, the first to be tested in the United States, showed it produced protective antibodies in a small group of healthy volunteers. MSCI’s broadest index of Asia-Pacific shares outside Japan was up 1.8 per cent to two-week highs. Japan’s Nikkei added nearly 2 per cent to the highest since early March. European shares, however, pulled back after a rally in the previous session.  In commodities, oil prices rose slightly. Benchmark Brent crude climbed 7 cents, or 0.2 per cent, to $34.88 a barrel.

India's coronavirus caseload has surpassed the 100,000-mark, according to the the Ministry of Health and Family Welfare. Of the total 101,139 cases reported so far, 39,174 have been treated successfully while 3,163 died due to the infection, leaving behind 58,802 active cases. The count of cases continued to rise as the country entered lockdown 4.0 yesterday, with many states and UTs allowing reopening of markets, local transport and even salons in the areas that are considered safe from the pandemic. This includes the national capital which has reported the highest density of Covid-19 cases among the other most affected regions of the country. However, schools, colleges, theatres and malls are among those that would remain closed. Click podcast for more

After yesterday's 3 per cent plunge, Indian indices look set for a strong start today on the back of favourable global cues. The SGX Nifty shot up over 200 points from Nifty future's last close, indicating an open at around 9,000 for the Nifty. However, the gains might be capped due to the rapidly increasing tally of coronavirus cases in India which has now exceeded 1 lakh with 3,156 deaths. The positive momentum in global stocks was due to an encouraging report on potential coronavirus vaccine from drugmaker Moderna Inc which said its experimental Covid-19 vaccine showed promising results in a small early-stage trial. The Dow Jones rose 3.85 per cent and Nasdaq Composite added 2.44 per cent. The S&P 500 gained 3.15 per cent to close at 10-week high. Asian shares also ticked up on the news. Japan's Nikkei and Australian shares gained almost 2 per cent while Hong Kong was up half a per cent. Oil prices followed the trend and jumped to their highest in over two months. Brent crude was last up 1.38 per cent at $35.29 per barrel. Investors will react to Bharti Airtel's results today in which the telecom major reported a net loss of Rs 5,237 crore in the March quarter, largely due to an exceptional item of Rs 7,004 crore for the AGR dues payment. The company’s average revenue per user grew 25.2 per cent to Rs 154 while the consolidated revenue came in at Rs 23,723 crore, up 15 per cent YoY. Today, 18 companies, including Bajaj Finance, Apollo Tyre, and Ujjivan Small Finance Bank, are scheduled to announce their March quarter earnings. In what may come as a major relief to businesses, the Union government has withdrawn its order directing employers to pay wages to workers, even with units remaining shut during lockdown. Besides, Reliance Industries and HDFC will remain in focus today after RIL said its core business was hit significantly by demand-related challenges due to Covid-19 while HDFC was asked by the RBI to pare stake in its insurance subsidiaries to 50 per cent or below. On the regulatory front, the BSE and the NSE reduced the listing fee for their small- and medium- enterprise platforms by 25 per cent, amid challenges due to Covid-19. The revised listing fee structure will be applicable for the existing companies, as well as for the firms waiting to be listed on the exchange. Moreover, the Sebi has granted mutual funds’ request for allowing additional exposure to government securities and treasury bills for credit risk fund, corporate bond fund, and the banking & PSU fund. The regulator has temporarily revised the scheme categorisation norms to make the option available for MFs. The higher limits can be availed for a period of three months. Read by: Kanishka Gupta

In five press briefings held in as many days, Finance Minister Nirmala Sitharaman has announced several measures to provide support to individuals and the economy, which have been hit severely by successive nationwide lockdowns to prevent the spread of coronavirus. Earlier, Prime Minister Narendra Modi had announced that his govt would provide a massive Rs 20-trillion economic stimulus package to help make India ‘atma-nirbhar’ or self-reliant. In her five-tranche package, the finance minister covered measures and reforms for the MSME sector, agriculture & allied sector, the Essential Commodities Act, migrant workers, labour codes, coal and mining, power distribution, defence production, employment generation, civil aviation, PSU rationalisation, insolvency and bankruptcy code, among other things. Are these measures going to be enough to tide over the crisis facing the economy at present? What will be their short-term and long-term impact? Financially speaking, what will all this mean for the government? Let’s take a Deep Dive with AKB to understand these and more.