Modi govt’s poor handing of 2nd covid wave leaves another 7 million Indians jobless
News Network
May 3, 2021
India’s unemployment rate rose to a four-month high of nearly 8% in April, and the outlook remains weak thanks to the poor handling of the second wave of covid-19 by the Prime Minister Narendra Modi led government coupled with state administrations extending lockdowns to curb a record surge in virus cases.
Unemployment increased to 7.97% from 6.5% in March, with more than seven million jobs lost last month, according to data from the Centre for Monitoring Indian Economy Pvt., a private research firm.
“There is a fall in the jobs available. This could be due to the lockdowns,” CMIE Managing Director Mahesh Vyas said by telephone. “Since the virus is still quite intense and we are stressed on the medical health-services front, it’s likely that the situation will remain tense in May as well.”
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Daily Market Commentary - May 3, 2021 - Bonanza Portfolio
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Market cap of 7 most valued stocks jumps a whopping Rs 1.6 lakh crore
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Last Updated: May 02, 2021, 05:29 PM IST
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Synopsis
ICICI Bank added Rs 21,033.34 crore taking its valuation to Rs 4,15,348.35 crore and State Bank of India witnessed a rally of Rs 15,171.83 crore to reach the market capitalisation of Rs 3,15,440.39 crore.
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While Reliance Industries, Infosys, Hindustan Unilever Limited, ICICI Bank, Kotak Mahindra Bank, Bajaj Finance and State Bank of India emerged as gainers, Tata Consultancy Services, HDFC Bank and HDFC took losses in their market capitalisation (m-cap).
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NEW DELHI: Seven of the top-10 most-valued companies together added a whopping Rs 1,62,774.49 crore in market valuation last week, with major contribution coming in from Reliance Industries Ltd and Bajaj Finance. Last week, the 30-share BSE benchmark gained 903.91 points or 1.88 per cent.
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