Grandchildren sue Raymond chairman Singhania for property

Feb 28: Market benchmark Sensex plummeted over 1,100 points, wiping off over Rs 5 lakh crore investor wealth, in opening session on Friday amid a massive selloff in global equities as rising coronavirus cases outside China stoked fears of a pandemic that could dent world growth.

The 30-share index sank 1,100.27 points, or 2.77 per cent, to 38,645.39, while the NSE Nifty cracked 329.50 points, or 2.83 per cent, to 11,303.80.

All Sensex components were trading in the red, led by losses in Tata Steel, Tech Mahindra, Infosys, Mahindra and Mahindra, Bajaj Finance, HCL Tech and Reliance Industries.

In the previous session, the Sensex settled 143.30 points, or 0.36 per cent, lower at 39,745.66, and the Nifty fell 45.20 points or 0.39 per cent to end at 11,633.30.

According to analysts, till last week the market was of the view that coronavirus was going to have minimum impact on global economy as situation in China was being contained. But the increase in the number of new cases is changing the view and investors are worried about an intense slowdown.

Further, incessant selling by foreign investors is also spooking domestic market participants, traders said.

On a net basis, foreign institutional investors sold equities worth Rs 3,127.36 crore on Thursday, data available with stock exchanges showed.

Stock exchanges in Shanghai, Hong Kong, Seoul and Tokyo plunged up to 4 per cent in their morning sessions.

On Wall Street, the Dow Jones Industrial Average dropped 1,190.95 points, its largest one-day point drop in history, bringing its loss for the week to 3,225.77 points, or 11.1 per cent.

The S&P 500 has now plunged 12 per cent from the all-time high it set just a week ago.

World oil prices too tumbled by more than 4 per cent overnight as traders fretted about the impact of spreading coronavirus on crude demand, particularly from key consumer China.

Brent crude oil futures fell another 2.47 per cent to USD 50.45 per barrel early in the day.

The rupee depreciated 28 paise to 71.89 against the US dollar in morning session.

New Delhi, May 22: The number of COVID-19 cases averted due to the lockdown is in the range of 14-29 lakh, while the number of lives saved is between 37,000 and 78,000, the government said on Friday citing various studies, and asserted that the unprecedented shutdown has paid “rich dividends” in the fight against the pandemic.

The lockdown in India has been a timely, graded, proactive and pre-emptive public health measure to fight the COVID-19 pandemic and has been part and parcel of the government’s overall strategy, Dr V K Paul, Member (Health), NITI Aayog, and Chairman, Empowered Group 1, said at a media briefing on the COVID-19 situation.

The government imposed the nationwide lockdown from March 25 to prevent the spread of the novel coronavirus and it is currently in its fourth phase.

Like the number of cases, the growth rate of number of COVID-19 deaths too has fallen significantly due to the lockdown, marking a notable difference between pre-lockdown and post-lockdown situations, he said.

At the briefing, Pravin Srivastava, Secretary, Ministry of Statistics and Programme Implementation gave model-based estimates on COVID-19 cases and deaths which have been prevented due to the lockdown.

As per Boston Consulting Group's model, the lockdown saved between 1.2 lakh and 2.1 lakh lives, while the number of COVID-19 cases averted is between 36 lakh and 70 lakh, he said.

According to Public Health Foundation of India, nearly 78,000 lives have been saved due to the lockdown, Srivastava said.

Citing a model by two independent economists, he said that around 23 lakh COVID-19 cases and 68,000 deaths have been averted due to the lockdown.

Some independent experts, including retired scientists, have calculated that around 15.9 lakh cases and 51,000 deaths have been averted due to the lockdown, Srivastava said.

A joint study by the Ministry of Statistics and Programme Implementation and the Indian Statistical Institute found that around 20 lakh COVID-19 cases and 54,000 deaths were averted due to lockdown, he said.

The number of COVID-19 cases averted due to the lockdown is in the range of 14-29 lakh, while the number of lives saved is between 37,000 and 78,000, the official said.

“We are fully confident that the lockdown, with full public cooperation, has reaped rich dividends,” Srivastava said.

The strong defence of the lockdown, comes a day after the health ministry said the period of lockdown has been gainfully utilized to ramp up the health infrastructure, with around 3,027 dedicated COVID-19 hospitals and 7,013 care centres being readied across the country to fight the disease.

The announcement on Thursday came after some media reports questioned the country's preparedness to deal with the highly infectious disease.

"There are reports in a section of the media about some decisions of the government regarding the lockdown implementation and response to COVID-19 management. The period of the lockdown has been gainfully utilised to ramp up the health infrastructure in the country," the ministry had said.

Addressing the press briefing on Friday, joint secretary in the health ministry Lav Agarwal said 48,534 COVID-19 patients, which is about 41 per cent of the total cases, have recovered so far. As many as 3,234 patients have recovered in the last 24 hours, he said’

The COVID-19 mortality rate has dropped from 3.13 per cent on May 19 to 3.02 per cent as focus was on containment measures andclinical management of cases, Agarwal said.

An ICMR official said 27,55,714 tests for COVID-19 have been conducted till 1 pm Friday with 1,03,829 tests done in one day. Over 1 lakh tests for COVID-19 have been done each day for the last four days, the official said.

The growth rate of novel coronavirus cases witnessed a steep decline from Apr 4 when lockdown put a brake on the speed of increase of cases, V K Paul said.

The number of COVID-19 cases would have risen exponentially had the lockdown not been implemented, he said, adding that the doubling rate of cases was 3.4 days when the lockdown started and it is 13.3 days at present.

The COVID-19 outbreak in India has remained confined to limited areas with 80 per cent of active cases in just five states, Paul said

He said around 80 pc of COVID-19 deaths have been in Maharashtra, Gujarat, Madhya Pradesh, West Bengal and Delhi. 

New Delhi, Jan 3: The National Payments Corporation of India (NPCI) on Thursday said the homegrown payments technology RuPay will offer 40 per cent cashback for its international card users for transactions in select countries.

Indians travelling to the UAE, Singapore, Sri Lanka, the UK, the US, Spain, Switzerland and Thailand will be able to earn up to Rs 16,000 cashback per month by getting their RuPay International Card activated, the NPCI said in a release.

With RuPay International cards --JCB, Discover and Diners Club--customers using multiple cards can earn more cashbacks under the 'RuPay Travel Tales' campaign.

To avail the cashback benefit, customers will have to do a minimum transaction of Rs 1000 and the maximum cashback is capped at Rs 4,000 for a single transaction.

The offer can be availed by customers using RuPay International Card four times a month that can give them a chance of earning up to Rs 16,000 as cashback.

Praveena Rai, COO, NPCI said, "We always aim to create an end-to-end value proposition for RuPay International cardholders to make their overseas travel experience seamless and memorable. The campaign is not only providing an exciting platform for travelers to earn cashbacks but also motivating them to migrate towards digital transactions nationally and globally".

Apart from earning cashbacks, RuPay International cardholders can access to RuPay affiliated domestic/international airport lounges.

They also can avail attractive offers on booking international fights and hotels in association with Thomas Cook and Make My Trip, the release said.

RuPay has a partnership with Discover Financial Services (DFS) and Japan based JCB International, allowing RuPay users the access to across 190 countries.

As on date, there are over 1,100 banks live on RuPay platform including SBI, HDFC Bank, Axis bank, among others.

RuPay card base has crossed 600 million, half of which are in the mid and premium segments, NCPI said.

NPCI was incorporated in 2008 as an umbrella organization for operating retail payments and settlement systems in India. An initiative of RBI and IBA under the provisions of the Payment and Settlement Systems Act, 2007, NPCI was initiated for creating a robust payment and settlement infrastructure in the country.