Top Stories | Sensex & Nifty at new peak, Temasek's hefty investment in India, Trump at GOP Convention, and more
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What a great start to the week with the Sensex and Nifty closing at all-time highs and firing on all cylinders. Singapore's Temasek is eyeing a hefty $10 billion investment in India, showing confidence in our economy. On the policy front, there's buzz about natural gas and ATF coming under the GST, but the final verdict is still pending. In the US, Donald Trump's making headlines after narrowly escaping an assassination attempt, now attending the Republican Convention in Milwaukee. And in sports, it's a party for Spanish fans with double victories in soccer and tennis, while Argentina clinches the Copa America title.
The equity benchmark indices BSE Sensex and NSE Nifty built on its Friday gains to close at record highs on Monday (July 15). The Nifty index made history by crossing the 24,600 mark for the first time, reaching an all-time high of 24,635 before closing at 24,587, up by 85 points. The Sensex also saw a significant rise, climbing 146 points to end the day at 80,665.
The Nifty Bank Index surged 177 points to close at 52,456, while the Midcap Index saw a robust gain of 491 points, ending at 57,664. Except for the IT sector, all other sectoral indices closed higher, with PSU Bank being the top gainer.
2. Lakshmi Vilas Bank acquisition has changed the complexion of our business manifold: DBS Global CEO
"In the middle of COVID, we had the opportunity to acquire a distressed bank, Lakshmi Vilas Bank through a competitive process and that has changed the complexion of our business manifold," said Piyush Gupta, Global CEO of DBS in an exclusive interview with CNBC-TV18.
The bank now has 500 plus branches, is in 350 cities, and has a scale that it did not have even 10 years ago.
Even though the LVB franchise will still take some time to be profitable, it is DBS' fastest growing business, he said.
Over the past decade, Gupta noted, their M&A strategy focused on bolt-on deals that they could integrate and create value from, rather than large transformational acquisitions, which are often challenging in banking.
3. Direct Tax collections up over 19% in first 3 months of FY25
April to July 11 advance direct #tax collections at ?5.74 lakh crore, 20% higher compared to the same period in FY24. What does this cushion mean ahead of the July 23 Budget? Here’s more.
4. Budget 2024 Expectations LIVE: Will government raise Section 80C deduction limit?
Finance Minister Nirmala Sitharaman is set to present the Union Budget 2024 on July 23. The annual economic survey on July 22 will precede the budget speech. The last interim budget was presented on February 1, before the elections. This will be the first budget of the Prime Minister Narendra Modi-led NDA government in its third term, and Sitharaman seventh consecutive.
Catch here all expectations on Budget 2024 here
5. Trump's crisis management and call for unity could influence undecided voters, says former diplomat
In a dramatic turn of events, former US President Donald Trump has arrived in Milwaukee for the Republican National Convention, just under 48 hours after surviving an assassination attempt. The incident occurred while Trump was addressing a rally in Pennsylvania, a critical swing state.
The assailant, a 20-year-old gunman, fired three rounds at Trump, one of which grazed his ear. In a statement to the Washington Examiner, Trump reflected on the moment, saying, "I rarely look away from the crowd. Had I not done that at that moment, well, we would not be talking today, would we?"?
6. Vodafone Idea seeks urgent AGR hearing, SC to look into request?
领英推荐
VodafoneIdea pushes Supreme Court for hearing curative plea filed in September 2023, claims errors in computing of AGR demand. Here’s more
7. FinMin remains cautious; no proposal to include ATF & Natural Gas under GST with council
The debate to get ATF and Natural Gas under GST has yet again picked up pace, with the oil ministry pushing the proposal as part of its 100-day action plan, the finance ministry continues to remain cautious about the move.
According to sources, “the proposal of the oil ministry is yet to be sent to the GST council nominated fitment committee for its consideration.”
8. India's wholesale inflation rises to 3.36% in June
The government released the wholesale price index (WPI) data for the month of June on Monday, July 15. The wholesale inflation came at 3.36%. The core inflation stood at 0.9% against 0.4% month-on-month. In May, the wholesale inflation came at 2.61% and in April it came at 1.19%.
The Wholesale Price Index or WPI measures the change in prices of goods sold and traded in bulk by wholesale businesses with other companies. Unlike the CPI which tracks prices of goods and services purchased by consumers, WPI tracks factory gate prices and retail prices.
9. Temasek aims to invest $10 Bn over next 3 years in India
Catch Nisha Poddar in a conversation with Ravi Lambah, India Head and Head of Strategic Initiatives, Temasek as they discuss the global investment company's world view and growth plans in India.
10. Argentina beat Colombia 1-0 in Copa America final to win its record 16th title
Argentina won its second straight Copa America championship, overcoming Lionel Messi’s second-half leg injury to beat Colombia 1-0 Sunday night on Lautaro Martínez’s 112th-minute goal.
Messi appeared to sustain a non-contact injury while running and falling in the 64th minute and covered his face with his hands as he sat on the bench and sobbed.
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