Moneycontrol Selects: Top stories this evening

A round-up of the big stories

Here is a collection of the most important stories this evening:

Nearly 200 smallcaps give double digit return as broader indices hit record high

The broader indices outperformed the main indices and tested a fresh all-time high in the week ended June 14. The Indian markets remained rangebound but ended higher for the second consecutive week and posted the biggest two-week gains since December 2023. This week, BSE Sensex added 299.41 points or 0.39 percent to finish at 76,992.77, while the Nifty50 index gained 175.45 points or 0.75 percent to end at 23,465.60. Among the broader indices, the BSE Small-cap index added 5 percent, the Mid-cap index rose 4.4 percent and the Large-cap index gained 1 percent. Read more

S&P issues credit rating for six Tata Group companies, including Tata Motors, Tata Steel, Tata Power

S&P Global Ratings on June 14 placed its ratings on six Tata group entities, including Tata Motors, Tata Steel and Tata Power on CreditWatch with positive implications. The other companies in the Tata Group are Jaguar Land Rover, Tata Power, TML Holdings and ABJA Investment. The rating actions come ahead of S&P's review of the relationship between the group's holding company, Tata Sons and its subsidiaries. The review will assess whether the potential of extraordinary support for the group entities from Tata Sons is greater than what we previously factored, S&P said in a statement. Read more

Uttarakhand: 10 killed as tempo traveller falls into gorge on Rishikesh-Badrinath highway

In a tragic incident that occurred on Sunday, atleast ten people were reportedly killed and several others injured when a tempo traveller fell into a deep gorge near the Alaknanda river along the Rishikesh-Badrinath national highway. According to initial reports, 23 people were travelling in the vehicle. Superintendent of Police Rudraprayag Dr. Vishakha Ashok Bhadane said rescue work is continuously going on in the Tempo Traveller accident. So far, 4 injured have been airlifted and sent to the higher centre in Rishikesh. and as per IG Garhwal, 10 people have died in the accident. Read more

MC Selects

'NDA govt formed by mistake, can fall anytime...': Mallikarjun Kharge

Launching a fresh attack on the ruling NDA government, Congress president Mallikarjun Kharge said it was formed by mistake and will fall soon. "NDA government has been formed by mistake. Modi ji doesn't have the mandate. It's a minority government. This government can fall anytime," Kharge said. "We would like it to continue, let it be good for the country, we should work together to strengthen the country," he added. Read more

'Wherever PM campaigned, we won': Sharad Pawar 'thanks' Modi for LS polls verdict in Maharashtra

Taking potshots at the Prime Minister, NCP (SP) chief Sharad Pawar said that wherever Narendra Modi's roadshow and rally took place in Maharashtra, the Maha Vikas Aghadi (MVA) registered victories on those places. "Wherever the Prime Minister's roadshow and rally took place, we won. That is why I consider it my duty to thank the Prime Minister," he said during a joint press conference of the MVA. In Maharashtra, the Mahayuti alliance - comprising BJP, Shiv Sena (led by Eknath Shinde) and NCP (led by Ajit Pawar) - got 17 Lok Sabha seats while the MVA - comprising Congress, Shiv Sena (UBT) and NCP (SP) - secured 30 of the total 48 seats. Read more

Hyundai Motor India files draft papers with Sebi for record IPO of around $3 billion

outh Korean auto giant Hyundai Motor Co's Indian arm Hyundai Motor India Limited has filed draft papers with market regulator Sebi to raise around $3 bn via an initial public offer (IPO) at a targeted valuation between $18 bn to $20 bn, multiple sources in the know told Moneycontrol on the condition of anonymity. If the listing plans fructify, this deal, a pure OFS or offer for sale by the promoter, would be India Inc's biggest-ever IPO and beat the earlier record set by state-owned LIC's $2.7 bn listing in 2022. On June 14, Moneycontrol had reported that the Indian unit of the auto giant would shortly file papers with the regulator. Read more

Excise policy case: Delhi HC asks Sunita Kejriwal to remove video recording of court proceedings

The Delhi High Court, on June 15, directed Sunita Kejriwal, wife of Chief Minister Arvind Kejriwal, to remove a video recording of court proceedings related to the excise policy case from social media platforms on Saturday. The video shows Arvind Kejriwal, the Aam Aadmi Party (AAP) national convenor, addressing a trial court. A bench comprising Justices Neena Bansal Krishna and Amit Sharma issued notices to six individuals, including Sunita Kejriwal, and social media platforms X, Meta, and YouTube, following a petition that alleged a violation of the Delhi High Court's video conferencing rules. Read more

Adani Group secures another cement deal in south India: What does it mean for the group? Moneycontrol Explains

Adani Group's latest acquisition of Penna Cement in south India does not change its position in the pecking order of cement players, where it is second to market leader UltraTech Cement. However, the move underscores the conglomerate's aggressive push towards the southern region where the market is still fragmented, and strengthening its position could enable the company to fully capitalise on the region's growth prospects. Read more