Total market valuation of all listed companies on the BSE rose to a new high of Rs 160.68 lakh crore on Friday following a bullish sentiment in the equity market.

Extending its gains for the seventh straight session — the longest winning streak in almost a year — the 30-share BSE Sensex rose by 326.82 points or 0.81 per cent to close at 40,509.49.

Sensex surges over 300 points after RBI policy outcome; financial stocks gain

During the week, the Sensex advanced 1,812.44 points or 4.68 per cent. Tracking gains in the broader market, the market capitalisation of the BSE-listed companies zoomed to Rs 1,60,68,725.10 crore at close of trade on Friday.

Stock market benchmarks rallied on Friday as financial stocks advanced following the Reserve Bank of India’s (RBI) accommodative policy stance and steps to boost liquidity to the banking sector.

The benchmark repurchase (repo) rate has been left unchanged

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The government, reeling under intense farmer protest,s particularly in Punjab and Haryana, has announced enhanced procurement targets for rice and cotton during the current kharif marketing season and stated that it has spent over ₹1.90 lakh crore in 2019-20 for procuring rice and wheat on MSP.

Announcing cotton procurement targets for the season, for the first time, Textile Secretary Ravi Capoor said the state-owned Cotton Corporation of India (CCI) would procure 125 lakh bales (one bale is 170 kg) of cotton, which is 20 lakh bales more than the 105 lakh bales procured in the previous season.

Capoor, who briefed the media along with Agriculture Secretary Sanjay Agarwal, Food and Public Distribution Secretary Sudhanshu Panday and Food Corporation of India (FCI) CMD, DV Prasad, assured the farmers that the CCI would be willing to procure any amount of quality cotton that farmers bring.

 

Procurement assurance

Similarly, FCI chief Prasad said

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According to a report by SharkAllies, a non-profit organisation dedicated to the conservation of sharks and rays, half-a-million sharks may die because of the race to create a vaccine against coronavirus.

Shark Allies sent a petition that was addressed to US/FDA (Food and Drug Administration of the United States of America), UK/MHRA (The Medicines and Healthcare products Regulatory Agency of the United Kingdom), EU/EMA (The European Medicines Agency), China: NMPA (The National Medical Products Administration) and all vaccine-producing companies.

They said in their petition: “Using sharks in Covid-19 vaccines is short-sighted, unpredictable, and unsustainable. There are better alternatives. The industry must listen.”

Also read Covid-19 vaccines for India… but at what cost?

The report mentioned that the companies are using shark squalene as the main ingredient in some adjuvants to boost efficacy in vaccines. Squalene made from shark liver oil is used most commonly because it is cheap to obtain

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Eight of the top 10 valued firms witnessed a combined erosion of Rs 1,57,277.53 crore in market valuation last week, with Reliance Industries Limited (RIL) emerging as the biggest laggard.

Last week, the Sensex lost 1,457.16 points or 3.83 per cent.

Only Infosys and HCL Technologies emerged as gainers among the most valued firms.

The market valuation of RIL tumbled Rs 70,189.95 crore to Rs 14,88,797.82 crore.

Bharti Airtel’s market capitalisation tanked Rs 31,096.67 crore to Rs 2,39,880.86 crore and that of ICICI Bank plummeted by Rs 14,752.95 crore to reach Rs 2,40,329.93 crore.

The market valuation of HDFC declined by Rs 12,737.66 crore to Rs 2,96,339.09 crore and that of Tata Consultancy Services (TCS) dived Rs 10,675.53 crore to reach Rs 9,08,940.15 crore.

HDFC Bank witnessed an erosion of Rs 7,286.42 crore to Rs 5,74,614.23 crore and Kotak Mahindra Bank Rs 5,710.01 crore to Rs 2,47,292.12 crore.

Hindustan Unilever

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The total number of confirmed Covid-19 cases in the country stood at 1,29,959 in the last 24 hours with the total number of confirmed cases so far going beyond 55 lakh.

As per the data made available by the Ministry of Health and Family Welfare (MoHFW), there were 27,438 active cases of Covid-19 in the last 24 hours, while 1,01,468 recovered and 1,053 succumbed to the infection during the same period.

With this, the total number of cases has now risen to 55,62,663 and this includes 44,97,867 discharged or recovered patients.

The total number also includes 88,935 deaths due to the pandemic till date.

The current case fatality ratio remains at 1.6 per cent and the sample tested per million are at 32128.4.

Nearly 60 per cent of the active cases are in Maharashtra, Karnataka, Andhra Pradesh, Uttar Pradesh and Tamil Nadu.

Maharashtra is leading the tally in the active

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The Finance Ministry, on Sunday, said banks have sanctioned loans worth over ₹1.63 lakh crore to more than 42 lakh business units under the ₹3-lakh crore Emergency Credit Line Guarantee Scheme (ECLGS) for the MSME sector.

On the disbursement front, however, over ₹1.18 lakh crore doled out to 25 lakh MSME units, till September 10, which were hit by the Covid-19 pandemic and ensuing lockdowns. The scheme is the biggest fiscal component of the ₹20-lakh crore Aatmanirbhar Bharat Abhiyan package announced by Finance Minister Nirmala Sitharaman in May to mitigate the distress by providing credit to different sectors, especially micro, small and medium enterprises (MSMEs).

As of September 10, as reported by public sector banks (PSBs) and top 23 private sector banks, “additional credit amounting to ₹1,63,226.49 crore has been sanctioned to 42,01,576 borrowers”, the Ministry said in a statement. “Amount of ₹1,18,138.64 crore has been disbursed to 25,01,999 borrowers,”

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Four of the 10 most valued Indian firms added ₹3,01,847.99 crore to their market capitalisation last week, led by Reliance Industries which surpassed the ₹15 lakh crore mark in valuation.

RIL, India’s most valued firm, added a whopping ₹2,51,067.2 crore to its market valuation that stood at ₹15,68,015.09 crore on Friday.

Shares of Reliance Industries were in the limelight last week amid media reports that it has offered a 40 per cent stake in its retail arm worth about USD 20 billion to Amazon.com, which the company said was speculative.

Also, on Wednesday, it was announced that US private equity firm Silver Lake Partners would buy 1.75 per cent stake in RIL’s retail arm for ₹7,500 crore.

Tata Consultancy Services, Hindustan Unilever Limited and Infosys were the other gainers in the coveted list of most valued firms last week. HDFC Bank, HDFC, Bharti Airtel, Kotak Mahindra Bank, ICICI Bank and

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As the total number of confirmed Covid-19 cases in India crossed 40 lakh, with the addition of over 86,000 fresh cases in the last 24 hours, the Indian Council of Medical Research (ICMR) unveiled a modified Covid-19 testing strategy for containment zones and outside.

With 40 lakh cases, India is now very close to Brazil, which ranks second in the global Covid-19 tally.

Over 31 lakh Indians have already recovered. There are about 8.46 lakh active Covid-19 patients in the country. As many as 69,561 persons succumbed to the infection, including 1,089 in the last 24 hours.

The number of daily cases is steadily rising in India because many major States including Andhra Pradesh, Karnataka Maharashtra and Uttar Pradesh are still reporting more cases. Even Delhi, which had earlier reported a dip in new cases, is now reporting more cases.

Meanwhile, the ICMR has come out with a modified advisory

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The mandated use of mask and social-distancing protocols may have helped avert more than two hundred thousand cases of deaths related to novel coronavirus in India by December 1, according to a study published on the official website of Institute for Health Metrics and Evaluation.

The study was carried out by researchers from the University of Washington in the US. It suggested that there is an opportunity to further limit the toll of Covid-19 in India.

IHME Director, Christopher Murray, said in a statement: “India’s epidemic is far from over, as a large proportion of the population is still susceptible.”

“In fact, our modelling shows there is a wide range of potential outcomes, depending on the actions that governments and individuals take today, tomorrow, and into the near future. Mask-wearing and social distancing are crucial to mitigate the spread of the virus,” Murray explained.

Significant successes

The researchers in the

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India’s Covid-19 tally raced past 34 lakh with a single-day spike of 76,472 cases, while the number of recoveries surged to 26,48,998, pushing the recovery rate to 76.47 per cent on Saturday, according to the Union Health Ministry.

The total number of Covid-19 cases rose to 34,63,972, while the death toll due to the disease climbed to 62,550 with 1,021 people succumbing to it in a span of 24 hours, the ministry’s data updated at 8 am showed. The Covid-19 case fatality rate has further declined to 1.81 per cent in the country.

There are 7,52,424 active coronavirus cases in the country currently, which account for 21.72 per cent of the total caseload, the data showed. India’s Covid-19 tally had crossed the 20-lakh mark on August 7 and the 30-lakh mark on August 23.

According to the Indian Council of Medical Research (ICMR), a total of 4,04,066,09 samples were tested

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