Trendlyne Marketwatch    
27 Mar 2020, 05:09PM
LIVE: Markets mixed, RBI announces EMI payment pause

Markets shed most gains over the day. Nifty 50 closed at 8674.40 (33.0, 0.4%) , BSE Sensex closed at 29815.59 (-131.2, -0.4%) while the broader Nifty 500 closed at 7014.75 (20.9, 0.3%). Market breadth is in the green. Of the 1653 stocks traded today, 820 were gainers and 740 were losers.

  •  The RBI announced that all banks and NBFCs can allow a moratorium of 3 months on repayment of term loans outstanding on March 1, 2020. The individual banks and NBFCs would make a final decision on their policy. 
  • Aurobindo Pharma is sharply up today, after USFDA issued an EIR for the company's Hyderabad facility

  • Bandhan Bank and Sheela Foam top the list of gainers; RBI issues a three month moratorium on EMI payments

  • Axis Direct is a buy on Hindustan Lever among other stocks, in view of the current pandemic.

  • ITC has set up a coronavirus emergency fund of Rs. 150 crore, to help vulnerable sections during the crisis. The company said that it will coordinate with district authorities in deploying the money.

  • Granules India: Buyback announced earlier will continue as planned, we expect to meet our guidance despite lockdowns

  • The RBI has announced a reverse repo rate cut by 90 basis points, and a repo rate cut of 75 basis points. Cash reserve ratio has been cut by 100 bps to 3%

  • Goldman Sachs expects global oil demand to fall steeply in April. "Oil demand could plummet by 18.7 million bpd in April, deepening an expected demand plunge of 10.5 million bpd for March", the bank said. 

  • Markets are higher in morning trade ahead of the RBI Governor's speech, where he is expected to announce liquidity easing measures.  Nifty 50 was trading at 8982.35 (340.9, 3.9%) , BSE Sensex was trading at 31021.40 (1074.6, 3.6%) while the broader Nifty 500 was trading at 7270.95 (277.1, 4.0%). Market breadth is overwhelmingly positive. Of the 1393 stocks traded today, 1143 were in the positive territory and 169 were negative.
Riding High:

Largecap and midcap gainers today include Bandhan Bank Ltd. (249.55, 15.75%), Shriram Transport Finance Company Ltd. (725.20, 11.33%) and Bharat Electronics Ltd. (73.15, 8.61%).

Downers:

Largecap and midcap losers today include Bajaj Finance Ltd. (2542.30, -9.00%), Adani Enterprises Ltd. (128.00, -8.73%) and Adani Power Ltd. (27.60, -8.31%).

Movers and Shakers

16 stocks in BSE 500 are trading on high volumes today.

Top high volume gainers on BSE included MMTC Ltd. (12.40, 12.22%), Bharat Dynamics Ltd. (184.95, 10.29%) and Hindustan Aeronautics Ltd. (525.15, 5.61%).

Top high volume losers on BSE were Gujarat Mineral Development Corporation Ltd. (29.85, -6.57%), Inox Wind Ltd. (17.15, -4.19%) and Infibeam Avenues Ltd. (31.85, -3.78%).

Suprajit Engineering Ltd. (117.20, -0.34%) was trading at 53.8 times of weekly average. Star Cement Ltd. (73.00, 5.42%) and MOIL Ltd. (102.20, 1.95%) were trading with volumes 25.8 and 5.3 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

23 stocks tanked below their 52 week lows.

Stocks making new 52 weeks lows included - Cummins India Ltd. (357.60, -5.72%) and Dish TV India Ltd. (4.45, -4.30%).

17 stocks climbed above their 200 day SMA including Sheela Foam Ltd. (1323.15, 11.97%) and Multi Commodity Exchange of India Ltd. (1035.80, 10.98%). 2 stocks slipped below their 200 SMA including Indostar Capital Finance Ltd. (252.00, -3.65%) and Thyrocare Technologies Ltd. (519.75, -1.36%).

L&T Technology Services Ltd.    
27 Mar 2020, 03:09PM
1174.90
6.78%
L&T Tech Services: Call with Analysts on Covid Impact

L&T Technology Services Management had a call with Analysts on coronavirus impact and revised outlook for the company. Listen to the entire transcript here.

L&T Technology Services Ltd. has lost -25.61% in the last 6 Months
Granules India Ltd.    
27 Mar 2020, 10:30AM
145.90
10.20%
Granules India expects to cross guidance despite lockdowns

In a call with analysts, Granules management were positive about the company's performance, saying that the firm's current quarter met the guidance. On the coronavirus impact, management noted, "There definitely will be some impact, but we expect the year to close by crossing guidance of achieving a bottom line of Rs 300 crores".

Despite the situation in China, Granules noted minor effects - while production and dispatches ran normally, with the introduction of the national lockdown, some of the trucks that have been dispatched will not reach the ports in time. So this month’s sales will be impacted.

  • If the lockdown is lifted on the 14th of April as proposed, Granules India said they would be able to make up and achieve normal numbers.

  • Even if it continues till the end of April, the company says it would still be able to achieve the guidance of 25% CAGR . Production slowed down from last Sunday, but the situation according to management is stable, as the government had declared pharmaceutical manufacturing as an essential activity and allowed work. However, for the period of the 21 day lock down, till the 14th of April, the pace has been slower due to shortage of staff and the social distancing norms.

  • Local logistics for incoming and outgoing material has been a challenge - but incoming material from China is normal till the Indian ports. The local logistics are the key bottleneck. 

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Promoters pledge reduced to 30.29% of holdings in Dec 2019 qtr.
Shriram Transport Finance Company Ltd.    
27 Mar 2020, 09:24AM
725.20
11.33%
Gainers in the News: Shriram Transport, Sheela Foam, Bandhan Bank, Piramal Enterprises, Multi Commodity Exchange

by Ritmbarah Arora

Shriram Transport Finance: The share price of Shriram Transport Finance rallied 21.7% to Rs 792.7. Around 1.4 million shares in volume have been traded so far. The stock price is up 36.5% since the last week and has fallen 37% since the last month.

The company had a conference call with OMERS Asia Pte and Eternity Capital on March 26, 2020. Chandan Taparia of Motilal Oswal Securities had issued a ‘sell’ call on the stocks of the company with a target price of Rs 504 on March 23, 2020 for the Intra Day transaction. Shriram Transport Finance is listed in 30 screeners on Trendlyne.

Sheela Foam: Sheela Foam’s stock price went up Rs 236.3, up 20% to Rs 1,418 as of now. Around 6,062 shares in volume have ben traded so far. The share price gained 3% since the last week and is down 13.8% since the last month, per Trendlyne data. Sheela Foam had released a circular stating, “pursuant to the Regulation 30 of SEBI, the company has decided to close down all its operations in India locations from March 23, 2020 to March 25, 2020”. Sheela Foam is listed in 32 screeners on Trendlyne.

Bandhan Bank: The stocks of Bandhan Bank surged 17.6% to Rs 249.4 for the second consecutive trading session today. The shares had jumped 29% in the yesterday’s trading session. Around 6 million shares in volume have been traded so far. The share price increased 9.5% since the last week and 36.4% since the last month.

Business Standard had issued a ‘buy’ call on Bandhan Bank at a target of Rs 265 at a stoploss of Rs 225 as the stock showed a sign of oversold on RSI indicator on March 23, 2020. The bank is listed in 34 screeners on Trendlyne as against 35 screeners yesterday.

Piramal Enterprises: The share price of Piramal Enterprises rose 16.2% to Rs 950.8 for the second continuous trading session. Around 2.2 million shares in volume have been traded so far. The stock price gained 38.8% since the past week and is down 31.9% since the last month.

CARE Rating affirmed CARE AA (outlook stable) credit rating for the additional non-convertible debentures issuance of up to Rs 1,000 crore by the company on March 26, 2020 post which the share price started rising. Piramal Enterprises is listed in 33 screeners on Trendlyne.

Multi Commodity Exchange of India: The stocks of Multi Commodity Exchange of India advanced 16.1% to Rs 1,083.8 as of this writing. Around 5.6 lakh shares in volume have been traded so far. The share price is up 4.2% since the last week and has fallen 19.6% since the last month.

Multi Commodity Exchange of India has decided to curtail their trading hours for the duration of the 21-day nationwide lockdown. The company will open at 9:00 am but will close at 5:00 pm, six hours earlier, starting March 30, 2020. Multi Commodity Exchange of India is listed in 34 screeners on Trendlyne.

Shriram Transport Finance Company Ltd. has lost -43.27% in the last 1 Year
The Baseline    
26 Mar 2020, 04:03PM
Stocks with a good cushion: High cash flow, low debt companies

Even after the lockdowns end, the economy will be under pressure for at least a couple of quarters, as demand recovers and the government continues the battle against the coronavirus pandemic. This screener identifies the companies most well placed to weather this slowdown, in terms of both strong cash flows and low debt. 

While companies from some sectors like real estate are also in the list, these will see a longer slowdown than others. Tech and healthcare stocks, as well as consumer companies would see a more rapid recovery. 

Trendlyne Marketwatch    
26 Mar 2020, 03:11PM
LIVE: Markets close higher, Government announces relief

Markets rose in today's trading. Nifty 50 closed at 8653.55 (335.7, 4.0%) , BSE Sensex closed at 29946.77 (1411.0, 4.9%) while the broader Nifty 500 closed at 7002.40 (278.4, 4.1%)

Market breadth is ticking up strongly. Of the 1644 stocks traded today, 1147 were on the uptick, and 402 were down.

  • Steel companies have been among the hardest hit by the coronavirus pandemic, with demand falling across countries and to remain significantly lower compared to past projections. JSW Steel is among the latest to announce production cuts. 
  • The FM announced relief measures across the spectrum - for farmers, self-help groups (women), migrant workers, as well as EPF relief for SMEs and organized sector workers. 
  • The Finance Minister has announced a press conference at 1 pm, and speculation is rife about a potential stimulus. 
  • The passage of a $2 trillion stimulus bill by the US Senate, which will now go to the House for signing on Friday, has boosted markets worldwide. 
  • Caplin Point Labs has been granted final approval from the USFDA for its Abbreviated New Drug Application (ANDA) Verapamil Hydrochloride injection USP. The product had US sales data of approximately US$28 million in a year. 
  • IndusInd Bank shares have jumped today, hitting the upper circuit. The stock has still lost 77% of its share price over the past year. 
  • Upbeat trading in the morning today, as Nifty 50 was trading at 8490.10 (172.3, 2.1%) , BSE Sensex was trading at 29219.74 (684.0, 2.4%) while the broader Nifty 500 was trading at 6871.80 (147.8, 2.2%)
Riding High:

Largecap and midcap gainers today include IndusInd Bank Ltd. (440.00, 46.03%), Bandhan Bank Ltd. (220.00, 42.16%) and Ashok Leyland Ltd. (44.15, 28.16%).

Downers:

Largecap and midcap losers today include L&T Technology Services Ltd. (1096.00, -5.55%), MphasiS Ltd. (689.00, -5.27%) and Future Retail Ltd. (91.25, -5.00%).

Crowd Puller Stocks

12 stocks in BSE 500 are trading on high volumes today.

Top high volume gainers on BSE included Piramal Enterprises Ltd. (816.00, 19.67%), The New India Assurance Company Ltd. (95.90, 16.24%) and Rallis India Ltd. (163.95, 6.50%).

Top high volume losers on BSE were Shankara Building Products Ltd. (230.20, -4.99%), Indiabulls Integrated Services Ltd. (49.70, -4.97%) and Minda Corporation Ltd. (59.70, -0.58%).

Max India Ltd. (62.50, 5.04%) was trading at 5.5 times of weekly average. Dewan Housing Finance Corporation Ltd. (9.00, -0.55%) and Gujarat Narmada Valley Fertilizers & Chemicals Ltd. (107.70, 5.33%) were trading with volumes 5.2 and 4.4 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

43 stocks tanked below their 52 week lows.

Stocks making new 52 weeks lows included - Aegis Logistics Ltd. (127.10, 10.00%) and Ambuja Cements Ltd. (143.20, 2.76%).

17 stocks climbed above their 200 day SMA including Johnson Controls-Hitachi Air Conditioning India Ltd. (2199.00, 15.69%) and Relaxo Footwears Ltd. (580.00, 13.08%). 2 stocks slipped below their 200 SMA including FDC Ltd. (186.20, -5.02%) and MindTree Ltd. (837.00, 1.80%).

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Dixon Technologies (India) Ltd.    
26 Mar 2020, 02:16PM
3391.35
1.79%
Chinese supplies disrupted, but low debt could help Dixon fight covid infection

by Suhani Adilabadkar

Dixon Technologies reported strong growth momentum in its December quarter FY20. The stock has been marred by the coronavirus related slowdown since early March, declining 27% over the past 15 days. Dixon is a leading electronic services manufacturer (EMS) offering consumer products in India through leading domestic and global retail brands. 

Commencing operations as a colour TV manufacturer, Dixon is currently the largest home-grown design-focused company  manufacturing products in consumer durables, lighting, mobile phones and security surveillance equipment. 

The company is also the original design manufacturer (ODM) of lighting products, LED TVs and semi automatic washing machines in India. It is powered by its ten state-of-the-art manufacturing facilities located in the states of Uttar Pradesh, Uttarakhand and Andhra Pradesh, aided by 3 R&D centres, 2 in India and 1 situated in China.

Quick Takes:

  • Dixon Technologies is the largest home-grown, design-focused company manufacturing products in consumer durables, lighting and mobile phones.

  • Revenue growth was reported at 25% YoY at Rs. 994 crore with operating profit at 32% YoY. 

  • Net profit stood at Rs. 26 crore in December quarter FY20 growing 49% YoY.

  • Voltas Beko, Havells and Reliance Jio are its latest customer wins. 

  •  All players big and small, as a whole, import 70-80% of their raw material or components from China

  • Subdued spending in the upcoming quarters due to the effects of the coronavirus is likely to impact Dixon’s customers, and point to a longer recovery. On the upside, Dixon’s strengths include being among Indian companies with low debt, enabling it to weather a period of low growth if needed. 

A strong December quarter

December was another quarter of resilient growth for Dixon with key parameters moving in the double digits. Revenue growth was reported at 25% YoY at Rs. 994 crore for Q3FY20 against Rs 794 crore in the same period last year. Operating profit came out at Rs. 52 crore in December FY20 compared to Rs. 39 crore in the corresponding quarter last year, rising 32% YoY.

Operating margin came out at Rs. 5.2% expanding 28 bps YoY in Q3FY20. PAT or net profit stood at Rs. 26 crore in December quarter FY20 growing 49% YoY compared to Rs. 18 crore in the same period, previous year.  

With respect to strong quarterly numbers, Mr. Atul B. Lall, MD, Dixon Technologies said, “Our strategy is simple..to achieve the scale to generate operating leverage, migrate more and more towards ODM categories, focus on low capex backward integration, for margin expansion and sharing other customers, new customer acquisition and strengthening the stickiness with our existing customers to get a larger share of the pie. Across all our verticals, we have been able to do this and this is what has helped us in generating and operating leverage and the improved results”. 

Impact of Coronavirus: disruptions in supply chain, but  diversified revenue 

China has all the critical components of the electronics industry in its supply chain, giving policymakers sleepless nights. All players big and small, as a whole, import 70-80% of their raw material or components from China, such as smartphone components, open cell TV panels, LED chips, chemicals, mobile displays, capacitors and other parts for printers, inverters, set-up boxes, etc. This has led to loss of investor wealth in India as China had shut down its industrial hubs to fight against the coronavirus pandemic. 

Dixon Technologies too has high China dependence and speaking in this regard, Mr. Lall clarified, “In lighting almost 45% to 50% of raw material is imported from China, in washing machines around 40% - 45%. In the case of mobiles because our main customer is Samsung today I do not see much impact there, televisions almost 80% is from China, so there is a huge dependency”. 

The stock has been on a steady decline since mid-February, losing 17% over the past three months and 28% over the past 15 days. Though the company has clarified that there are no supply issues from China as production has been restored there since March 15, India’s leading contract manufacturer has been suffering due to its raw material supply concerns and rising coronavirus cases in India leading to shutdowns and lockdowns announced by various state governments. This has resulted in loss of production activity and overall subdued consumer sentiment. 

Diversified Revenue Stable

Leaving aside the current precarious situation, the company has a robust product portfolio catering to top notch customers both in India and globally. Dixon has diversified its product portfolio across six divisions - consumer electronics (LED TV), lighting products (LED bulbs, battens, downlighters), home appliances (semi & fully automatic washing machines), mobile phones, security systems (for railways, shopping malls, housing societies etc) and reverse logistics engaged in repair and refurbishment of set-top box, LED TV, mobile phones, CCTVs, modems and computer peripherals. 

Consumer electronics constitute 45% of revenues for which the company plans to increase its capacity of 3.6 mn to 4.8 mn in television. Revenues from the segment have increased 58% YoY in Q3FY20 catering to customers such as Xioami, Panasonic, Llyod, Flipkart, Philips, Koryo. Next in line, lighting division, 28% revenue mix reported decent growth of 18% YoY and the clientele line up is pretty impressive comprising Philips, Bajaj, Wipro, Panasonic, Syska, Jacquar and Polycab. 

Dixon is the largest OEM in the lighting vertical with a capacity of 20 million bulbs which is almost 45% of the entire Indian requirement. Security systems division, about 5% of revenue mix generated almost 100% jump in revenues and reverse logistics with just Rs. 5 crore revenue is primarily for strategic reasons to enhance stickiness of the customers reported 46% YoY increase in revenues. 

Along with this double-digit growth run, home appliances reported a de-growth of 26% YoY constituting 7% of revenue basket and in this regard, Mr. Lall clarified, “Home appliance segment was under pressure because of the market situation post Diwali. There is de-growth of 26%. This specifically also happened because one of our customers had large inventory in trade”. Mobile phone segment too, was on the lower side reporting 8% YoY negative growth for Q3FY20. 

The company manufactures both feature phones and smart phones and commenced SMT Line for mobile phone PCBA manufacturing in November 2018. With such a robust and diversified portfolio, Dixon has reduced the seasonality factor from its revenue base by adding new business lines and also consistently enhancing its clientele base. 

Among the latest customer acquisitions, top of the list is the prestigious Voltas Beko for semi-automatic washing machines, acquiring LED TVs and feature phone production for Samsung, the entire range of lighting products for HPL Electric & Power and two jackpots, Havells as a customer for LED Lighting product and Reliance Jio for manufacturing its cable set top boxes and dual tuner cable set up boxes. 

It remains to be seen how much the covid epidemic flattens consumer spending in the coming months, even after the lockdowns have been removed. Subdued spending in the upcoming quarters is likely to impact Dixon’s customers, and point to a longer recovery. On the upside, Dixon’s strengths include having substantially low debt, enabling it to weather a period of low growth if needed. 

Overall, it’s a wait and watch policy both for the promoters and investors amid strong support from the government through ‘Electronic Hub Scheme’ approved by the Union Cabinet allocating Rs. 40,995 crore to boost domestic electronic manufacturing and reduce China dependence. 

Dixon Technologies (India) Ltd. is trading above it's 200 day SMA of 3166.3
IndusInd Bank Ltd.    
26 Mar 2020
411.10
-5.69%
Gainers in the News: IndusInd Bank, Bandhan Bank, JK Paper, Sun Pharma Advanced, Info Edge (India)

by Ritmbarah Arora

IndusInd Bank: The shares of IndusInd Bank skyrocketed 24.9% to Rs 331.4. Around 3.5 million stocks in volume have been traded so far. The stock price has fallen 15.2% since the past week and 66.8% since the last month.

Europacific Growth Fund has sold 35.8 lakh shares of IndusInd Bank in a bulk deal at an average price of Rs 298.8 per share. The stocks fell continuously for eight straight trading sessions before rising today. Global rating agency Moody’s had revised the outlook on the bank’s instrument from ‘stable’ to ‘negative’ for the risk on further asset quality deterioration in February. IndusInd Bank is listed in 46 screeners on Trendlyne.

Bandhan Bank: The stocks of Bandhan Bank jumped 29.9% to Rs 170.2 as of this writing. Around 4.4 million shares in volume have been traded so far. The share price tanked 4.7% since the last week and 51.5% since the last month, per Trendlyne data.

Business Standard had issued a ‘buy’ call on Bandhan Bank at a target of Rs 265 at a stoploss of Rs 225 as the stock showed a sign of oversold on RSI indicator. The bank is listed in 35 screeners on Trendlyne.

JK Paper: JK Paper’s share price rallied 16.1% to Rs 80.3 while around 1.3 million stocks in volume have been traded so far. The stock price gained 1.8% since the last week and is down 33.8% since the last month. JK Paper is listed in 41 screeners on Trendlyne.

Sun Pharma Advanced Research Company: The stock price of Sun Pharma Advanced Research Company rose 15.8% to Rs 97.5. Around 1.2 million shares in volume have been traded so far today. The share price is up 4.6% since the last week and decreased 37% since the last month. Around 31 lakh equity shares were pledged in favour of Bajaj Finance Limited in respect of loan facility availed by third party on March 11, 2020. Sun Pharma Advanced Research Company is listed in 32 screeners on Trendlyne.

Info Edge (India): The share price of Info Edge (India) surged 15% to Rs 2,102.5 as of now. Around 1.6 lakh shares in volume have been traded so far. The stock price is up 6.3% since the last week and has fallen 19.5% since the last month.

Info Edge (India) has entered into an agreement to invest about Rs 7 crore, through its wholly-owned subsidiary in MedCords Healthcare Solutions. Info Edge has also agreed to invest another Rs 8 crore in an education services startup Univariety. Info Edge (India) is listed in 34 screeners on Trendlyne.

Geojit BNP Paribas decreased Buy price target of IndusInd Bank Ltd. to 927.0 on 16 Mar, 2020.
The Baseline    
26 Mar 2020
LIVE: FM launches Rs. 50 lakh cover for medical workers
  • The UK Prime Minister Boris Johnson has the coronavirus, and is self-isolating at home. He is the second significant British political figure after Prince Charles to test positive. 

  • The government will pay the EPF contribution of both the employer and employee - 24% (12%+12%) for the next three months for those companieswhich have upto 100 employees and 90 percent of them  are earning less than Rs 15,000 per month.

  • A relief package of Rs. 1,70,000 crore for poor via cash transfer and food subsidies has been announced. Farmers will be given Rs. 2000 in April out of the Rs. 6000 they receive annually,

  • FM Nirmala Sitharaman has announced a Rs. 50 lakh cover for all medical workers on the coronavirus frontlines. 

  • Mahindra and Mahindra is working with an existing manufacturer of high-spec ventilators to help them simplify design and scale up capacity, the company said. Ventilator demands are likely to rise in the coming weeks, as one of the effects of the coronavirus is difficulty breathing for affected patients. 

  • South Korea now mandatorily requires every incoming visitor to download a self-quarantine app, which tracks the user and alerts the authorities if the person leaves their quarantine area. 

  • The coronavirus cases in California is doubling every three to four days, creating worries that San Francisco is going to be the next epicenter for the infection after New York. A health official noted,.

    “We originally thought that it would be doubling every six to seven days and we see cases doubling every three to four days
  • The world is running out of gloves at the worst possible time: The world's biggest maker of medical gloves by volume, Top Glove Corp Bhd in Malaysia, has the capacity to make 200 million gloves a day, but a supplier shutdown has left it with just two weeks of boxes to ship them in

  • Sadiq Khan, the mayor of London, has said that a significant portion of London's tube services may have to be cut  with staff sickness rates approaching 30%.

  • China has permanently banned the trade and consumption of wild animals in the wake of the pandemic. 

  • German industrial conglomerate Thyssenkrupp has announced ithat it is cutting 3,000 jobs in its steel unit as part of a coronavirus "crisis package

  • Prime Minister Modi extends the lockdown - scheduled to end on March 31st - by 21 days starting midnight on March 24.

  • Karnataka Chief Minister BS Yediyurappa has warned people not to come out onto the streets without good reason, threatening strict action against those who do so. Total cases in the state rose to 41, of which 6 were Kerala residents transiting through Karnataka airports. 

  • US President Trump is questioning how much quarantining and lockdowns are worthwhile. “Life is fragile and economies are fragile,” he said on Monday, and suggested he may be looking at more targeted shutdowns. Trump said he is reviewing existing restrictions, and that Americans may see revisions after March 31. 

"We are going to get it all going again very soon," Trump said. Deaths however, continue to climb in major American cities, particularly New York where officials say the "attack rate" of the virus is one in a thousand people. National deaths in the US crossed 100 in one day. 

  • After pressure from countries, the Tokyo Olympics have been postponed to 2021. Japan had been resisting postponing the Olympics despite the pandemic, worried, Japanese officials said, about the cost impact of doing this. 

  • One in five people worldwide are now under lockdown, as governments battle the coronavirus. UK goes into lockdown starting today. India, much of Europe and US citizens are under lockdowns. 
  • A total of 482 people in India have tested positive for the coronavirus as of Tuesday morning. While the numbers are rising, infection rates inside samples tested are holding steady, and will need to be closely watched in the coming days. 

  • Wuhan, China, the original epicenter of the coronavirus outbreak, will lift its outbound travel restrictions on April 8. 

  • India's ICMR is recommending the use of hydroxychloroquine for coronavirus. "Hydroxy-chloroquine is found to be effective against coronavirus in laboratory studies and in-vivo studies," ICMR says, and has recommended it for use for high risk populations to prevent the disease: asymptomatic health workers, and for asymptomatic household contacts of confirmed cases. 

ICMR recommends a dosage of the anti-malarial drug at 400 mg twice a day on Day 1, followed by 400 mg once weekly for next 7 weeks; to be taken with meals, only on a prescription. Read the full notification.

  • A European clinical trial has been launched with 3,200 people, which will be testing four experimental coronavirus treatments.

  • The Director General of CIvil Aviation (DGCA) is requiring precautions to be taken by airlines, including the seat between two passengers to be kept empty. 

  • The Emirates airline has announced a suspension of all flights for two weeks in response to the United Arab Emirates’ decision to temporarily pause all inbound and outbound passenger flights in the country. 

  • IPCA Labs has had its import ban in the US partially lifted by the FDA for its chloroquine formulations. This ban has been lifted as clinical trials for chloroquine against the coronavirus begin in New York on Tuesday.

New York, the first to be doing these trials in the US, has acquired 750,000 doses of chloroquine, 70,000 doses of hydroxychloroquine and 10,000 doses of an antibiotic. The success of the treatment will determine further demand for the medication and APIs. 

  • Total cases of the virus in India have hit 396, the ICMR says. The infection rate among the suspicious cases tested has remained steady over the last few days, but testing numbers have risen. 

  • The German Chancellor Angela Merkel is in quarantine after her doctor tests positive for the virus.

  • Anil Agarwal, Executive Chairman of Vedanta, has pledged Rs 100 crores to fight the novel coronavirus pandemic.

  • Bangalore's typically heavy-traffic ORR Ring Road goes quiet on Janata Curfew

Photo by jaanakinihon

  • Mumbai's Marine Drive is empty, sky unusually clear on Janata Curfew

Katta News Photo

  • What happens when a pigeon crosses the road?: Streets in Delhi go quiet as country observes Janata curfew 

  • HeroMotoCorp has paused its operations in India, Columbia, Bangladesh with immediate effect and all manufacturing plants have been put on hold till 31 March. To search for terms such as coronavirus in corporate filings, try Discover.

  • Future Retail says store operations in many states have been temporarily closed under government orders, and the company does not yet know what the coronavirus impact on sales will be. 

  • Coronavirus testing clinics in India have expanded to 111, and state governments are identifying public and private hospitals as first responders for cases. Coronavirus cases have risen to 315, out of 16,021 people tested. ICMR has now issued guidelines to private clinics to test for coronavirus. 

  • Brazil’s president Bolsanaro has come under heavy criticism for the government's half-hearted response to the coronavirus crisis.

  • Japan is set to reopen its schools in April, ending the lockdown for its students. The country has over 1000 active cases. 

  • Mainland China has reported no new locally transmitted cases of the coronavirus for the third day running. Cases have spiked in Spain and Italy amid shutdowns, and the UK introduced stringent new measures closing down businesses, and asking people to stay home. 

  • The virus does not negotiate: After Michel Barnier, Brexit negotiator for the EU, now David Frost who is the Brexit negotiator for the UK, is in isolation after showing coronavirus symptoms

  • Maharashtra CM Uddhav Thackeray has announced a lockdown of "non-essential shops and offices in Mumbai, MMR region, Pune, Pimpri Chinchwad and Nagpur" today.

  • The VHP in UP has cancelled the Shobha Yatras and rath yatras it had planned to celebrate Ram Navami. The celebrations were set to start on March 25.

  • Countries are now trying to be the first to make a coronavirus vaccine, with firms like German companies Curevac and BioNTech getting takeover offers from US and China.

  • The US government is planning to give every American $1,200 as part of a $500 billion economic revival effort. Europe is planning a economic infusion of $1.7 trillion. 

  • A little less clarity: At the EU's insistence, Netflix has agreed to slow its speed down by 25% inside Europe to ensure that a vast continent under quarantine can access its broadband effectively. Right now Netflix is a monster gobbling up bandwidth as millions try to entertain themselves while under virtual house arrest. 

  • Hero MotoCorp has filed an application today before the Hon’ble Supreme Court of India seeking the relaxation of the deadline set for sale or registration of BS-IV vehicles, currently 31st March. The company has asked for an extension of three months, noting that the coronavirus pandemic has made it difficult to meet the deadline. 

  • A new study published in the journal Nature Medicine, has found that the death rate in Wuhan, China from the coronavirus was lower than previous estimates. The study calculated that people with coronavirus symptoms in Wuhan had a 1.4% likelihood of dying, unlike the range of 2-4% estimated earlier. 

  • A clinical trial has been announced at the University of Minnesota, that will test whether hydroxychloroquine, a derivative of the anti-malarial drug chloroquine, can protect people from getting infected by the coronavirus. 

  • At 3,405 deaths, Italy's toll has taken over China's total on the same day China reported zero new domestic coronavirus cases. China is preparing to reopen its movie theatres at the end of the month.

  • India has temporarily stopped the landing of all international commercial passenger flights from March 22nd to 29th. The Civil Aviation Ministry and Railways will also suspend all concessional travel on flights and trains, except for students, patients and disabled people, to limit travel volumes and discourage movement during this week. 

  • The Kerala government has announced a revival package worth Rs 20,000 crore, including universal ration. The state government has been on an aggressive footing on tackling cases, and has included daily updates to journalists from the government on progress. 

  • In a national address, Prime Minister Modi recommended a slew of voluntary measures including self quarantining, restricting outdoor visits, no panic buying and 'janata curfew' on Sunday.

Tracking the movement of the coronavirus around the globe.

Thyrocare Technologies Ltd.    
26 Mar 2020
519.75
-1.36%
 Thyrocare shares picked up in bulk deals as labs become testing centres for covid

Nalanda India Fund bought shares of Thyrocare shares in two bulk deals, of 1.7 million shares and 1.09 million shares each.   

Thyrocare Technologies has seen its share price rise over the past week, as well as higher delivery volumes as the company emerged as one of the lab companies approved for coronavirus testing - ICMR has so far given Thyrocare's lab in Navi Mumbai recognized status for coronavirus tests. It is one of nine labs in Mumbai that will be testing coronavirus cases. 

While the government has capped price of tests at Rs. 4,500, emerging cheaper Made in India test kits have made potential margins possible for the firm as it scales up tests for patients.

Prabhudas Lilladhar released a Buy report for Thyrocare Technologies Ltd. with a price target of 724.0 on 12 Mar, 2020.