Green Shoots
Comparison of indices – closing 19th June 2020 vs 12th June 2020
Last week: NIFTY50 2.7%, Midcap 1.6%, Smallcap 4.2%
Sectoral: REALTY 4.1%, BANK 3.3%, FMCG -1.5%
Textile cos likely to have significant fall in revenue in H1FY21: Ind-Ra
Ind-Ra report states that low domestic demand and declining exports due to pandemic in global markets heave dealt a huge blow to textile companies. While domestic demand could revive in Q3 on account of festive seasons export demand would fairly depend on recoup of major economies such as the US and the UK.
Fitch Ratings reaffirms India's sovereign rating with 'negative' outlook
Fitch has affirmed India’s long-term foreign-currency issuer default rating (IDR) at ‘BBB-‘. However it has revised the outlook to negative from stable as the economic activity is expected to contract by 5% in FY21 due to strict lockdown measures before rebounding by 9.5% in FY22.
Another stimulus package likely in September: RBI
RBI Director S Gurumurthy expects that the Centre may announce final stimulus package in ‘post-COVID era’ in September/October. He said that the package of more than Rs 20 lakh crore announced by the central government can be described as an interim measure.
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