RBI's Relief Measures Amid Covid, 5G Trials by Mobile Operators, and Buzzing Stocks Today

Thu, 6 May Pre-Open

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Indian share markets witnessed positive trading activity throughout the day yesterday and ended higher.

Benchmark indices edged higher lifted by pharma and banking stocks after RBI Governor Shaktikanta Das unveiled a series of liquidity measures to help banks, support the healthcare, infrastructure and small borrowers impacted by Covid second wave.

At the closing bell yesterday, the BSE Sensex stood higher by 424 points (up 0.9%).

Meanwhile, the NSE Nifty closed higher by 121 points (up 0.8%).

Sun Pharma and UPL were among the top gainers.

Adani Ports and Bajaj Finance, on the other hand, were among the top losers.

The BSE Mid Cap index and the BSE Small Cap index ended up by 1% and 0.8%, respectively.

Sectoral indices ended on a positive note with stocks in the healthcare sector, banking sector and metal sector witnessing most of the buying interest.

Realty stocks, on the other hand, witnessed selling pressure.

Gold prices for the latest contract on MCX were trading on a flat note at Rs 46,903 per 10 grams at the time of closing stock market hours yesterday.

Speaking of the stock markets, Brijesh Bhatia, Research Analyst at Fast Profits Report, talks about why he is bullish on sugar stocks, in one of his latest videos for Fast Profits Daily.

Tune in here to find out more:

Top Stocks in Focus Today

Among the buzzing stocks today will be Hindustan Aeronautics.

Hindustan Aeronautics (HAL) has signed a memorandum of understanding (MoU) with Rolls-Royce to establish a support system in India for the highly regarded Rolls-Royce MT30 marine engines.

The HAL-Rolls-Royce partnership will provide packaging, installation, marketing and services support for the MT30 engine, creating a business case for the Indian Navy to consider using the engine for powering and propelling its warships.

The Indian Navy, one of the world's major warship builders, has not used the MT30 for even a single warship. Most Indian frigates and destroyers are propelled by Ukrainian Zorya turbines or by American General Electric LM-2500 gas turbines.

Wipro share price will also be in focus today as the company is going to invest US$ 22 million over the next four years to set up a 20,000 square foot innovation centre Holborn, London.

The centre will serve as Wipro's flagship centre in the UK and offer technology expertise to companies globally.

"It will be integral to providing advanced digital, cyber security, and cloud expertise to both established and upcoming enterprises, taking the lead on digital transformation in one of Europe's biggest technology markets," Wipro said in a statement.

RBI Announces New Relief Measures Amid Covid Second Wave

Reserve Bank of India (RBI) Governor Shaktikanta Das yesterday announced measures to ease the economic stress of the second wave of Covid-19 in India. The central bank chief announced a term liquidity facility of Rs 500 bn for access to emergency health security.

Das said that to ramp up the Covid related healthcare infrastructure in the country, an on-tap special liquidity facility of Rs 500 bn will be made available to the banks at the repo rate with up to 3-year tenor till March 31, 2022.

During his address, the RBI governor said that India had flattened the Covid-19 infection curve in March, however, new mutants of the virus have emerged. He said that wide-ranging and swift actions are needed against the spread of the second wave of Covid.

The governor also said that the RBI will closely monitor the emerging developments in the economy and use all resources and instruments at its command.

Das announced special long-term repo operations for small finance banks (SFBs) to provide further support to micro, small and other unorganized sector entities. He said that SFBs will be allowed to lend to small microfinance institutions (MFIs) having an asset size of Rs 5 bn.

The RBI will also conduct a special 3-year long-term repo operation (LTRO) of Rs 100 bn at a repo rate for SFBs. There will be a limit of Rs 1 m per borrower and the facility will be available till October 31, 2021.

DoT Allows Mobile Operators to Conduct 5G Trials

Moving on to news from the telecom sector...

The Department of Telecommunications (DoT) has allowed mobile operators to conduct 5G trials in the country with equipment manufacturers they have tied up with, barring Chinese companies.

The Central government has allowed telecom companies including Bharti Airtel, Reliance Jio Infocomm, Vodafone Idea, and MTNL to conduct trials for uses and applications of 5G technology, an official statement said.

These service providers have tied up with original equipment manufacturers and technology providers such as Ericsson, Nokia, Samsung, and the C-DoT.

In addition, Reliance Jio Infocomm will be conducting trials using its own technology. The permissions are in accordance with the priorities and the names of technology partners identified by the companies themselves.

The duration of the trials at present is six months. This includes two months needed for procuring and setting up the equipment.

The government has told the telecom service providers to conduct trials in rural and semi-urban settings in addition to urban areas.

5G revolution is expected to deliver improved user experience in terms of data download rates, up to three times greater spectrum efficiency, and low latency to enable Industry 4.0.

We will keep you updated on the latest developments from this space. Stay tuned.

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