Top Stories | Modi 3.0 to unveil on June 9, Rahul Gandhi's big claim, Nvidia topples Apple, RBI rate cut decision on June 7, and more
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In today's edition, we cover a broad spectrum of topics spanning India's politics, business landscape, economic trends, global news, and beyond. The Modi-led NDA 3.0 govt gears up for its June 9 swearing-in, while Rahul Gandhi cries foul over a 'share market scam' and demands a JPC probe, pointing fingers at the PM, FM, and HM. JDU calls for a review of the Agniveer scheme, and experts share their predictions for the RBI’s Monetary Policy on June 7.?
The ECB ends a five-year interest rate hiatus, and Nvidia overtakes Apple as the second most valuable public company. ITC shareholders approve a hotels de-merger, SEBI gives ICICI Bank a warning for its ICICI Securities delisting outreach, and Kangana Ranaut claims assault by CISF personnel at Chandigarh airport.?
In a more serious turn, an Israeli strike on a Gaza school shelter leaves 30 dead, and the Supreme Court orders Himachal to release more water to Delhi.
1. Narendra Modi-led NDA 3.0 govt to be sworn in on June 9
The Narendra Modi-led National Democratic Alliance (NDA) 3.0 government is likely to be sworn in on June 9 at 7 pm, with significant representation from its allies in the cabinet, according to CNBC-TV18 sources. The BJP is expected to retain the Speaker post and allocate several key cabinet and Minister of State (MoS) positions to its allies, the sources added.
Rahul Gandhi alleges 'share market scam', blames PM, FM and HM; demands JPC probe
Congress leader Rahul Gandhi has alleged that a ‘stock market scam’ has been perpetrated on retail investors in the run-up to the election results and has asked for a Joint Parliamentary Committee (JPC) probe along these lines. Specifically, his allegations relate to suspicious market activity and possible manipulation with regard to the exit polls.
Remember, the exit polls largely predicted a huge win for the Bharatiya Janata Party (BJP) and were the trigger for a 3% surge in the markets on the trading day immediately after.
'Frivolous': BJP's Piyush Goyal reacts to Rahul Gandhi's 'stock market scam' allegations
Senior BJP leader Piyush Goyal called Congress leader Rahul Gandhi's allegations of a stock market scam in the run-up to the Lok Sabha exit polls and results as “frivolous” and an attempt to “mislead investors.” Goyal added that Gandhi is yet to come to terms with the Opposition's loss. Countering Gandhi's claim on losses to retail investors, Goyal said, "(The) ?30 lakh crore stock market quoted by Rahul Gandhi is a 'notional loss' on valuations," while adding that the "Indian investors are the biggest beneficiary of stock market rise under the Modi government."
JDU seeks a review of the controversial Agniveer scheme
A day after the National Democratic Alliance (NDA) elected Narendra Modi as its leader, key ally Janata Dal (United) has called for modifications in the Agniveer scheme. "A section of voters are not happy with the Agniveer scheme and the Janata Dal (United) wants the shortcomings to be addressed which have been pointed out by voters," said party spokesperson KC Tyagi on Thursday, June 6.
On the Uniform Civil Code, the JDU has expressed no objection, although it emphasised the need for discussions with all stakeholders.
With 12 parliamentarians, JDU's support is crucial for the stability of the NDA. The BJP-led NDA won 292 seats, with the ruling party's tally at 240 seats.
2. RBI Monetary Policy | What to expect from the central bank on June 7—experts weigh in
As the Reserve Bank of India's (RBI's) Monetary Policy Committee (MPC) prepares to announce its monetary policy on June 7 amid ongoing uncertainties about the new government,? CNBC-TV18’s Citizens monetary committee met to shed light on the RBI's likely course of action on interest rates.
Chairman of Committee Pronab Sen and members Sajjid Chinoy of JPM, Samiran Chakrabarty of Citi, Soumya Kanti Ghosh of State Bank of India (SBI) and Sonal Varma of Nomura discussed the inflation trajectory, growth forecast, bond markets, and consumption trends, among other things.
3. Titan targets market share of 10-11% in Jewellery business
Titan is aiming for some serious growth spurt. It is expecting a revenue jump of 15-20% over the next few years. The Tata Group firm has got its sights set on grabbing a bigger slice of the market pie too, targeting a 10-11% share compared to their current 8.6%. Not just that, they are eyeing an 11.5-12.5% margin and a bigger share in the wearables department.
It is focusing on three sets of customers –
1) Luxury/premium
2) women
3) Gen-Z
From the eyecare segment, Titan targets 40% revenue CAGR over the next three years.
4. ECB swings interest rate axe after five-year hiatus!
The ECB breaks its half-decade streak with a snip! On Thursday, June 6, it unveiled a 25 basis points cut, reducing the historically high deposit rate to 3.75%.?
Following the footsteps of Canada, Sweden, and Switzerland, the ECB adjusts its sails to navigate the post-pandemic economic landscape.
After holding steady at 4% since September 2023, the ECB finally hits the refresh button, dialing down its key rate to 3.75%.
5. Nvidia surpasses Apple to become second most valuable public company
Move over Apple, there's a new tech titan in town! Nvidia just pulled off a financial flip, outshining the iPhone juggernaut to claim the second spot in the race of market capitalisation.?
领英推荐
This milestone was marked by a 5% surge in Nvidia's shares on Wall Street, outstripping Apple's $2.99 trillion market cap. Microsoft retains its lead as the most valuable, with a market cap of $3.15 trillion.
It's a deja vu moment for Apple, reminiscent of the early 2000s when Nvidia last outpaced it, five years before the launch of the first iPhone. Back then, both companies were valued under $10 billion.
6. At least 30 dead in Israeli strike on Gaza school shelter
An Israeli strike early Thursday on a school-turned-shelter in central Gaza killed at least 30 people, including five children, according to local health officials. The military claimed the school was being used as a Hamas compound.
This strike came as the military announced new air and ground operations in central Gaza, expanding its ongoing offensive, which began after Hamas' Oct. 7 attack. An international medical charity had already reported a significant increase in casualties before Thursday's strike.
The Al-Aqsa Martyrs Hospital in Deir al-Balah received 30 bodies from the strike on the UNRWA-run school and six more from a separate strike on a home, according to hospital records and an Associated Press reporter.
Adding to Gaza's woes, UNICEF finds 90% of Gazan children lack food needed for proper growth…
The humanitarian agency said that nine out of ten Gazan children are missing essential nutrients due to severe food shortages.?
"In the Gaza Strip, months of hostilities and restrictions on humanitarian aid have collapsed the food and health systems, resulting in catastrophic consequences for children and their families," UNICEF said.
Data collected between December 2023 and April 2024 revealed that most children in Gaza, under relentless Israeli offensives since October 2023, are surviving on just two or fewer food groups per day.?
7. Supreme Court tells Himachal: Send some extra water Delhi's way on June 7!
The Supreme Court on Thursday, June 6, directed Himachal Pradesh to release 137 cusecs of additional water to Delhi on June 7 with prior intimation to Haryana. The court said Haryana shall facilitate the flow of surplus water released by Himachal Pradesh.?
Haryana, however, opposed the flow of additional water to the national capital claiming that Haryana is also facing severe heatwave conditions. Delhi slammed Haryana's conduct as unfortunate and flagged politics of water by the neighbouring state.
8. ITC shareholders give green light to hotels de-merger
ITC Ltd. shareholders have overwhelmingly approved the de-merger of the company's hotels business, a move that has been brewing for the past year.?
According to an exchange filing, 99.6% of votes were cast in favor of the proposal. Public institutions showed strong support with 99.6% approval, while 98.4% of public non-institutions also gave their thumbs up.?
This strategic split is expected to boost ITC's Return on Capital Employed (ROCE) to between 18% and 20%, with Return on Invested Capital (RoIC) projected to rise by 10%.?
Looks like ITC’s shareholders are ready to check-in to higher profits!
9. SEBI warns ICICI Bank over outreach programme for ICICI Securities delisting
The Securities and Exchange Board of India (SEBI) has issued an administrative warning to ICICI Bank regarding its outreach activities around delisting of ICICI Securities.The regulatory body has deemed the outreach programme conducted by ICICI Bank as inappropriate. It cited instances where bank officials allegedly crossed the line by making repeated calls to shareholders and even requesting screenshots of voting.
10. Kangana Ranaut alleges assault by CISF personnel at Chandigarh airport
Bollywood actress and newly-elected Member of Parliament from Mandi, Kangana Ranaut, found herself in a dramatic confrontation with CISF personnel at Chandigarh Airport today, June 6. Always quick to keep her fans in the loop, Ranaut took to social media to assure everyone of her safety, posting on X, "Shocking rise in terror and violence in Punjab…."
According to Ranaut, the incident took place during a routine security check. She claims that immediately after the check, a CISF officer struck her in the face and began hurling abuses.
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