Business

Industry analysts expect a full-scale recovery to pre-COVID-19 consumption levels in India to be months away as the monsoon season approaches while manufacturing activities remain low and transportation demand takes a hit in some parts of the country.

Bajaj Finance was the top gainer in the pack, soaring around 7 per cent, followed by Reliance Industries (RIL) which ended over 6 per cent higher.

The company posted a profit of Rs 13.08 crore in the year-ago period, Thomas Cook India said in a late night regulatory filing on Thursday.

Petrol price in Delhi was hiked to Rs 78.37 per litre from Rs 77.81, while diesel rates were increased to Rs 77.06 a litre from Rs 76.43, according to a price notification of state oil marketing companies.

To safeguard their money, depositors are also selecting banks that can provide safety to their money, India Ratings and Research said in the report.

After touching a low of 33,332.96, the 30-share index was trading 225.22 points, or 0.67 per cent, lower at 33,380. Similarly, NSE Nifty fell 56.40 points, or 0.57 per cent, to 9,857.60.

The lender said it will seek shareholders' nod in the meeting "to create, offer, issue and allot, such number of equity shares of Re 1 each, for an amount not exceeding Rs 20,000 crore.

The scheme is the biggest fiscal component of the Rs 20-lakh crore Atmanirbhar Bharat Abhiyan package announced by Finance Minister Nirmala Sitharaman last month.

M&M was the top gainer in the Sensex pack, rallying around 7 per cent, followed by Bajaj Finance, Hero MotoCorp, Reliance Industries (RIL), Titan and Bajaj Auto.

Companies that move from investment grade category to sub-investment grade are sometimes referred as "Fallen Angels".

While oil PSUs have regularly revised ATF and LPG prices, they had since March 16 kept petrol and diesel prices on hold, ostensibly on account of extreme volatility in the international oil markets.

A statement issued by the US embassy in New Delhi said that the US International Development Finance Corporation (USIDFC) has approved $1 billion of investments that will advance development in many other countries across the globe.

Following the meeting of the key rate-setting body, the RBI reduced the key policy rate by 40 basis points, bringing it down to a historic low of 4 per cent.

Rajan said most nations do not have the capacity for mid-sized firms with 100 to 150 employees and manufacturing may find it tough to start up.

The liquidity package of Rs 90,000 crore announced by the government last month offers a breather, but structural reforms have become critical to sustainability of discoms, the rating agency said in a statement.

Fresh gross slippages are estimated to be at 5-5.5 per cent of standard advances during 2020-21, which will increase the banks' credit provision and impact their earnings, ICRA said in a report.