Economy Market Snapshot June 2024

General News

• Lok Sabha Results 2024: NDA secures absolute majority by winning 292 seats. BJP wins 240 seats. I.N.D.I.A
  bloc bags 233 seats
• Narendra Modi takes oath for third consecutive term as PM along With 72 ministers; 9 new faces in
  Cabinet.
• Om Birla wins first election for Lok Sabha Speaker’s post in about five decades.
• BJP chief JP Nadda replaces Piyush Goyal as Leader of House in Rajya Sabha.
• Congress Working Committee pass resolution to appoint Rahul Gandhi as the leader of opposition in Lok
  Sabha.
• Rahul Gandhi retains Rae Bareli Lok Sabha seat; Priyanka to make poll debut from Wayanad.
• General Upendra Dwivedi takes charge as the 30th Chief of Army Staff.
• PM Kisan Samman Nidhi scheme 17th instalment authorised by PM Modi on first day of assuming office.
• Amit Shah launches special programme to fast-track immigration services.
• PM Modi inaugurates 84 major developmental projects worth over ₹1,500 crore in J&K.
• PM Modi’s Principal Secretary PK Mishra, NSA Ajit Doval get 5-year extension; IB chief Tapan Kumar Deka
  gets one-year extension.
• Union Education Ministry sets up 4 committee to review grace marks given to over 1,500 candidates in
  NEET-UG exam.
• NTA Chief Subodh Kumar Singh removed from post amid allegations of irregularities in NEET exam.
• NTA announces fresh dates for UGC-NET, CSIR UGC-NET, NCET examinations.
• PM Modi, Japanese PM Kishida agree to advance infrastructure, cultural ties.
• Jaishankar meets US NSA Sullivan in New Delhi, discusses bilateral and global issues.
• Ajit Doval chairs US-India ICET meeting, sets vision for strategic technology partnership.
• Jaishankar and Sri Lanka President Wickremesinghe formally commission Maritime Rescue Coordination
  Centre.
• India, Qatar hold talks on sale of 12 used Mirage-2000 fighter jets.
• PM Modi meditates at Kanniyakumari’s Vivekananda Rock Memorial for 45 hours.
• TDP Chief Chandrababu Naidu sworn in as Andhra CM, Pawan Kalyan as deputy, Lokesh gets IT.
• Amaravati is capital of AP, Visakhapatnam will be financial capital: Naidu.
• Mohan Charan Majhi to be sworn in as Odisha’s 1st BJP Chief Minister with 2 deputy CMs.
• P.S. Tamang takes oath as Sikkim Chief Minister.
• Pema Khandu becomes Arunachal Pradesh CM for third time in a row, Chowna Mein takes charge as
  Deputy.
• Naveen Patnaik takes control of BJD as Pandian quits politics.
• BSP chief Mayawati reinstates nephew Akash Anand as successor.
• Delhi faces severe water shortage amid heat-wave over last 2 weeks.
• New criminal laws from July 1, Centre approves ₹2,254 crore to upgrade forensics.
• CBI files final chargesheet in rail job scam; Lalu son Tej Pratap, daughter Hema named for first time.
• CBI arrests Delhi Chief Minister Arvind Kejriwal in excise scam case.
• 49 foreign workers including 40 Indian nationals killed in massive fire in building in Kuwait.
• G7 agrees $50 billion loan for Ukraine from frozen Russian assets.
• US, Ukraine sign long-term security agreement on sidelines of G7 summit.
• Ukraine Peace summit: India refuses to sign statement endorsing Ukraine’s territorial integrity.
• Maldives bans Israeli passport holders as President Muizzu launches fundraising campaign for Palestine.
• Israeli military announces ‘tactical pause’ in attempt to increase flow of aid into hard-hit Gaza.
• North Korea and Russia sign mutual defense pact, strengthen military cooperation.
• Trump becomes first former US president convicted of felony crimes.
• Biden unveils plan allowing hundreds of thousands to gain US citizenship.
• Anthony Fauci testifies publicly before House panel on Covid origins, controversies.
• EU leaders pick von der Leyen for second term as Commission chief.
• Macron hosts Biden for talks on Gaza, Ukraine on fanfare-filled state visit.
• US lawmakers meet with Tibetan Parliament and Dalai Lama.
• Pakistan PM Shehbaz, Chinese President Xi agree to upgrade CPEC, discuss Kashmir.
• Indian-American Astronaut Sunita Williams makes history on Boeing’s Starliner maiden crewed mission.
• New China rules allow detention of foreigners in South China Sea.
• Putin signs deals with Vietnam in bid to shore up ties in Asia to offset Moscow’s growing isolation.
• UN declares Israel and Hamas as nations violating children’s rights in armed conflict.
• UN Security Council adopts a cease-fire resolution aimed at ending Israel-Hamas war in Gaza.
• US designates Kenya as major non-NATO ally, enhancing defence & security cooperation.
• China lunar probe returns from moon carrying first ever soil samples from it’s far side.
• Iran holds presidential vote with limited choices, month after Ebrahim Raisi’s death.
• ICC announces record prize money of $11.25 million for T20 World Cup 2024.
• World Cup comes home after 11 years; India wins T20 WC with thrilling 7 runs over SA.
• Virat Kohli, Rohit Sharma and Jadeja retire from T20Is after India’s T20 World Cup triumph.
• Virat Kohli receives ICC ODI Player of the Year 2023 award.
• Women’s ODI: India snatch 4-run win over SA, win series 2-0.
• Shefali Verma scripts history, becomes fastest double centurion in women’s Test cricket.
• Norway Chess: Praggnanandhaa stuns Caruana, enters top 10 world ranking.
• French Open 2024: Iga Swiatek retains women’s title; Carlos Alcaraz wins men’s singles title.
• Sunil Chhetri Bids Farewell To International Football.
• Euro 2024: Spain, Germany, England and Switzerland secure quarterfinal spots.

Business News

• RBI maintains status quo for 8th time in a row; repo rate unchanged at 6.5%.
• RBI projects FY25 real GDP growth at 7.2%, CPI inflation at 4.5%.
• Centre authorises release of ₹1.39 lakh crore tax devolution to states for June.
• Centre monetizes assets worth ₹3.85 lakh crore in 3 years; Coal and Roads ministry top contributors.
• Services provided by Indian Railways to the common person exempted from GST.
• GST Council waives off interest, penalty on retrospective notices for 2017-2020.
• PSUs distribute record ₹1.5 lakh crore as dividend in FY24.
• India’s CPI Inflation eases to 12-month low of 4.75% in May 2024; IIP grows 5% in April.
• Wholesale inflation rises for third straight month in May at 2.61%, food items costlier.
• India’s trade deficit widens to $23.8 billion in May, exports rise 9% YoY.
• RBI opens gates for investors, companies to invest in overseas funds.
• Cabinet approves MSP for 14 Kharif season crops, farmers to get ₹35,000 crore more over previous
  season.
• Centre imposes stock limit on wheat to curb hoarding, stabilise prices.
• Cabinet approves ₹2,869 crore for development of Varanasi airport.
• World Bank approves $1.5 billion to support India’s low-carbon transition.
• BSE completes acquisition of S&P Dow Jones Indices’ entire stake in Asia Index.
• Top 100 companies to verify market rumours promptly starting June 1.
• SEBI revamps delisting, F&O inclusion norms; restricts finfluencers.
• Stanley Lifestyles, Akme Fintrade India, DEE Development Engineers and LE Travenues Technology (IXIGO)
  debut in stock markets.
• Indian govt bonds enters JP Morgan Bond index.
• IRDAI bars insurers from advertising unit-linked policies as investment products, issues advertising rules.
• Kotak Bank gets RBI nod to sell 70% stake in general insurance arm to Zurich Insurance.
• Centre introduces new standards – IS 18590: 2024 and IS 18606: 2024 to enhance safety, performance of
  EVs.
• Tata Motors to launch multiple electric cars under Avinya brand.
• Mitsubishi Corp approved by CCI to acquire stakes in two TVS group companies.
• EU announces tariff hike on Chinese EVs amid ongoing anti-subsidy investigation.
• Punch.ev, Nexon.ev first to get 5-star rating under Bharat-NCAP in EV category.
• Tata Motors launches digital marketplace ‘Fleet Verse’ for commercial vehicles.
• Maruti Suzuki’s Swift hatchback crosses a big milestone of 3 million sales in India.
• Air India-Vistara merger gets approval; NCLT gives nod for world’s largest airline group.
• Tamil Nadu CM MK Stalin announces International airport at Hosur.
• OPEC+ extends major oil production cuts until 2025 to stabilise market.
• Commercial LPG prices reduced by ₹69.59; ATF prices down by 6.5%.
• Centre slashes windfall tax on crude oil to ₹3,250 per tonne.
• GAIL to set up India’s largest ethane cracker project at investment of ₹60,000 crore in MP.
• Pakistan inflation slows to 11.8% in May, lowest in 30 months.
• ECB lowers interest rates by 25 bps even as inflation fight continues.
• US Federal Reserve keeps interest rate unchanged for seventh straight time.
• China keeps lending rate unchanged as housing market still struggling.
• TCS Launches WisdomNext, an industry-first GenAI Aggregation Platform.
• TCS, Infosys, HCLTech, Tech Mahindra partner with Yellow.AI for automation solutions.
• Persistent System ties up with Google Cloud to expand in India, US, UK.
• Wipro partners with Siemens to transform automotive software development.
• Tata Technologies collaborates with Mitsubishi Electric India for digital transformation.
• Google launches Gemini mobile app in India, available in 9 Indian languages.
• US bans sales of Kaspersky antivirus software over Russia ties.
• Google Translate adds 110 new languages using AI in largest ever expansion.
• India, S. Korea, US, Japan, EU launch Biopharmaceutical Alliance.
• Govt allows global tenders to access 120 key, patented drugs.
• Bharat Biotech adds ICMR as co-owner of Covaxin patent.
• 5G spectrum auctions: Govt mops up around ₹11,300 crore, Bharti Airtel largest bidder.
• Jio, Airtel hike tariffs for mobile services starting July 3.
• Reliance-backed consortium faces pushback in Ghana over exclusive 5G deal.
• Vodafone Idea gets in-principle approval for ₹14,000-crore loan from SBI-led consortium.
• UltraTech Cement buys 23% stake in India Cements for ₹1,885 crore.
• Ambuja Cements board approves merger of Adani Cementation with itself.
• Vedanta demerger gets approval from majority of creditors, including SBI.
• I&B Ministry calls for self-declaration before ad release.
• Food companies can’t claim ‘100% fruit juice’: FSSAI.
• Peddapalli district to host Coca Cola’s new plant in Telangana.
• Australian Govt signs $18 million MoU with ISRO’s commercial arm.
• NCLT directs Byju’s to maintain status quo, halts $200 million rights issue.
• Sri Lanka concludes major debt restructuring agreements, clearing path for economic recovery.
• LTIMindtree appoints SN Subrahmanyan as chairman after AM Naik steps down.