PV sales in the fast lane

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⭐ PV sales zoom in June 🚗
Wholesale volumes of passenger vehicles (PVs) rose 19% year-on-year in June to 2.75 lakh units. This was on the back of an improvement in semiconductor supplies. On a quarterly basis, PV sales were 41% higher in Q1 at 9.1 lakh units. Meanwhile, two-wheeler sales increased 24% to 13 lakh units.

⭐ Construction sector’s profitability may fall 🚧
A sharp rise in commodity prices and increasing competition is expected to have an adverse impact on the profitability of the construction industry, according to rating agency ICRA. There has been a considerable rise in the prices of steel, cement and bitumen. Despite this, the rating agency forecasts a healthy revenue growth for the sector in the medium term.

⭐ US inflation rate accelerates 📈
US inflation accelerated in June, beating street estimates. The consumer price index rose 9.1% year-on-year, the highest since November 1981. It increased by 1.3% in June, the highest monthly rise since 2005, due to higher gasoline, shelter and food costs. The hike in inflation rate may lead to the US Fed taking firm measures later in July.

Global markets (at 7:30 AM today)

Fact of the day

The Indian IT sector contributed $198 billion to the US economy in 2021.
Source: Mint