Bharat is reviving from the Covid-19 disruption must faster than urban India. Nomura India's business resumption index showed rural India is doing far better vis-à-vis urban India. Retail fertiliser sales doubled in May from a year ago, tractor registrations have touched 90% of FY20 levels, two-wheeler sales have been better than urban India. Even on the unemployment rate, Bharat is said be doing better. And now a good monsoon promises to give surplus agricultural output, which can further support growth in the rural economy. No wonder rural-focused FMCG firms are sounding gung-ho in these otherwise depressed times!
MARKET CUES: Where do we stand >>>  | Nifty futures on the Singapore Exchange traded 108 points higher at 7 am (IST) this morning, in signs of a strong start ahead on Dalal Street. |
| On Monday, Nifty50 reclaimed the psychologically important 11,000 mark and formed a small bullish candle. However, the index looked overbought on the daily chart. |
| Asian stocks rose Tuesday after a technology-fueled rally lifted their US counterparts to the highest since February. Shares were up more than 1% in Australia, South Korea and Hong Kong. Gains in Japan and China were more modest. |
| Wall Street gained ground on Monday and surging technology shares pushed the Nasdaq to a record closing high. The Dow rose 8.92 points, the S&P500 27.11 points, and the Nasdaq 263.90 points |
| The rupee appreciated by 11 paise to settle at 74.91 against the US dollar on Monday, tracking positive domestic equities and weak American currency. |
| The dollar extended a decline. The yen rose 0.1%, while the offshore yuan was little changed. The euro rose to its highest level in more than four months against the US dollar. |
| Oil prices were little changed on Tuesday, trapped in the narrow trading band of the past three weeks. Brent futures rose 15 cents, or 0.4 per cent, to $43.43 a barrel, while WTI edged up 2 cents to $40.83. |
| Gold prices dropped to Rs 49,050 per 10 gm, while silver climbed to Rs 53,150 a kg on Tuesday. On MCX, August gold futures climbed 0.12 per cent to Rs 49,027 on Monday, while silver September futures jumped to Rs 54,005. In global markets, gold futures settled 0.4% higher at $1,817.40 an ounce. |
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Sebi margins rule deferred... Sebi on Monday put off the implementation of tighter initial margin norms for stock trading by a few months till December 1. The regulator said rules will now be implemented in a phased manner. Now, investors and traders will have to pay all the margins upfront to the broker before the trade only from September 1, 2021. Currently, the rule of bringing in the entire upfront margins is only applicable to traders in derivatives.
Read More Big labour law change coming… The labour ministry has finalised two labour codes that will give flexibility to state governments on rules related to hiring, retrenchment and fixing work hours in factories and establishments while imposing curbs on workers to form unions. The codes on occupational safety, health and working conditions and industrial relations would give autonomy to states to amend labour laws to suit their industrial needs and attract investments. The quick rollout of these two central legislations would allow factories to continue production with minimum workers as labour shortage continues.
Read More India to private half of PSU banks… India is looking to privatise more than half of its state-owned banks to reduce the number of government-owned lenders to just five as part of an overhaul of the banking industry, government and banking sources said. The first part of the plan would be to sell majority stakes in Bank of India, Central Bank of India, Indian Overseas Bank, UCO Bank, Bank of Maharashtra and Punjab & Sind Bank, leading to an effective privatisation of these state-owned lenders, a government official said.
Read More Oxford Covid-19 drug shows promise... An experimental vaccine being developed by AstraZeneca and Oxford University against the new coronavirus produced an immune response in early-stage clinical trials, data showed on Monday, preserving hopes it could be in use by the end of the year. The vaccine has been described by the WHO chief scientist as the leading candidate in a global race to halt a pandemic that has killed more than 600,000 people. British PM Boris Johnson, whose government has helped fund the project, hailed the results as "very positive news" though the researchers cautioned the project was still at an early stage.
Read More Non-Tata to head Tata Trusts some day… The future chairman of Tata Trusts could be a non-Tata, incumbent head of the trusts Ratan Tata has said in a recent submission to the Supreme Court. "I happen to be the current chairman of these trusts. It could be somebody else, not necessarily with the surname 'Tata', in the future. An individual's life is finite, whereas these organisations will continue," he said. Members of the Tata family have no "vested right" to that position or even to the chairmanship of Tata Sons, he said in response to a plea filed by Cyrus Investments, a company controlled by the Mistry family.
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India Inc Q1 profit may hit record low… Covid-related disruptions in the economy during the just ended April-June quarter are expected to reduce India Inc's net profit by more than 40% and revenue by around 60% — both never-before-seen events in recorded history. The slide would be sharper if the results of banks and other financial services companies are excluded from the aggregate numbers, analysts said. Telecom companies are expected to show an uptrend in profits and revenues, they added.
Read More Telcos told to forget AGR recalculation… India's big telecom players, except Jio, pleaded before the Supreme Court on Monday for a staggered payment of adjusted gross revenue dues over 15 years after the apex court scotched their mild attempts for recalculation of the Rs 1.6 lakh crore claimed by the DoT. Irked by fresh attempts by telecom service providers to recalculate the AGR dues and the sympathetic stand taken by DoT, a bench of Justices Arun Mishra, S Abdul Nazeer and M R Shah said the "thought should not cross the minds of defaulters even for a second".
Read More Big spike in term insurance cost… Some private sector insurers such as ICICI Prudential, HDFC Life, Bajaj Allianz Life and Tata AIA Life have raised their term premium rates by nearly 30 per cent at a time when there's increased demand for life cover in light of the Covid-19 pandemic. However, industry executives said the revision took place in stages between April and July largely due to a correction in rates specified by global reinsurers before the Covid-19 virus affected India. The impact of the pandemic on term prices is yet to play out in India, they said.
Read More Meanwhile... Indian firms cancel orders with Chinese vendors… Indian electrical equipment and electronics industry has begun mass cancellation of orders on Chinese firms in the last few days and are scouting for newer destinations for raw material sourcing. Companies are cancelling orders mainly for power distribution and transmission gears and turning to other countries despite higher costs. The process began in May after Prime Minister Narendra Modi's vocal-forlocal call.
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