Top 10 biz headlines: Govt on Kharif MSPs, May auto sales and more

Here are the top ten headlines on Tuesday morning

The government on Monday raised the minimum support price of 17 kharif crops in the range of 2-7.5 per cent year-on-year on the day India got its first monsoon shower. The increase in MSP was among the lowest in last five years for many crops. Here are the top ten headlines of the day:

Tata, LIC, Reliance most valued brands but Covid may hurt equation

Tata Group has also become the first Indian brand to breach the $20 billion mark in its valuation. However with just a 2.3 per cent increase in brand value, the brand could be up for a huge challenge this year, as Covid-19 wreaks havoc on businesses. Read more here

Covid-19 crisis: Maruti to Toyota, auto sales collapse in May amid lockdown

After reporting near-zero sales in April, auto companies resumed despatches in May but the volumes were disappointing with sales of passenger vehicles declining 86 per cent year-on-year for leading players. Read more here

Nifty zooms 1,000 points in just 9 trading sessions; HDFC Bank shines

Shrugging off grim economic forecasts and rising Covid-19 cases, the benchmark Nifty has climbed 11.4 per cent, from 8,823 on May 18 to 9,826 on June 1 in just nine trading sessions. Read more here

Centre raises MSP of 17 kharif crops; further revises MSME definition

The Cabinet Committee on Economic Affairs on Monday has approved reclassification of medium scale companies as those with Rs 50 crore as investments and Rs 250 crore as turnover, up from Rs 20 crore and Rs 100 crore. Read more here

Why aviation regulator is not forcing airlines to keep middle seat empty

Indian civil aviation regulator Directorate General of Civil Aviation on Monday asked airlines not to keep middle seat empty unless they want it to. Read more here

Centre looks to EPFO, LIC, PSBs to raise funds through power bonds

Life Insurance Corporation, Employees’ Provident Fund Organisation and state-owned banks are likely to be asked to subscribe to domestic bond market for supporting the Rs 90,000-crore loan scheme for power distribution companies. Read more here

Retailers to gain from easier norms, recovery longer for malls, multiplexes

Stock prices increase of companies in the retail, hotel, quick service restaurant, and multiplex segments as expectations that lockdown relaxations in non-containment zones will boost demand. Read more here

Cable operators feel the Covid-19 lockdown pinch, lose subscribers

Close to 41 per cent of cable operators said subscribers have deleted channels from their package to cut costs, even as TV viewership has recorded a surge during the lockdown. Read more here

RIL's Rs 53,125-cr rights issue fully subscribed two days ahead of closing

Reliance Industries’ Rs 53,125-crore rights issue has garnered full subscription, the data provided by stock exchanges on Monday showed. Read more here

Over a third of MSMEs may end up shutting down operations, says AIMO survey

Around 35 per cent of the country's Micro, Small and Medium Enterprises and about 37 per cent of self-employed persons are starting the process of shutting down operations. Read more here