Moneycontrol Daily: Your Essential 7

Accenture's mixed performance in Q3 signals that Indian IT companies with similar clientele and services will perform better in upcoming quarterly results starting July 11, according to analysts. TCS, which is closer to Accenture's size, and Infosys, which resembles its clientele, will perform better when compared to other large-tier Indian heritage IT companies. Analysts also say mid-tier IT companies might bear the brunt from the onslaught of their larger peers as the race to grab large deals intensifies. This is because cost takeout deals generally go to larger companies, in a tough macroeconomic environment such as now. Read here

Today
Jyestha Purnima
World Rainforest Day
Poet Kabir's Jayanti
Jagannath Temple's Mahaprabhu Rath Yatra Festival to begin
GST Council Meet
VAT on Petrol and diesel hiked in Goa starting today
Tamil Nadu’s illicit liquor tragedy: BJP's state-wide protest against DMK govt
Ayyanna Patrudu to be elected as AP Assembly Speaker unanimously
Delhi University to start PG Admissions for 2024-25
Swati Maliwal assault case: Bibhav Kumar's custody hearing
T20 WC 2024 Super 8: India vs Bangladesh
Tomorrow
International Olympic Day
United Nations Public Service Day
International Widow's Day
Google Podcasts shutting down
Kozhikode to be declared as the Unesco's 'City of Literature'
ATMA 2024 exam
T20 World Cup 2024: WI vs SA

Railway stocks jumped on June 21, with several of those extending recent gains as Narendra Modi 3.0 government's first Budget draws near. Recent railway incidents have put the spotlight on the investments into railway safety. Rail Vikas Nigam Ltd (RVNL) stock jumped more than 6 percent, adding nearly Rs 5,000 to its market cap. The PSU also said it has emerged as the lowest bidder for a Rs 191-crore electrification project. RailTel stock gained nearly 10 percent to close at Rs 475 on June 21, adding about Rs 1,400 crore to its m-cap. Read more here

National Capital Region-based startup Skye Air, has tied up with DHL Group's Blue Dart to deliver items with the help of drones. The deliveries started a couple of weeks ago, and Ankit Kumar, the CEO of Skye Air estimates that has been able to shorten delivery times from 1 hour, using conventional methods, to 7-8 minutes using drones, in Fresco (housing society), in Gurugram's Nirvana Country or two other societies in the city. Skye Pods are containers used for last-mile deliveries, where Skyewalkers collect parcels and deliver them to customers' doorsteps. Skye Air operates in Gurugram's green zones, including Golf Course Extension, SPR, New Gurugram, Dwarka Expressway, and Sector 50 (e.g., Fresco). Read more here

Capital market participants on June 20, in New Delhi, suggested a bevy of market-related measures to Union Finance Minister Nirmala Sitharaman ahead of first Union Budget of Narendra Modi 3.0 government. One of the industry's suggestion is to divest some stake in low float PSU stocks as they are seeing valuation bubble in at least some cases, a source told Moneycontrol. Market participants also asked FM to revisit safe harbour clause under Section 9A of Income Tax act that prevents offshore funds from coming to India, the source said. Read more here

The GST (Goods and Services Tax) Council is set to issue a clarification that reinsurance is not supply of service at its June 22 meeting. The meeting is also likely to issue a clarification on GST applicable on co-insurance, a government official said. Details here

In what appears to be a clampdown on some life insurance companies’ attempts to promote their unit-linked insurance policies (Ulip) as pure investment products, the Insurance Regulatory and Development Authority of India (IRDAI) has issued a diktat barring insurers from issuing advertisements without references to the embedded life cover element. Read details here