Day: May 22, 2020

Stocks Drop With U.S. Futures on Hong Kong Worries: Markets Wrap

(Bloomberg) — Stocks slid and U.S. equity futures retreated as investors braced for tensions between Washington and Beijing to escalate after China announced plans to impose a national security law on Hong Kong. Treasuries climbed with the dollar while oil snapped a six-day winning steak.

Mining companies and banks led the Stoxx Europe 600 Index lower as contracts on the three main American equity gauges all pointed to losses on Wall Street. The risk-off tone took hold in Asia, where Hong Kong’s benchmark stock index plunged more than 5%. The yuan dipped as China’s National People’s Congress abandoned its decades-long

Govt stimulus measures short of expectations; lockdown damage will make Indian economy shrink this year

“We now expect India’s growth to register a real GDP contraction for the fiscal year ending in March 2021 (fiscal 2020-21), from our earlier projection of zero growth,” it said in a research note.

Moody’s Investors Service on Friday said India’s economy is expected to contract for the first time in more than four decades saying economic damage owing to the coronavirus-induced lockdown will be significant with lower consumption and sluggish business activity.

Even before the coronavirus outbreak, Indian economy already was growing at its slowest pace in six years and with the stimulus measures announced by the government falling

ONGC, NTPC sign MOU to set up joint venture for renewable energy business

ONGC has a renewable portfolio of 176 MW comprising of 153 MW wind power and 23 MW of solar plants.

India’s top oil and gas producer ONGC and country’s biggest electricity generator NTPC have signed a preliminary agreement to set up a joint venture company for renewable energy projects. Oil and Natural Gas Corp (ONGC) and NTPC Ltd “entered into a memorandum of understanding (MoU) on May 21, 2020 in New Delhi to formalize this arrangement,” ONGC said in a statement.

The MoU will enable both companies to achieve their respective targets in renewable energy business. “As per the MoU,