Jawahar Goel rescues Essel Group’s Subhash Chandra by pledging Dish TV shares
In a corporate rescue act, Jawahar Goel, promoter and managing director of Dish TV India Ltd extended a substantial portion of his equity in Dish TV as security for the credit facilities availed by Subhash Chandra Group. Dish TV is a direct to home (DTH) entertainment service provider, and the promoter family, led by Jawahar Goel, brother of Essel Group promoter Subhash Chandra, now owns 30.37 percent in the company. “The Group has also thanked Jawahar Goel, Promoter & Managing Director of Dish TV India Ltd for extending support, in the form of a substantial portion of his equity in the mentioned listed entity, as security for the credit facilities availed by Subhash Chandra Group,” Subhash Chandra Group official spokesperson Ronak Jatwala said in a statement. More here
MPC Minutes: 2nd wave of COVID-19 infection biggest risk to economy, says RBI governor
Reserve Bank of India believes that the surge in COVID-19 infections is the single biggest risk to India’s economic growth, minutes of the April monetary policy committee (MPC) meeting released on April 22 showed. The MPC had left key rates unchanged amid rising uncertainty about the impact of the second wave of infections on growth and sustained rise in retail inflation in its last meet during April 5-7. All six MPC members had unanimously voted to keep the rates unchanged and continue with an accommodative policy. “Rapidly rising cases of COVID-19 is the single biggest challenge to ongoing recovery in the Indian economy. Learnings of last one year should, however, help us in managing the crisis as it unfolds,” RBI Governor Shaktikanta Das said, as per the minutes of the meeting. More here
Oil edges higher on US, Europe demand hopes
Oil prices rose on Friday on hopes of a fuel demand recovery in the United States and Europe as economic growth picks up and lockdowns ease, but worries about India’s raging second wave of COVID-19 cases kept a lid on gains. Brent crude futures rose 21 cents, or 0.3 percent, to USD 65.61 a barrel at 0137 GMT, after climbing 8 cents on Thursday. US West Texas Intermediate (WTI) crude futures jumped 29 cents, or 0.5 percent, to USD 61.72 a barrel, also after an 8 cent gain on Thursday. ”The market shrugged off last week’s (US oil) inventory build, instead of comforted by the continued improvement in gasoline demand,” ANZ analysts said in a note. More here
First up, here is quick catchup of what happened in the markets on Thursday
Indian indices pared morning losses to end higher on Thursday led by metals and financials. Both Nifty and Sensex gained 2 percent from lows to close nearly 1 percent higher. The Sensex ended 374 points higher at 48,080 and the Nifty rose 109 points to settle at 14,406. Losses in FMCG and Pharma dragged the indices during the day. Broader markets, however, outperformed benchmarks, with the midcap index up 0.43 percent and smallcap index up 0.80 percent. Market breadth favours advances and the advance-decline ratio is at 3:2. On the Nifty50 index, Wipro, ICICI Bank, Tata Steel, JSW Steel, and HDFC were the top gainers and Shree Cement, Titan, Tata Consumer, Hindustan Unilever, and Nestle India led the losses.
Welcome to CNBC-TV18’s Market Live Blog
Good morning, readers! I am Pranati Deva from the market’s desk of CNBC-TV18. Welcome to our market blog, where we provide rolling live news coverage of the latest events in the stock market, business and economy. We will also get you instant reactions and guests from our stellar lineup of TV guests and in-house editors, researchers, and reporters. If you are an investor, here is wishing you a great trading day. Good luck!