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The nation waited with bated breath for PM Modi’s speech and on May 12, at 8pm he announced a COVID-19 relief package of Rs 20 lakh crore to make India self-reliant. Earlier, Finance Minister Nirmala Sitharaman had released a grant of Rs 6,195 crore to help states. PM advised to look out out for related announcements regarding the relief package during the course of the week even as he announced extension of lockdown 3. 0 into 4.0.

Meanwhile, markets continued to slip amidst fears of a new wave of COVID-19.
Here’s all you need to know about the markets and the economy today.

From the markets

Rupee opens lower at 75.89/ US Dollar; IIP, CPI data eyed

Rupee in Tuesday's trade opened lower at 75.89 versus previous closing of 75.73 per US dollar. The weakness in the home currency is mainly on account of strength in the dollar which has been boosted as there have emerged concerns of second wave of coronavirus infection. In the bond market, the yield on 10-year bonds opened at 6.19% as compared to Monday's close of 6.17%. Read more

Nifty, Sensex slip amid fears of new coronavirus wave; banks slide

Benchmark indices ended the day lower for the second straight day, led by losses in select heavyweight stocks like HDFC Bank and also Reliance Industries. Global markets were also lower, after reports of a resurgence in fresh cases of the Coronavirus, after lockdown measures were eased. Most of Asia ended the day with losses. Read more

Gold price in India climbs as dollar strengthens amid fears of 'second wave' of coronavirus

On Tuesday, gold prices in India rose as investors preferred the US dollar as a safe-haven asset amid warnings of a second wave of coronavirus infections in Wuhan (the epicentre of the outbreak) and South Korea. Gold futures (June 2020) on MCX were trading higher by 0.3 percent at Rs 45,922 per 10 grams on Tuesday after ending lower at Rs 45,781/10 grams on the previous day. Read more

Crude oil prices to stabilise over next 4-6 quarters: Report

Crude oil crash is creating several headwinds for both upstream and downstream companies, a report said expecting prices to to stabilise over the next four-six quarters given the shape of the global economy. While the global economy is projected to contract 3 per cent this year, the domestic economy is forecast to stall completely, though may stave off contraction, according to many analysts. Read more

Updates on economy

COVID-19: FinMin releases grant of Rs 6,195 crore to help states

On Monday, 11 May, the Finance Ministry released a revenue deficit grant of Rs 6,195 crore to 14 states. This included Rs 1,276.91 crore to Kerala, Rs 638 crore to Punjab, and Rs 417.75 crore to West Bengal. Read more

PM Modi announces Rs 20 lakh-crore package to make India self-reliant

Prime Minister Narendra Modi, in his address to the nation on Tuesday evening, announced a Rs 20 lakh-crore stimulus package to make India more self-reliant amid the coronavirus pandemic, as part of the ‘Aatma Nirbhar Bharat Abhiyaan’. The allocated amount is almost 10 per cent of India's GDP. The details of the financial package will be given by the Finance Minister, Nirmala Sitharaman, on Wednesday, the PM said. Read more

Decoding PM’s Atmanirbhar Bharat Abhiyan package worth ₹20 Lakh Cr

What will the package be used for? How does the government plan to utilise the funds and in what form? The Quint's Editorial Dirsector Sanjay Pugalia decodes the Prime Minister’s address. Watch video

Airlines disagree to restart flight operations between green zones, deems it unviable

Airline executives have resented the idea of resumption of flight operations between cities classified as green zones, stating that this will be unviable as major metro airports fall under the red zone. A committee headed by the Secretary Pradeep Singh Kharola met last week to discuss the resumption of air travel as India observes relaxation on lockdown from May 17. Senior executives who were present at the meet disagreed with the proposal and stated that operations cannot resume without at least three major airports being functional. Read more

Media and entertainment industry to be impacted by Rs 25,000 crores: report

The ongoing economic slowdown, made worse by the Covid-19 pandemic, is set to cull Indian media and entertainment industry's revenue by 16% - or Rs 25,000 crore - to Rs 1.3 lakh crore this fiscal, according to the latest CRISIL Report. Advertisement (ad) revenue, which accounts for 45% of the pie, will see a sharper cut of 18%, while subscription revenue, which accounts for 55%, will be relatively resilient with a likely decline of 14%. Read more

Maharashtra allows home delivery of liquor

To ensure social distancing norms are not violated amid a sharp increase in the number of COVID-19 infection cases in Maharashtra, the state government has decided to allow home delivery of liquor. Read more

Trending

Top 10 countries with the highest salaries for nurses

Many countries have a shortage of nurses and, in most cases, the shortage is projected to get worse due to an ageing population, retirements and high demand. Nurses are the backbone of the healthcare industry, toiling day and night and practising great patience to ensure that ailing patients are well taken care of and are comfortable whether in a medical facility or at home. But how lucrative is this profession considering the intense stress levels involved? Here’s a look at countries which are the best paying for the profession of a nurse. Gallery

COVID-19: Who's to be blamed for it?

Even the most non-judgmental, dispassionate and apolitical amongst us must have at some point cursed China for the current horrific state of affairs. What if Beijing had acted responsibly right at the start of the outbreak instead of covering up? Read more

On the personal front

ATM Card Cloning Instances Reported In Delhi

On Tuesday, State Bank of India (SBI) said in a tweet that instances of use of cloned ATM cards have been reported from the national capital and refund will be processed for the affected customers. "Cases of using cloned #ATMCards have been reported in Delhi. There appears to be a possible compromise at an ATM of another bank. Affected SBI customers are being helped & refunds will be processed as per the procedure. All suspicious transactions to be reported to the Home branch," it said in a tweet. Read more

Indian Railways Sold 30,000 Tickets In 3 Hours Of Re-Opening Bookings

After technical glitches on the day of re-opening bookings for train travel, the Indian Railways informed that approximately 30,000 PNRs had been generated and reservations were issued to more than 54,000 passengers till 9:15 pm on Monday, a Mint report said citing a Railway official. Read more

Tech corner

New Artificial Intelligence tool to predict COVID-19 without testing: study

Researchers have developed an AI tool to predict whether someone is likely to have COVID-19 based on their symptoms alone, an advance which they say can help make better estimates of the disease spread in areas with limited testing. The artificial intelligence (AI) model, described in the journal Nature Medicine, uses data from the COVID Symptom Study app to predict SARS-CoV-2 infection by comparing people's symptoms and the results of diagnostic tests. Read more

Looking to buy a phone under Rs 6,000? Here are a few you can try

With almost all major smartphone companies launching new phones every few months, it’s never an easy task to pick the right phone, especially under Rs 6,000. Flagship smartphone makers like Samsung and LG have also been forced to switch focus towards the budget segment of the Indian market because even they sense that's where the real action is. Read more

Autos updates

Car makers offer schemes galore to bring back buyers

The automobile industry saw the worst April month this year with sales plummeting to zero levels due to the extended lockdown led by coronavirus. Now as the car-makers have begun to resume production after a nearly six weeks halt, they are also coming up with a range of schemes in order to revive potential buyers' interest amid such a crisis. Read more

Ford Endeavour with twin-turbo diesel engine to debut on next-gen model

According to Autocar India, Ford will introduce the more powerful diesel engine on the next-generation models of the SUV. The twin-turbo diesel engine currently powers the Endeavour models in the international market, where it is sold as the Everest. Watch video

World finance

Richard Branson to sell 25 million shares in Virgin Galactic to battle pandemic impact

Billionaire Richard Branson's Virgin Group said on Monday that it may sell up to 25 million shares of space tourism company Virgin Galactic Holdings Inc <SPCE.N> to raise funds amid the COVID-19 pandemic. The company said it intends to use the proceeds to support its portfolio of global leisure, holiday and travel businesses that have been affected by the impact of the coronavirus. Read more

Grubhub may be bought by Uber and the timing might be just right

The time may be right for the wheeling and dealing team at Grubhub to sign off on its most important transaction in its 16-year plus history. A transformational combination with rival Uber Eats. Watch video

Entertainment corner

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