IIP growth jumps in May

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⭐ IIP growth rises in May 📈
India’s industrial production rate (IIP) jumped 19.6% in May as compared to 7.1% in April. The sharp rise in May was due to a low-base effect. The manufacturing sector's output grew 20.6%, the mining output climbed 10.9%, and power generation increased 23.5%.

⭐ FMCG companies’ sales rise, but volumes dip  🍫
The sales of FMCG companies rose 14% year-on-year in Q1 of FY23, according to a retail intelligence platform. However, the growth was due to a low base. Sales in the period were led by an increase in prices as the cost of raw materials rose. Meanwhile, sales volumes were impacted due to inflation.

⭐ Zomato focuses on growth and profitability 🛵
Zomato's management said that it is focusing on both growth and profitability, as against the company's singular focus on growth earlier. However, the company remains unclear on when it will turn profitable. It also said it will not seek to expand globally. The company had started exiting international businesses in November 2021. The stock is down 59% since the start of the year. 

Global markets (at 7:30 AM today)

Fact of the day

As per a survey, 30% of Indians have been victims of online identity theft.
Source: TOI