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Benchmarks correct as banks shares drag
(15:34, 22 May 2020)

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The-Sensex-and-the-Nifty-ended-lower-on-Friday,-snapping-their-three-day-rising-streak-due-to-negative-global-cues.-Rising-COVID-19-cases-in-Indian-also-spooked-investors.-Shares-of-banks-and-financial-firms-tumbled-after-the-central-bank-extended-loan-moratorium-by-three-more-months.-

As-per-provisional-closing,-the-barometer-S&P-BSE-Sensex-was-down-260.31-points-or-0.84%-at-30,672.59.-The-Nifty-50-index-fell-67-points-or-0.74%-at-9,039.28.-

The-Nifty-opened-lower-at-9067.90,-but-firmed-up-ahead-of-RBI-Governor-Shaktikanta-Das'-media-briefing-at-10-am.-Following-the-RBI-announcement-to-extend-moratorium,-the-Nifty-corrected-due-to-steep-selling-in-banks-shares.-The-index-hit-an-intraday-low-of-8968.55-in-mid-morning-trade.-The-Nifty-traded-sideways-with-modest-losses-for-most-part-of-the-day-before-ending-above-9000-mark.

In-broader-market,-the-S&P-BSE-Mid-Cap-index-was-down-0.8%-while-the-S&P-BSE-Small-Cap-index-fell-0.26%.

The-market-breadth-was-negative.-On-the-BSE,-971-shares-rose-and-1316-shares-fell.-A-total-of-163-shares-were-unchanged.

COVID-19-Update:

Total-COVID-19-confirmed-cases-worldwide-stood-at-51,02,573-far-with-3,32,924-deaths.-India-reported-66,330-active-cases-of-COVID-19-infection-and-3,583-deaths,-according-to-the-data-from-the-Ministry-of-Health-and-Family-Welfare,-Government-of-India.

RBI-Decision:

The-Reserve-bank-of-India-(RBI)-further-extended-the-loan-repayment-moratorium-for-another-three-months-up-to-31-August.-The-EMI-payments-will-restart-only-once-the-moratorium-period-expires-on-31-August.

RBI-Governor-Shaktikanta-Das-said-that-the-GDP-growth-in-India-in-2020-21-is-estimated-to-remain-in-the-negative-territory-with-a-pick-up-in-growth-impulses-in-second-half.-However,-these-depend-on-the-trajectory-of-the-pandemic.

The-RBI-also-raised-the-group-exposure-limit-of-banks-to-30%-from-25%-for-a-temporary-period-till-30-June-2021.-Group-exposure-limit-determines-the-maximum-amount-a-bank-can-lend-to-one-business-house.-The-central-bank-relaxed-rules-governing-borrowing-by-states-to-help-them-meet-their-own-liabilities-and-expenditure-requirements.-In-order-to-ease-the-pressures-of-bond-redemption-on-states,-rules-governing-withdrawal-from-consolidated-sinking-fund-(CSF)-have-been-eased.-CSF-is-maintained-by-the-state-governments-with-the-RBI-as-a-buffer-for-repayment-of-their-liabilities.-This-change-in-withdrawal-norms-will-come-into-force-with-immediate-effect-and-will-remain-valid-till-31-March-2021.

RBI-Monetary-Policy-Committee-(MPC)-Friday-unanimously-decided-to-slash-the-Repo-Rate-by-another-40-basis-points-to-4%.-The-interest-rate-decision-was-taken-to-revive-growth-and-mitigate-the-impact-of-the-coronavirus-pandemic.-The-announcement-came-following-a-three-day-off-cycle-meeting-of-the-MPC,-held-between-20-and-22-May-2020.-These-decisions-are-in-consonance-with-the-objective-of-achieving-the-medium-term-target-for-consumer-price-index-(CPI)-inflation-of-4%-within-a-band-of-+/-2%,-while-supporting-growth.

The-MPC-is-of-the-view-that-the-macroeconomic-impact-of-the-pandemic-is-turning-out-to-be-more-severe-than-initially-anticipated,-and-various-sectors-of-the-economy-are-experiencing-acute-stress.-The-impact-of-the-shock-has-been-compounded-by-the-interaction-of-supply-disruptions-and-demand-compression.-Beyond-the-destruction-of-economic-and-financial-activity,-livelihood-and-health-are-severely-affected.-Even-as-various-measures-initiated-by-the-government-and-the-Reserve-Bank-of-India-work-to-mitigate-the-adverse-impact-of-the-pandemic-on-the-economy,-it-is-necessary-to-ease-financial-conditions-further.-This-will-facilitate-the-flow-of-funds-at-affordable-rates-and-revive-animal-spirits.-With-the-inflation-outlook-remaining-benign-as-lockdown-related-supply-disruptions-are-mended,-the-policy-space-to-address-growth-concerns-needs-to-be-used-now-rather-than-later-to-support-the-economy,-even-while-maintaining-headroom-to-back-up-the-revival-of-activity-when-it-takes-hold.-

Buzzing-Index:

The-Nifty-Bank-index-slipped-2.88%-to-17,604.30-after-an-extension-of-loan-moratorium-by-three-months.-

Axis-Bank-(down-5.87%),-Federal-Bank-(down-5.47%),-ICICI-Bank-(down-4.6%),-RBL-Bank-(down-4.55%),-Bandhan-Bank-(down-4.32%),-IndusInd-Bank-(down-3.44%),-HDFC-Bank-(down-2.72%),-Punjab-National-Bank-(down-1.3%)-and-State-Bank-of-India-(down-0.82%)-were-top-losers-in-Bank-Nifty.

Following-the-rate-cut,-the-yield-on-10-year-benchmark-federal-paper-fell-1.76%-to-5.928-compared-with-previous-closing-of-6.034-in-the-previous-trading-session.

Meanwhile,-the-Nifty-Financial-Services-index-also-slipped-3.17%-to-8,641.35,-extending-losses-for-second-day.-The-index-has-lost-nearly-4%-in-two-sessions.-Extension-in-moratorium-also-impacted-financial-stocks.

Mahindra-&-Mahindra-Financial-(down-6.64%),-Shriram-Transport-(down-6.09%),-Bajaj-Finserv-(down-5.27%),-Bajaj-Finance-(down-4.93%),-HDFC-(down-4.4%),-Power-Finance-Corporation-(down-3.73%),-Indiabulls-Housing-Finance-(down-3.82%),-Cholamandalam-(down-3.5%),-ICICI-Prudential-Life-Insurance-(down-3.06%),-Edelweiss-Financial-(down-2.8%),-REC-(down-1.97%)-and-ICICI-Lombard-(down-0.59%)-were-top-losers.

Q4-Results-Today:

JSW-Steel-(down-1.86%),-UPL-(up-1.06%),-Trent-(down-1.88%),-Wabco-India-(up-1.42%),-IDFC-First-Bank-(down-0.26%),-Honeywell-Automation-India-(up-0.34%),-Essel-Propack-(up-1.59%),-Bayer-Cropscience-(up-1.25%)-and-BASF-India-(up-1.91%)--are-some-of-the-companies-that-will-announce-their-quarterly-earnings-today

Earnings-Impact:

Godrej-Industries-shed-0.24%-to-₹-254.55.-On-a-consolidated-basis,-the-company's-net-profit-slumped-91.3%-to-₹-25.90-crore-on-a-6.4%-rise-in-net-sales-to-₹-3,120.67-in-Q4-March-2020-over-Q4-March-2019.

Hawkins-Cookers-tumbled-6.87%-after-the-kitchenware-maker's-net-profit-slumped-30.6%-to-₹-9.36-crore-on-21%-decline-in-net-sales-to-₹-145.97-crore-in-Q4-March-2020-over-Q4-March-2019.-The-company-said-that-its-operations-were-impacted-due-to-the-lockdown-announced-by-the-government-in-March-2020-and-most-of-April-2020.-Both-sales-and-production-have-partially-resumed-in-May-2020,-it-added.

VST-Industries-rose-1.54%.-The-tobacco-products-manufacturer's-net-profit-rose-33.15%-to-₹-70.61-crore-on-7.2%-rise-in-total-income-to-₹-303.81-crore-in-Q4-March-2020-over-Q4-March-2019.-The-board-of-directors-recommended-a-final-dividend-of-₹-103-per-equity-share.-The-announcement-was-made-after-market-hours-yesterday,-21-May-2020

Stocks-in-Spotlight:

Reliance-Industries-(RIL)-fell-0.59%.-RIL-said-that-KKR-will-invest-₹-11,367-crore-into-Jio-Platforms.-The-transaction-values-Jio-Platforms-at-an-equity-value-of-₹-4.91-lakh-crore-and-an-enterprise-value-of-₹-5.16-lakh-crore.-RIL-said-this-is-KKR's-largest-investment-in-Asia-and-will-translate-into-a-2.32%-equity-stake-in-Jio-Platforms-on-a-fully-diluted-basis.-Over-the-last-one-month,-leading-technology-investors,-such-as-Facebook,-Silver-Lake,-Vista,-General-Atlantic-and-KKR-have-announced-aggregate-investments-of-₹-78,562-crore-into-Jio-Platforms.-KKR-is-making-the-investment-from-its-Asia-private-equity-and-growth-technology-funds.

Infosys-jumped-3.09%-after-a-class-action-lawsuit-filed-against-the-IT-major-and-some-of-its-employees-in-the-United-States-District-Court-stands-dismissed.-In-October-2019,-a-class-action-lawsuit-was-filed-in-the-United-States-District-Court-against-Infosys-and-certain-of-its-current-and-former-officers.-The-complaint,-which-was-filed-in-the-Eastern-District-of-New-York,-was-brought-on-behalf-of-a-class-consisting-of-persons-or-entities-who-purchased-the-company's-publicly-traded-securities-between-7-July-2018-and-20-October-2019,-and-alleged-claims-for-violations-of-the-US-federal-securities-laws.-On-21-May-2020,-the-plaintiff-voluntarily-dismissed-the-lawsuit-without-prejudice.

Bandhan-Bank-dropped-3.35%-after-the-bank-said-that-that-the-business-of-around-65,000-of-micro-banking-borrowers,-amounting-to-exposure-of-approximately-₹-260-crore,-could-be-impacted-due-to-the-Amphan-cyclone.-Cyclone-Amphan-struck-five-districts-in-southern-West-Bengal-and-northern-coastal-Odisha-starting-in-the-afternoon-of-20-May-and-lasting-till-the-wee-hours-of-the-morning-of-21-May.-As-per-the-initial-assessment,-49-banking-units-(micro-banking-outlets)-in-five-districts-were-impacted,-of-which-45-have-resumed-operations-today,-Bandhan-Bank-said-in-a-filing.-It-further-informed-that-the-bank-will-not-be-able-to-continue-services-in-five-branches-due-to-issues-in-accessibility.

Global-Markets:

Shares-in-Europe-and-Asia-tumbled-after-China-published-a-draft-law-proposal-that-could-spell-the-effective-end-of-Hong-Kong's-special-status,-risking-further-civil-disorder.-Hong-Kong's-Hang-Seng-index-plunged-nearly-6%.

China-is-poised-to-impose-a-new-national-security-law-on-Hong-Kong-after-months-of-anti-government-protests-in-the-territory.-The-move-has-sparked-concerns-the-law-will-give-Beijing-more-control-over-Hong-Kong-and-incite-further-pro-democracy-protests.

Details-of-the-draft-legislation-were-announced-Friday-when-China's-National-People's-Congress-(NPC)-—-the-country's-parliament-—-held-its-annual-session.-The-laws-would-reportedly-ban-secession,-foreign-interference,-terrorism-and-all-seditious-activities-aimed-at-toppling-the-central-government-and-any-external-interference-in-the-former-British-colony.

In-US,-Wall-Street-ended-lower-on-Thursday,-on-a-fresh-wave-of-China-US-tensions-that-raised-doubts-about-the-trade-deal-reached-early-this-year-between-the-world's-two-largest-economies.-The-losses-also-came-amid-data-that-showed-jobless-claims-reached-2.4-million-for-the-week-that-ended-on-Saturday-because-of-the-coronavirus-pandemic.-The-latest-data-pushed-the-figure's-nine-week-total-to-nearly-39-million,-surpassing-the-37-million-Americans-who-filed-for-unemployment-insurance-during-the-18-month-Great-Recession.

Markets-were-on-the-back-foot-after-the-Senate-passed-a-bill-aiming-to-delist-Chinese-companies-from-American-exchanges.-Lawmakers-and-the-White-House-have-repeatedly-raised-concerns-about-US-listed-firms-that-may-be-under-Chinese-government-control-or-receiving-capital-from-state-funds.

Powered-by-Capital-Market---Live-News

The-Sensex-and-the-Nifty-ended-lower-on-Friday,-snapping-their-three-day-rising-streak-due-to-negative-global-cues.-Rising-COVID-19-cases-in-Indian-also-spooked-investors.-Shares-of-banks-and-financial-firms-tumbled-after-the-central-bank-extended-loan-moratorium-by-three-more-months.-

As-per-provisional-closing,-the-barometer-S&P-BSE-Sensex-was-down-260.31-points-or-0.84%-at-30,672.59.-The-Nifty-50-index-fell-67-points-or-0.74%-at-9,039.28.-

The-Nifty-opened-lower-at-9067.90,-but-firmed-up-ahead-of-RBI-Governor-Shaktikanta-Das'-media-briefing-at-10-am.-Following-the-RBI-announcement-to-extend-moratorium,-the-Nifty-corrected-due-to-steep-selling-in-banks-shares.-The-index-hit-an-intraday-low-of-8968.55-in-mid-morning-trade.-The-Nifty-traded-sideways-with-modest-losses-for-most-part-of-the-day-before-ending-above-9000-mark.

In-broader-market,-the-S&P-BSE-Mid-Cap-index-was-down-0.8%-while-the-S&P-BSE-Small-Cap-index-fell-0.26%.

The-market-breadth-was-negative.-On-the-BSE,-971-shares-rose-and-1316-shares-fell.-A-total-of-163-shares-were-unchanged.

COVID-19-Update:

Total-COVID-19-confirmed-cases-worldwide-stood-at-51,02,573-far-with-3,32,924-deaths.-India-reported-66,330-active-cases-of-COVID-19-infection-and-3,583-deaths,-according-to-the-data-from-the-Ministry-of-Health-and-Family-Welfare,-Government-of-India.

RBI-Decision:

The-Reserve-bank-of-India-(RBI)-further-extended-the-loan-repayment-moratorium-for-another-three-months-up-to-31-August.-The-EMI-payments-will-restart-only-once-the-moratorium-period-expires-on-31-August.

RBI-Governor-Shaktikanta-Das-said-that-the-GDP-growth-in-India-in-2020-21-is-estimated-to-remain-in-the-negative-territory-with-a-pick-up-in-growth-impulses-in-second-half.-However,-these-depend-on-the-trajectory-of-the-pandemic.

The-RBI-also-raised-the-group-exposure-limit-of-banks-to-30%-from-25%-for-a-temporary-period-till-30-June-2021.-Group-exposure-limit-determines-the-maximum-amount-a-bank-can-lend-to-one-business-house.-The-central-bank-relaxed-rules-governing-borrowing-by-states-to-help-them-meet-their-own-liabilities-and-expenditure-requirements.-In-order-to-ease-the-pressures-of-bond-redemption-on-states,-rules-governing-withdrawal-from-consolidated-sinking-fund-(CSF)-have-been-eased.-CSF-is-maintained-by-the-state-governments-with-the-RBI-as-a-buffer-for-repayment-of-their-liabilities.-This-change-in-withdrawal-norms-will-come-into-force-with-immediate-effect-and-will-remain-valid-till-31-March-2021.

RBI-Monetary-Policy-Committee-(MPC)-Friday-unanimously-decided-to-slash-the-Repo-Rate-by-another-40-basis-points-to-4%.-The-interest-rate-decision-was-taken-to-revive-growth-and-mitigate-the-impact-of-the-coronavirus-pandemic.-The-announcement-came-following-a-three-day-off-cycle-meeting-of-the-MPC,-held-between-20-and-22-May-2020.-These-decisions-are-in-consonance-with-the-objective-of-achieving-the-medium-term-target-for-consumer-price-index-(CPI)-inflation-of-4%-within-a-band-of-+/-2%,-while-supporting-growth.

The-MPC-is-of-the-view-that-the-macroeconomic-impact-of-the-pandemic-is-turning-out-to-be-more-severe-than-initially-anticipated,-and-various-sectors-of-the-economy-are-experiencing-acute-stress.-The-impact-of-the-shock-has-been-compounded-by-the-interaction-of-supply-disruptions-and-demand-compression.-Beyond-the-destruction-of-economic-and-financial-activity,-livelihood-and-health-are-severely-affected.-Even-as-various-measures-initiated-by-the-government-and-the-Reserve-Bank-of-India-work-to-mitigate-the-adverse-impact-of-the-pandemic-on-the-economy,-it-is-necessary-to-ease-financial-conditions-further.-This-will-facilitate-the-flow-of-funds-at-affordable-rates-and-revive-animal-spirits.-With-the-inflation-outlook-remaining-benign-as-lockdown-related-supply-disruptions-are-mended,-the-policy-space-to-address-growth-concerns-needs-to-be-used-now-rather-than-later-to-support-the-economy,-even-while-maintaining-headroom-to-back-up-the-revival-of-activity-when-it-takes-hold.-

Buzzing-Index:

The-Nifty-Bank-index-slipped-2.88%-to-17,604.30-after-an-extension-of-loan-moratorium-by-three-months.-

Axis-Bank-(down-5.87%),-Federal-Bank-(down-5.47%),-ICICI-Bank-(down-4.6%),-RBL-Bank-(down-4.55%),-Bandhan-Bank-(down-4.32%),-IndusInd-Bank-(down-3.44%),-HDFC-Bank-(down-2.72%),-Punjab-National-Bank-(down-1.3%)-and-State-Bank-of-India-(down-0.82%)-were-top-losers-in-Bank-Nifty.

Following-the-rate-cut,-the-yield-on-10-year-benchmark-federal-paper-fell-1.76%-to-5.928-compared-with-previous-closing-of-6.034-in-the-previous-trading-session.

Meanwhile,-the-Nifty-Financial-Services-index-also-slipped-3.17%-to-8,641.35,-extending-losses-for-second-day.-The-index-has-lost-nearly-4%-in-two-sessions.-Extension-in-moratorium-also-impacted-financial-stocks.

Mahindra-&-Mahindra-Financial-(down-6.64%),-Shriram-Transport-(down-6.09%),-Bajaj-Finserv-(down-5.27%),-Bajaj-Finance-(down-4.93%),-HDFC-(down-4.4%),-Power-Finance-Corporation-(down-3.73%),-Indiabulls-Housing-Finance-(down-3.82%),-Cholamandalam-(down-3.5%),-ICICI-Prudential-Life-Insurance-(down-3.06%),-Edelweiss-Financial-(down-2.8%),-REC-(down-1.97%)-and-ICICI-Lombard-(down-0.59%)-were-top-losers.

Q4-Results-Today:

JSW-Steel-(down-1.86%),-UPL-(up-1.06%),-Trent-(down-1.88%),-Wabco-India-(up-1.42%),-IDFC-First-Bank-(down-0.26%),-Honeywell-Automation-India-(up-0.34%),-Essel-Propack-(up-1.59%),-Bayer-Cropscience-(up-1.25%)-and-BASF-India-(up-1.91%)--are-some-of-the-companies-that-will-announce-their-quarterly-earnings-today

Earnings-Impact:

Godrej-Industries-shed-0.24%-to-₹-254.55.-On-a-consolidated-basis,-the-company's-net-profit-slumped-91.3%-to-₹-25.90-crore-on-a-6.4%-rise-in-net-sales-to-₹-3,120.67-in-Q4-March-2020-over-Q4-March-2019.

Hawkins-Cookers-tumbled-6.87%-after-the-kitchenware-maker's-net-profit-slumped-30.6%-to-₹-9.36-crore-on-21%-decline-in-net-sales-to-₹-145.97-crore-in-Q4-March-2020-over-Q4-March-2019.-The-company-said-that-its-operations-were-impacted-due-to-the-lockdown-announced-by-the-government-in-March-2020-and-most-of-April-2020.-Both-sales-and-production-have-partially-resumed-in-May-2020,-it-added.

VST-Industries-rose-1.54%.-The-tobacco-products-manufacturer's-net-profit-rose-33.15%-to-₹-70.61-crore-on-7.2%-rise-in-total-income-to-₹-303.81-crore-in-Q4-March-2020-over-Q4-March-2019.-The-board-of-directors-recommended-a-final-dividend-of-₹-103-per-equity-share.-The-announcement-was-made-after-market-hours-yesterday,-21-May-2020

Stocks-in-Spotlight:

Reliance-Industries-(RIL)-fell-0.59%.-RIL-said-that-KKR-will-invest-₹-11,367-crore-into-Jio-Platforms.-The-transaction-values-Jio-Platforms-at-an-equity-value-of-₹-4.91-lakh-crore-and-an-enterprise-value-of-₹-5.16-lakh-crore.-RIL-said-this-is-KKR's-largest-investment-in-Asia-and-will-translate-into-a-2.32%-equity-stake-in-Jio-Platforms-on-a-fully-diluted-basis.-Over-the-last-one-month,-leading-technology-investors,-such-as-Facebook,-Silver-Lake,-Vista,-General-Atlantic-and-KKR-have-announced-aggregate-investments-of-₹-78,562-crore-into-Jio-Platforms.-KKR-is-making-the-investment-from-its-Asia-private-equity-and-growth-technology-funds.

Infosys-jumped-3.09%-after-a-class-action-lawsuit-filed-against-the-IT-major-and-some-of-its-employees-in-the-United-States-District-Court-stands-dismissed.-In-October-2019,-a-class-action-lawsuit-was-filed-in-the-United-States-District-Court-against-Infosys-and-certain-of-its-current-and-former-officers.-The-complaint,-which-was-filed-in-the-Eastern-District-of-New-York,-was-brought-on-behalf-of-a-class-consisting-of-persons-or-entities-who-purchased-the-company's-publicly-traded-securities-between-7-July-2018-and-20-October-2019,-and-alleged-claims-for-violations-of-the-US-federal-securities-laws.-On-21-May-2020,-the-plaintiff-voluntarily-dismissed-the-lawsuit-without-prejudice.

Bandhan-Bank-dropped-3.35%-after-the-bank-said-that-that-the-business-of-around-65,000-of-micro-banking-borrowers,-amounting-to-exposure-of-approximately-₹-260-crore,-could-be-impacted-due-to-the-Amphan-cyclone.-Cyclone-Amphan-struck-five-districts-in-southern-West-Bengal-and-northern-coastal-Odisha-starting-in-the-afternoon-of-20-May-and-lasting-till-the-wee-hours-of-the-morning-of-21-May.-As-per-the-initial-assessment,-49-banking-units-(micro-banking-outlets)-in-five-districts-were-impacted,-of-which-45-have-resumed-operations-today,-Bandhan-Bank-said-in-a-filing.-It-further-informed-that-the-bank-will-not-be-able-to-continue-services-in-five-branches-due-to-issues-in-accessibility.

Global-Markets:

Shares-in-Europe-and-Asia-tumbled-after-China-published-a-draft-law-proposal-that-could-spell-the-effective-end-of-Hong-Kong's-special-status,-risking-further-civil-disorder.-Hong-Kong's-Hang-Seng-index-plunged-nearly-6%.

China-is-poised-to-impose-a-new-national-security-law-on-Hong-Kong-after-months-of-anti-government-protests-in-the-territory.-The-move-has-sparked-concerns-the-law-will-give-Beijing-more-control-over-Hong-Kong-and-incite-further-pro-democracy-protests.

Details-of-the-draft-legislation-were-announced-Friday-when-China's-National-People's-Congress-(NPC)-—-the-country's-parliament-—-held-its-annual-session.-The-laws-would-reportedly-ban-secession,-foreign-interference,-terrorism-and-all-seditious-activities-aimed-at-toppling-the-central-government-and-any-external-interference-in-the-former-British-colony.

In-US,-Wall-Street-ended-lower-on-Thursday,-on-a-fresh-wave-of-China-US-tensions-that-raised-doubts-about-the-trade-deal-reached-early-this-year-between-the-world's-two-largest-economies.-The-losses-also-came-amid-data-that-showed-jobless-claims-reached-2.4-million-for-the-week-that-ended-on-Saturday-because-of-the-coronavirus-pandemic.-The-latest-data-pushed-the-figure's-nine-week-total-to-nearly-39-million,-surpassing-the-37-million-Americans-who-filed-for-unemployment-insurance-during-the-18-month-Great-Recession.

Markets-were-on-the-back-foot-after-the-Senate-passed-a-bill-aiming-to-delist-Chinese-companies-from-American-exchanges.-Lawmakers-and-the-White-House-have-repeatedly-raised-concerns-about-US-listed-firms-that-may-be-under-Chinese-government-control-or-receiving-capital-from-state-funds.

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