Roundup
Key Events
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PM dismisses lockdown rumours:
PM Narendra Modi dismissed the rumours of lockdown reimposition, and infact urged states and union territories to get ready for Unlock 2.0.
With economic indicators showing early signs of revival, cautious approach to open up the economy will further help boost business sentiments and help revive the economy.
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21 million jobs added in May: CMIE:
The unemployment rate remained very high in May 2020, but labour market conditions have improved during the month. Announcements made by central government and several state governments indicate the lockdown could be lifted further in phases during June.
With improving labour statistics on the horizon, we expect consumption recovery to be right around the block.
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IAF on high alert, moves fighter jets to forward bases
India and China have held another round of military-level talks, following the fierce clash in the Galwan Valley in eastern Ladakh on Monday night. China has claimed sovereignty over the region, that India trashed as exaggerated and untenable.
Aggressive movements on both fronts could disrupt foreign investments in India. Foreign investments started picking up only last month since the onset of the pandemic. However, since Indian equities have already witnessed a flight of significant foreign capital, reactive downside seems capped.
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RIL share price hits all-time high as firm becomes net-debt free 9 months ahead of deadline
RIL stock price has rallied 95 per cent in less than three months from its 52-week low of Rs 867.82, fuelled by 11 investment deals in nine weeks, which aided the Mukesh Ambani-led firm to raise Rs 115,693 crore by selling 24.70 per cent stake in Jio Platforms
The RIL fundraise has been a significant contributor to increased foreign institutional/portfolio investments in India. Reliance Industries has the highest weightage in bellwether indices NIFTY50 and S&P BSE SENSEX – meaningful contribution to index uptick.
