Moneycontrol Selects: Top stories this evening

A round-up of the big stories

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

Vodafone PLC likely to sell Indus Towers shares worth up to $1.1 bn via block deals tomorrow

Vodafone PLC is likely to sell about 10 percent stake in Indus Towers to raise up to $1.1 billion through block deals on June 19. The block deal for Indus Towers is likely to be launched at a 10 percent discount to the stock's current market price, at Rs 310-Rs 314 range, showed the term sheet accessed by Moneycontrol. Morgan Stanley, BofA Securities, Jefferies and BNP Paribas are the brokers to the deal, according to the term sheet. Read more

Ixigo’s bumper listing drives its pandemic acquisitions into Rs 100-crore club

Travel aggregator Ixigo’s listing pop today was not just a significant outcome for the company’s founders, investors and employees. As the company’s shares – which were priced at Rs 93 apiece in the initial public offer (IPO) – hit upper circuit at Rs 162 apiece on market debut, it became a milestone event for a few other significant stakeholders. Firstly, two founders of Bengaluru-based online train ticketing platform Confirmtkt saw the value of their individual holdings in Ixigo cross the Rs 100-crore mark. Read more

Why Karnataka hiked fuel prices; will other states follow suit?

The Congress-led Karnataka state government increased petrol and diesel prices by Rs 3 per litre, attracting a wave of criticism from the opposition for imposing higher tax on the people. On June 16, the Karnataka government led by Chief Minister Siddaramaiah announced the increase in sales tax on petrol and diesel in the state citing the need for funds for the development of the state. Moneycontrol looks at the rationale cited by the government for the price hike, and its implications. Read more

MC Selects

Nifty ends at record closing high, Sensex up 300 points; market sentiment may remain robust

Benchmark equity indices ended strong on June 18, with NSE Nifty 50 closing at a record high for the fourth session in a row. The market sentiment is likely to remain robust, buoyed by a sense of policy continuity and strong global cues, said experts. At close, the Sensex was up 308 points or xx percent at 77,301 and the Nifty was up 92.30 points at 23,557. As many as 1,928 shares advanced, 1,603 shares declined, and 109 shares unchanged. During the day, the Sensex and Nifty scaled fresh record highs of 77,366 and 23,579 respectively. Read more

Govt may hike exemption limit under new tax regime to Rs 5 lakh; relief unlikely for the rest

The government is looking to give the country's impressive GDP growth a consumption boost to address weaker levels of spending by the middle class. One of the ways being considered is lowering certain personal income tax rates, according to multiple government officials. The Centre is looking to increase the income limit for individuals before any tax is levied to Rs 5 lakh from Rs 3 lakh currently in the upcoming budget likely to be presented mid-July, one of the officials said. This will be applicable only to those filing returns under the new tax regime and is aimed at leaving more disposable income in the hands of individuals, particularly those in the lower earning bracket. Read more

Karnataka govt ropes in Boston Consulting Group to boost revenue amid poll guarantee schemes

The Karnataka government has roped in Boston Consulting Group (BCG) as a consultant to boost revenue and plug leakages. The Congress-led state government is under pressure to mobilise funds for the implementation of five guarantees. The five guarantees benefit 5.10 crore people in the state, costing the exchequer Rs 36,000 crore in 2023-24. Chief Minister Siddaramaiah allocated Rs 52,009 crore for the schemes this fiscal year. Read more

MC Explainer: Who made money during the election results week

There was a political slugfest over the counting day weekend, with Congress leader Rahul Gandhi demanding a Joint Parliamentary Committee probe into the frenzied stock market activity ahead of the exit poll results. He also questioned the Prime Minister, Home Minister, and Finance Minister for their bullish post-election forecasts about the market. Commerce minister Piyush Goyal countered the accusation saying retail investors actually benefited from the market crash on June 4 by buying stocks when prices fell. The stock market world is far more complex than the headline numbers suggest. Here’s a snappy breakdown of the market madness from last week, giving you a peek into how the various players navigated the chaos. Who bought, who sold, and who gained and who lost. Read more