MARKET: Sensex tumbles 600 pts on surging Covid cases; Nifty ends at 11,730

On the NSE, all the sectoral indices ended in the red.
The domestic equity market tumbled around 1.5 per cent on Wednesday as fears of strict lockdown measures in many European countries spooked investors after coronavirus cases surged at a rapid pace. Selling was witnessed across-the-board with financial stocks taking the biggest knock. The gauge for volatility, India VIX, rose nearly 5 per cent to 23.2 levels. READ MORE

The S&P BSE Sensex tanked 600 points to 39,922 levels while NSE's Nifty ended at 11,730, down 160 points, or 1.34 per cent.

On the NSE, all the sectoral indices ended in the red. 

In the broader market, the S&P BSE SmallCap index ended 0.76 per cent lower at 14,976 levels while the S&P BSE MidCap index ended at 14,814, down 0.93 per cent.

Global markets

Shares around the world tumbled on Wednesday as coronavirus infections grew rapidly in Europe and the United States, igniting fears of possible strict lockdown measures that could damage already fragile economic recoveries.

German shares slumped 3.2 per cent to their lowest since June, after a report Chancellor Angela Merkel wanted to close restaurants and bars to curb new infections.

In Europe, automakers and banks led the losses, falling 4.2 per cent and 3.9 per cent, respectively.

Wall Street futures lost 1.3-1.6 per cent.

(With inputs from Reuters)

4:10 PM IST Indian markets had started the week on a strong note due to the announcement of overwhelming Q2 result and in anticipation of increased FII inflows owing to increase in India’s weightage in MSCI index. It was going to be difficult to maintain this trend since the global market was turning cautious due to rising Covid cases worldwide, uncertainties of the US election and stimulus. After the initial rush, we are falling in tandem with the weak global trend as the world’s economic recovery will slow down this quarter with implications on world equities. While domestically, the market is watching the developments in the Bihar assembly election.

3:43 PM IST

3:42 PM IST

3:36 PM IST The S&P BSE Sensex tumbled 600 points, or 1.48 per cent to settle at 39,922 levels while NSE's Nifty ended at 11,730 levels, down 160 points, or 1.34 per cent.

3:29 PM IST

3:25 PM IST

3:17 PM IST RATING: BUY | TARGET PRICE: Rs 165 MMFS earnings were largely in-line. NII came in as expected though AuM growth was lower at 2.6% YoY. NIM was protected as reduction in funding cost balanced lower yields. Higher other income was offset by a rise in provisions while positive surprise on opex continues. CE improved to 82% in Sept-20 compared to 76% in June’20 (normal CE of ~87%) and of the 75% morat-1 customers, 70% have paid at least 1-2 instalments. Of the 20lac active customers, 2.5-2.75lac have not paid a single EMI. Overall ~9% of AUM is stressed (HCVs + taxi aggregators + tourism) that could enter restructuring. Opex rationalisation continues and there was a 50bps permanent reduction in cost to assets. Tier-I ratio improved to 20.8% (15.3% in Q1FY21). Maintain multiple at 1.7x FY22 ABV with TP of Rs 165. Retain BUY.

3:11 PM IST

2:58 PM IST

2:48 PM IST >> Revenue at Rs 3,301.8 crore

2:37 PM IST Maruti Suzuki is scheduled to announce its September quarter results of FY21 (Q2FY21) on Thursday, amid estimates of 12-20 per cent year-on-year (YoY) growth in both revenue and profit, led by increase in volumes. According to recent sales data, Maruti sold 3.9 lakh units, comprising 3.70 lakh units in domestic and 22,511 units in exports, during the quarter under review. In comparison, the company had sold 3.38 lakh units in the year-ago quarter and 76,599 units in Q1FY21. READ MORE

LIVE UPDATES

MARKET COMMENT | Vinod Nair, Head of Research at Geojit Financial Services

Indian markets had started the week on a strong note due to the announcement of overwhelming Q2 result and in anticipation of increased FII inflows owing to increase in India’s weightage in MSCI index. It was going to be difficult to maintain this trend since the global market was turning cautious due to rising Covid cases worldwide, uncertainties of the US election and stimulus. After the initial rush, we are falling in tandem with the weak global trend as the world’s economic recovery will slow down this quarter with implications on world equities. While domestically, the market is watching the developments in the Bihar assembly election.

SECTOR WATCH | Nifty Bank tumbles over 2% to 24,232.50 levels


MARKET AT CLOSE | Gainers and losers on the BSE Sensex


CLOSING BELL

The S&P BSE Sensex tumbled 600 points, or 1.48 per cent to settle at 39,922 levels while NSE's Nifty ended at 11,730 levels, down 160 points, or 1.34 per cent.

MARKET CHECK


Top losers on the BSE at this hour


BROKERAGE VIEW | Centrum Broking on M&M Financial Services

RATING: BUY | TARGET PRICE: Rs 165

MMFS earnings were largely in-line. NII came in as expected though AuM growth was lower at 2.6% YoY. NIM was protected as reduction in funding cost balanced lower yields. Higher other income was offset by a rise in provisions while positive surprise on opex continues. CE improved to 82% in Sept-20 compared to 76% in June’20 (normal CE of ~87%) and of the 75% morat-1 customers, 70% have paid at least 1-2 instalments. Of the 20lac active customers, 2.5-2.75lac have not paid a single EMI. Overall ~9% of AUM is stressed (HCVs + taxi aggregators + tourism) that could enter restructuring. Opex rationalisation continues and there was a 50bps permanent reduction in cost to assets. Tier-I ratio improved to 20.8% (15.3% in Q1FY21). Maintain multiple at 1.7x FY22 ABV with TP of Rs 165. Retain BUY.

Top gainers on the BSE at this hour


HDFC twins, ICICI Bank, and RIL top contributors to Sensex's 600-point plunge today


Sept Quarter Result | Piramal Enterprises reports profit up 14% YoY to Rs 628.3 crore

>> Revenue at Rs 3,301.8 crore


Here's what to expect from Maruti Suzuki's Q2 results on Thursday

Maruti Suzuki is scheduled to announce its September quarter results of FY21 (Q2FY21) on Thursday, amid estimates of 12-20 per cent year-on-year (YoY) growth in both revenue and profit, led by increase in volumes. According to recent sales data, Maruti sold 3.9 lakh units, comprising 3.70 lakh units in domestic and 22,511 units in exports, during the quarter under review. In comparison, the company had sold 3.38 lakh units in the year-ago quarter and 76,599 units in Q1FY21. READ MORE

Bihar elections, rising Covid cases: Here's why Sensex tanked 700 pts today

After logging decent gains in the previous session when the benchmark indices gained nearly 1 per cent, the S&P BSE Sensex tanked over 700 points, or nearly 2 per cent, to 39,775 levels during intraday deals. On the other hand, NSE's Nifty 50 index traded over 180 points, or over 1.5 per cent lower at 11,707 levels. Selling was witnessed across-the-board with financial stocks taking the biggest knock. The gauge for volatility, India VIX, rose over 4 per cent to 23 levels. READ MORE

Sept Quarter Result | Marico reports consolidated profit at Rs 260 crore

>> Cons revenue at Rs 1,990 crore

>> EBITDA at Rs 389 crore, margin at 19.6%

>> One-time loss at Rs 33 crore

Rupee closing

Rupee ends weaker at 73.87/$ vs Tuesday's close of 73.70 against the US dollar

European stocks hit mid-June low on report France mulling national lockdown

>> European stocks hit their lowest level since mid-June on Wednesday following a report France was mulling a month-long national lockdown to combat a surge in coronavirus infections.
 
>> The pan-European STOXX 600 index .STOXX fell 1.6% by 0808 GMT, while Germany's DAX .GDAXI tumbled 2.2%, UK's FTSE 100 .FTSE dropped 1.5% and France's CAC 40 .FCHI plunged 2.5%.
 
>> The French government has been exploring a new, national lockdown from midnight on Thursday, BFM TV reported, albeit a slightly more flexible one than the two-month shutdown that began in mid-March.

Source: Reuters


L&T Technology may trail peers in near term despite improved FY21 guidance

The L&T Technology Services stock has been trading flat since its results announcement last week. This is despite the improved guidance for the financial year, and sequential improvement in the September quarter.
 
The company has guided for a revenue decline of 7-8 per cent for FY21, which is a 200-basis-point (bps) improvement compared to the earlier guidance of a 9-10 per cent decline. READ MORE

Avenue Supermarts trades higher for fifth straight day, up 14% in 2 weeks

Shares of Avenue Supermarts, which runs the DMart chain of stores in the country, rose 3.5 per cent to Rs 2,250 on the BSE on Wednesday in an otherwise weak market. At 12:41 pm, the S&P BSE Sensex was down 1.1 per cent at 40,067 points on the BSE. In the past two weeks, the stock outperformed the market by gaining 14 per cent, as compared to 2 per cent decline in the S&P BSE Sensex. READ MORE

Sept Quarter Result | Titan Company

>> Consolidated profit at Rs 175 crore

>> Revenue at Rs 4,127 crore


Sept Quarter Result | Dr Reddy's posts profit of Rs 762 crore

>> Revenue comes in at Rs 4,897 crore


Sectoral trends at this hour


Result Today :: What to expect from Hero Moto's Q2 result announcements

Hero MotoCorp is scheduled to announce its September quarter earnings of FY21 (Q2FY21) on Wednesday. Brokerages expect the two-wheeler manufacturer to report up to 13 per cent increase in profit while revenues are expected to rise over 20 per cent, led by volume growth and increase in realisation. READ MORE

HDFC Bank, Bajaj Fin and SBI Cards Q2 nos show rankling retail loan stress

That stress is building up in retail loans became evident around the same time last year with slowing economic activities. The pandemic and ensuing lockdown may have made the retail stress more pronounced, taking cues from September quarter (Q2) results of India’s largest retail lenders across segments, namely, HDFC Bank, Bajaj Finance and SBI Cards. READ MORE

Buy these stocks for a 10% upside on MSCI's new foreign ownership norms

Ipca Labs has tripled in the last one year from the lows of Rs 817 and continues to hold the same strength and momentum. Charts indicate more headroom from the current levels READ MOREREAD MORE

Titan Co down over 2%


HDFC slips 3%


Sharp fall in market; Sensex slips over 400 pts


GE Power India shares hit over 8-year low, decline 35% in one month

The stock of the power generation equipment maker was trading at its lowest level since December 2011. In the past month, the stock has tanked 35 per cent, as compared to a 6 per cent rise in the S&P BSE Sensex. The stock has corrected 65 per cent from its 52-week high level of Rs 821, touched in February 2020. READ MORE 


Bharti Airtel sees profit booking as NSDL's revised notification shows FII limit at 49%


Dr Reddy's trades 0.6% higher ahead of September quarter nos


Top gainers on the BSE at this hour


BROKERAGE VIEW | Anand Rathi Shares on Amara Raja Batteries

RATING: BUY | TARGET PRICE: Rs 942

We expect revenue to grow 16% in FY22 and the margin to expand to 16.7%.Accordingly, we expect strong, Rs 7.3bn, earnings, leading to an EPS of Rs 42.8. We maintain a Buy, with a target of Rs 942 (22x FY22e EPS. Risks: Lower growth in the replacement market in FY22.

BROKERAGE VIEW | Emkay Global on ICICI Pru Life

RATING: HOLD | TARGET PRICE: Rs 456

We maintain our estimates and expect value of new business (VNB) to grow at a CAGR of ~8.1% to Rs20.3bn over FY20-23E, with a 15.6% CAGR in EV to Rs3.55tn by FY23E. We maintain Hold and UW stance in Insurance EAP, with a TP of Rs 456, corresponding to 1.8x P/FY23 EV.

Torrent Pharma: Cost controls not enough, recovery in key markets crucial

Torrent Pharmaceuticals’ impressive July-September quarter (Q2) performance lends confidence to its strength in the domestic arena. Continued resilience in chronic therapies and a rebound in acute therapy sales have led to the domestic business (nearly half of overall) grow 7 per cent year-on-year — 4.1 per cent sequentially — outperforming the Indian pharma market by 1 percentage point in the September quarter. READ MORE

MARKET CHECK


Top losers on BSE at this hour

COMPANY PRICE(rs) CHG(%)
VEDANTA 96.65 -5.66
HIMATSING. SEIDE 126.65 -4.88
JUST DIAL 650.55 -4.29
MRF 65750.00 -4.12
AMARA RAJA BATT. 757.10 -4.06
» More on Top Losers

Castrol India shares soar 8% on strong September quarter results

Shares of Castrol India soared 8 per cent to Rs 118 on the BSE on Wednesday after the company reported a good set of results for September quarter (Q3CY20) with Ebitda (earnings before interest, taxes, depreciation, and amortisation) increasing 17.9 per cent year on year (YoY) to Rs 288 crore. Ebitda margin improved 386 basis points to 32.63 per cent from 28.77 per cent in the year-ago quarter. READ MORE 


share market


KPR Mill surges 15%, hits 52-week high on good Q2 results, capex plan

Revenue from operations grew 74 per cent sequentially to Rs 906 crore as against Rs 522 crore reported in Q1FY21. Ebitda (earnings before interest, taxes, depreciation, and amortisation) margin, meanwhile, stood at 20.1 per cent, as compared to 22.21 per cent in June quarter and 21.31 per cent in the previous year quarter. READ MORE

Top gainers on BSE at this hour

COMPANY PRICE(rs) CHG(%)
K P R MILL LTD 760.00 12.31
BHARTI AIRTEL 470.45 8.65
CASTROL INDIA 116.00 6.62
TATA MOTORS-DVR 59.45 5.69
ORIENT CEMENT 67.40 5.56
» More on Top Gainers

UBS Wealth, State Street pick Indian stocks as US election hedge

Indian stocks provide a good hedge in portfolios ahead of the US presidential election, thanks to a domestically oriented economy. That’s according to UBS Group AG’s wealth-management arm and State Street Global Markets, which are among firms recommending Indian shares even beyond the November 3 vote, as they expect the $2.1-trillion stock market to be relatively insulated from the election outcome and Sino-US trade tensions. READ MORE

Tata Group to buy majority stake in BigBasket for about $1 billion: Report

Indian online grocery startup BigBasket is in advanced talks to sell a majority stake for about $1 billion to salt-to-software conglomerate Tata Group , the Economic Times reported on Wednesday, citing three sources familiar with the matter. READ MORE

Titan Co slips over 1% ahead of Q2 earnings; here's what to expect

Shares of Titan Company slipped over 1 per cent to Rs 1,216.75 apiece on the BSE on Wednesday ahead of its September quarter result (Q2FY21) due later in the day. In a quarterly update earlier this month, the company highlighted that Q2 was on a par with the year-ago period, led by improving walk-ins. The company said its jewellery business did very well during the quarter, with a recovery rate of around 98 per cent (excluding sale of raw gold), compared to the revenue of the corresponding quarter in the last year. READ MORE

Rupee Opening

Rupee opens at 73.70 per US dollar vs Tuesday's close of 73.71/$

Hero MotoCorp gains 4% on tie-up with US-based Harley Davidson

Shares of Hero MotoCorp surged 4 per cent to Rs 3,025 on the BSE in the early morning trade on Wednesday after the company entered into an agreement with US-based Harley Davidson for sale and service of the latter's premium motorcycles in India. "As per the distribution agreement, Hero MotoCorp will sell and service Harley-Davidson motorcycles, and sell parts and accessories and general merchandise riding gear and apparel through a network of brand-exclusive Harley-Davidson dealers and Hero's existing dealership network in India," the companies said in a joint press release. READ MORE

Most active stocks by volume

COMPANY PRICE(rs) CHG(%)
VODAFONE IDEA 8.99 2.98
SUZLON ENERGY 4.09 4.87
INFOSYS 1095.00 0.26
BHARTI AIRTEL 471.20 8.82
TATA MOTORS 137.00 0.96
» More on Most Active Volume

SECTOR WATCH:: Auto stocks in focus

COMPANY LATEST(rs) CHG(%)
TATA MOTORS 138.30 1.92
M & M 612.90 2.67
TATA MOTORS-DVR 58.05 3.20
ASHOK LEYLAND 81.30 -0.61
HERO MOTOCORP 3018.95 3.65
» More

Cochin Shipyard up over 1.5%

>> Cochin Shipyard and M/s. Fincantieri, one of the world’s largest shipbuilding groups, signed a Memorandum of Understanding for co-operation in the areas of design, ship building, ship repair, marine equipment manufacturing, besides training & skill development.


Axis bank trades higher ahead of Q2 nos


BUZZING :: Bharti Airtel extends gains on report NSDL raises FII investment limit to 100%

Alert: Change in MSEI weightage will also lead to Rs 15,000-20,000 cr boost


Nippon Life trades in the red

>> Net profit of Nippon Life India Asset Management rose 6.21 per cent YoY to Rs 145.31 crore in the quarter ended September 2020. Sales declined 13.85 per cent to Rs 258.66 crore for the quarter under review.


Hero MotoCorp up 3% on tie-up with Harley Davidson


Delta Corp jumps over 5% on re-opening of Sikkim-based Casino


Result Reaction | Tata Motors up 1%

>>  Tata Motors’ consolidated loss for the quarter ended September more than doubled over the year-ago period. But a better geographic mix and a higher contribution by the expensive models to the overall sales helped the owner of Jaguar Land Rover (JLR) beat Street estimates.


Bharti Airtel rallies 5% post impressive Q2 nos

>> Telecom operator Bharti Airtel on Tuesday reported substantial narrowing of losses for the second quarter ended September 2020 at Rs 763 crore. The company posted revenues of Rs 25,785 crore for the September 2020 quarter, up 22 per cent over the corresponding period last year.

Sectoral trends at Open


Opening Bell


Sensex Heatmap :: Results reaction playing markets


Opening Bell


Top gainers and losers on the S&P BSE Sensex at Pre-open


Markets at Pre-open


Markets at Pre-open


BROKERAGE VIEW :: MOFSL on Amara Raja

CMP: Rs 789 | TP: Rs 800 (+1% ) | Reco: Neutral

>> Amara Raja (AMRJ)’s 2QFY21 performance was driven by sharp demand recovery across segments post the lifting of the lockdown. 3QFY21 would see some RM cost pressure due to lead price inflation; however, sustenance of demand momentum would dilute the impact through a price passthrough and operating leverage.

>> We upgrade our FY21/FY22E EPS estimates by 7.7%/1.3% to factor in a volume upgrade. Maintain Neutral, with TP of INR800 (18x Sep’22 EPS) as valuations fairly capture expected growth.

BROKERAGE VIEW :: MOFSL on M&M Financial Services

CMP: Rs 126 | TP: Rs 165 (+31%) | Reco: Buy

>> Disbursements at 55% of YoY levels improved from the prior quarter, yet came in below expectations, given the strong trends in OEMs. While we expect an uptick in 2H, overall loan growth should be in the mid-single digits. While asset quality numbers are encouraging, we believe the true impact of the lockdown would reflect only in 2HFY21. We increase our FY21 EPS estimate by 8% given lower credit cost. Our FY22 EPS estimate is largely unchanged. While RoE is currently subdued at 7%, it should reach 10% in FY23E. Maintain Buy, with TP of INR165 (1.2x Sep’22E BVPS).

BROKERAGE VIEW :: MOFSL on ICICI Prudential

CMP: Rs 412 | TP: Rs 525 (+27%) | Reco: Buy

>> The Protection and Annuity segments are likely to see healthy growth and should aid VNB margins (estimate 28% by FY23E). We also expect the ULIP business to revive from FY22E and the addition of the new banca partners to further improve business trends. Also, persistency trends in the Protection segment have improved sharply; expect further recovery in overall persistency trends in 2HFY21. We estimate IPRU Life to deliver a ~17% CAGR in VNB over FY20–23E, largely led by continued expansion in VNB margins to ~28%. We expect operating RoEV to sustain at ~15%. Maintain Buy, with Target Price of INR525 (2.2x Sep’22 EV).

BROKERAGE VIEW :: MOFSL on Bharti Airtel

CMP: Rs 433 | Reco: Buy

>> Consol. revenue was up 7.7% QoQ to INR257.9b (5% beat) on a big beat in India Wireless.

>> Consol. EBITDA was up 12% QoQ to INR116.4b (11% beat) on strong revenue and operating leverage.

>> The consolidated EBITDA margin improved 170bp to 45.2% (210bp above estimate).

>> Subsequently, reported net loss stood at INR7.6b. Excluding exceptional cost, adjusted net loss after minority interest stood at INR7.4b (est. profit of INR2.6b) v/s net loss of INR4.4b in 1QFY21. India Wireless EBITDA up 13% QoQ (10% above  

BROKERAGE VIEW :: MOFSL on HDFC Bank

CMP: Rs 1,233 | TP: Rs 1,500 (+22%) | Reco: Buy

>> HDFCB continues to deliver strong growth in a challenging macro environment, and the business momentum has swiftly moved toward pre-COVID levels. Furthermore, the bank’s operating performance remains strong despite margin pressure and lower fee income trends. However, we expect the margin trajectory to now stabilize, and an uptick in unsecured retail would support fee income trends. Also, HDFCB continues to make healthy provisions to further strengthen the balance sheet.

>> Thus, a higher provision buffer would limit the damage on asset quality and enable the bank to quickly recover to a normal growth run-rate. We estimate a 19% PAT CAGR over FY20–23E, with ROA/ROE of 2.0%/17.8% for FY23E. Maintain Buy, with revised TP of INR1,500 (3.3x Sep’22E ABV

BROKERAGE VIEW :: MOFSL on Tata Motors

CMP: Rs 136 | TP: Rs 230 (+70%) | Reco: Buy

>> TTMT would see the triple benefit of a) macro recovery, b) company-specific volume/margin drivers, and c) sharp improvement in FCF and leverage in both JLR as well as the India business.

>> However, near-term risk of volume disruption in the EU and UK cannot be ruled out due to the possibility of a second wave of COVID.

>> The stock trades at 2.5x FY22 EV/EBITDA and 0.8x P/BV. Maintain Buy, with TP of ~INR230 (Sep’22-based SOTP).
 

Stocks in focus today

Tata Motors: Tata Motors’ consolidated loss for the quarter ended September more than doubled over the year-ago period. But a better geographic mix and a higher contribution by the expensive models to the overall sales helped the owner of Jaguar Land Rover (JLR) beat Street estimates.
 
Bharti Airtel: Telecom operator Bharti Airtel on Tuesday reported substantial narrowing of losses for the second quarter ended September 2020 at Rs 763 crore. The company posted revenues of Rs 25,785 crore for the September 2020 quarter, up 22 per cent over the corresponding period last year.
 
L&T: Engineering and construction conglomerate Larsen & Toubro (L&T) is scheduled to announce its September quarter result of the current fiscal year (Q2FY21) on Wednesday, October 28. It is expected to post muted numbers for the quarter though the strong contribution of its service business is likely to moderate the impact. READ MORE

Weekly stock picks by Religare Broking

Bajaj Finance Limited

Recommendation: Buy
 
Target: Rs 3,800

Stop loss: Rs 3,250
 
We've witnessed decent traction in the financial counters of late and Bajaj Finance is now catching up with the trend. It has witnessed a breakout on October 27 from the corrective phase, after spending nearly two months. We advise using any dip to create fresh longs in the given range. READ MORE

Nifty can scale new peak once 12,050 is taken out: HDFC Securities

Nifty is forming a symmetrical triangle with “shortall” in place on the daily chart, which indicates that the chances of bullish breakout is higher than the bearish breakout. Immediate resistance for Nifty is seen in 12,000-12,050 zone and once that is taken out, we can expect Nifty to register new all-time high above 12,430. Support for the Nifty is seen at 11,740. READ MORE

Bulk deals on BSE as on Tuesday

Bulk deals on NSE as on Tuesday


FII/FPI & DII trading activity on NSE, BSE and MSEI


Rupee check

Source: Bloomberg


Oil falls on oversupply fears after build in US crude stocks

>> Oil prices slid more than 1 percent on Wednesday, paring the previous day’s gains, as a jump in US crude inventories and surging Covid-19 cases raised fears of an oversupply of oil and weak fuel demand.
 
>> In early Asia, Brent crude LCOc1 was down 61 cents, or 1.5%, at $40.59 a barrel, having climbed nearly 2% the previous day. US oil CLc1 was down 66 cents, or 1.7%, at $38.91 a barrel, after gaining 2.6% on Tuesday.

(Source: Reuters)

SGX Nifty update

>> At 8:23 am, the index was at 11,853 levels, down 35 points

Asian markets check

Source: Reuters


US market check

Source: Reuters


Good morning, readers!

Welcome to the Business Standard live blog.

Catch all the live market updates here.

Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

Business Standard is now on Telegram.
For insightful reports and views on business, markets, politics and other issues, subscribe to our official Telegram channel