Top headlines: Silver Lake to invest in Jio Platforms; fuel sales fall

Business Standard brings to you a snapshot of top events of the day

Silver Lake has invested Rs 5,655.75 crore in Reliance Industries’ Jio Platforms. India's manufacturing activity contracted at its sharpest pace on record in April. Petrol sales fall 61%, diesel down 57% in April due to lockdown, two industry sources told Reuters. Here are stories that made to the headlines today: 

1. After Facebook, Silver Lake to invest Rs 5,656 cr in Reliance Jio Platforms

American private equity firm Silver Lake has invested Rs 5,655.75 crore in Mukesh Ambani-owned Reliance Industries’ Jio Platforms. The deal comes less than two weeks after Facebook made an investment of $5.7 billion to buy a minority stake in Jio. The investment by Silver Lake values Jio Platforms at an equity value of Rs 4.9 trillion and an enterprise value of Rs 5.15 trillion, and represents a 12.5% premium on the equity valuation of the Facebook investment announced on April 22, 2020 – said Reliance Industries in a statement. Read on...

2. At 27.4, India's manufacturing activity falls to record low in April: PMI

India's manufacturing activity contracted at its sharpest pace on record in April as a lockdown to combat the rapid spread of the coronavirus led to a slump in demand and massive supply chain disruptions, a private sector survey showed on Monday. That was despite the government announcing a spending package of Rs 1.7 trillion and a significant easing in monetary policy by the Reserve Bank of India. Read full story here...
 

3. Investor wealth plummets Rs 5.15 trillion in early trade as Sensex plunges

Investors witnessed a wealth erosion of Rs 5.15 trillion in BSE-listed companies in morning trade on Monday tracking heavy selloff in the market, with benchmark Sensex plunging over 1,700 points. The BSE barometer tanked 1,752.55 points to a low of 31,965.07 in early trading session, news agency PTI reported. Read more...
 

4. Petrol sales fall 61%, diesel down 57% in April due to lockdown: Report

Petrol and diesel sales fell by 61% and 57%, respectively, in April from a year earlier, two industry sources told Reuters, though declines eased slightly later in the month when some transportation and industrial activity resumed. Jet fuel sales in April declined by about 92%, the provisional industry data showed. Read more...

5. Trump admin pushing to rip global supply chains from China: Report

The Trump administration is "turbocharging" an initiative to remove global industrial supply chains from China as it weighs new tariffs to punish Beijing for its handling of the coronavirus outbreak, according to officials familiar with U.S. planning.

President Donald Trump has long pledged to bring manufacturing back from overseas. Read on...

6. Congress offers to pay for migrants rail travel, Swamy slams govt

Congress President Sonia Gandhi on Monday directed the party’s state units to bear the cost for the rail travel of needy migrant workers. In her statement early morning, Gandhi pointed to the irony of the government recognising its responsibility by arranging free air travel for the citizens stranded abroad but charging money from migrants for rail travel. Read full story here...