Goldmine Weekly Updates

• IMD predicts heavy rains in Kerala. The rainy season has started in Kerala and will reach Ahmedabad by the end of the month.

• Air India makes advance payment to Boeing for 220 aircraft as per CFO Hejmadi.

• Thyssenkrupp AG’s marine arm and India’s Mazagon Dock Shipbuilders are likely to jointly bid for an estimated $5.2 billion project to build six submarines for the Indian navy.

• IOC and two domestic engine makers are actively working on a 5% ethanol blending in diesel.

• Hiring slows down by about 7% in May as the companies cut expenses.

• Steel makers take steep price cuts in June amidst stress on exports. The price cuts, for three months in a row now, came on the back drop in export price, fear of rising imports and apprehension of an impact in the domestic demand. Price cut by Rs 2000-4000 per tonne.

INDIA POSITIVES

• India’s inflation has started softening. Consumption of Petrol Diesel hitting new highs. PMI index of manufacturing and services also hitting new highs Lower inflation will help reduce interest rates, which will further provide a boost to the economy. Forex reserves rising once again. FIIs have started buying. There are chances that NCLT will be able to resolve more cases this year and banks will earn extra money against provisions already made earlier.

• Diesel sales in the world’s third-biggest crude importer rose 13% last month from a year earlier, according to government data. Gasoline was up 11%, while overall consumption, which also includes fuels such as liquefied petroleum gas and naphtha, increased 9%.

• India consumed a record 8.2 MT of diesel and 3.4 MT of petrol during May, indicating an uptick in industrial and agricultural activity.

• The Indian economy from 2025 could totally take a phenomenal upward trajectory. It could begin from 2024-2025 onwards. So, be ready for a pleasant and a prosperous ride for the next 10-15 years.