The Indian stock market witnessed a surge in India Cements shares, which have been steadily rising for the past two trading sessions. The cement company’s stock opened with a significant gap up on Thursday, recording a substantial increase of around 26% in the last two days. This upward trend coincides with UltraTech Cement’s announcement of acquiring a 23% stake in India Cements for a hefty sum of ₹ 1,885 crore.
Meanwhile, the Reserve Bank of India (RBI) released its June Financial Stability Report, revealing a positive outlook for the Indian economy. The report highlighted a multi-year low in the gross non-performing assets (GNPA) ratio of banks, signaling improved financial health. The RBI expects sustained credit expansion, further bolstering economic activity.
On the political front, President Droupadi Murmu’s address to the joint sitting of Parliament sparked contrasting reactions. While the NDA and BJP leaders praised her speech, the opposition criticized it, deeming it lacking in novelty. The opposition also expressed disappointment at the lack of mention of the NEET row and unemployment issues in the address.
International affairs saw US Secretary of State Antony Blinken raising concerns about religious freedom in India. In his speech following the release of the US State Department’s 2023 International Religious Freedom Report, Blinken highlighted an increase in anti-conversion laws, hate speech, and demolitions of homes and places of worship for minority faith communities.
Turning to the weather, the Indian Meteorological Department (IMD) issued a red rain alert for Coastal Karnataka and an orange alert for Kerala. The heatwave condition has abated from the country, but heavy rainfall is expected over Northwest India from June 28 to 30.
