Top Stories | PM Modi in Italy, early Eid celebrations on D-Street, Big Budget date scoop, Hyundai India IPO 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.

Yay! It's our Friday night edition of the newsletter, where we bring you up to speed on all major news of the evening before you kick off those weekend celebrations. First up, PM Modi has landed in Italy for the G7 Summit Outreach meet, and is indulging in a round of discussions with the most powerful leaders of the Global North. On D-Street, frontline indices are in early Eid party mode with the Nifty50 hitting a life high for the third consecutive session, while the Midcap index is on a roll for the fifth straight day.

News coming from the North Block is that July 22 could be the Big Day! Sources hint that FM Sitharaman may table the Union Budget in Parliament. More from the D-Street on a much-awaited IPO Alert! Yes, Hyundai Motor India may file draft papers with SEBI for a whopping ?25,000 crore initial public offering. Get ready for some major market action!

1. PM Modi arrives in Italy to attend G7 Summit Outreach meet, holds bilateral talks with world leaders

Prime Minister Narendra Modi is in Italy, right into the thick of things, where the leaders from the powerful G-7 countries are meeting. At the Summit so far, Modi has caught up with Ukrainian President Volodymyr Zelenskyy, Pope Francis, British PM Rishi Sunak, French President Macron. Can you imagine the conversations those two must have had? Global hot topics were definitely on the table.?

Read More

Modi's participation in the G7 Summit was at the invitation of Italian President Georgia Meloni, where he addressed an Outreach session on topics such as Artificial Intelligence, Energy, Africa, and the Mediterranean.

2. Early Eid on Dalal Street as Nifty hits life high

The Indian stock market ended Friday’s session with fresh record highs ahead of the three-day long weekend due to the Eid-ul-Adha stock market holiday on Monday, June 17. The Nifty notched its third consecutive session of reaching a lifetime peak and the Sensex posted a record close. The broader MidCap100 index extended its rally for the fifth successive day.?

The collective market capitalisation of BSE-listed companies has reached an all-time high of ?435 lakh crore (or $5.20 trillion). The BSE-listed companies added ?3 lakh crore alone in Friday’s trade, building on the momentum set during the week that saw an addition of ?12 lakh crore in mcap.

Read More

3. NDA 3.0 mulls ?60,000 crore mega electric bus programme

The Narendra Modi-led NDA government is in for a third term and all eyes are on how the government will support electric mobility. The first decision the government has to take is about the proposed ?10,000 crore FAME-III scheme.

Read More

The FAME-II scheme expired on March 31, 2024, and the government announced an interim scheme for four months with an outlay of ?500 crore ending in July. Sources told CNBC-TV18 that with the elections over, the government is now focusing on approving the ?10,000 crore FAME-III scheme for a two-year duration. The scheme outlay is likely to be announced in the upcoming Budget in July.

4. Nirmala Sitharaman may table Union Budget in Parliament on July 22, say sources

Finance Minister Nirmala Sitharaman is likely to table the Union Budget 2024 in Parliament on July 22, sources told CNBC-TV18. The final decision on the date is awaited. Sitharaman is set to become the first finance minister to present seven consecutive Union Budgets, surpassing the record of Morarji Desai, who had presented six budgets in a row.

Read More?

Earlier this week, Parliamentary Affairs Minister Kiren Rijiju said the first session of the 18th Lok Sabha will begin on June 24. The session will conclude on July 3.

5. Mahindra & Mahindra is now India's second most valued auto maker

Mahindra & Mahindra Ltd. is now India's second most valued automobile manufacturer. The company overtook Tata Motors Ltd. on Friday to take the second spot. Mahindra & Mahindra now has a market capitalisation of ?3.64 lakh crore, second only to Maruti Suzuki India Ltd., which currently stands at ?4.04 lakh crore in market capitalisation.

Read More

Shares of Mahindra & Mahindra are the top gainers on the Nifty 50 index in 2024 so far. The stock has risen nearly 65% and has added nearly ?2 lakh crore to its market capitalisation in the last 12 months.

6. Vodafone looks to sell $2.3 billion stake in India's Indus Towers

Vodafone Group is looking to sell its entire $2.3 billion stake in India's Indus Towers through stock market block deals next week, two sources with direct knowledge said, part of the British firm's effort to repay debt.

Vodafone currently owns 21.5% of mobile-tower operator Indus via various group entities, valuing the investment at $2.3 billion as of Friday's stock price in Mumbai.

The final size of the stake sale is yet to be decided and could be lower than 21.5% if demand, which is still being assessed, is insufficient, the sources said. They declined to be named as the discussions are private.

Read More

7. Indian food safety regulator launches probe into MDH and Everest spices following concerns from Rajasthan

The Food Safety and Standards Authority of India (FSSAI) has started a further probe against spice makers MDH and Everest. Sources informed CNBC-TV18 that the regulator has issued orders to begin the process of "recall and imposition of penalties" as part of actions against contamination issues.

The move comes on the back of a report by five States including Rajasthan, Punjab, Himachal Pradesh, Goa and Telangana, where the State Food and safety departments claims several spices sold by MDH, Everest and some local brands as “unsafe” for human consumption, sources added.

The state's food safety authorities reported the presence of hazardous levels of pesticides and insecticides in the products, raising serious public health concerns.

Read More

8. Kuwait fire tragedy: Mortal remains of 45 Indians brought to India, people pay last respects

An Indian Air Force (IAF) flight carrying the mortal remains of the Indians who died in the tragic fire incident in Kuwait two days ago, landed at the international airport in Kochi on Friday, June 14.?

Read More

MoS MEA Kirti Vardhan Singh was in Kuwait to oversee assistance to Indians injured in the fire and to ensure early repatriation of mortal remains of those killed.

9. Tesla shareholders approve Elon Musk's $45 billion pay package and move to Texas

Tesla shareholders have approved CEO Elon Musk’s $56 billion performance-based pay package, the company announced on Thursday during its annual shareholder meeting. This approval marks a significant endorsement of Musk’s leadership and an incentive to maintain his focus on Tesla, his primary source of wealth.

In addition to the compensation package, shareholders also voted to relocate Tesla’s legal home from Delaware to Texas. Musk had hinted on his social media platform X late Wednesday that both proposals were receiving overwhelming support, and he expressed gratitude to the shareholders.

Read More

10. Hyundai Motor India to file draft papers with SEBI today; to raise ?25,000 cr via IPO

South Korea's Hyundai Motor is expected to file an initial public offering (IPO) for its India unit with capital markets regulator SEBI on Friday evening. This could be the biggest IPO that has ever happened in India so far. According to reports, Hyundai's India unit is likely to be valued at $25-30 billion.

The company is likely to sell 14.2 million shares through a secondary offer. They're looking to raise ?25,000 crore via this IPO.

What will this be used for??

Read More

That’s all folks! Keep yourself up to date with the latest news, views and ideas to make money only on cnbctv18.com.?

Beyond #Newsroom ??

Follow the CNBC-TV18 channel on WhatsApp

Catch crispy news updates on the go!- CNBCTV18 Minis

Watch all #videos under one segment- CNBCTV18 Binge

We bring you real-time updates and analysis of the stock market- Real-time market updates

We'll see you on Tuesday with another engaging ‘Top 10@10’