India’s industrial output rises, export duties on petroleum products reduced, & more
Monday, 1 June 2026
Markets opened above Friday’s closing point.
Nifty 50 fell throughout the day and closed in the red.
IT stocks and media stocks rose the most today. FMCG stocks and PSU bank stocks fell the most.
Global markets: US markets rose. Asian markets showed a mixed trend. Most European markets fell (as of 6 pm IST).
News
India’s manufacturing PMI rose to 55 in May (vs 54.3 in April). This means manufacturing activity grew more in May than in April.
India’s industrial output rose 4.9% year-on-year in April (vs 4.1% in March).
India’s gross GST collections rose 3.2% year-on-year to 1.94 lakh crore. Net GST collections rose 3.3% to 1.66 lakh crore.
The government has reduced export duties on petroleum products, effective 1 June to ensure domestic availability. The Special Additional Excise Duty is revised to Rs 1.5 per litre on petrol, Rs 13.5 per litre on diesel, and Rs 9.5 per litre on aviation turbine fuel (ATF). Domestic duties will remain the same.
Stocks Updates
M&M: incorporated a 50:50 life insurance joint venture, Mahindra Manulife Insurance Ltd, with Manulife Holdings (Bermuda).
Kotak Mahindra: approved the acquisition of a loan portfolio and non-treasury investments worth Rs 10,639 crore from subsidiary Kotak Mahindra Investments.
Wipro: step-down subsidiary, Wipro IT Services LLC, will acquire an additional 20% stake in Aggne Global for $28.5 million, increasing its holding to 80%.
Groww: company’s subsidiary, Groww Asset Management Ltd, received SEBI approval for State Street Global Advisors to acquire a 22.94% economic interest and 4.85% voting rights in Groww AMC, without any change in control.
Zydus Lifesciences: revised its Rs 1,100 crore buyback offer o up to 87.3 lakh shares at Rs 1,260 per share through the tender offer route.
Word of the Day
Amortization
It means gradually spreading out a cost over time, instead of paying it all at once.
Amortization can be used in 2 cases: for loans or business expenses.
Payments are made/recorded in regular installments until the full amount is covered.
Example: If a person takes a Rs 5 lakh loan, it can be paid in monthly installments of Rs 20,000 over a few years.
In the case of a company, if it buys a software license, it can spread the cost over the number of years the license is valid, rather than recording the entire expense in one month.
6 Day Course
Theme: use of LLMs in investing
Day 1: Monday
LLMs have become extremely good over the last 3-5 years.
So much so that they have become extremely common in corporate circles.
ChatGPT, Gemini, and Claude are some examples of LLM chatbots that are commonly used.
In this week’s course, we’ll try to learn about possible uses of these tools for an investor.
The first and foremost thing every investor needs to internalise is that no matter how good these LLMs are, they still make mistakes.
Hallucination or presenting false info as real info is still common.
So a habit we all have to build is to never rely fully on these tools.
Yes, they used to hallucinate a lot more earlier, and now, it has reduced significantly.
But the fact remains, they still do hallucinate and are not good at recognising that they are hallucinating.
We explored the question “What if you bought stocks based on promoter buying?”
Check out the full report here.
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