“The bottom was in September last year when we could produce only 40% of our plan and it improved subsequently. In October it was about 60%, November 85%, December 90%, January, February and March was about 92% and April, May, June was about 94-95%. So we have seen a constant improvement although we have not reached 100% yet.”

The government has raised export duty on diesel by Rs 13 a litre and on petrol by Rs 6 a litre. It has also raised export duty on ATF by Re 1 per litre. The government said Indian exporters would have to sell 50 per cent of petrol in the domestic market on total shipping bill while they have to sell 30 per cent of diesel in domestic market on total shipping bill. In addition, a cess of Rs 23,250 per tonne was imposed on crude produced domestically.

In the international market, both gold and silver were trading flat at USD 1,808.45 per ounce and USD 19.83 per ounce, respectively.

Edelweiss analyst Arun Jain cites two key catalysts that can trigger a rally in FMCG stocks: cooling off of key raw material cost, which will be retained by most companies, and reasonable valuation after correction in multiples despite no significant earnings downgrades.

Dollar revenue growth is seen at 3.4 per cent YoY or 1.5 per cent QoQ, with the cross-currency impact seen at 190 basis points. Deal wins and the impact of the macro weakness on growth will be key monitorable, Motilal Oswal said in a note.

The Nikkei share average ended up 0.84% at 26,153.81 after briefly dipping below the psychological 26,000-mark in the morning session. The broader Topix gained 1.34% to 1,869.71. The Nikkei logged a weekly loss of 3.01% on Friday, while the Topix slipped 2.08%.

The continent-wide STOXX 600 index was up 0.8% by 0716 GMT, after falling last week on worries about a potential global economic slowdown.

The bank said that the reversal in interest rate cycle this year saw the incremental cost of funds going up but it was well-compensated by simultaneous increase in the disbursement yields during the quarter.

More than half of IndiGo’s flights were delayed on Saturday as a large chunk of its staff stayed away from work – allegedly to attend a recruitment drive of rival airlines – inconveniencing scores of passengers.

“The macro is no longer as dark a red as it was appearing in October, November, December. It is turning amber again and perhaps it is the beginning of the end to use a cliché. So to that extent, maybe there are clearer skies ahead in a couple of months’ time. Remember, time to short bond and equity both are behind us.”