Here is a collection of the most important stories this evening:
FM Sitharaman concludes consultations with stakeholders, all eyes now on NDA 3.0's first Budget
Finance Minister Nirmala Sitharaman has wrapped up consultations with various stakeholders, including representatives of industry and social sectors, ahead of the Budget preparation on July 23. Over the last few days, Sitharaman and other ministry officials held a series of interactions with stakeholders, including trade unions & farmer associations, to formulate a roadmap for the various sectors and classes in the first Budget of the NDA 3.0 government. Read more
Hindenburg shared Adani report with client 2 months before publishing: SEBI
US short-seller Hindenburg Research shared an advance copy of its critical report on the Adani group with New York-based hedge fund manager Mark Kingdon about two months before its public release, profiting from a deal to share gains from the resulting share price movements, according to market regulator SEBI. In a 46-page show cause notice, the Securities and Exchange Board of India (SEBI) detailed how Hindenburg, Kingdon's hedge fund, and a broker associated with Kotak Mahindra Bank benefited from the over USD 150 billion decline in the market value of Adani group's 10 listed firms post-publication of the report. Read more
Dalal Street Week Ahead: Q1 earnings, US inflation, Powell testimony, FII activity top 10 key factors to watch
Benchmark indices recorded gains for the fifth straight week during the one that ended on July 5, surging around 8 percent during the period. Going ahead, analysts expect the trend to largely remain positive, however, bouts of volatility can be seen with the onset of the Q1 earnings season and the release of US and India inflation numbers. Key factors to watch include expectations around the Union Budget and the Q1 FY25 earnings season. Individual stocks will also be under scrutiny based on their Q1 FY25 earnings and management commentary in the upcoming weeks. Investors will also keep a close eye on FII and DII fund flows, as well as crude oil prices, to gauge overall sentiment. Read more
IMD issues severe weather warning; heavy rainfall to affect multiple regions across India
The India Meteorological Department (IMD) has issued a severe weather advisory, forecasting continued heavy to very heavy rainfall across Northwest and East India in the coming days. Northeast India is also expected to face prolonged rainfall, adding to the severe disruptions caused by heavy rains last Friday in states like Himachal Pradesh, Uttarakhand, and Rajasthan, which have significantly impacted local communities. Read more
Naidu, Nitish's demands run into billions as Centre works out 'Coalition Budget'
Chandrababu Naidu's TDP and Nitish Kumar's JD(U) have sought about $5.7 billion (nearly Rs 48,000 crore) worth of funds from the Prime Minister Narendra Modi-led Centre ahead of the 2024 Union Budget, which will be tabled on July 23. According to documents reviewed by Reuters and a source, the two key allies of the BJP have requested these funds (running into thousands of crores) for the current financial year, in addition to a higher borrowing limit for infrastructure projects. TDP, with 16 MPs and JD(U) with 12, helped the BJP form the government at the Centre in the recently-concluded Lok Sabha elections after the saffron party failed to secure a simple majority. Read more
Why an 'inconsequential' bypoll in Tamil Nadu is gathering importance
Just a month after the Lok Sabha election results, an inconsequential by-election to an assembly constituency in Tamil Nadu might not garner much attention. The DMK has a comfortable majority in the House, and a loss in the Vikravandi bypoll will make no difference to its legislative agenda. With the principal opposition party, the AIADMK, boycotting the election, the stakes should be even lower. But the by-election to Vikravandi, in Villupuram district, follows a hooch tragedy in the neighbouring district of Kallakurichi that killed 65 people. Chief minister MK Stalin is on the backfoot trying to explain away administrative and enforcement lapses that led to the flourishing of bootlegging. Read more
Worli BMW accident: Maharashtra CM assures strict action against guilty
Hours after the tragic accident involving two persons in Mumbai’s Worli, where a bike-borne couple was hit by a speeding BMW in early morning on Sunday (July 7), Maharashtra chief minister Eknath Shinde, reportedly assured that the culprit won’t be spared and will be taken to task. The accident resulted in the loss of life of the women who was ridding pillion.
The couple was on the way home after buying fish from Sassoon Dock on Sunday morning when they were hit in the Koliwada area. Reportedly, the BMW car that crashed into the bike-borne couple belongs to local Shiv Sena (Shinde) leader. According to report by The Indian Express, the accident occurred around 5:30 am near Atria Mall in the Koliwada area of Worli. Read more
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