The week in charts: Sensex cheer, tariff truce, satellite scheme
In this weekly Plain Facts compilation, we present to you data-based insights, with easy-to-read charts, to help you delve deeper into the stories reported by Mint in the week gone by.
The end of the conflict between India and Pakistan and a trade deal between the US and China propelled the Indian stock markets to put up their best single-day performance in four years. Meanwhile, the government plans to expedite the implementation of its satellite surveillance programme in the aftermath of the Pahalgam terror attacks.
Sensex roars
India and Pakistan reached an understanding on 10 May to end the conflict after four days of cross-border military strikes following the terrorist attacks in Pahalgam. This development, along with the US-China trade deal of lower tariffs for 90 days, triggered the biggest rally in Indian equities on Monday in over four years. The Sensex climbed 3.7% to 82,429.90, marking its best gains since 1 February 2021. Markets have held on to the most of gains through the week, with the Sensex closing at 82,530.74 on Thursday.
Tariff truce
The US and China this week announced a 90-day tariff truce, bringing a temporary pause to a bruising trade war. Beginning 14 May, the US agreed to lower its tariffs on Chinese goods from 145% to 30% (10% baseline plus fentanyl-specific 20% levy), while China agreed to reduce its tariffs on US goods from 125% to 10%. Analysts are hopeful that the temporary reprieve could provide a window for further negotiations. The US runs the highest trade deficit with China despite a notable decline in recent years.
Satellite power
$3 billion: That is the amount allocated towards the Space-based Surveillance-3 (SBS-3) scheme, whose execution the government plans to expedite in the wake of the Pahalgam terrorist attacks. The Centre has directed three firms—Ananth Technologies, Centum Electronics, and Alpha Design Technologies—to shorten their satellite development timeline from four years to 12-18 months, targeting completion by the end of 2026 or earlier, Mint reported. A satellite by Ananth Technologies might even launch this year via ISRO's LVM3 or SpaceX. Under SBS-3, 52 surveillance satellites are being built.
Price pullback
India’s retail inflation eased to a near six-year low of 3.2% in April, down from 3.3% in March. This marked the sixth consecutive monthly decline and third consecutive sub-4% print. However, core inflation, which excludes food, and fuel and light groups, remained above 4%, suggesting caution. Persistent price pressures were also evident in health and education costs, which continue to stay above 4%. Nevertheless, declining headline inflation has made it easier for the central bank to continue rate cuts in the coming months.
Regional divide
Car wholesales in eastern and southern states took a beating in 2024-25, while northern and western states continued to report growth, albeit at a slower pace. According to data released by the Society of Indian Automobile Manufacturers Association (SIAM), the eastern region recorded a 4.2% year-on-year decline in passenger vehicle wholesales in FY25 as opposed to a 4.2% growth in the previous year, Mint reported. Southern states recorded a 3.5% decline as opposed to 6.6%. On the other hand, western and northern states saw 4.4% and 6.6% growth, respectively.
Musical deal
$500-600 million: That is the potential value of the deal that involves Harman US selling a controlling stake in its Indian unit, Mint reported. Harman US, the maker of JBL, Harman Kardon and Infinity audio products, is a subsidiary of South Korea's Samsung. The company has approached global private equity and buyout firms for the deal and appointed Deutsche Bank to manage the process. Harman India operates across four segments—Lifestyle, Connected Car, Professional, and its India Development Centre, which serves as its software development hub.
Mid-tier surge
Mid-cap IT firms hired more employees in FY25, outpacing the big four—Tata Consultancy Services, Infosys, HCL Technologies, and Wipro, Mint reported. The top four added 9,442 employees, while their mid-tier rivals (with annual revenue of about $1-6 billion) collectively onboarded 25,794 employees. Among these, Coforge led with 8,771 new hires, surpassing TCS's hiring of 6,433. The top four are facing a slowdown due to their high exposure to the US and European markets for business, while the mid-sized firms are somewhat insulated from the external environment.
Chart of the week: Results out!
The Central Board of Secondary Education (CBSE) announced the Class X and XII board examination results on 13 May. The overall pass percentage was better among Class X at 93.7% versus 88.4% among Class XII students. Girls continued to outshine boys.
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