Top stories | Sensex and Nifty achieve new milestones, ICICI hits $100 billion, Adani Group expands and Afghanistan stuns in T20 World Cup
Furthermore, the Adani group is preparing in a big way. They plan to nearly double their spending this fiscal year and are considering a listing of their airport operations by FY28. Abroad, Israel’s highest court ruled that ultra-Orthodox men must now serve in the army, thus shaking up the status quo. And since the T20 World Cup, Afghanistan is rewriting history. They advanced to the semi-finals after beating Australia and Bangladesh.
Sensex, Nifty and Nifty Bank hit new highs as financial stocks lead market to record high
Indian stocks hit record highs on Tuesday June 25, driven by a strong rally in financial stocks, with benchmark indices Sensex, Nifty and Nifty Bank all hitting intraday highs. The broader 50-share NSE Nifty50 hit an all-time high of 23,754 points, while the 30-share benchmark BSE Sensex soared to a record 78,165 points.
The Nifty Bank index also set a new high at 52,747 points. At the close of trading, the Sensex had risen 712 points to settle at 78,054. The Nifty gained 184 points, ending at 23,721. The Nifty Bank surged 902 points to end the day at 52,606.
In contrast, the Midcap index lost 209 points to close at 55,369, indicating relative underperformance in the midcap sector.
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Adani Airports IPO: Parent Company Shares Major Timeline Update
Adani Enterprises will look to list its airport operations by fiscal 2028, senior company officials told CNBC-TV18.
At the group level, there are also plans to raise between $2 billion and $3 billion through equity in the current financial year, officials said.
Since the flagship company went public in 1994, Adani Enterprises has incubated and listed six other independent companies, which have a combined market capitalization of more than $10 billion.
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Budget 2024: how is the Indian Union budget prepared
With the BJP-led National Democratic Alliance (NDA) government returning to power, India is eagerly awaiting the full Union Budget for FY24.
Although the date for presenting the Union Budget has not yet been confirmed, several media reports indicate that Finance Minister Nirmala Sitharaman is likely to do so in the third week of July, which also happens to be the first week of the monsoon session of Parliament.
Dive into the Union Budget preparation process here.
Additionally, insurance experts have made recommendations to improve accessibility and foster growth within the insurance sector in India.
Here is an overview of their expectations
ICICI Bank with a market capitalization of $100 billion: the lender becomes the sixth Indian company to reach this record
Mumbai-based private lender ICICI Bank Ltd. hit a market capitalization of $100 billion on Tuesday after the stock gained more than 2%. With this, India’s second-largest private lender became the sixth Indian entity to enter the $100 billion market cap club.
Before ICICI Bank, only five Indian companies had a market capitalization above $100 billion. Reliance Industries tops the list with a market capitalization of $236 billion, and TCS follows suit with a market value of $166 billion.
More details here
Congress’s K Suresh vs NDA’s Om Birla: Historic contest for Lok Sabha Speaker’s post, first elections in history
Congress MP K Suresh has officially entered the race for the post of Lok Sabha Speaker, representing the opposition, in response to the ruling National Democratic Alliance (NDA)’s nomination of BJP MP Om Birla for the same role. This is the first case of contested election for the post of Lok Sabha Speaker in Parliament.
Following a meeting with Defense Minister and senior BJP leader Rajnath Singh, Congress leader KC Venugopal expressed disappointment over the government’s refusal to grant the post of Vice President to the ‘opposition. This led to the opposition’s decision to nominate K Suresh as its candidate against Birla.
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Delhi High Court stays grant of bail to Arvind Kejriwal
The Delhi High Court has ordered stay of grant of bail to Delhi CM Arvind Kejriwal. The HC upheld the Enforcement Directorate’s stand that the trial court had not given sufficient time and consideration to their arguments. The Supreme Court is expected to hear Kejriwal’s plea challenging the suspension of bail on June 26.
The bench criticized the trial court for granting bail to the Delhi Chief Minister. The ED argued that the documents he presented had not been fully considered. The trial court did not give adequate opportunity to ED and did not consider the records presented by them.
More details here
WikiLeaks’ Assange set to be released after US espionage plea deal
WikiLeaks founder Julian Assange is to plead guilty on Wednesday to violating US espionage law. in a deal that will free him after a 14-year British legal odyssey and allow his return to Australia.
Assange, 52, agreed to plead guilty to a single count of conspiring to obtain and disclose classified U.S. national defense documents, according to documents filed in the U.S. District Court for the Mariana Islands of North.
But what is WikiLeaks and why has it caused so much trouble for Julian Assange?
Find out here
Israel’s Supreme Court ends military exemption for ultra-Orthodox
The Supreme Court of Israel removed long-standing military exemption for ultra-Orthodox Jewish seminary students, fueling Netanyahu’s coalition. The move ends decades of controversy over who serves and who circumvents the project, stoking discussions amid ongoing conflicts in Gaza and Lebanon.
Additionally, the International Criminal Court issued arrest warrants for former Russian Defense Minister Sergei Shoigu and Senior General Valery Gerasimov. They are accused of orchestrating missile strikes on Ukrainian power infrastructure during the recent Russian invasion.
Read more here
China makes history with samples from the far side of the Moon
The Chinese Chang’e 6 probe has returned to Earth, carrying precious samples from the far side of the Moon, a historic first. The probe landed in Inner Mongolia, bringing back 2.5 million-year-old volcanic rocks and other materials that could shed light on the Moon’s geological diversity. This achievement marks an important milestone in lunar exploration.
While previous American and Soviet missions collected samples from the near side of the Moon, the Chinese mission was the first to collect samples from the far side.
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Afghanistan’s historic victory sends them to ICC T20 World Cup semi-finals
Afghanistan clinched a historic semi-final berth of the ICC T20 World Cup 2024 by defeating Bangladesh. Their 8-run victory (via the DLS method) at Arnos Vale Ground, Kingstown, St Vincent, on Tuesday, June 25, marks a significant milestone in their cricketing journey.
Meanwhile, Australia’s journey in the tournament came to an end after a hard-fought match.
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