Among the top stories of the day are fresh concerns about Covid-19 as active cases in India climb to 6,815, with Kerala reporting the highest count. Meanwhile, Diageo is exploring the sale of its stake in the Indian Premier League franchise Royal Challengers Bengaluru.
On the markets front, benchmark equity indices ended the day flat after a four-session rally, while Rapido’s foray into food delivery is set to shake up Zomato and Swiggy’s dominance.
Here’s a quick roundup of today’s key headlines:
Covid-19 Cases Rise To 6,815, Kerala Tops The List
India’s active Covid-19 cases have risen to 6,815, with Kerala recording the highest count of 2,053 cases, including 96 new infections since Monday, according to the Ministry of Health bulletin. Delhi has 691 active cases, while Maharashtra reported 89 new cases, pushing its total to 613. Arunachal Pradesh remains the only state with zero active cases.
Diageo Eyes Options For RCB Ownership
Diageo Plc. is mulling a possible sale of part or all of its ownership in IPL franchise Royal Challengers Bengaluru, sources told Bloomberg. The team is owned through United Spirits Ltd., and could be valued at up to $2 billion. Diageo and United Spirits declined to comment on the matter.
Mutual Fund Inflows Dip For Fifth Straight Month In May
Actively managed equity mutual funds saw inflows of Rs 19,013 crore in May, down 22% from Rs 24,269.26 crore in April, AMFI data showed. This marks the fifth consecutive month of decline. However, assets under management rose to Rs 72.2 lakh crore in May from Rs 70 lakh crore in April.
Urban Slowdown Weighs On Staples Growth, Says Nomura
Nomura’s latest strategy note highlights only marginal improvement in demand for staples in the fourth quarter of fiscal 2025. Sales grew 6% year-on-year, while Ebitda rose 1%. Urban demand growth slowed to 2.6%, but rural areas saw high-single-digit gains, supported by a bumper harvest and good monsoon.
Weight Loss Drugs Less Potent In Real Life, Study Finds
A study in the US has found that weight loss injections like Wegovy and Ozempic may be less effective in real-world use compared to clinical trials. Patients often discontinue treatment or use lower doses, limiting the weight loss benefits.
Heatwave Scorches North, Heavy Rain Batters Kerala
The India Meteorological Department has warned of intense heatwave conditions in Rajasthan, Punjab, Uttar Pradesh, and Madhya Pradesh from Tuesday to Friday. Meanwhile, Kerala can expect heavy rain this week, with an orange alert issued for two districts on Thursday and nine districts on Saturday.
Rapido’s Food Push Threatens Zomato, Swiggy’s Turf: Elara
Rapido’s pilot food delivery service in Bengaluru could threaten the market shares of Zomato and Swiggy, says Elara Capital’s Karan Taurani. The ride-hailing platform’s existing delivery fleet and capital strength could help it bypass traditional aggregator models.
Market Recap: Indices Snap Winning Streak, Close Flat
India’s benchmark indices ended flat on Tuesday, breaking a four-session winning streak. The NSE Nifty 50 inched up 1.05 points to 25,104.25, while the BSE Sensex slipped 53.49 points to close at 82,39.72.
Top gainers included Grasim Industries Ltd., Dr. Reddy's Laboratories Ltd., and Tech Mahindra Ltd., while Trent Ltd., Maruti Suzuki India Ltd. and Asian Paints Ltd. were among the biggest laggards.
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