ICICI Bank’s market capitalisation crossed the $100-billion mark for the first time, becoming only the sixth company to do so. The private sector lender joins the likes of Reliance Industries, Tata Consultancy Services, HDFC Bank, and Bharti Airtel—the four other domestically listed companies with a market value of more than $100 billion.
Previously, Infosys had also achieved the milestone. After hitting a record high of Rs 1,207, shares of ICICI Bank last closed at Rs 1,199, up 2.5 per cent, valuing the firm at Rs 8.44 trillion ($100 billion).
Over the past year, ICICI Bank's share price has risen nearly 29%, surpassing the 27 percent gains of the NSE Nifty 50 and the 20 percent gain of the Bank Nifty.
Garden Reach Shipbuilders & Engineers (GRSE) Limited has been honoured with the "Sustainable Governance Champion Award" at the Outlook Planet Sustainability Summit & Awards 2024. The Award is a testament to GRSE's efforts in integrating sustainability into its core operations, driving innovation, and promoting environmental stewardship within the maritime sector.
INS Sandhayak was built by GRSE.
Reflecting the country's robust external sector profile, the share of short-term debt with an original maturity of up to one year in total external debt declined to 18.5 per cent at end-March 2024 from 20.6 per cent at end-March 2023. The ratio of short-term debt to foreign exchange reserves declined to 19.0 per cent at end-March 2024 from 22.2 per cent at end-March 2023.
India’s external debt stood at $663.8 billion at the end of March 2024, an increase of $39.7 billion over its level at end-March 2023. US dollar-denominated debt remained the largest component of India’s external debt, with a share of 53.8 per cent at end-March 2024, followed by INR-denominated debt (31.5 %), yen (5.8 %), SDR (5.4 %), and euro (2.8%).
The external debt to gross domestic product ratio declined to 18.7 per cent at end-March 2024 from 19.0 per cent at end-March 2023. According to RBI data, loans remained the largest component of external debt, with a share of 33.4 per cent, followed by currency and deposits (23.3 per cent), trade credit and advances (17.9 per cent), and debt securities (17.3 per cent).
The National Council of Applied Economic Research (NCAER) forecasts India's FY25 GDP growth at about 7.5%, driven by strong economic activity. NCAER's Director General, Poonam Gupta, highlighted buoyancy in the first quarter, robust investment policies, and macroeconomic stability.
The RBI has raised its real GDP growth forecast for the FY25 to 7.2% from 7%.
India's current account deficit improved significantly to 0.7% of GDP, or $23.2 billion in FY24, down from 2% of GDP, or $67 billion the previous year, attributed to a decrease in merchandise trade deficit, according to the Reserve Bank of India. The country's current account balance showed a surplus of 0.6% of GDP in Q4 FY24, a turnaround from deficits in earlier quarters.
Dr. Jitendra Singh launched “One Week One Theme” (OWOT) campaign showcasing recent success stories of India in different streams of science and technology. ‘One week One Theme’ is the brainchild of Minister Dr. Jitendra Singh. ‘OWOT’ is built on the legacy and success of the ‘One Week One Lab’ (OWOL) initiative started last year.
Dr. Jitendra Singh is the Honourable Minister of State for S & T and Earth Sciences.
Rashtriya Raksha University (RRU), India's foremost National Security and Police University, celebrated Olympic Day (June 23, 2024) with the successful inauguration of the Bharat Centre of Olympic Research and Education (BCORE). This landmark event highlighted RRU's dedication to advancing the Olympic Movement in India and promoting Olympism.
Srinagar has become the fourth Indian city to be recognised as a ‘World Craft City’ by the World Craft Council (WCC), three years after it was designated as part of the UNESCO Creative City Network (UCCN) for crafts and folk arts. Jaipur, Malappuram and Mysore are the other Indian cities that have previously been recognised as World Craft Cities.
As of now, at least 10 different forms of craftsmanship survive in Srinagar and its suburbs, including papier-mâché, walnut wood carving, carpets, Sozni embroidery and Pashmina and Kani shawls.
K Raheja-backed Mindspace Business Parks REIT announced that it has raised funds by issuing Sustainability-linked bonds worth Rs 650 crore from the International Finance Corporation (IFC). It became the first Indian real estate investment trust to issue such bonds.
The bonds have been issued for the tenure of seven years.
The coupon of these bonds is fixed in nature & shall be stepped down, in a staggered manner, the basis of the achievement of the set targets. These include reduction in greenhouse gas emissions, increasing the share of green certified area for existing buildings, and reduction in energy intensity. Mindspace Business Parks REIT was listed on the Indian bourses in August 2020
The United Nations established the International Day Against Drug Abuse and Illicit Trafficking on 7 December 1987, to raise awareness about the global fight against drug abuse and illicit drug trafficking. This day is popularly known as World Drug Day.
It was established to commemorate the efforts made by individuals, communities, and organizations to rehabilitate those suffering from drug abuse and prevent the illicit trafficking of drugs. 2024 Theme: "The evidence is clear: invest in prevention".
The UN General Assembly proclaimed 26 June the United Nations International Day in Support of Victims of Torture, with a view to the total eradication of torture and the effective functioning of the Convention against Torture and Other Cruel, Inhuman or Degrading Treatment or Punishment.
The Convention against Torture and Other Cruel, Inhuman or Degrading Treatment or Punishment generally known as the Torture Agreement, entered into force on June 26, 1987. This was a step towards recognising that torture is universally banned. Ten years later, on June 26, 1997, the United Nations General Assembly formally designated the day as the International Day.
State Bank of India (SBI) has raised ₹10,000 crore at a coupon rate of 7.36 per cent through its fifth infrastructure bond issuance. The issue attracted an overwhelming response from investors, with bids in excess of ₹19,884 crore, and was oversubscribed by around four times against the base issue size of ₹5,000 crore.
Based on the response, the bank has decided to accept ₹10,000 crore at a coupon rate of 7.36 per cent payable annually. This represents a spread of 21 bps over the corresponding FBIL G-Sec par curve. The instrument is rated AAA with stable outlook.
China's Chang'e-6 lunar probe landed in the northern Chinese region of Inner Mongolia, making the country the first to bring back samples from the moon's far side.The lunar soil collected earlier in the month by the probe after a successful landing on the moon's South Pole-Aitken Basin, an impact crater on the side of the Moon that always faces away from Earth.
Senior BJP MP Om Birla was re-elected as the Speaker of the 18th Lok Sabha. He was elected with a voice vote as the opposition, which fielded Congress MP K. Suresh for the post, did not press for voting in the House. Birla will now serve his second term as Speaker. Congress's Balram Jakhar is the only MP who completed two full terms as the Lok Sabha Speaker.
After 1952, 1967 and 1976, this was the fourth contest for the Speaker’s post in the history of Lok Sabha. Birla, 61, is a three-term MP from Rajasthan's Kota. According to the Indian Constitution, Article 93 provides for the election of both the Speaker and the Deputy Speaker. It is the members of the Lok Sabha who elect its presiding officer by a simple majority.
