Top Stories | Farmers' pre-Budget demands, market trends, exam fracas, and more
?? Top 10@10— CNBC-TV18’s daily newsletter featuring the top 10 stories on markets, corporate updates, economic insights, and financial highlights — delivered at 10 PM.
In today’s newsletter, we look at how pre-Budget discussions with Finance Minister Nirmala Sitharaman have brought to light the pressing demands of various farmer bodies, focusing on critical issues like climate change, MSP, and subsidies. Concurrently, the upcoming Union Budget holds the promise of addressing these concerns and shaping the future of the agriculture sector. Additionally, recent developments in the GST Council meeting, market trends, IT sector performance, and significant political events add layers of complexity to the current economic landscape, setting the stage for impactful policy decisions and market shifts.
1. Climate change, MSP, and subsidies dominate farmers' agenda in pre-Budget talks with FM Sitharaman
Ahead of the upcoming Union Budget, representatives from various farmer bodies met with Finance Minister Nirmala Sitharaman to present a series of demands aimed at addressing pressing issues within the agriculture sector.
The demands presented to Finance Minister Nirmala Sitharaman highlight the critical issues facing the agriculture sector. Increased R&D funding, a revised MSP mechanism, better-targeted subsidies, updated PM-Kisan instalments, and the removal of export bans are seen as essential measures to support and sustain the livelihoods of farmers.
2. What a GST cut will mean for fertiliser companies, analyst weighs in
Fertiliser stocks have been in focus over the last few days with the Street anticipating some relief in Goods and Services Tax (GST) on the sector at the upcoming GST Council meeting on June 22.
GST Council meeting tomorrow: Sources told CNBC-TV18 that the Fitment Committee, nominated by the Council, has recommended that the Group of Ministers on rate rationalisation consider exempting the fertiliser sector from the currently applied 5% GST. The Fitment Committee also urged that the argument to exempt GST on fertiliser has been supported by the Standing Committee on Chemicals & fertilisers, which proposed the GST Council to consider the request.
3. Market at Close | Sensex and Nifty falter amid volatility, indices slide despite intraday highs
The equity benchmark indices BSE Sensex and NSE Nifty failed to sustain its opening gains, ending with notable declines on Friday (June 21). The Nifty 50, which hit an intraday record high of 23,667, closed 66 points lower at 23,501. Similarly, the Sensex swung 1,000 points during the day before settling down by 269 points at 77,210.
4. IT stocks Infosys, TCS, Tech Mahindra surge post Accenture results; Analysts share their top picks
Shares of Indian IT services providers Infosys Ltd., TCS Ltd., Wipro Ltd., and peers opened with gains on Friday after Accenture reported results on Thursday evening, resulting in a positive read through for Indian IT companies.
Accenture in its results narrowed their guidance band for financial year 2024 to 1.5% to 2.5% from their earlier guidance of 1% to 3% in constant currency terms. The company also reported a 26% surge in its new bookings to over $20 billion in constant currency terms.
5. Zepto raises $665M at a $3.6B valuation, plans to double store count by March 2025
Quick commerce company Zepto has raised $665 million at a $3.6 billion valuation in a highly oversubscribed round, just nine months after the company raised $235 million at a $1.4 billion valuation. The Series F funding round saw Avenir, Lightspeed, and Avra Capital join the company’s cap table as new investors, among others.
This fundraise also marks the formal launch of Avra Capital, a growth equity fund started by Anu Hariharan (the former MD of Y Combinator Continuity). Zepto is the firm’s first investment globally.
6. Amid NEET and UGC-NET rows, former CBSE chairman suggests ways to rectify paper leaks saga; SC refuses to stay NEET counselling process
The paper leaks saga has affected over 2.4 million students attempting NEET, and over a million students appeared for UGC NET this year. Unfortunately, this is not the first time that the future of Indian students has been in limbo. As per reports, over the years, more than 70 instances of paper leaks have been documented, most recorded from significant states like Uttar Pradesh, Bihar, Telangana, Rajasthan and Gujarat, not limited to higher education but including state recruitment and school board exams.
The Supreme Court yet again declined to stay the counselling process of NEET-UG 2024 counselling. It issued a notice to the National Testing Agency (NTA) on June 21. A vacation bench was hearing pleas seeking a probe, cancellation and retest of National Eligibility-cum-Entrance Test (Undergraduate) (NEET-UG), 2024 exam on grounds of question paper leak and other malpractices. Here’s what the court said. ?
Meanwhile, CNBC-TV18 spoke to Ashok Ganguly, former chairman of the Central Board of Secondary Education (CBSE), to understand how these exams can be conducted better. Ganguly mentions that multiple significant variables need to be considered before conducting exams at a national level.
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7. Delhi High Court reserves judgement on ED's plea seeking cancellation of CM Arvind Kejriwal's bail
The Delhi High Court, on Friday, June 21, reserved judgement on the Enforcement Directorate's plea seeking cancellation of Delhi Chief Minister Arvind Kejriwal's bail . The Delhi CM was granted bail on Thursday, June 20, by the Rouse Avenue Courts in connection with a high-profile money laundering case linked to an alleged liquor policy scam.
The High Court clarified that the bail order shall remain till the court decides. Delhi High Court observed that the judgement is likely to be pronounced by June 24-25. Until further verdict, Kejriwal will remain in Tihar Jail.
Meanwhile, the Enforcement Directorate tells the Delhi High Court that CM Arvind Kejriwal's bail order needs to be set aside. "Bail should be cancelled, no finding that he is innocent," ED says. The enforcement directorate asserts that holding a constitutional office or being a chief minister, cannot be ground for bail. The investigative agency said that the trial court order was perverse and full opportunity was not granted to oppose the grant of bail. ED has alleged that the hearing at the trial court was truncated.
8. Exclusive | If you want to know how AI is doing, look at NVIDIA: John Chambers
In a conversation with CNBC-TV18's Shereen Bhan, former Cisco CEO John Chambers offers insights on the evolution of companies like Cisco and NVIDIA and the seismic shifts they represent in the global landscape.
Technology moves from something the techies did to impact every one of our lives. Chambers pointed to the historical trajectory of technological leadership, noting how new generations of companies emerge as industry frontrunners every decade or so. Read more
"There's Cisco for the internet, then about four or five players for the cloud. And now NVIDIA is clearly leading in terms of AI. And they're kind of like the indication of the infrastructure. If you want to know how AI is doing, look at how fast NVIDIA is growing. And it is growing great," Chamber remarks.
9. PM Modi, Vedanta's Anil Agarwal, and more join International Yoga Day 2024 celebrations
The theme for International Yoga Day 2024 is "Yoga for Self and Society." The initiative for Yoga Day was taken by the Indian Prime Minister, Narendra Modi, on December 27, 2014, and the first global celebration occurred on June 21, 2015. International Yoga Day was celebrated across India with people performing asanas (postures). The United Nations General Assembly, heeding a call by Prime Minister Modi, declared in December 2014 to observe June 21 every year as the International Day of Yoga.?
This year, despite disruption due to heavy rainfall around Dal Lake, Prime Minister Modi led the main yoga event at Sher-i-Kashmir International Conference Centre (SKICC). Take a look at some of the well-known personalities who participated in the celebration.
Yoga will attract more tourists to Kashmir: PM Modi on 10th International Day of Yoga
Prime Minister Narendra Modi highlighted the potentials of yoga in boosting tourism in Jammu and Kashmir. He claimed that if yoga is promoted it will generate new employment opportunities for locals. Speaking at an event to mark the 10th International Yoga Day at Dal Lake in Kashmir on June 21, Modi referenced Egypt's use of yoga to promote tourism and suggested that a similar strategy could make Kashmir a magnet for visitors.
10. Sheikh Hasina’s India trip is part of making a balance between Dhaka’s relations with Delhi and Beijing
Bangladesh’s Prime Minister Sheikh Hasina shall be arriving in New Delhi today (June 21) on a two-day state visit at the invitation of her counterpart Indian Prime Minister Narendra Modi. This is going to be her second trip to India just within the gap of less than two weeks. Earlier, from June 8-10 she visited India to attend the oath-taking ceremony of Indian Prime Minister Narendra Modi.??
As per reports, Bangladesh is keen on setting up a bilateral meeting between Hasina and Modi before the former departs for a 3-days official visit to China from July 9-12 as an effort to strike a balance between Dhaka and Delhi.
That’s all, folks! Keep up with the latest news, views and ideas to make money only on cnbctv18.com .?
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