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Key benchmark indices are trading lower in early trade on selling pressure in index pivotals. At 9:25 IST, the barometer index, the S&P BSE Sensex, was down 256.32 points or 0.49% at 51,678.56. The Nifty 50 index was down 68.30 points or 0.44% at 15,506.55. Rise in crude oil prices impacted sentiment. Asian stocks are trading mixed.
Oil prices rose on June 2 after OPEC and its allies stuck to their plan to cautiously return oil supply in June and July while expecting fuel demand to rebound strongly during the US summer. Brent crude futures climbed 37 cents, or 0.5%, to $70.62 a barrel, after jumping 1.3% overnight, when it hit its highest since March 8.
Read more about Hero MotoCorp, Eicher Motors, ITC in spotlight on Business Standard. Hero MotoCorp sold 183,044 units of two-wheelers in the month of May 2021. Sales in the month of May 2021 were adversely impacted due to the closure of plant operations in view of the escalation in the spread of the Coronavirus in the country.
Eicher Motors sold 27,294 motorcycles in May 2021, against 19,113 motorcycles sold in May 2020. Hero MotoCorp, the world’s largest manufacturer of motorcycles and scooters, sold 183,044 units of two-wheelers in the month of May 2021. Gujarat Gas reported a sharp increase in its consolidated profit at Rs350.86cr in Q4FY21 against Rs250.46cr in Q4FY20. Revenue jumped to Rs3,489.31cr from Rs2,722.17cr in the corresponding quarter of the previous fiscal. The company approved the acquisition or transfer of the city gas distribution business for Amritsar and Bhatinda Geographical Area as a going concern, on a slump sale basis, from Gujarat State Petronet (GSP) for Rs163.31cr.