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10 things you need to know before the opening bell on February 27

Updated : 2020-02-27 07:59:20

Indian market is expected to open in red on Thursday following losses in Asian shares as pandemic fears grow. At 7:28 AM, the SGX Nifty was trading 93 points or 0.79 percent lower at 11,725, indicating a weak start for the Sensex and the Nifty50.

1. Asian share markets slipped on Thursday, struggling to find a footing as the rapid global spread of the coronavirus left investors on edge and seeking safety in gold and bonds. MSCI's broadest index of Asia-Pacific shares outside Japan traded either side of flat. Australia's S&P/ASX 200 was 0.5 percent lower, for a loss of more than 6 percent this week so far. Japan's Nikkei fell 1.4 percent. (Image: AP)
1. Asian share markets slipped on Thursday, struggling to find a footing as the rapid global spread of the coronavirus left investors on edge and seeking safety in gold and bonds. MSCI's broadest index of Asia-Pacific shares outside Japan traded either side of flat. Australia's S&P/ASX 200 was 0.5 percent lower, for a loss of more than 6 percent this week so far. Japan's Nikkei fell 1.4 percent. (Image: AP)
2. US stocks attempted a recovery on Wednesday after a rocky start to the week that shaved off more than 6% from the main indexes on growth concerns stemming from a global spread of the coronavirus. The Dow Jones Industrial Average was up 404.82 points, or 1.49 percent, at 27,486.18 and the S&P 500 was up 47.29 points, or 1.51 percent, at 3,175.50. The Nasdaq Composite was up 166.56 points, or 1.86 percent, at 9,132.18. (Image: AP)
2. US stocks attempted a recovery on Wednesday after a rocky start to the week that shaved off more than 6% from the main indexes on growth concerns stemming from a global spread of the coronavirus. The Dow Jones Industrial Average was up 404.82 points, or 1.49 percent, at 27,486.18 and the S&P 500 was up 47.29 points, or 1.51 percent, at 3,175.50. The Nasdaq Composite was up 166.56 points, or 1.86 percent, at 9,132.18. (Image: AP)
3. Market At Close On Wednesday: Indian shares extended losses for the fourth straight session on Wednesday as fears of a potential coronavirus pandemic rattled the markets. As the outbreak outside China escalated, global investors shunned riskier equities, with metal stocks tumbling the most. The BSE Sensex ended 392 points lower at 39,889, while the Nifty50 index settled 119 points lower at 11,678. (Image: Reuters)
3. Market At Close On Wednesday: Indian shares extended losses for the fourth straight session on Wednesday as fears of a potential coronavirus pandemic rattled the markets. As the outbreak outside China escalated, global investors shunned riskier equities, with metal stocks tumbling the most. The BSE Sensex ended 392 points lower at 39,889, while the Nifty50 index settled 119 points lower at 11,678. (Image: Reuters)
4. Oil prices fell more than 2 percent on Wednesday after hundreds of new coronavirus cases reported in Asia, Europe and the Middle East stoked fears that energy demand would decline, while crude oil inventories in the United States grew. Brent crude fell $1.52 or 2.7 percent to settle at $53.43 per barrel, while U.S. West Texas Intermediate crude fell 2.34 percent, or $1.17, to settle at $48.73 per barrel. (Image: Reuters)
4. Oil prices fell more than 2 percent on Wednesday after hundreds of new coronavirus cases reported in Asia, Europe and the Middle East stoked fears that energy demand would decline, while crude oil inventories in the United States grew. Brent crude fell $1.52 or 2.7 percent to settle at $53.43 per barrel, while U.S. West Texas Intermediate crude fell 2.34 percent, or $1.17, to settle at $48.73 per barrel. (Image: Reuters)
5. The Indian rupee settled for the day higher by 20 paise at 71.65 (provisional) against the US dollar on Wednesday in line with other Asian currencies, helped by lower crude oil prices. At the interbank foreign exchange market, the local currency opened at 71.76 to the US dollar. During the day, the local unit saw a high of 71.59 and a low of 71.79. The domestic unit finally settled at 71.65, up 20 paise from its previous close.The rupee had settled at 71.85 against the US dollar on Tuesday. (Image: Reuters)
5. The Indian rupee settled for the day higher by 20 paise at 71.65 (provisional) against the US dollar on Wednesday in line with other Asian currencies, helped by lower crude oil prices. At the interbank foreign exchange market, the local currency opened at 71.76 to the US dollar. During the day, the local unit saw a high of 71.59 and a low of 71.79. The domestic unit finally settled at 71.65, up 20 paise from its previous close.The rupee had settled at 71.85 against the US dollar on Tuesday. (Image: Reuters)
6. Government On Auditor Reports: Auditors will have to provide detailed disclosures about loan defaults, amount of cash losses and immovable properties as well as other matters about companies in their annual reports for this financial year, with the government putting in place a stringent framework. Amid instances of corporate misdoings wherein the role of auditors has also come under the regulatory scanner, the corporate affairs ministry has come out with the revised framework that seeks to bring in
6. Government On Auditor Reports: Auditors will have to provide detailed disclosures about loan defaults, amount of cash losses and immovable properties as well as other matters about companies in their annual reports for this financial year, with the government putting in place a stringent framework. Amid instances of corporate misdoings wherein the role of auditors has also come under the regulatory scanner, the corporate affairs ministry has come out with the revised framework that seeks to bring in "greater transparency and faith in the financial affairs of the companies". (Image: Reuters)
7. Finance Minister On Bank Merger: With the April 1 deadline for mega-merger of 10 state-run banks into four fast approaching, Finance Minister Nirmala Sitharaman on Wednesday asserted that there is no uncertainty about the consolidation process which is going on as per the schedule. United Bank of India and Oriental Bank of Commerce would be merged with Punjab National Bank, making the proposed entity the second largest public sector bank.
7. Finance Minister On Bank Merger: With the April 1 deadline for mega-merger of 10 state-run banks into four fast approaching, Finance Minister Nirmala Sitharaman on Wednesday asserted that there is no uncertainty about the consolidation process which is going on as per the schedule. United Bank of India and Oriental Bank of Commerce would be merged with Punjab National Bank, making the proposed entity the second largest public sector bank."There are no uncertainty about bank merger ... I must thank all the banks because through their boards they have taken that call. There is absolutely no uncertainty," she said when asked if the government is reconsidering the proposed merger exercise. (Image: Reuters)
8. Single Brand Retailers Could Receive Local Sourcing Norms: Goods procured from units in special economic zones (SEZs) by single-brand retailers, owned by foreign companies, would qualify for meeting the mandatory 30 percent local sourcing conditions, according to a government clarification. According to the current foreign direct investment (FDI) policy on single-brand retail trading, 100 percent of overseas investments are allowed in the sector. But sourcing of 30 percent of the value of goods procured is mandatory from India for such companies having FDI beyond 51 percent. (Image: Reuters)
8. Single Brand Retailers Could Receive Local Sourcing Norms: Goods procured from units in special economic zones (SEZs) by single-brand retailers, owned by foreign companies, would qualify for meeting the mandatory 30 percent local sourcing conditions, according to a government clarification. According to the current foreign direct investment (FDI) policy on single-brand retail trading, 100 percent of overseas investments are allowed in the sector. But sourcing of 30 percent of the value of goods procured is mandatory from India for such companies having FDI beyond 51 percent. (Image: Reuters)
9. Moody's On Car Sales: Car sales in India are expected to be relatively flat this year after plunging 11.8 percent in 2019 amid slowing economic growth, as per Moody's Investors Service. The rating agency also lowered its global sales forecast as the coronavirus outbreak reduces demand and disrupts automotive supply chains.
9. Moody's On Car Sales: Car sales in India are expected to be relatively flat this year after plunging 11.8 percent in 2019 amid slowing economic growth, as per Moody's Investors Service. The rating agency also lowered its global sales forecast as the coronavirus outbreak reduces demand and disrupts automotive supply chains. "We expect Indian auto sales to rise 0.5 percent in 2020, supported by stimulus measures, discounts on new cars that do not comply with Bharat Stage VI (BS-VI) emission norms, which will take effect in April," the ratings agency said in a statement. (Image: Reuters)
10. SEBI On Illegal Amount: Regulator Sebi on Wednesday directed Orion Industries Ltd and its senior officials to refund the illegally collected amount of Rs 5 crore to investors along with 15 percent interest. The senior officials are-- Md Mahfuz Alam, Parwez Alam, Md Kamal Koshar, Mohammad Salimuddin Ansari, Manzur Alam and Punam Bharati. The directions came after the regulator noted that the firm collected Rs 5.46 crore between 2011 and 2013 by issuing redeemable preference share (RPS), without complying with the Companies Act. The amount was raised by allotting the RPS to 4,192 investors, Sebi noted. (Image: Reuters)
10. SEBI On Illegal Amount: Regulator Sebi on Wednesday directed Orion Industries Ltd and its senior officials to refund the illegally collected amount of Rs 5 crore to investors along with 15 percent interest. The senior officials are-- Md Mahfuz Alam, Parwez Alam, Md Kamal Koshar, Mohammad Salimuddin Ansari, Manzur Alam and Punam Bharati. The directions came after the regulator noted that the firm collected Rs 5.46 crore between 2011 and 2013 by issuing redeemable preference share (RPS), without complying with the Companies Act. The amount was raised by allotting the RPS to 4,192 investors, Sebi noted. (Image: Reuters)
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