Strength to Strength
Comparison of indices – closing 26th June 2020 vs 19th June 2020
Last week: NIFTY50 +1.2%, Midcap +2.9%, Smallcap +2.8%
Sectoral/Thematic: FMCG 3.6%, PSE 3.4%, IT 3.3%, Realty -0.7%
Auto profitability to remain weak in FY21: Fitch Ratings
Sales in all key auto categories fell sharply in 4QFY20 vs 3QFY20 when discounts offered by automakers during the festive season helped to slow the downtrend in sales that started in the beginning of 2019. Auto sales were affected by weak consumer sentiment as quarterly GDP growth slowed over FY20 and buyers’ preference to wait for newer, BS6-compliant models.
Cooperative banks to be supervised by RBI
With an aim to provide comfort to depositors of cooperative and multi-state cooperative banks, the government has said that all urban cooperative banks and multi-state cooperative banks will come under the supervision of RBI. There are about 1,482 crore urban cooperative banks and 58 multi-state co-operative banks with a depositors base of about 8.6 crore.
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