Election Financial News

Bharatiya Janata Party (BJP) fell short of the 272-seat majority in the Lok Sabha and hence had to rely on its allies in the National Democratic Alliance (NDA) to form the government. So, the saffron party will also need to get its allies – Chandrababu Naidu’s TDP and Nitish Kumar’s JD-U in particular- on board to take a decision on the Speaker's post.Follow Live Updates on Modi 3.0 Cabinet HereMany reports have claimed that both the TDP and the JD-U, the two kingmakers with 28 Lok Sabha seats – eyed the key position.

₹271.10 apiece in intra-day deals on Tuesday, June 11, after global brokerage house Jefferies retained its bullish outlook on the stock as the central government's policy continuity should keep the oil PSU's profitability elevated. It stated that ONGC's profitability is to stay elevated compared to past averages.Following the announcement of the election verdict on June 4, where the BJP fell short of the 272 mark needed for a majority, the oil major's shares tanked almost 17 percent on that day.

«I think people will wait and watch. They will consolidate. So, I think last Monday, the exit poll day, whatever levels you saw should be the top for PSUs for the next six months and on Tuesday whatever lows that we saw on the result day I think that should be the floor and most of them will move in the trading band of Monday and Tuesday so to say,» says Digant Haria, GreenEdge Wealth. I guess the markets would be very pleased, the top four cabinet ministries stay put and clearly a messaging of continuity and I think that is something that the market would be liking. I think this Tuesday is far better than what last Tuesday was. Last Tuesday, we were all scared. We did not know what is going to happen. Compared to the verdict that we saw last Tuesday I think the cabinet and the bargaining with the allies I think everything is falling in place. So, I think the worry is less but because we are at elevated levels and because this entire PSU pack and the defence, infrastructure all these things were so overheated that I think they will still need three to six months of sideways movement or consolidation so to say despite the stable government.

Vodafone Idea saw a decline on June 11 as the company prepares to consider significant proposals on June 13. The board will discuss issuing equity shares and convertible securities on a preferential basis to vendors.Also Read | Indigo Airlines share price down over 3% as Interglobe Enterprises plans to offload stake worth $394 millionIn a regulatory filing, the firm said, "We wish to inform you that a meeting of the Board of Directors of the Company is scheduled to be held on Thursday, 13 June 2024, inter-alia, to consider and evaluate proposals for issuance of equity shares and/or convertible securities on a preferential basis to vendors, subject to such approvals as may be required, including approval of the shareholders of the company."Also Read | ’Lok Sabha election result is a warning bell for us’: DK Shivakumar on losing to BJP in KarnatakaThe Vodafone Idea stock declined by 1.08 per cent, reaching ₹15.64 on the BSE on June 11 at 10:54 am.

Chandrababu Naidu-linked stocks, Amara Raja Energy & Mobility and Heritage Foods, whose prices have increased by 124% and 230% respectively in the last one year and have come into limelight as TDP won the assembly elections. Heritage Foods has experienced a remarkable surge of over 105% in its stock price over the past 12 trading sessions alone while Amara Raja Energy, whose Managing Director Jay Dev Galla was a former MP from TDP (Telugu Desam Party), has seen its shares rally over 20% post Naidu-led TDP securing a win in the assembly elections.

Janasena party MLAs on Tuesday elected party chief Pawan Kalyan as the floor leader in the Andhra Pradesh Assembly. The move came ahead of NDA legislators' meeting to elect TDP supremo N Chandrababu Naidu as their leader in the House.

Suresh Gopi assumed charge as Minister of State for Petroleum and Natural Gas as well as in the Ministry of Tourism on Tuesday morning.

₹8,587.5 crore, instead of joining the rally. In contrast, foreign portfolio investors bought Indian shares worth ₹6,617.3 crore that day while mutual-fund purchases stood at ₹3,072.9 crore. Then, on 4 June, when the actual election results were declared and the BJP fell short of a simple majority, retail investors purchased shares worth ₹21,178.9 crore, sensing an opportunity in a market that dropped some 6% in response to that news.

₹12.87 crore and ₹10.94 crore from two separate wagon manufacturers.Sensex Today Live : The company has appointed Deepak Natarajan as an additional non-executive director, effective from June 10.Sensex Today Live : Cintra, a subsidiary of Spanish infrastructure group Ferrovial, is expected to sell up to a 5% stake in IRB Infrastructure Developers through a block deal. The deal, priced between ₹63-70.16 per share, represents up to a 10.2% discount to the last closing price.

dollar hovered near a one-month peak against the euro and pushed to a one-week high versus the yen on Tuesday as traders braced for crucial U.S. inflation data and fresh Federal Reserve interest rate forecasts the following day. The U.S. currency was supported by higher Treasury yields in the aftermath of surprisingly robust domestic jobs data at the end of last week, which sparked a dramatic paring of bets for Fed rate cuts this year.

MSCI'S global equities index edged higher on Monday while investors waited for key U.S. inflation data and central bank policy meetings but the euro fell after French President Emmanuel Macron called a snap election. U.S. Treasury yields rose as investors digested Friday's labor market data and looked toward consumer price data and a Federal Reserve policy announcement this week. Investors are also waiting on Bank of Japan policy news.

Macron on Monday said that he was confident French voters would make the «right choice» in snap elections he called after the far right crushed his centrist alliance in Sunday's EU ballot.

The wish and the response Canadian PM Justin Trudeau was among the several foreign leaders who sent congratulatory messages to PM Narendra Modi. Trudeau, however, made it a point to refer to human rights and rule of law. Modi chose to reply after four days unlike his quick reply to several other leaders and emphasised that ties need to focus on respect for each other's concerns and mutual understanding.

PMO personnel in his third term, Prime Minister Narendra Modi applauded the hard work of his team and said their contribution in the past 10 years has played a key role in turning the office into an institution of service and a «People's PMO». The election results have put a stamp of approval on the efforts of the government employees.

UBS said in a report on Monday.

‘Paswan got 5 MPs, yet…': Shiv Sena, NCP (Ajit Pawar) miffed for being denied a berth in Modi govt 3.0 cabinet?In a post on X (formerly Twitter), he said, “For all the talk about the NDA partners pressing for their fair share in the Modi 3.0 ministry, they obviously don’t have much sway in the corridors of power. The portfolios given to the allies are the leftovers because the BJP hasn’t left anything meaningful for them."“You can bet your bottom dollar the post of Speaker Lok Sabha will stay with the BJP as well," he added.According to media reports, Maharashtra Chief Minister Eknath Shinde-led Shiv Sena and the Nationalist Congress Party (NCP) led by Ajit Pawar are miffed with Modi government for not being allotted a cabinet position, indicating potential trouble brewing within the NDA allies in Maharashtra.Also read: Seven women sworn-in as ministers in new NDA govt.

Modi 3.0 Cabinet LIVE updatesOne of Anurag Thakur's portfolio in Modi 2.0 Cabinet was Youth Affiars and Sports. Dr.

Chandan Taparia recommendations: How to trade Hero Motocorp, Ultratech Cement, Cipla shares on June 11?"With the general elections behind us, market participants will focus on several critical factors in the coming months. Additionally, the Union Budget will be a major event, with expectations and reactions influencing market dynamics.

Motilal Oswal Financial Services. With the elections now over, he sees the focus reverting to bottom-up stock picking.With the market now refocusing on fundamentals over sentiment, Gaurav Dua, senior vice president & head - Capital Market Strategy, Sharekhan by BNP Paribas, said, “We see the upward bias to continue with sector rotation in favour of consumer staples and rural demand driven stocks." He noted that smart money is flowing into consumer stocks and some of the beaten down IT services companies.Meanwhile, Alok Agarwal, head of Quant and fund manager at Alchemy Capital Management, expects the dominant trend to continue, led by domestic cyclicals such as defence, power, real estate, auto, and industrials.Though, investors took some money off the table on Monday.

Mexico’s outgoing president has pledged to press ahead with judicial reforms despite nervousness among investors, and suggestions from his own handpicked successor that he should wait

Jitan Ram Manjhi is the oldest minister to be inducted in the 18th Lok Sabha. Naidu, Srikakulam MP from Telugu Desam Party (TDP), was sworn in as a minister of state (MoS) in Prime Minister Narendra Modi's new Council of Ministers.