Top 25 finance stories at a glance, June 24, 2020

Diesel now costlier than petrol in Delhi, for the first time ever

On Wednesday, oil marketing companies raised diesel prices for the 18th straight day but kept petrol prices unchanged. In Delhi, diesel price has been increased by 48 paise on 24 June to Rs 79.88 per litre, making it costlier than petrol which remains priced at Rs 79.76 per litre. Read more

Gold prices rise for second day even as rupee appreciates

On June 24, 2020, gold prices on the MCX again surged for August contract by Rs. 0.1% or Rs. 49 to Rs. 48281.00 per 10 gm. Silver on the other hand inched lower to trade at Rs. 48735 per kg. In the afternoon trade, gold rallied to a new high of Rs. 48420 mark as coronavirus and stimulus measures across the world weighed. Read more

Union Cabinet meeting today: Highlights and key decisions

The Union Cabinet today decided that government banks, including 1,482 urban cooperative banks will be brought under the supervisory power of the RBI. Read more

At 8.5 percent, unemployment rate falls to pre-lockdown levels, suggests CMIE data

India's unemployment rate reduced to pre-lockdown levels at 8.5 percent during the week that ended on 21 June, Centre for Monitoring Indian Economy (CMIE) said, even as India aims to restore economic activity in a phased manner amid the coronavirus-induced lockdown. Read more

Anil Ambani says Reliance Infra to be debt-free by FY21

On Tuesday, Reliance Infrastructure (RInfra) chairman Anil Ambani said that the company will be completely debt-free by the end of this financial year. RInfra has a debt of over Rs 6,000 crore, has been working towards monetising its assets to reduce it. Read more

Reliance may break-up with IPOs of Jio, retail business

After effectively turning debt free, Reliance Industries (RIL) may see IPOs of its flourishing telecom arm Jio and retail business segment, unlocking additional shareholder value, Bernstein Research said in a report on Wednesday. Read more

A look at Indian sectors that are most exposed to China?

The recent border conflict with China in the Galwan valley of Ladakh is unprecedented and has heightened geopolitical tensions. This has caused significant backlash in India and there is a strong narrative of reducing trade dependence on China, according to a report by Motilal Oswal. Read more

India plans on resuming international flights by forming ‘travel bubble'

The government may soon allow airlines to resume international flights, after strong demand in Vande Bharat mission on US-India route. The service is being considered for countries including the US, France, UK, Germany for flying from and to India for allowed passenger categories. Read more

OPINION| People are eager to travel, Aviation industry needs to win trust by ensuring safe travel

Over decades, airlines have earned the trust of travellers to deliver them safely to their destination. Amid the COVID-19 crisis, the question of trust now extends to personal health. Read more

Insurers now allowed to offer short term health insurance policies for COVID-19

In a circular on 23 June, the Insurance Regulatory and Development Authority of India (IRDAI) issued guidelines allowing for the introduction of short-term health insurance policies providing coverage for COVID-19 disease. Life, general and health insurers will be allowed to issue policies for a period between 3 and 11 months in the form of the individual as well as group insurance products. Read more

'Vaccine King' Poonawalla's wealth grew the fastest amid COVID-19

According to a recent report by Hurun Research, 'vaccine king' Cyrus Poonawalla's wealth grew the fastest, at $15 billion, among Indian billionaires and fifth fastest in the world during the COVID-19 pandemic due to the strong business potential of his company, Serum Institute of India. Read more

Senior IAS officer BM Vijay Shankar, prime accused in IMA ponzi scam, hangs himself in B’luru

A senior IAS officer from Karnataka, whom the CBI wanted to prosecute in the Rs 4,000-crore IMA ponzi scam, allegedly died by suicide at his house in Bengaluru on Tuesday evening. According to reports, he was found hanging at his residence in South Bengaluru. Read more

Johnson & Johnson will officially stop selling skin-lightening products

Johnson & Johnson, the company behind Neutrogena, Clean & Clear, and more mass skin-care brands, has recently declared that it will discontinue the production of skin-lightening products popular in parts of Asia and the Middle East, Reuters reports. Specifically, the brand will no longer sell its line of Clean & Clear Fairness products that are sold in India and its Neutrogena Fine Fairness line. The products will likely still appear on shelves until the entire stock is depleted. Read more

Canara Bank female employee assaulted by Surat cop, FM takes note of incident

A video recently went viral of an incident that took place inside a Canara Bank branch in Surat. In the video, a police constable is seen hitting one female staff and he created a ruckus on Monday. Taking note of the incident, Finance Minister Nirmala Sitharaman assured that the matter would be looked into immediately and timely action would be taken on the FIR filed. Read more

All-new Hyundai Verna fuel economy for all variants out: Here's everything you need to know

Hyundai India launched the Verna facelift in the Indian market in a range of five variants - S, S+, SX, SX(O) and SX(O) Turbo. The sedan comes with a starting price of Rs 9.30 lakh, ex-showroom for the base and Rs 13.99 lakh, ex-showroom for the top spec variant. Below are the fuel efficiency figures of all the variants of the Verna across its engine line-up. Read more

How to distract yourself from mental accounting?

In the olden days, many people used to keep the money for rent, furniture, groceries and so on, in separate jars. They are being continued even today. We have the same mental accounting approach towards our various pools of assets. Read more

Warren Buffett says this is how to financially survive the coronavirus

When Warren Buffett speaks or acts, millions of investors pay attention.The folksy financial guru who eats at McDonald's and still lives in his hometown of Omaha, Nebraska, is a billionaire many, many times over, so Buffett buffs watch him closely to pick up tips on how they can be incredibly wealthy, too. Read more

Car insurance tips to follow this monsoon season

Monsoon brings respite from scorching summers, but it also relays a warning to car owners. Auto insurance firms observe a spike in claims for vehicles damaged in the rains. However, not all claims are accepted. This is because a standard auto insurance policy does not provide protection for risks arising out of incessant rains such as engine damage or road assistance cover. Lack of awareness about exclusions results in several claim rejections during the monsoons. Read more

This Mumbai-based startup is helping commuters switch to public transportation

One of the largest modes of public transport today is the bus. According to the Indian state road transport undertakings, over 68 million people travelled by bus – both city and intercity – in 2018. And while a city like Mumbai has a completely connected train system, and Delhi has a large metro system, most cities rely on buses for public transport, for the masses. Read more

Green shoots? Too early to cheer: COVI-19 curve, fresh stimulus will determine economic revival

The Indian Railways saw gross receipts fall by over Rs 15,000 crore in 2019-20 compared to the previous fiscal and the Covid-19 pandemic only added to its woes further, with an even sharper earnings’ decline in April and May this year. So when freight loading began picking up in June, officials were naturally overjoyed. They said freight loading till June 21 has already reached 90% of the volume seen last June and that loading of steel, cement, foodgrain and fertilizers has actually exceeded the volumes seen in the same month last year. Read more

Is it a good time to buy small-cap or mid-cap stocks?

The stock markets are down. Even if you factor in the recent run-up there are several stocks still available at a discount. Historically, small caps and mid-caps don’t perform well during an economic downturn. As their smaller size makes them more responsive to changes. Read more

From Jeff Bezos to Mukesh Ambani, check out World's Top 10 real-time billionaires

Take a look at the top ten billionaires who made it to the Forbes Real-Time Billionaire 2020 list. Forbes' Real-Time Billionaires rankings track the daily ups and downs in the fortunes of the world’s richest people. The value of individuals’ public holdings is updated every 5 minutes when respective stock markets are open. Gallery

IMF predicts deeper global recession due to coronavirus pandemic

The coronavirus pandemic is causing wider and deeper damage to economic activity than first thought, the International Monetary Fund said on Wednesday, prompting the institution to slash its 2020 global output forecasts further. Read more

5 steps to bounce back from money mistakes

Almost everyone I know has made money mistakes. Be it loaning money to family or friends, that never comes back, getting talked into a bad investment, not investing at an early age or any other mishap. They all have a story. But the biggest drawback other than the loss itself is that it can ruin all your financial plans. But only if you allow it to.  Read more

4 steps to take to get ahead at work

As a professional, you are expected to look for growth, and many track their progress by seeking promotions. It’s natural to aspire to a more challenging role and a higher salary. However, with intense competition at the workplace, these goals can be challenging to attain. It can also be difficult to get your manager on your side. Here are some tips that could help you position yourself to stand out from the crowd. Read more