News, I read on 3rd June

1. The extension of the moratorium on loan repayments till August by the Reserve Bank of India will impact non-banking financial companies' (NBFCs) collections and affect their liquidity conditions, says a report.

https://www.business-standard.com/article/finance/extension-of-moratorium-on-loan-repayment-to-affect-liquidity-icra-120060201286_1.html

2. The World Bank on Tuesday urged countries to go for comprehensive policies to boost long-term growth, amid indications that 60 million people could be pushed into extreme poverty in 2020

https://www.business-standard.com/article/international/covid-can-push-60-mn-into-poverty-adopt-comprehensive-policies-world-bank-120060201428_1.html

3. A day after India's sovereign rating downgrade, Moody's Investors Service on Tuesday cut ratings of eight non-financial companies, and three banks SBI, HDFC Bank and EXIM.

https://www.business-standard.com/article/companies/lockdown-crisis-moody-s-downgrades-11-indian-banks-8-firms-four-issuers-120060201079_1.html

4. India’s gold imports in May plunged 99% from a year earlier as international air travel was banned and jewelry shops were closed amid a nationwide lockdown.

https://in.reuters.com/article/india-gold-imports/indias-may-gold-imports-fall-99-from-a-year-ago-to-1-4-tonnes-government-source-idINKBN2390Q7

5. Major Auto Players are offering Indian car buyers “teaser loans”, a move that sources said followed a softening of the central bank’s stance due to a coronavirus-induced economic slump.

https://in.reuters.com/article/health-coronavirus-india-autoloans/indian-carmakers-offer-teaser-loans-as-rbi-softens-stance-sources-say-idINKBN2390S2

6. India launched a $6.65 billion plan on Tuesday to boost electronics manufacturing, saying it would start by offering five global smartphone makers incentives to establish or expand domestic production.

https://in.reuters.com/article/india-electronics/india-launches-6-7-billion-plan-to-boost-electronics-manufacturing-idINKBN2391XA

7. A slump in Indian company foreign-currency loans to an 11-year low is raising concerns that weaker borrowers may struggle to refinance a record amount of maturing debt

https://www.bloombergquint.com/business/another-source-of-much-needed-cash-dries-up-for-indian-companies

8. The aggregate central tax devolution to all states is pegged at Rs 5.5 trillion in FY21, 30.5 percent lower than what the Union government had budgeted for this fiscal.

https://www.business-standard.com/article/economy-policy/covid-19-tax-devolution-to-states-to-be-30-lower-than-budget-estimates-120060201043_1.html

9. Unseasonal rains along with other adverse weather conditions in February and March, coupled with lack of manpower to harvest crops during the coronavirus lockdown, will hit the output of rabi crops

https://www.business-standard.com/article/economy-policy/adverse-weather-conditions-lockdown-to-hit-output-of-rabi-crops-report-120060201412_1.html

10. On Tuesday, NIFTY closed 152.95 Points higher at 9979.10

VIX drops by 2.05% and closed at 30.11, the usual safe range for VIX is between 12 to 20. SGX Nifty trading 83.10 points higher at 8:00 am, Indian Time