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Stock Market Latest Updates: Sensex gains over 800 points, Nifty above 9,800-mark; Bajaj Finance top gainer, jumps over 10% Sydney: Asian share markets started on a cautious note and gold gained on Monday as images of riots in burning US cities unnerved investors already tense over Washington’s power struggle with Beijing. E-Mini futures for the S&P 500 ESc1 retreated 0.5 percent in early action, while gold rose 0.77 percent to $1,739 an ounce. Oil prices also slipped, while sovereign bonds picked up the usual safe-haven bid. MSCI’s broadest index of Asia-Pacific shares outside Japan edged up 0.2 percent, as did Japan’s Nikkei. “If American consumers were reluctant to come out of their COVID-19 lockdown cocoon, fearing a secondary spreader with police cars ablaze, freeways blocked, and videos of mass looting shared through social media like wildfire, they’re not going to feel any safer,’ said Stephen Innes, chief global markets strategist at AxiCorp. Major US cities were cleaning up streets strewn with broken glass and burned out cars as curfews failed to stop confrontations between activists and law enforcement. Protesters have flooded streets after weeks of lockdowns during the coronavirus pandemic that threw millions out of work and hit minority communities especially hard. The turmoil was a fresh setback for the economy which was only just emerging from a downturn akin to the Great Depression. Following poor data on spending and trade out on Friday, the Atlanta Federal Reserve estimated economic output could drop a staggering 51 percent annualised in the second quarter. The May jobs report due out on Friday is forecast to show the unemployment rate surged to 19.8 percent, smashing April’s record 14.7 percent. Payrolls are expected to drop by 7.4 million, on top of the 20.5 million jobs lost the previous month. “Current unemployment numbers go far beyond what has been experienced in any post-war recession,” wrote Barclays economist Christian Keller in a note. “To the extent that some sectors may never return to pre-pandemic business-as-usual, labour faces a substantial challenge to reallocate workers,” he added. “Such a process could be a matter of years rather than months or quarters and in the meantime it would weigh on consumer demand.” In Asia, an official business survey from China over the weekend showed its factory activity grew at a slower pace in May but momentum in the services and construction sectors quickened, pointing to an uneven recovery. Bond investors suspect economies will need massive amounts of central bank support long after they reopen and that is keeping yields super low even as governments borrow much more. Yields on US 10-year notes were trading at 0.66 percent having recovered from a blip up to 0.74 percent last month when the market absorbed a tidal wave of new issuance. The decline in US yields has been a burden for the dollar, but the world’s reserve currency also tends to benefit from safe-haven status to limit the losses. Early Monday, the dollar was a fraction softer on a basket of peers at 98.223 having touched an 11-week low of 97.944 on Friday. It was steady on the yen at 107.76. Much of the dollar’s recent decline has come against the euro which has been broadly boosted by plans for an EU stimulus package. The single currency was last at $1.1114 after climbing 1.8 percent last week. Markets are awaiting a meeting of the European Central Bank on Thursday where it is widely expected to raise its asset buying by around 500 billion euros to 1.25 trillion. In commodity markets, oil prices started soft on worries about US. demand, but found some support from reports Russia had no objection to the next meeting of OPEC and its allies, known as OPEC+, being brought forward to 4 June from the following week. Brent crude LCOc1 futures were off 8 cents at $37.76 a barrel, while US crude CLc1 dipped 13 cents to $35.36.
Stock Market Latest Updates: Sensex gains over 800 points, Nifty above 9,800-mark; Bajaj Finance top gainer, jumps over 10%
Stock Market Latest Updates: Sensex gains over 800 points, Nifty above 9,800-mark; Bajaj Finance top gainer, jumps over 10%
 "Stock Market Latest Updates: Sensex gains over 800 points, Nifty above 9,800-mark; Bajaj Finance top gainer, jumps over 10%")
Sensex gains over 800 points, Nifty above 9,800-mark on lockdown relaxations
Indices extended the gains for the fourth session in a row after government relaxed some of the lockdown norms in a bid to revive the economy.
Sensex zoomed 879.42 points or 2.71 percent at 33,303.52, while Nifty was up 245.85 points or 2.57 percent at 9826.15 at close.
On the BSE, Bajaj Finance was the top gainer jumping over 10 percent. Other gainers included Titan, Tata Steel, SBI, M&M, HDFC, IndusInd Bank, Reliance and HDFC Bank.
Bajaj Finance, Bajaj Finserv, Titan Company, Tata Steel and M&M were among major gainers on the Nifty, while losers were Dr Reddy’s Labs, UltraTech Cement, Bharti Infratel, Nestle and Sun Pharma.
All the sectoral indices ended in the green, while BSE Smallcap and Midcap indices rose up to 3 percent.
#MarketAtClose | Market gains for 4th straight session, but closes off intra-day highs. Sensex & Nifty end at 1-month highs with both indices gaining over 2% each; Nifty closes 246 pts higher at 9,826 & Sensex 879 pts higher at 33,303 pic.twitter.com/90rZVj6zP5
— CNBC-TV18 (@CNBCTV18Live) June 1, 2020
No data breach in BHIM App, says NPCI
NPCI said in a statement: “We have come across some news reports which suggest data breach at BHIM App. We would like to clarify that there has been no data compromise at BHIM App and request everyone to not fall prey to such speculations. NPCI follows high level of security and an integrated approach to protect its infrastructure and continue to provide a robust payments ecosystem”.
Aadhar Housing Finance launches Covid Warriors Griha Loans
Aadhar Housing Finance, housing finance company, has announced the launch of Covid Warriors Griha Loans – a home loan scheme dedicated to the housing loan requirements of those who are on the frontline of the country’s battle against the COVID-19 pandemic.
Lower rate of interest, complimentary health insurance for one year, are some of the hallmarks of this scheme, according to a press statement.
Covid frontline workers can now look forward to buy a home, to construct, to renovate or take a loan against property withAadhar Housing Finance’s Covid Warriors Griha Loans.
Deo Shankar Tripathi, MD & CEO, Aadhar Housing Finance said, “ The COVID-19 pandemic has deeply impacted livelihoods and income, through this product, we intend to provide a financial cushion that will enable them to own their dream home”
BMW India resumes operations post-temporary suspension due to lockdown
German luxury carmaker BMW on Monday said it has resumed operations in accordance with the government guidelines.
Consumers can once again safely explore and experience the complete range of BMW, MINI and BMW Motorrad products at company dealerships, BMW Group India said in a statement.
Production at Chennai plant has resumed with less than 50 percent of the regular workforce catering to the production demand in the country, it added.
Jindal Global launches online LLM in corporate, financial law
Jindal Global Law School (JGLS) on Monday introduced Online LLM (Master of Laws) degree in Corporate & Financial Law in partnership in collaboration with upGrad.
The course is “tailor-made” for corporate lawyers interested in pursuing higher studies to specialise in one of the many areas of corporate and financial law, said C Raj Kumar, Founding Vice Chancellor of the O P Jindal Global University & Founding Dean, JGLS.
The programme will foster teaching and research to meet the challenges of the global economy, and to familiarise learners with the practice and procedures of the corporate legal world, Kumar said.
JK Tyre establishes marketing arm in US
JK Tyre & Industries on Monday said it has come up with a marketing arm in the US to focus on sales, service and network expansion.
The company has set up a new entity -Western Tires INC – based at Houston, Texas, thereby, embarking upon an aggressive plan to take the global business to the next level, JK Tyre & Industries said in a statement.
The company has been exporting to the US for over two decades through a network of local partners and with the acquisition of JK Tornel and enhancement of capacity at JK Tyre India, there has been a steady growth in the global markets including the US, it said.
With the formation of the Western Tires INC, the company now has its own marketing arm for the US that will focus on sales, service and network expansion, it added.
Air India to give full refund to passengers
Air India to provide full refund to passengers for flights between March 23 and May 31https://t.co/uuU840Mswf
— CNBC-TV18 (@CNBCTV18Live) June 1, 2020
Biocon partner Mylan wins favourable ruling from US patent authority
Biotechnology major Biocon on Monday said the US patent authority has ruled in favour of its partner Mylan for four device patents of Sanofi’s Lantus SoloSTAR.
The favourable ruling in inter-parts review proceedings by the Patent and Trademark Appeal Board (PTAB) would pave the way for launch of insulin product Glargine in the US, Biocon said in a filing to BSE.
“We are extremely pleased with the US PTAB’s ruling in favour of our partner Mylan for four device patents of Sanofi’’s Lantus SoloSTAR. This strengthens our resolve to provide a high quality affordable Insulin Glargine to diabetic patients in the US and generate savings for their healthcare system,” Biocon Biologics CEO and MD Christiane Hamacher said.
M&M tractor sales fall 1% in May, exports slump 72%
Mahindra & Mahindra on Monday reported 1 percent decline in total tractor sales at 24,341 units in May.
The company had sold 24,704 units of tractor in the same month last year, Mahindra & Mahindra said in a statement.
Domestic tractor sales stood at 24,017 units last month as compared to 23,539 units in May 2019, it added.
Exports, however, were down 72 percent at 324 units as against 1,165 units in May last year.
Kia Motors drives in modified SUV Seltos; prices start at Rs 9.89 lakh
Kia Motors India on Monday launched a refreshed version of its popular SUV Seltos with price starting at Rs 9.89 lakh (ex-showroom, Delhi).
The refreshed Seltos now comes equipped with ten new features related to safety, convenience, connectivity and design, over and above other key enhancements, the company said in a statement.
Moreover, many existing features in higher variants such as sunroof are now available in lower variants too, the statement added.
OPPO ties up with T-Hub for startups
OPPO, Chinese smartphone brand and T-Hub, a state government initiative for startups on Monday announced their partnership to support the startup ecosystem in India.
The collaboration will bring in scale up opportunities for some of the most innovative startups in the areas of Artificial Intelligence, 5G, Battery, Camera and Image Processing, Gaming, and System performance, a press release form the T-Hub said.
The selected startups will receive incubation support from OPPO along with technical mentorship and access to new markets while T-Hub will bring its vast experience and expertise in running various programs and will provide the startups with the right mentorship and exposure to the domestic and global incubation and innovation ecosystems.
BSE introduces SIP pause facility on its MF distribution platform
In the wake of the COVID-19 pandemic and the ongoing lockdown, the BSE on Monday said it has introduced the SIP pause facility on its mutual fund distribution platform.
The option will allow members to pause their clients’’ systematic investment plans (SIPs) for a certain period and then continue with their SIPs after the pause period, the exchange said in a notice.
Pause registrations under this facility will be accepted as per the terms and conditions laid down by respective asset management companies (AMCs), it added.
Gold futures rise on spot demand, global cues
Gold prices on Monday rose by Rs 226 to Rs 46,880 per 10 gram in futures trade as speculators created fresh positions on firm spot demand.
On the Multi Commodity Exchange, gold contracts for June traded higher by Rs 226, or 0.48 percent, to Rs 46,880 per 10 gram in a business turnover of 789 lots.
The yellow metal for August delivery edged up by Rs 91, or 0.19 percent, to Rs 47,195 per 10 gram in a business turnover of 15,535 lots.
Fresh positions built up by participants mainly led to the rise in gold prices, analysts said.
Gold prices traded higher by 0.08 percent at $1,753.10 per ounce in New York.
DGCA to airlines: Keep middle seats vacant to extent possible
The Directorate General of Civil Aviation (DGCA) on Monday asked airlines to allot seats in flights in such a manner that middle seats are kept vacant to the extent possible.
However, if a flyer has been allotted the middle seat due to a high passenger load ’then additional protective equipment like wrap-around gown of the Ministry of Textile approved standards’ must be provided to that passenger in addition to three-layered face mask and face shield, said the DGCA order, which has been accessed by PTI.
India resumed its domestic passenger flights from May 25 after a gap of two months due to the coronavirus-triggered lockdown. International commercial passenger flights continue to remain suspended in the country.
#Breaking | @DGCAIndia issues directions to airlines on expert committee recommendations after Supreme Court order. Here's more.#airlines #aviation #airports pic.twitter.com/dOSOxpsmZ0
— CNBC-TV18 (@CNBCTV18Live) June 1, 2020
Over 1,000 non-swadeshi products junked from CAPF canteens
Over 1,000 products manufactured by firms like Dabur, VIP industries, Eureka Forbes, Jaguar, HUL (foods), Nestle India will not be sold at CAPF canteens anymore from Monday as they are not ‘‘swadeshi’’ or are prepared from purely imported products, a government order said.
The Ministry of Home Affairs on May 13 declared that this nationwide network of over 1,700 Central Police Canteens (CPCs) or Central Armed Police Forces (CAPF)canteens will only sell indigenous or “swadeshi” products from 1 June in a bid to give fillip to domestic industries.
The order said all those items which are made from “purely imported products’ are being de-listed from Kendriya Police Kalyan Bhandar or CAPF canteens from Monday.
Publis sector banks gain
#CNBCTV18Market | PSU banks move sharply higher in the last few minutes pic.twitter.com/qR77DUwSmA
— CNBC-TV18 (@CNBCTV18Live) June 1, 2020
Sensex surges over 1,000, Nifty above 9,850-mark
Indices staged a recovery as Sensex zoomed 1047.05 points or 3.23 percent to 33,471.15 while the Nifty was up 290.85 points or 3.04 percent at 9,871.15 at around 2.30 pm.
On the BSE, Bajaj Finance was the top gainer followed by Titan, Tata Steel, SBI, M&M, HDFC, IndusInd Bank and TCS.
All the Nifty sectoral indices were in the green, led by Nifty PSU Bank index, up nearly 4 percent.
India’s fuel demand recovery gathers pace in May
India’s fuel demand recovery gathered momentum in May as easing of lockdown restrictions helped nearly double the sales when compared with the previous month, according to preliminary data available from state-owned fuel retailers.
The demand is set to rise further as more curbs on transport and industrial activities have been lifted in the fifth phase of the nationwide lockdown imposed to curb the spread of coronavirus. Lockdown 5.0 begins from June 1.
Petrol sales in May declined by 36.5 percent to 1.59 million tonne as compared to the year-ago period, but were up from 9,73,000 tonne sold in April. In April, petrol sales declined 61 percent.
Diesel sales fell by 31 percent to 4.81 million tonne in May from a year earlier. In April, they had fallen by 56.5 percent at 3.25 million tonne.
Power Exchange India starts real-time market for electricity transactions
Power Exchange India Ltd (PXIL) on Monday said it has kick-started Real Time Market (RTM) for electricity transactions.
The RTM enables consumers, including distribution companies (discoms) and captive users, to buy power on exchanges just an hour before delivery.
“The first trade conducted on PXIL’s platform were from clients of Kreate Energy Private Ltd and PTC India Ltd. The initial auction sessions also saw participation from distribution utilities of Telangana, Meghalaya, Manipur, Sikkim and Jharkhand,” a PXIL statement.
Commenting on the launch, Prabhajit Kumar Sarkar, MD & CEO of PXIL said that the RTM is a major evolutionary change in the dynamics of the power market in our country.
Rupee rises 7 paise to Rs 75.54 at close
#Rupee ends mildly stronger compared to Friday's close pic.twitter.com/N15sHslNph
— CNBC-TV18 (@CNBCTV18Live) June 1, 2020
Palestinian economy could shrink by 11%: World Bank
The Palestinian economy could shrink by as much as 11 percent in the coming year as the coronavirus pandemic inflicts yet another blow to the Palestinian Authority’s already shaky finances, the World Bank said Monday.
The economic deterioration comes as tensions with Israel soar ahead of Israel’’s plans to annex large parts of the occupied West Bank, which would make it virtually impossible to create a viable Palestinian state.
In a separate report, the UN’s Mideast envoy warned that unilateral actions by either side — such as Israeli annexation and Palestinian withdrawal from past agreements — would “most likely trigger conflict and instability” in the region.
The reports were both released ahead of a meeting this week of international donor nations that support the Palestinian Authority, the internationally recognized entity that governs autonomous areas of the West Bank.
Mahindra sales dip 79% in May, exports fall 80%
Auto major Mahindra & Mahindra (M&M) on Monday reported a steep 79 percent decline in total sales at 9,560 units in May.
The company had sold 45,521 units in the same month last year, M&M said in a statement.
In the domestic market, sales were down 79 percent to 9,076 units last month compared to 43,056 units in May 2019.
Exports during the period under consideration dropped by 80 percent to 484 units as against 2,365 units in the year-ago month.
Indices trim gains, Sensex up 905 points, Nifty at 9,832-mark
Indices trimmed the gains as Sensex was trading 904.94 points or 2.79 percent higher at 33,329.04 while the Nifty was up 252.10 points or 2.63 percent at 9,832.40 at around 2 pm.
Bajaj Finance, Titan, Tata Steel, M&M, SBI, HDFC and IndusInd Bank were among the major gainers.
BSE Midcap and Smallcap indices rose over 3 percent.
Power generation drops over 14% in May
Provisional Govt data says total electricity generation falls 14.3% in May.
— CNBC-TV18 (@CNBCTV18Live) June 1, 2020
Coal-fired electricity generation falls 22% while electricity generated From Renewable Energy sources rises 4.6% pic.twitter.com/s9B6xawJue
ATF prices hiked in major cities
Price of ATF (aviation turbine fuel) in the national capital has been raised by Rs 11,030.62 to 33,575.37 per kilolitre, according to data on the Indian Oil Corp’s website.
Similarly, that in Kolkata, Mumbai and Chennai has been raised to Rs 38,543.48, Rs 3,070.56 and Rs 34,569.30 respectively per kilolitre.
A kilolitre of jet fuel in June will cost airlines Rs 33,575 in comparison to Rs 22,544 in May — an increase of Rs 11,031 per kilolitre. The price of a kilolitre of ATF will cost Rs 33,575 in Delhi while the cost will rise to Rs 38,543 in Kolkata.
In Mumbai, a kilolitre of ATF will now cost Rs 33,070.
Lakhs of power sector workers protest against Electricity Amendment Bill 2020: AIPEF
Lakhs of power sector employees and engineers are protesting against the Electricity Amendment Bill 2020 and the government’s move to privatise power distribution companies in union territories, according to a statement by AIPEF.
Last month, Finance Minister Nirmala Sitharaman had announced the government’s plan to privatise power distribution utilities in union territories. The power ministry also circulated a draft Electricity Amendment Bill 2020 on 17 April 2020.
“Lakhs of electricity employees and engineers across the country today joined hands to observe a protest demonstration maintaining social distance against the Electricity Amendment Bill 2020 and move to privatise the power distribution in Union Territories,” All India Power Engineers Federation (AIPEF) spokesperson VK Gupta said in the statement.
Lockdown extension to have deep impact on economy: Report
The extension of the lockdown by the government will have a deep impact on the economic activity, a foreign brokerage said, sharply cutting India’s GDP forecast for this financial year to a contraction of 2 percent.
The estimate has been arrived at with the assumption that the lockdown will extend till mid-July and a restart of the economy will get stretched to August, analysts at Bank of America Securities said.
It can be noted that the RBI also expects the economy to contract in FY21 (2020-2021), but has not given a level to it. Some analysts have pegged the contraction as high as 5 percent.
SpiceJet adds Kyrgyzstan, Egypt to international cargo network
SpiceJet, air cargo operator, has added Kyrgyzstan and Egypt to its international cargo network as it operated its maiden cargo flights from Delhi to Bishkek and Mumbai to Cairo via Ras Al-Khaimah.
SpiceJet, which is operating 38 cargo flights today, carried 13 tonnes of medical supplies from Hong Kong to Kolkata.
The airline deployed its Boeing 737 freighter aircraft to carry 17 tonnes of cargo supplies to Bishkek, 17 tonnes of pharma to Cairo and 13 tonnes of pharma from Hong Kong.
Ajay Singh, Chairman & Managing Director, SpiceJet, said, “Egypt and Kyrgyzstan are significant additions to our fast expanding cargo network. We are now actively using our Ras Al-Khaimah hub for cargo flights to African and CIS countries and this partnership will continue to grow in the times to come.”
India improves ease of doing business rank to 63 in 2019: Piyush Goyal
Under PM @NarendraModi ji's #ReformAndPerformSarkar, India has scaled new heights by increasing Ease of Doing Business ranking to 63.
— Piyush Goyal (@PiyushGoyal) June 1, 2020
Transformational measures have fostered economic growth, boosted exports & spurred job creation.
Know More: https://t.co/OqRecEkqvp pic.twitter.com/BOSCSps6Li
Markets march ahead smartly at half-time
Indian markets at half time is smartly marching ahead building on to its gains following a 150 points GAP up opening, said Aditya Agarwala, Senior Technical Analyst, YES Securities.
Further, Nifty has broken out crossing the recent pivot high of 9,880 making a higher high and recently it also made a higher low of 8,800 clearly indicating a short term trend reversal favoring the bulls, he said.
“A sustained trade beyond 9880 will extend the gains to levels of 10,150. On the flip side if it breaks below the support of 9,880 even on an intraday basis profit booking can be triggered dragging the Index lower to levels of 9,760-9,720,” said Agarwala.
On shorter time frame chart negative divergences are visible suggesting that the uptrend is losing momentum which can lead to minor profit booking. All sectoral indices are trading in green with gains between 4-5 percent. European markets have also opened in the green with handsome gains, he said.
Sensex above 33,500, Nifty holds 9,900-mark
Indices remained in the green zone as Sensex was trading 1126.39 points or 3.47 percent higher at 33,550.49 while the Nifty was up 320.35 points or 3.34 percent at 9,900.65 at around 1.25 pm.
Bajaj Finance was the top gainer in the Sensex pack surging over 10 percent.
Other gainers included Titan (9.40 percent), M&M (7.62 percent), Tata Steel (6.96 percent), SBI (6.36 percent) and HDFC (6.20 percent).
Govt rejects Flipkart’s application for food retail licence
The government has rejected Flipkart's application for a food retail licence, and the company said it intends to reapply after evaluation, @MugdhaCNBCTV18 writeshttps://t.co/NPHTeguGyR
— CNBC-TV18 (@CNBCTV18Live) June 1, 2020
Adani Ports raises Rs 100 cr through NCDs
Adani Ports and Special Economic Zone (APSEZ) on Monday said it has raised Rs 100 crore through allotment of NCDs on a private placement basis.
The 1,000 non convertible debentures (NCDs) allotted were of the face value of Rs 10 lakh each, it said in a BSE filing.
“The company has raised Rs 100 crore today by allotment of 1,000 Rated, Listed, Secured, Redeemable NCDs of the face value of Rs 10,00,000 each on private placement basis,” the company said.
It said the NCDs will be listed on the Wholesale Debt Market segment of BSE.
Hyundai sales decline 79% in May
Hyundai Motor India Ltd (HMIL) on Monday reported a 78.7 percent decline in total sales at 12,583 units in May.
The company had reported sales of 59,102 units in May 2019.
Domestic sales during the last month were down 83.8 per cent to 6,883 units as against 42,502 units in May 2019.
The company said it exported 5,700 units during the last month as compared to 16,600 units in May last year.
STL records highest-ever revenue at Rs 5,154 cr
STL (Sterlite Technologies Ltd), an industry integrator of data networks, has announced the consolidated financial results for its fourth quarter and financial year ending 31 March, 2020.
The Company reported Rs. 5,154 crore in revenue and an order book of Rs. 10,037 crore, backed by large deal wins globally, according to a press statement.
Though the global environment witnessed uncertainty and sluggish growth, followed by a lockdown due to COVID-19, STL continued to perform and grow its revenue by delivering end-to-end data network solutions, the press release said.
“In the current times, we have focused on keeping our employees and communities safe, while continuing critical operations and deepening customer relationships”, said Anand Agarwal, Group CEO, STL.
“As we start FY21, we have a more robust business. We are seeing an accelerated shift towards digitalisation and data network investments from all our customer segments. The next generation of networks are shifting towards network densification, edge compute, open source and virtualization,” Agarwal said.
Axis Bank reduces savings account deposit rates by 25 bps
Axis Bank cuts savings account deposit rates by 25 bps pic.twitter.com/KaSlDcz2IV
— CNBC-TV18 (@CNBCTV18Live) June 1, 2020
L&T arm converts govt healthcare units into COVID-19 facilities
Larsen & Toubro (L&T) on Monday said that its construction arm has transformed established or under-construction government healthcare units into COVID-19 patient-care facilities across the country.
The company said it has the capability to construct 300 bed hospitals in record three to four months.
It is capable of quickly turning around existing or under-construction medical infrastructure into COVID-19 related facilities and transform large establishments like marriage halls, schools and hotel rooms quickly into isolation wards.
“The construction arm of Larsen & Toubro (L&T)… turned around large-scale healthcare infrastructure into COVID-19 care facilities in New Delhi, Champaran and Madhepura in Bihar, Puducherry, Diamond Harbour in West Bengal and Gorakhpur in Uttar Pradesh,” the company said in a filing to BSE.
Hotel stocks rally up to 19% as govt lifts curbs on operations from 8 June
Hotel stocks on Monday zoomed up to 19 percent after the government said opening of hotels, restaurants and other hospitality services and shopping malls will start from 8 June.
Chalet Hotels jumped 19.16 percent, EIH Associated Hotels 13.96 percent, Indian Hotels Company Limited 11.38 percent, EIH 9.93 percent and Taj GVK Hotels & Resorts soared 8.38 percent on the BSE.
Lemon Tree Hotels also jumped 4.74 percent to Rs 18.80 — its upper circuit limit.
India’s May jobless rate at 23.48%: CMIE
India’s unemployment rate in May rose to 23.48 percent, marginally lower from 23.52 percent in April, according to data released by the Centre for Monitoring Indian Economy (CMIE) on Monday, reflecting the impact of coronavirus pandemic.
India has reported 190,535 coronavirus cases, with 5,394 deaths.
India’s infrastructure output, contributing nearly 40 percent in industrial production, contracted 38.1 percent in April from a year earlier, the worst performance in years, government data showed on Friday.
India’s manufacturing output falls further in May, rate of job cuts accelerates: PMI survey
The country’s manufacturing sector activity recorded another sharp deterioration in business conditions during May as new orders placed with producers continued to fall after April’s record contraction, leading firms to cut jobs at the quickest pace on record, a monthly survey said on Monday.
The headline seasonally adjusted IHS Markit India Manufacturing Purchasing Managers’ Index (PMI) stood at 30.8 in May, up from 27.4 in April, pointing to another substantial decline in the health of the country’s manufacturing sector, albeit one that was slightly softer than recorded in April.
Chennai Ranks #1 in Challan Checks: ACKO Insights for Smarter Car and Two Wheeler Insurance Decisions
Chennai leads India in challan checks, with drivers checking their e-challans over 5 times a month on average. Helmet non-compliance is the most broken rule, accounting for 34.8% of all traffic offences in Chennai. Regular digital challan checks help drivers avoid hefty fines, promote safe driving, and improve insurance premiums.
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