Factory activity shrinks for first time in almost a year amid Covid crisis
India Today
India's manufacturing sector activity contracted for the first time in June after almost a year due to the ongoing Covid-induced economic crisis.
India's manufacturing sector activities contracted for the first time in 11 months in June as rising coronavirus cases and strict containment measures adversely impacted demand as well as resulted in job losses, a monthly survey said on Thursday. The seasonally-adjusted IHS Markit India Manufacturing Purchasing Managers' Index (PMI) declined to 48.1 in June from 50.8 in May. The index fell below the critical 50.0 marks for the first time since July 2020. In PMI parlance, a print above 50 means expansion while a score below 50 denotes contraction.
A look at Sensex stocks shows that IT names such as HCLTech, Tech Mahindra, and TCS were trading in the green, even as heavyweights across banking, auto, metal and consumption sectors saw sharp declines.
As of 10:26 am on MCX, gold futures were trading at Rs 1,37,307, down Rs 7,185 or 4.97%. Silver futures were at Rs 2,13,600, down Rs 13,172 or 5.81%.
The stock has seen a steep decline recently. In just two sessions, the share price fell from around Rs 843 to Rs 781 on the NSE, marking a drop of over 7%. After closing at Rs 781 on Friday, the stock is now only Rs 11 above its 52-week low of Rs 770.
As the war enters its fourth week, airlines are struggling to cope with a sharp rise in jet fuel prices, which have surged significantly in a short span of time. The impact is already visible for passengers, with ticket prices expected to rise in the coming months as airlines try to protect already thin profit margins.
The world is already feeling the heat as the West Asia conflict enters its fourth week, pushing global crude oil prices higher. In this article, we speak to experts to understand whether this shock could tip the world toward a recession.
The additional allocation will be subject to commercial establishments registering with oil companies and applying for a piped natural gas connection, according to a letter written by the oil secretary to states.
Civil Aviation Minister Ram Mohan Naidu said that the impact of the ongoing Iran war on the aviation sector is likely to be visible from April 1, when the Air Turbine Fuel (ATF) prices will be revised.
A new government directive on free seat allocation has triggered sharp opposition from airlines, who warn it could push up fares, hurt affordability and reshape how tickets are priced across India's aviation sector.
This is the third part of Lock & Key, a series that looks at how India's bank locker system works, the risks involved, and what customers need to know. After examining safety and insurance in the first two parts, this story focusses on a new problem – access.
The former RBI Govenor said a 15–20% global energy disruption would require sharp demand cuts, pushing oil to $150–$200 per barrel, risking severe economic stress if the conflict continues another month.
Venkataraman joined Flipkart in 2015 and has been part of the company's leadership team through a period of growth and restructuring. During his tenure, he helped strengthen the company's financial operations.