JUNE 30
Union Budget consultations done, Sitharaman set to announce measures and reforms on July 23
Budget expectations: Finance Minister Nirmala Sitharaman completed pre-Budget consultations with diverse stakeholders, setting the stage for presenting her seventh Union Budget on July 23. This first full budget of Modi's third term aims to steer India towards becoming a developed nation by 2047. President Murmu hinted at significant economic reforms ahead.
RBL Bank shares tumble 4% after Q1 update disappoints
RBL Bank's shares fell 4.2% after its June quarter update showed a 2% QoQ drop in deposits to Rs 1.01 lakh crore, despite an 18% YoY rise.
Heavy rainfall in northwest, northeast India brings overall deficit down to just 3 pc
Heavy rains in northwest and northeast India cut the nationwide monsoon deficit from 11% to 3%, IMD states. Central (14% to 8%) and east/northeast (13% to 2%) deficits dropped; south India saw a 13% surplus. Nationwide: 45% normal, 24% excess, 31% deficient rains, totaling 190.6 mm versus 196.9 mm normal. Early onset stalled, delaying rains in West Bengal.
Copenhagen-Delhi flight on Jun 30 cancelled due to operational, tech reasons: Air India
Air India's flight from Copenhagen to Delhi on June 30 was cancelled due to technical and operational reasons, leaving passengers stranded in Copenhagen. The airline assured that efforts were made to minimise inconvenience, with passengers being accommodated in hotels and offered full refund or rescheduling options. The revised schedule will be announced soon.
Freight earnings increase by Rs 1481 cr in June compared to same period of last year: Railways
Railways' freight revenue surged in June 2024 with a diverse cargo mix, showcasing growth in sectors like imported coal, iron ore, and clinker. The strategic focus on various goods, agile policy making, and the 'Hungry For Cargo' mantra have led to a significant improvement in overall earnings and service delivery.
India's coal production rises 14% in June
India's coal production surged by 14.49 per cent to 84.63 MT in June. Coal India Ltd's output was at 63.10 MT, up by 8.87 per cent from the previous year. Coal dispatch reached 85.76 MT, a 10.15 per cent increase, while coal stock held by companies rose to 95.02 MT, showing a 41.68 per cent annual growth. Coal stock at thermal power plants also increased to 46.70 MT, with a 30.15 per cent annual growth rate, underscoring the sector's efficiency.
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Car sales lose pace in June, SUVs stay in front
Passenger vehicle sales in India remained sluggish for the third consecutive month in June due to a high base and reduced post-pandemic pent-up demand. Sales rose 3.7% from a year earlier but slightly declined from May, with 340,784 units sold compared to 328,710 last year. SUVs comprised 53% of sales.
HDFC UPI unavailable on July 13
HDFC Bank announces temporary unavailability of UPI systems on Saturday, July 13, 2024, from 3:00 am to 3:45 am and 9:30 am to 12:45 am for migrating its Core Banking System to a new platform. The move aims to enhance customer experience by improving performance, capacity, reliability, and scalability. The upgrade is scheduled on a bank holiday to reduce inconvenience, prompting customers to plan ahead for banking activities.
India to see above-average rainfall in July, IMD says
In June, India faced below-normal rainfall with a deficit of 11%, marking the highest in five years, impacting the monsoon's progress. July forecasts predict above-average rainfall nationwide, following a delayed onset and stalled progression after Maharashtra, intensifying heat waves in northwest India. The core monsoon zone anticipates above-normal rainfall critical for agriculture.
Lt Gen Upendra Dwivedi to take over as Indian Army Chief on June 30
Lieutenant General Upendra Dwivedi will become the 30th Chief of the Indian Army, succeeding Gen Manoj Pande, who completed his 26-month tenure. Dwivedi has served as the Northern Army Commander, gaining experience in the military standoff on the Ladakh Frontier. Born on July 1, 1964, he has served in various commands, staff, and foreign appointments.
India, US extend digital tax on e-commerce supplies till June 30
Officials said while this would take care of the taxation issue for the first quarter, a final guideline for the second quarter onwards will be given in the upcoming budget in July. Both the countries had reached a deal in November, 2021 that allowed New Delhi to impose the 2% levy until March 31, 2024, or till the implementation of Pillar 1 of the OECD agreement on taxing multinationals and cross-border digital transactions.
Car discounts: Check offers on cars of Maruti, Tata, Honda, Hyundai, Mahindra, Skoda and Volkswagen
Car makers like Maruti Suzuki are offering significant discounts on various SUV models to boost sales in a slow market. This approach is driven by the need to clear inventories and attract customers amidst muted demand, as highlighted by industry analysts.
June deadlines: Check which money deadlines have been extended and which will end on June 30
June is almost over, and there are a few important personal finance-related deadlines that will end in a few days that you should be aware of. The following is a list of financial deadlines in June 2024 that have been extended from the June deadline.
Gold loan interest rates in June 2024: Latest gold loan interest rates of 24 banks
A gold loan is a secured loan that allows you to leverage the value of your gold ornaments or jewelry to obtain funds. Latest gold loan interest rates offered by banks in June 2024.
Stocks to buy: Bet on stocks that regularly beat analyst estimates; 5 stocks with double-digit upside
Stocks to buy: Out of 304 companies, where estimates are compiled by a minimum of three analysts through Reuters-Refinitiv, 50 stocks have consistently surpassed analysts’ net profit estimates in all four quarters of 2023-24. This group of 50 stocks has delivered an average return of 72.4% over the past year, compared to the BSE 500 index’s 38% return over the same period. This data is based on closing values as of 18 June. The article explores the five companies that have been covered by a significant number of analysts and currently offer double-digit share price potential.
Expectation is that reforms will continue, but it may not be as simple as that: Ketan Dalal
"Let’s take a look at some key areas where reforms are needed, but could be impacted; a crucial area of reforms is that of land reforms, given the need to promote India as a manufacturing hub and to leverage the China + 1 opportunity."
PM Modi's monthly radio broadcast 'Mann Ki Baat' to resume from June 30
Prime Minister Narendra Modi announced the return of his 'Mann Ki Baat' radio broadcast on June 30, after a pause due to elections. He encouraged people to share their ideas and inputs for the show via MyGov, NaMo App, or by recording a message. The broadcast last aired on February 25.
Nirmala Sitharaman to hold pre-budget meeting with industry chambers on June 20
Finance Minister Nirmala Sitharaman to hold pre-budget consultations with industry chambers on June 20 for the 2024-25 fiscal budget presentation in July.
Economists expect big-bang reforms to continue under Modi 3.0
Modi is set to be sworn in for third term as India's Prime Minister in coalition government with key partners Telugu Desam Party and Janata Dal (United). Economists anticipate focus on economic reforms to achieve goal of Vikshit Bharat by 2047. Budget to prioritize infrastructure, manufacturing, and welfare schemes amid global economic challenges.
Investment returns during coalition govt: Modi 3.0 might be good for stock market, mutual fund investors, show trends during previous govts
How will be Modi 3.0 for investments? The stock market experienced a sharp decline following the Lok Sabha elections 2024, causing concern among young investors. They are worried about their investments as a coalition National Democratic Alliance (NDA) government prepares to take oath on June 9, 2024. Will the volatility in the stock market continue? How will NDA-3.0 be for your hard-earned money? Is there a bad government for your investments? Should the incoming government worry debt investors? Should you invest in equities, mutual funds or debt instruments? Questions such as these are worrying investors. So here are some answers that should give an idea of what is in store for you in the next five years.
Akhilesh Yadav takes jibe at Modi 3.0, says "government stuck in limbo..."
Ahead of Narendra Modi's third consecutive term as Prime Minister, Samajwadi Party chief Akhilesh Yadav criticised Modi 3.0, stating a government stuck in limbo is not effective. Newly elected MPs were invited for tea at the PM's residence before the oath ceremony. BJP leaders attended, and the NDA unanimously elected Modi as their leader. Yadav is taking steps to revoke membership of seven SP MLAs who supported BJP in Rajya Sabha elections.
Narendra Modi to take oath as PM on June 9 at 6 pm
India's Prime Minister Narendra Modi is set to take office on June 9, marking his third term. The Bharatiya Janata Party (BJP)-led National Democratic Alliance (NDA) declared Modi as their leader of coalition after winning 293 seats in the Lok Sabha polls. The BJP's biggest success came from Odisha, where it won 19 out of 21 seats and formed its first government in the state.
Modi 3.0: NDA government's formation, oath-taking ceremony likely on June 8
Modi 3.0 Oath : BJP leader Narendra Modi is likely to be sworn in as Prime Minister for a third consecutive term on June 8, following the NDA's victory in the general elections. Despite losses in three Hindi heartland states, the BJP-led NDA secured 291 seats. The BJP will rely on allies for stability, notably winning 19 of 21 seats in Odisha.
FD rates up to 8%: These 3 banks special fixed deposits with higher interest rates will end on June 30
Many banks offer special fixed deposits with higher interest rates. However, these special fixed deposits are offered for a limited period of time. Individuals who wish for a better return should make sure to invest in special deposits before the deadline.
IRDAI approves appointment of Sandeep Batra as ICICI Prudential Board chairman
The Insurance Regulatory and Development Authority of India (IRDAI) has approved Sandeep Batra as Chairman of ICICI Prudential's Board of Directors, effective June 30, 2024. Batra, a Chartered Accountant and Company Secretary, has served as Executive Director, CFO, and Group Compliance Officer at ICICI Prudential.
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