Nestle bets on rural demand, New boss at Wipro, COVID gloom & More | Top Headlines
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Top Headlines of the day: 1. Quiet start to June series Opening Bell: Wipro Ltd., State Bank of India, IDFC First Bank Ltd., Vodafone Idea Ltd., are some of the top performers today. Nifty above 9,400 and Sensex 300 points. Voda Idea surges 9%, Infosys falls 3%. 2. Nestle bets on rural demand All Nestle factories are operational, working at 75-80% capacity. All suppliers and 90-95% distributors operational as well. In a crisis you don't run a company, you serve a family so immunity, nutrition, quality & trust are very important. In this pandemic, consumers are moving towards more affordable packs & witnessing down trading. Also witnessing a strong trend towards limited indulgences but the core categories continue to enjoy fairly strong demand. The mass migration to rural areas could bump up rural consumption. Rural consumption continues to be stronger than urban demand. Nestle witnessed better growth in Tier 2/3/4 cities, semi-urban areas than urban areas. We do expect some inflation as pandemic panic settles down, a certain level of healthy inflation essential for the economy and Nestle is capable of managing a certain level of inflation, says Suresh Narayanan, Nestle India. 3. New boss at Wipro Wipro has picked Capgemini executive Thierry Delaporte as its chief executive officer and managing director, the company said in a BSE filing today. Thierry Delaporte was the Chief Operating Officer of Capgemini Group and a member of its Group Executive Board. During his twenty-five year career with Capgemini, Thierry Delaporte has held many top positions including that of CEO of the Global Financial Services Strategic Business Unit, and head of all global service lines. He also oversaw Capgemini's India operations, and led the group's transformation agenda, conceptualizing and driving several strategic programs across various business units. 4. Google's search for Voda stake 5. COVID gloom - Q4 GDP seen at 1.4% The Q4 GDP is certainly going to be impacted on account of the seven days of the lockdown that we did see in the month of March. As far as now, the Q4 GPD is seen on 1.4%, thus pulling down the entire FY20 GDP in just around 4.3%. In fact, it is going to be a loss for India of ₹ 1.4 lakh Crores in lockdown in March. 90% of the loss is seen been contributed from the red and orange zones of COVID-19. Pre-COVID growth rate is unlikely in the next 3 years. Watch for more details! Subscribe To ET Now For Latest Updates On Stocks, Business, Trading | ► https://goo.gl/SEjvK3 Subscribe Now To Our Network Channels :- Times Now : http://goo.gl/U9ibPb The NewsHour Debate : http://goo.gl/LfNgFF To Stay Updated Download the Times Now App :- Android Google Play : https://goo.gl/zJhWjC Apple App Store : https://goo.gl/d7QBQZ Social Media Links :- Twitter - http://goo.gl/hA0vDt Facebook - http://goo.gl/5Lr4mC G+ - http://goo.gl/hYxrmj Website - www.etnownews.com
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