Top headlines: WPI falls in June, oil demand may recover in 2021 & more

Here are the top headlines of the day

WPI falls for straight third month in June, but food inflation rises

Wholesale price index (WPI) declined for the third month in a row at 1.81 per cent in June, but the rate of contraction fell from a 4.5-year high of 3.21 per cent in the previous month. Food inflation in WPI rose to 2.04 per cent in June from 1.13 per cent due to disruptions caused by rains, striking a discordant note with its consumer price index (CPI) counterpart. Read more.

Passenger vehicle sales fall 49.59% in June over coronavirus, lockdown

Passenger vehicle sales in India declined by 49.59 per cent in June to 1,05,617 units as against 2,09,522 units in the same month last year as the sector looks to recover from the coronavirus pandemic-induced lockdown, auto industry body SIAM on Tuesday said. Motorcycle sales were at 7,02,970 units as against 10,84,596 units in June 2019, down 35.19 per cent. Read more.

UP asks for Rs 20,940 cr loan to help discoms, more states in queue

Uttar Pradesh government has requested the Power Finance Corporation and Rural Electrification Corporation for Rs 20,940 crore as loan to help its power distribution companies, seeking a sizeable chunk of the amount the central government plans spending to bail out the sector. Maharashtra was the first state last month to get Rs 2,500 crore from REC under the Atmanirbhar scheme. PFC disbursed a similar amount to the state. Read more.

Gold smuggling could pause till November as NIA takes over Kerala case

Gold smuggling in India may halt till Diwali in November—the impact of the National Investigation Agency taking up a case that rocked Kerala when the precious metal was found in diplomatic baggage addressed to the UAE Consulate in state capital Thiruvananthapuram, say analysts. The Customs started an investigation but last Friday NIA took over NIA as a case under the Unlawful Activities (Prevention) Act, 1967. Read more.

US grapples with coronavirus pandemic as WHO warns 'no return to normal'

The spread of the virus is worsening in many countries and there will be no return to the old normal for the foreseeable future," the director of the World Health Organization, Tedros Adhanom Ghebreyesus, said. His remarks came a day after Florida shattered the record among US states for the largest single-day increase in new confirmed cases, with more than 15,000. Read more.

Oil demand may hit 100 million b/d in 2021 if economic recovery sustains

Covid-19 may have done permanent damage to oil consumption in the transport sector. Some analysts see global oil demand peaking later this decade, while others believe it may never return to the giddy heights of 100 million barrels per day (b/d). But strong growth in petrochemicals use could delay peak oil demand for a couple of decades. Read more.

Google in advanced talks to invest $4 bn in Reliance digital arm: Report

Alphabet Inc's Google is in advanced talks to invest $4 billion for a stake in the digital arm of Indian conglomerate Reliance Industries Ltd, Bloomberg reported on Tuesday, citing people familiar with the matter. Google declined to comment, while Reliance did not immediately respond to a request for comment. Read more. 

Wipro Q1FY21 consolidated net up 0.1% YoY at Rs 2,390.4 cr, revenue up 1.3%

IT major Wipro on Tuesday posted a 0.11 per cent year-on-year (YoY) rise in its consolidated net profit at Rs 2,390.4 crore for the quarter ended June 2020 (Q1FY20-21). Revenue for the period came in at Rs 14,913.1 crore, up 1.33 per cent against Rs 14,716.1 crore in the year-ago period. On a sequential basis, numbers declined 5 per cent. Read more.