Let’s begin… Prime Minister Narendra Modi on Wednesday met President Draupadi Murmu and tendered his resignation along with the Council of Ministers, Rashtrapati Bhavan said. President Murmu has accepted his resignation and requested him to continue until the new government takes office. Modi is likely to be sworn in for a third consecutive term on June 8. This is the first time since Jawaharlal Nehru that a prime minister will return to power for a third consecutive term. On June 4, when the results of the 2024 Lok Sabha elections were announced, the BJP-led NDA comfortably crossed the 272-member majority threshold in the 543-member Lok Sabha. The BJP won 240 seats, falling short of the magic number for the first time since 2014.

Subsequently, Kotak Mahindra Bank on Wednesday announced that the RBI has approved the proposed acquisition of Zurich Insurance Company’s 70% stake in Kotak Mahindra General Insurance Company for a total consideration of approximately Rs 5,560 crore. Kotak Mahindra General Insurance Company is a 100% subsidiary of Kotak Mahindra Bank. Earlier in February, the bank had announced that Zurich Insurance would acquire a 70% stake in the insurance company for Rs 5,560 crore in a tranche. In November 2023, Zurich Insurance said it would first acquire a 51 percent stake through a combination of new growth capital and share buybacks, and an additional 19 percent later.

Going forward, Ultra Tech Cement Ltd has conserved 105 million cubic meters of water in FY24 and has delivered five times positive water as per its stated ambitions. The 105 million cubic meters of water saved includes water it has reused, recycled, cultivated and recharged within its unit premises and through community interventions. This is an increase of over 20 million cubic meters of protected water in FY23. Through its watershed management practices and community-driven initiatives, UltraTech focuses not only on water conservation, but also on improving lives and livelihoods. Additionally, UltraTech has also installed Zero Liquid Discharge plants in several of its manufacturing units to reuse 100 percent of treated water within the units.

In other news, to increase connectivity between Canada and India, Air Canada announced new flight services as part of its winter schedule on June 4, including a non-stop flight from Toronto to Mumbai. And includes a seasonal flight from Calgary to Delhi. via London Heathrow. The expansion increases Air Canada’s operations from 25 weekly flights to and from India. For the winter season, Air Canada will offer 25 weekly flights between Canada and India, providing a total of 7,400 seats per week. These include 11 weekly flights from Toronto to Delhi and Mumbai, daily flights from Montreal to Delhi, and daily flights from Western Canada to Delhi via London Heathrow.

Going forward, Maruti Suzuki India Limited has commissioned a pilot biogas plant at its Manesar facility in FY 2024-25, using domestic food waste and unused Napier grass as resources in its plant. The capacity was utilized. The initiative is aligned with the Ministry of New and Renewable Energy’s ‘Waste to Energy’ programme, reflecting Maruti Suzuki’s commitment to sustainable practices and innovative waste management solutions. In FY24, the company invested Rs 120.8 crore to launch renewable energy initiatives like solar power and biogas. It has further pledged to nearly quadruple the investment to Rs 450 crore over the three years starting FY25. This will significantly boost MSIL’s environmental sustainability initiatives.

In another development, popular online travel agency ixigo will open its IPO on June 10. The company will raise Rs 740.10 crore from investors at a price band of Rs 88 to Rs 93 per equity share. The company will raise the money by offering 79.6 million shares of the company, of which a major 66.7 million shares will be offloaded by promoters and other selling shareholders amounting to Rs 620.10 crore. The issue will close on June 12. The company is expected to finalize the allotment of shares by June 13 and list on June 18, tentatively. A retail investor needs to apply for at least one lot, which consists of 161 shares with a total value of Rs 14,973.

Finally, benchmark equity indices ended Monday’s trading session in positive territory. The NSE Nifty 50 rose 735.87 points, or 3.36 percent, to settle at 22,620.35, while the BSE Sensex jumped 2,303.19 points, or 3.10 percent, to 74,382.24. The broader indices ended in positive territory, led by large-cap and mid-cap stocks. The Bank Nifty index closed up 147.85 points or 4.53 percent at 49,054.60. Auto and metal stocks outperformed other sectoral indices while realty and IT stocks shone. Shares of Angel One Ltd rose 7 percent on Wednesday, June 5, to an intraday high of ₹ 2,406.75 a piece on the BSE after the stockbroking firm reported its business updates for May 2024.

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