Market Today

1. RBI says it’ll take all steps to fight economic fallout of COVID-19 

Reserve Bank of India (RBI) will not hesitate to use any conventional or unconventional policy instruments to mitigate the adverse economic impact caused by COVID-19, its governor Shaktikanta Das said, according to the minutes of a monetary policy committee (MPC) meeting that was released by the central bank on April 13.

2. Slowdown + Lockdown: India’s Auto Sales Log Worst Slump In March 

Domestic sales of passenger vehicles tumbled 51 percent year-on-year to 143,014 units in March, according to data released by the Society of Indian Automobile Manufacturers. That’s the worst decline since 1997-98 when the auto industry body started recording data. 

3. China-led stock transactions will be watched by SEBI

Transactions by Chinese institutions have come under global scrutiny as assets currently may not be reflecting their intrinsic value due to the coronavirus-led slowdown. There are fears over China buying assets cheap or at low valuations, market experts told.

4. Zomato may buy Grofers in an all-stock deal valuing e-grocer at $750M 

Grofers, which has seen heightened demand in the past few weeks on the back of the Covid-19 pandemic, is expected to be valued at around $750 million, these people said. Japanese conglomerate SoftBank Vision Fund, the largest shareholder in Grofers, may look to invest around $100-200 million in the merged entity, sources close to the matter said. SoftBank is also an investor in Uber. In February, Uber sold its India food delivery business UberEats to Zomato. 
If the transaction goes through, it will be the second big buyout made by Zomato which acquired the Indian operations of UberEats earlier.

5. D-Mart share price falls 5%, hits lower circuit; Radhakishan Damani’s firm says only 50% stores open 

For investors who are holding the stock should hold on to the stock, and keep accumulating the stock on every dip, because D-mart has a unique business model.