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Revenue from operations during the quarter has increased by 91.1% to Rs 5,585.36 crore compared with Rs 2,922.66 crore recorded in the same period last year.
As compared to Q4 FY21, the company's net profit and revenues have declined by 33.3% and 16%, respectively.
Profit before depreciation, interest, tax and other income (PBDIT) for the group (before share in profit of associates) increased by 88.7% to Rs 913.56 crore in Q1 FY22 from Rs 484.25 crore in Q1 FY21.
Profit Before Tax (PBT) in Q1 FY22 stood at Rs 778.58 crore, up by 154.6% from Rs 305.76 crore in Q1 FY21.
Amit Syngle, managing director & CEO of Asian Paints, said: “The domestic Decorative business more than doubled its volume and delivered stellar revenues over the lower base of last year which had suffered from the first nationwide lockdown. The business registered strong compounded average growths in value and volume in comparison with Q1 FY 20 which was a normal quarter, indicative of a strong consistent trajectory.
The Industrial Business and the Home Improvement business also doubled its revenue on last year's low base.
International Business, which had seen some continuity of business in the first quarter of last year, registered strong double-digit revenue growth. This has been a resilient performance across all businesses despite the challenges posed by the second Covid wave across markets, which disrupted business continuity from the second fortnight of April 2021.
We registered strong growths in April 2021 and a robust resounding rebound in June 2021, post May 2021 which was impacted in a big way.
Steep inflation in raw material prices in the last quarter of previous financial year and again in this quarter saw gross margins impacted across all businesses despite the price increases taken to mitigate this pressure to an extent.
However, all businesses showed healthy profits compared to first quarter of last year and net profit more than doubled at both, standalone and consolidated levels.'
Asian Paints is a leading paint company of India. The company along with its subsidiaries has operations in 15 countries across the world with 26 paint manufacturing facilities, servicing consumers in over 60 countries through Asian Paints, Apco Coatings, Asian Paints Berger, Asian Paints Causeway, SCIB Paints, Taubmans and Kadisco Asian Paints. Asian Paints is also present in the Home Improvement and Décor space.
SGX Nifty:
Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could slide 76 points at the opening bell.
Global markets:
Overseas, Asian stocks were trading mostly lower on Friday amid escalating coronavirus concerns.
The surge in the covid infections worldwide has been relentless, with spiking cases in the US and Japan so much so that the world's third-largest economy is set to expand the state of emergency on Friday to Tokyo's three neighboring prefectures of Osaka, Saitama, Chiba and Kanagawa.
Japan's industrial output jumped 6.2% in June, sharply rising from a 6.5% drop in May. June retail sales rose 0.1% from a year earlier.
U.S. stocks rose to record levels on Thursday as investors shrugged off economic data pointing slower-than-expected growth.
The US economy expanded 6.5% annualized in the second quarter, according to government data released Thursday. The number of Americans collecting unemployment benefits slid last week. Jobless claims dropped by 24,000 to 400,000 last week, the Labor Department reported Thursday.
Domestic markets:
Back home, the domestic equity benchmarks ended with modest gains after a volatile session on Thursday. The barometer index, the S&P BSE Sensex, advanced 209.36 points or 0.4% to 52,653.07. The Nifty 50 index added 69.05 points or 0.44% to 15,778.45.
Foreign portfolio investors (FPIs) sold shares worth Rs 866.26 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 2,046.96 crore in the Indian equity market on 29 July, provisional data showed.
Trading could be volatile in the forthcoming week as traders roll over positions in the F&O segment from the near month July series to August series. The July 2021 F&O contracts will expire today, 29 July 2021.
Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could fall 16 points at the opening bell.
Overseas, Asian stocks are trading higher on Thursday after the U.S. Federal Reserve left its benchmark interest rate near zero. Meanwhile, shares in Hong Kong continued to see a rebound from a two-day slump earlier in the week.
U.S. stocks slipped on Wednesday in listless trade after the Federal Reserve gave no clue about when it might start reducing its purchases of government bonds, even as it said the economic recovery is on track.
The Federal Open Committee ended its two-day meeting by keeping interest rates in a target range between zero and 0.25%. Fed Chairman Jerome Powell said the U.S. central bank is nowhere near considering a rate hike despite the optimism over the U.S. economy.
Back home, the domestic equity indices ended with small losses after a volatile trading session. The S&P BSE Sensex, fell 135.05 points or 0.26% to 52,443.71. The Nifty 50 index lost 37.05 points or 0.24% to 15,709.40.
Foreign portfolio investors (FPIs) sold shares worth Rs 2,274.77 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 921.45 crore in the Indian equity market on 28 July, provisional data showed.
Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 27 points at the opening bell.
Overseas, Asian stocks are trading lower on Wednesday, with stocks in Hong Kong struggling to recover from a two-day rout.
U.S. stocks fell for the first time in six days on Tuesday ahead of quarterly earnings reports from several megacap technology companies.
Investors are awaiting the Federal Reserve's update on its monetary policy as the central bank's two-day meeting began. The Federal Open Market Committee will release a statement when the meeting concludes Wednesday, followed by Chairman Jerome Powell's news conference.
The International Monetary Fund warned Tuesday that there's a risk inflation will prove to be more than just transitory, pushing central banks to take pre-emptive action.
Meanwhile, the International Monetary Fund (IMF), on July 27, cut India's gross domestic product (GDP) growth forecast to 9.5% for fiscal year 2021-22, from the previous forecast of 12.5%, citing the hit on economic activity and demand due to the deadly 'second wave' of the COVID-19 pandemic. For fiscal year 2022-23, however, IMF expects economic growth of 8.5%, larger than the 6.9% it had projected in April.
"Growth prospects in India have been downgraded following the severe second COVID wave during March–May and expected slow recovery in confidence from that setback," the multilateral institution said in its latest World Economic Outlook report.
Back home, the key benchmark indices ended lower for the second consecutive session yesterday, 27 July 2021, dragged by the weak global stocks. The barometer index, the S&P BSE Sensex, fell 273.51 points or 0.52% to 52,578.27. The Nifty 50 index lost 78 points or 0.49% to 15,746.45.
Foreign portfolio investors (FPIs) sold shares worth Rs 1,459.08 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 729.96 crore in the Indian equity market on 27 July, provisional data showed.
Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 12 points at the opening bell.
Overseas, Asian stocks are trading higher on Tuesday even as several major Chinese tech stocks in Hong Kong remained under pressure following a Monday tumble.
All three major US stock indexes eked out record closing highs for a second straight session on Monday as investors were optimistic heading into a slew of earnings from heavyweight technology and internet names this week, while caution ahead of a Federal Reserve policy meeting kept the market in check.
Investors will be watching the Federal Reserve's two-day policy meeting, beginning Tuesday. The Federal Open Market Committee and the Board of Governors are expected to issue a statement on the stance of monetary policy Wednesday. On Thursday, the Commerce Department will report second-quarter gross domestic product data.
Meanwhile, on the data front, sales of new U.S. single-family homes dropped unexpectedly in June, falling 6.6% to a seasonally adjusted annual rate of 676,000 units, the Commerce Department said on Monday.
Back home, the domestic equity barometers ended a volatile session with modest losses on Monday. The barometer index, the S&P BSE Sensex, fell 123.53 points or 0.23% to 52,852.27. The Nifty 50 index lost 31.60 points or 0.20% to 15,824.45.
Foreign portfolio investors (FPIs) sold shares worth Rs 2,376.79 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 1,551.27 crore in the Indian equity market on 26 July, provisional data showed.
Indian indices are likely to open lower today. Shares of index heavyweights RIL, ITC and ICICI Bank will react to their results.
Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could slide 89 points at the opening bell.
Overseas, Asian stocks are trading mixed on Monday, as Chinese tech stocks in Hong Kong plunged. China's antitrust regulator ordered Tencent to give up its exclusive music licensing rights and slapped a fine on it for anti-competitive behavior, marking yet another development in Beijing's ongoing crackdown on its domestic internet titans.
Investors likely continued to monitor the Covid situation in Asia as it weighs on sentiment. In South Korea, the second highest level of virus restrictions will be reportedly applied to non-capital areas starting Tuesday. Indonesia on Sunday also reportedly extended its Covid restrictions by a week.
U.S. equities rose Friday with the the major averages hitting new records as they overcame concerns about economic growth from earlier in the week. The Dow closed above 35,000 for the first time ever. The blue chip average rose 238.20 points, or 0.68%, to 35,061.55. The S&P 500 gained 1.01% to 4,411.79 and the Nasdaq Composite climbed 1.04% to 14,836.99, both new closing highs for the benchmarks.
Back home, benchmark indices ended a volatile session with decent gains on Friday. The barometer index, the S&P BSE Sensex, added 138.59 points or 0.26% at 52,975.80. The Nifty 50 index advanced 32 points, or 0.2% at 15,856.05.
Foreign portfolio investors (FPIs) sold shares worth Rs 163.31 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 2,187.80 crore in the Indian equity market on 23 July, provisional data showed.
Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 8 points at the opening bell.
Overseas, Asian stocks are trading mixed on Friday as investors monitored Chinese tech stocks in Hong Kong after regulatory concerns resurfaced. Markets in Japan are closed on Friday for a holiday.
As per reports, Beijing is considering harsh penalties on ride-hailing giant Didi. The penalties being planned range from a fine likely bigger than the record $2.8 billion Alibaba paid earlier this year to even a forced delisting after Didi's IPO last month.
Tech shares led U.S. stocks higher Thursday, despite an unexpected jump in jobless claims that resurfaced some concerns about the economy and sent bond yields lower. Investors jumped back into their favorite tech stocks as optimism about the sector grows ahead of big earnings reports next week for some of the largest names in the space.
Stocks were under pressure earlier in the day after jobless claims unexpectedly rose to 419,000, more than the upwardly revised 368,000 from the previous period.
Meanwhile, the European Central Bank on Thursday said interest rates would stay at their current record low levels until it sees inflation "durably" reaching the bank's new target of 2%. The 25-member governing council "expects the key ECB interest rates to remain at their present or lower levels until it sees inflation reaching 2% well ahead of the end of its projection horizon and durably for the rest of the projection horizon," the bank said in a statement, adding that "this may also imply a transitory period in which inflation is moderately above target".
Back home, the equity benchmark indices ended with robust gains on Thursday. The barometer index, the S&P BSE Sensex, soared 638.70 points or 1.22% at 52,837.21. The Nifty 50 index added 191.95 points or 1.23% at 15,824.05.
Foreign portfolio investors (FPIs) sold shares worth Rs 247.59 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 942.55 crore in the Indian equity market on 22 July, provisional data showed.
Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could jump 148 points at the opening bell.
Overseas, Asian stocks are trading higher on Thursday after solid company earnings boosted Wall Street, easing concerns about peak economic growth and coronavirus flareups. Markets in Japan are closed on Thursday for a holiday.
Wall Street stocks posted their second straight daily gain on Wednesday, with robust corporate earnings and renewed optimism about the U.S. economic recovery fueling a risk-on rally.
Back home, the stocks markets were shut on Wednesday, 21 July 2021 for Bakri-Id. Domestic equity indices tumbled on Tuesday, 20 July 2021 tracking weak cues from other Asian stock markets.
Foreign portfolio investors (FPIs) sold shares worth Rs 2,834.96 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 873.14 crore in the Indian equity market on 20 July, provisional data showed.
Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could fall 12 points at the opening bell.
Overseas, Asian stocks are trading lower on Tuesday following an overnight tumble for stocks on Wall Street and concerns about the spread of the delta coronavirus variant. Markets in Indonesia, Malaysia and Singapore are closed on Tuesday for holidays.
On Tuesday, China kept unchanged its benchmark lending rate for corporate and household loans — the one-year Loan Prime Rate (LPR) held steady at 3.85% while the five-year LPR was also left at 4.65%.
Geopolitical jitters also resurfaced on Monday after the U.S., the U.K. and their allies said the Chinese government has been the mastermind behind a series of malicious ransomware, data theft and cyber-espionage attacks against public and private entities -- including the sprawling Microsoft Exchange hack earlier this year.
U.S. stocks dropped sharply on Monday on concern a rebound in Covid cases would slow global economic growth. Covid cases have rebounded in the U.S. this month, with the delta variant spreading among the unvaccinated. Cases were already flaring up around the world because of the delta variant.
Back home, key equity indices ended with sharp losses on Monday, tracking weak global cues. The S&P BSE Sensex, dropped 586.66 points or 1.10% at 52,553.40. The Nifty 50 index slipped 171 points or 1.07% at 15,752.40.
Foreign portfolio investors (FPIs) sold shares worth Rs 2,198.71 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 1,047.66 crore in the Indian equity market on 19 July, provisional data showed.
Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could slide 211 points at the opening bell.
Overseas, Asian stocks are trading lower on Monday on concerns about the impact of elevated inflation and Covid-19 outbreaks on economic prospects.
OPEC and its allies reached a deal on Sunday to phase out 5.8 million barrels per day of oil production cuts by September 2022. Coordinated increases in oil supply from the group - collectively known as OPEC+ will start in August, OPEC said in a statement. The development came as Brent surged more than 40% so far in 2021, with demand for crude rising as the global economy recovers from the pandemic.
U.S. stocks fell on Friday weighed down by declines in Amazon, Apple and other heavyweight technology stocks, while investors worried about a rise in coronavirus cases tied to the highly contagious Delta variant.
A preliminary reading of the University of Michigan's index of consumer sentiment fell to 80.8 in July from a final reading of 85.5 in June, notching the measure's lowest level since February.
Separately, the Commerce Department released a report showing retail sales climbed by 0.6% in June after plunging by a revised 1.7% in May. Excluding a steep drop in sales by motor vehicle and parts dealers, retail sales jumped by an even stronger 1.3% in June following a revised 0.9% decrease in May.
Back home, the key equity benchmarks ended almost flat on Friday, as investors booked profits at record high levels. The barometer index, the S&P BSE Sensex, slipped 18.79 points or 0.04% to 53,140.06. The Nifty 50 index lost 0.80 points or 0.01% to 15,923.40.
Foreign portfolio investors (FPIs) sold shares worth Rs 466.30 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 666.07 crore in the Indian equity market on 16 July, provisional data showed.
Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 36 points at the opening bell.
Overseas, Asian stocks are trading mixed on Friday as concerns about the economic growth outlook came to the fore. Investors await the Bank of Japan's monetary policy statement.
US stocks indexes fell on Thursday as energy and technology stocks declined.
Federal Reserve Chair Jerome Powell on Thursday maintained the central bank will continue to evaluate the economic recovery before changing its accommodating monetary policies. The Fed chair spoke before the Senate banking panel in a second day of testimony before Congress.
Meanwhile, Organization of the Petroleum Exporting Countries (OPEC) stuck to its forecast for a strong recovery in world oil demand in the rest of 2021 and predicted oil use would rise further in 2022 similar to pre-pandemic rates, led by growth in China and India.
"In 2022, healthy expectations for global economic growth in addition to improved containment of COVID-19 through the acceleration of vaccination programmes, effective treatment and natural immunisation, particularly in emerging and developing countries, along with frequent testing procedures, are assumed to spur consumption of oil next year to comparable pre-pandemic levels," OPEC said in the report.
Back home, the key equity indices ended with strong gains on Thursday. The barometer index, the S&P BSE Sensex, advanced 254.80 points or 0.48% to 53,158.85. The Nifty 50 index added 70.25 points or 0.44% to 15,924.20. Both the indices attained record closing high levels.
Foreign portfolio investors (FPIs) sold shares worth Rs 264.77 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 439.41 crore in the Indian equity market on 15 July, provisional data showed.
Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 20 points at the opening bell.
Overseas, Asian stocks are trading mixed on Thursday as China reported its second-quarter gross domestic product (GDP) jumped.
China's GDP rose 7.9% year-on-year in the second quarter, official data showed Thursday. Meanwhile, retail sales in June jumped 12.1% from a year earlier, data from the National Bureau of Statistics showed. Chinese industrial output rose 8.3% year-on-year in June.
China's central bank partially rolled over maturing medium-term loans on Thursday, the same day when a cut in the banks' reserve requirements takes effect.
The People's Bank of China (PBOC) said in a statement it was keeping the rate on 100 billion yuan ($15.46 billion) worth of one-year medium-term lending facility (MLF) loans to some financial institutions steady at 2.95% from previous operations.
US stocks closed flat on Wednesday after U.S. Federal Reserve Chair Jerome Powell soothed investor angst by saying a recent inflation spike will fade, helping lift the S&P 500 to a fresh intraday record.
Federal Reserve Chairman Jerome Powell said the central bank will maintain its easy monetary policies. Powell said in his semiannual testimony before the House Committee on Financial Services Wednesday that the central bank can wait before it starts to ease its bond purchases despite surging inflation readings. The Fed chair said he still expects inflation to moderate.
“At our June meeting, the Committee discussed the economy's progress toward our goals since we adopted our asset purchase guidance last December. While reaching the standard of ‘substantial further progress' is still a ways off, participants expect that progress will continue,” Powell said.
Back home, the benchmark indices ended with decent gains on Wednesday, led by strength in IT shares. The barometer index, the S&P BSE Sensex, rose 134.32 points or 0.25% to 52,904.05. The Nifty 50 index added 41.60 points or 0.26% to 15,853.95.
Foreign portfolio investors (FPIs) sold shares worth Rs 1,303.95 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 1,335.91 crore in the Indian equity market on 14 July, provisional data showed.
Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could fall 51 points at the opening bell.
Overseas, Asian stocks mostly slipped on Wednesday following a hotter-than-expected U.S. inflation report for June overnight.
Singapore's economy grew 14.3% year-on-year in the second quarter, official advanced estimates showed Wednesday. Still, the economy contracted by 2% as compared with the previous quarter, Singapore's Ministry of Trade and Industry said.
US stocks slipped after posting new highs on Tuesday as the biggest hike in U.S. inflation in 13 years rattled investors.
Inflation rose at its fastest pace in nearly 13 years, the Labor Department reported Tuesday. The consumer price index increased 5.4% in June from a year ago. Core CPI, excluding food and energy, jumped 4.5%, the sharpest move for that measure since September 1991.
Federal Reserve Chairman Jerome Powell is scheduled to appear in front of Congress Wednesday and Thursday to provide an update on monetary policy.
Investors are also monitoring the spread of the more contagious delta variant of Covid-19, which is hampering the recovery from the pandemic in some parts of the world. The unfolding earnings season is key too, with global stocks close to record highs on optimism over the bounce back from the health crisis.
Back home, the key equity indices ended with strong gains on Tuesday, tracking positive cues from other Asian stock markets. The barometer index, the S&P BSE Sensex, advanced 397.04 points or 0.76% to 52,769.73. The Nifty 50 index added 119.75 points or 0.76% to 15,812.35.
Foreign portfolio investors (FPIs) bought shares worth Rs 113.83 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 344.19 crore in the Indian equity market on 13 July, provisional data showed.
Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could jump 139 points at the opening bell.
On the macro front, the country's retail inflation, measured by the Consumer Price Index (CPI), eased marginally to 6.26% in the month of June. Separately, India's factory output, measured in terms of the Index of Industrial Production (IIP), witnessed a year-on-year growth of 29.3% in May, two separate data released by the Ministry of Statistics & Programme Implementation (MoSPI) showed on Monday. The retail inflation during the month of May was at 6.30%. The IIP had crashed (-)33.4% on-year to 90.2 in May 2020, the data showed. This was mainly due to the nationwide lockdown which was imposed last year to curb the first wave of coronavirus (Covid-19) pandemic.
Overseas, Asian stocks are trading higher on Tuesday as investors awaited the release of China's trade data for June.
Wall Street's main indexes rose on Monday, with the Nasdaq and the S&P 500 hitting record highs as investors awaited the start of the second-quarter earnings season and a batch of economic data to gauge the next leg of the equity market.
Investors appeared cautiously optimistic ahead of the start of second-quarter earnings reports. Investors also anticipate important data to be released this week, including key readings on inflation on Tuesday and Wednesday, and June retail sales on Friday.
Federal Reserve chair Jerome Powell is set to testify before Congress on Wednesday and Thursday, and investors will be looking for any signals of fiscal policy updates.
Back home, the benchmark indices ended near flat line after a volatile session on Monday. The barometer index, the S&P BSE Sensex, fell 13.50 points or 0.03% to 52,372.69. The Nifty 50 index rose 2.80 points or 0.02% to 15,692.60.
Foreign portfolio investors (FPIs) sold shares worth Rs 745.97 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 447.42 crore in the Indian equity market on 12 July, provisional data showed.
Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 65 points at the opening bell.
In economic data, the Industrial Production and Manufacturing Production data for May will be released today, 12 July 2021. Inflation rate for June is also due today, 12 July 2021.
Overseas, Asian stocks rose on Monday after their U.S. peers chalked fresh records Friday in a broad-based rebound.
In economic news, China's central bank announced Friday a 50 basis points cut in its reserve requirement ratio for all banks, effective from July. The RRR represents the amount of money that banks must hold in their coffers as a proportion of their total deposits. A lowering of that required amount will increase the supply of money that banks can lend to businesses and individuals.
The three major US stock indexes rallied to record closing highs on Friday as financials and other economically focused sectors rebounded after a selloff sparked by growth worries earlier in the week.
Meanwhile, the G20 Finance Ministers on July 10 approved a global corporate tax of at least 15% to be imposed on multinational companies (MNCs) with an aim to end tax havens. In a two-day virtual meet headquartered from Venice (Italy), the Group also endorsed a broad agreement plan introducing new rules for taxation of cross-border businesses, as per reports. Details and negotiations of the rules are likely to be finalised during the next G20 meet scheduled in October 2021.
Investors continued to watch the coronavirus situation in Asia-Pacific on Monday. Japan's government is set to put Tokyo under a new Covid state of emergency on Monday while stricter social distancing restrictions are set to kick in for the greater Seoul area in South Korea, as per reports. Elsewhere in Southeast Asia, several countries including Indonesia and Malaysia continue to struggle with a recent surge in infections, reports added.
Back home, the main equity indices ended a lacklustre trading session with small losses on Friday. The barometer index, the S&P BSE Sensex, skid 182.75 points or 0.35% at 52,386.19. The Nifty 50 index slipped 38.10 points or 0.24% at 15,689.80.
Foreign portfolio investors (FPIs) sold shares worth Rs 1,124.65 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 106.55 crore in the Indian equity market on 9 July 2021, provisional data showed.
Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could fall 44 points at the opening bell.
Overseas, Asian stocks are trading lower on Friday as Covid worries resurfaced in the region.
China's consumer price index for June rose 1.1% as compared with a year ago, data from the country's National Bureau of Statistics showed on Friday. The producer price index for June rose 8.8% as compared with a year ago. The June PPI reading was a slight decrease in pace from the 9% increase in May.
Olympics organizers will ban spectators from the upcoming summer games in Tokyo, after a state of emergency for the city was declared by Japan on Thursday as the country sees rising Covid-19 cases. The state of emergency will last till August 22.
South Korea announced Friday that the greater Seoul area will be placed under the toughest social distancing rules of Level 4, as per reports. The city of Sydney earlier this week announced that Covid-19 restrictions would be extended by another week.
Wall Street lost ground on Thursday, with the S&P 500 and the Nasdaq pulling back from record closing highs in a broad sell-off driven by uncertainties surrounding the pace of the U.S. economic recovery.
Back home, the domestic equity benchmarks ended with steep losses on Thursday. Global stock markets declined as the Delta variant of the coronavirus threatens a new wave of the pandemic. The barometer index, the S&P BSE Sensex, skid 485.82 points or 0.92% at 52,568.94. The Nifty 50 index slipped 151.75 points or 0.96% at 15,727.90.
Foreign portfolio investors (FPIs) sold shares worth Rs 554.92 crore, while domestic institutional investors (DIIs), were also net sellers to the tune of Rs 949.18 crore in the Indian equity market on 8 July, provisional data showed.