UNION BUDGET: Before the 2024 Lok Sabha elections, Finance Minister Nirmala Sitharaman had indicated that the BJP-led NDA government would adhere to the fiscal measures outlined in the Interim Budget, emphasizing fiscal prudence and continued capital expenditure. Re-elected for a third term, the Modi government’s budgetary focus includes a significant boost to infrastructure and renewable energy initiatives.
During the first session of Parliament in Modi government's third term, the Biju Janata Dal (BJD) aligned with the opposition, criticising the ruling party, while the YSR Congress Party (YSRCP) maintained a supportive stance towards the Centre. Both parties, facing recent setbacks, hold significant influence in the Rajya Sabha.
Credit card bill payment rules: As of July 1, customers with credit cards from major banks like HDFC Bank and Axis Bank will no longer be able to settle their credit card bills using third-party applications such as CRED, PhonePe, Amazon Pay, and Paytm.
Nifty ended Wednesday’s session with a gain of 163 points to form a small negative candle but broke out of a sideways consolidation movement on the daily chart ahead of Thursday’s expiry.
Mitsubishi UFJ Financial Group Inc. (MUFG) is facing hurdles in its negotiations to acquire a minority stake in HDFC Bank Ltd.'s consumer lending unit, HDB Financial Services Ltd. The main point of contention is the extent of control MUFG would have over HDBF's business strategy. While MUFG remains interested in the deal, talks are at risk of further delays or possibly collapsing altogether due to these disagreements.
The T20 World Cup-winning Indian cricket team, led by Captain Rohit Sharma, left Barbados on a Boeing 777 charter flight amidst the threat of Hurricane Beryl. The team's departure was marked by an Instagram post from Sharma with the trophy, as they headed back to Delhi following their victory. In the face of the looming hurricane, the team's journey home was a triumphant return from the tournament in Barbados.
The Madras High Court directed the Union government to respond to a petition challenging the use of Hindi and Sanskrit names for three new criminal Acts. The petitioner argued that providing titles in these languages would create confusion and difficulty for non-speakers. The court scheduled further hearing for July 23.
The Nifty Auto index closed 0.21 per cent up at 25182.8.
India could receive a sovereign rating upgrade in the next 24 months if the central government manages its finances prudently and reduces the fiscal deficit to 4% of GDP. The trigger for the upgrade would be a general government deficit falling below 7% of the GDP, with a significant portion driven by the central government. The central government estimates a fiscal deficit of 5.1% of GDP in the current fiscal, down from 5.63% in 2023-24.
In the Nifty pack, 38 stocks closed in the green, while 12 stocks ended in the red.
Bhole Baba, over 60, adopted a girl at Mainpuri ashram who passed away. Police confirmed his presence there, following a cremation incident and media restriction at Bichhawan ashram.
Anand Mahindra, Chairman of Mahindra Group, emphasized the need for Indian companies to increase capital investment to leverage growth opportunities domestically and globally. In the company's annual report for 2023-24, Mahindra highlighted India's strengthened position in global supply chains post-COVID, urging private industry to seize this momentum. He stressed that private investment is crucial for driving economic growth, creating jobs, and stimulating demand.
Gangster Abu Salem challenged transfer from Taloja prison to Nashik Central Prison in Bombay High Court, alleging conspiracy to kill him before potential release in a few months. The Bench recused itself from hearing petition and will be reviewed by another bench. Salem argued against transfer affecting trials in Delhi, suggesting safe alternatives within Taloja prison. Authorities cited security concerns for proposed move.
Congress leader Priyanka Gandhi Vadra criticised the BJP for the stampede in Hathras, where 121 people, mostly women, died at a religious event. She slammed the government for lack of accountability and focus on "whitewashing" the issue. Gandhi highlighted negligence in crowd management and medical facilities, demanding action to prevent similar tragedies.
The NSE Nifty index closed 162.66 points up at 24286.5
Philanthropist and author Sudha Murty on Tuesday presented her first speech in Rajya Sabha.
The asset manager's president Avinash Satwalekar said Franklin Templeton has crossed the Rs 1 lakh crore assets under management milestone around ten days ago again. As of March, it was the 15th biggest asset manager in the country.
Prime Minister Narendra Modi, in a speech to the Rajya Sabha, accused the Congress party of being the "biggest opponent of the Constitution" and criticized it for running a "fake narrative" to mislead the public. He referenced the 1977 elections, fought to protect the Constitution following the Emergency, to counter the opposition's claims about the 2024 elections.
The firms did not disclose the transaction value, but BitOasis said in a separate statement that CoinDCX, which had already acquired a stake in the business last year, now owns the full share capital of the Dubai-based company.
Stayflexi, a Y Combinator-backed company, has emerged as a trailblazer in the hotel technology industry, rapidly gaining international acclaim. With a presence in over 2,400 properties worldwide, Stayflexi is revolutionising hotel management with its all-in-one platform designed to optimise operations and boost revenue. This rapidly growing startup is now celebrating significant success in India, where it is substantially impacting the hospitality sector.
Investors poured $27.1 billion into AI startups in the United States from April to June, accounting for nearly half of all U.S. startup funding in that period, according to PitchBook, which tracks startups. In total, U.S. startups raised $56 billion, up 57% from a year earlier and the highest three-month haul in two years.
The NSE Nifty index closed 162.66 points up at 24286.5
The move comes after dawn raids by French authorities in September last year, which sources said targeted Nvidia. The raids were the result of an ongoing probe into the cloud computing industry.
