Budget 2024 Expectations; Exclusive Interaction DBS' Global CEO Piyush Gupta; Donald Trump's VP Pick and its India connection & more
Good Morning! In today's newsletter we take a look at expectations from the Union Budget 2024 (you can follow our live blog for all updates), what Quant Mutual Fund bought and sold in June, and more.
Then we have an exclusive interaction with DBS' Global CEO Piyush Gupta, take a look at Donald Trump's vice presidential running mate and its India connection and more!
#TopStories
Budget 2024 Expectations LIVE: Will the middle class see income tax relief?
Finance Minister Nirmala Sitharaman is set to present the Union Budget 2024 on July 23. The annual economic survey on July 22 will precede the budget speech. The last interim budget was presented on February 1, before the elections. This will be the first budget of the Prime Minister Narendra Modi-led NDA government in its third term, and Sitharaman's seventh consecutive
Will the middle class see income tax relief?
Follow our live blog for all news and updates
Budget 2024 may introduce 20% TCS on overseas credit card spending above ₹7 lakh
Budget 2024 is expected to include a provision that brings overseas credit card spending above ₹7 lakh under the Liberalised Remittance Scheme (LRS), according to a Moneycontrol report.
Currently, spending over ₹7 lakh in a financial year using debit cards, forex cards, and certain other methods attracts a 20% Tax Collected at Source (TCS).
However, credit card transactions are exempt from this tax.
This exemption was initially granted due to the direct linkage of debit cards with bank accounts, which facilitated easier monitoring.
Banks were granted time to develop infrastructure for overseeing international credit card transactions.
Quant Mutual Fund's AUM reaches all-time high of ₹94,000 crore: Which stocks did they buy and sell in June
Quant Mutual Fund (MF), recently investigated by SEBI for irregularities, has said that its assets under management (AUM) and net asset values (NAV) have hit record levels.
As of July 12, 2024, the fund's AUM exceeds ₹94,000 crore, setting an all-time high.
Quant MF's notice to unitholders highlighted its performance and key statistics.
Despite net outflows of ₹696 crore in the last three weeks and equity outflows of ₹877 crore (less than 1% of AUM), the fund house said it maintains a robust liquidity position.
Which stocks did they buy and sell in June?
Lakshmi Vilas Bank acquisition has changed the complexion of our business manifold: DBS Global CEO
"In the middle of COVID, we had the opportunity to acquire a distressed bank, Lakshmi Vilas Bank through a competitive process and that has changed the complexion of our business manifold," said Piyush Gupta, Global CEO of DBS in an exclusive interview with CNBC-TV18.
The bank now has over 500 branches, is in 350 cities, and has a scale that it did not have even 10 years ago.
Even though the LVB franchise will still take some time to be profitable, India is our fastest-growing business, he said.
Over the past decade, Gupta noted, their M&A strategy focused on bolt-on deals that they could integrate and create value from, rather than large transformational acquisitions, which are often challenging in banking.
They prefer to consolidate and build their own capabilities, staying open to the right deals that they have the management bandwidth to effectively integrate and enhance.
#USElections
Donald Trump nominates JD Vance as vice presidential running mate
Former President Donald Trump nominated US Senator JD Vance of Ohio as his vice president running mate, as the 78-year-old looks to return to the White House. Here's some impotant information to know about Vance, a 39-year-old Republican now in his first term in the Senate.
Who is JD Vance? Things to know about Donald Trump's pick for vice president
Meet Usha Chilukuri Vance — the Indian-origin wife of Donald Trump's running mate JD Vance
Indian-origin Usha Chilukuri Vance is married to JD Vance, who is running for Vice-President of the US along with Donald Trump in the upcoming elections.
Trump on Monday (local time) nominated Vance as his running mate.
Usha is the daughter of Indian immigrants, raised in San Diego, California. She met Vance while they were studying in Yale and got married in 2014, where a Hindu pundit officiated the wedding. They have three children.
Usha is a litigator at a national firm. She studied history at Yale University and also has a master of Philosophy degree from the University of Cambridge, news agency ANI reported, citing the New York Times.
Key takeaways from Joe Biden's first interview after Trump's assassination attempt
In his first appearance since the attempted assassination of his political rival, former president Donald Trump, US President Joe Biden in an interview with NBC's Lester Holt, on Monday, expressed relief that Trump survived the attack. He also highlighted Trump’s contribution to the increasingly heated nature of modern American political discourse.
Additionally, Biden commented on Trump’s choice of Ohio Senator JD Vance as his running mate. Addressing concerns about his performance at the CNN debate last month, Biden downplayed any issues and reaffirmed his commitment to staying in the race.
Here are key takeaways from his interview:
#StockMarket
Suzlon sees block deals worth ₹50 crore, to make important announcement on July 22
Shares of Suzlon Energy Ltd. are off the day's high after multiple block deals took place in the stock on Tuesday.
As many as 92 lakh shares or 0.08% of the company's total equity changed hands in multiple large trades. The total transaction value is said to be ₹50 crore.
Suzlon shares changed hands at an average price of ₹55 per share. Buyers and sellers in the transaction are not officially known.
The company also informed the exchanges on Monday that it will announce its June quarter results on Monday, July 22.
Suzlon was also in focus on Monday after it signed a framework agreement with a subsidiary of CESC Ltd.
Why brokerages are bullish on HDFC Life following Q1 results
Brokerages have maintained a positive outlook on HDFC Life Insurance following its robust first-quarter performance in FY25. The brokerages have issued buy and overweight calls, setting target prices between ₹750 and ₹790 per share.
This optimistic stance is driven by HDFC Life's growth in key financial metrics.
Here is a breakdown of the assessments from each brokerage
#DailyData
#WorkplaceTrends
Upskill or finish office work — How professionals can retain jobs while working on growth
By now, there are no two ways about the need, intent and demand for upskilling both by employers and employees. What is surprising yet believable is a June 2024 survey that has found one in three professionals in India are unable to upskill due to work-related responsibilities.
“34% of professionals perceive office work as a significant hurdle to their upskilling plans, while 19% cite financial constraints as a barrier and cannot afford programs. Additionally, 18% believe upskilling is unnecessary in their current role, and 14% cite family commitments as a hindrance,” Annual Upskilling Trends Report 2024 by global edtech company Great Learning shows.
The survey of over 1,000 professionals across key sectors found that only 11% of employees are already enrolled or have completed an upskilling programme whereas the remaining 5% are occupied with household responsibilities.
We'll be back tomorrow with another edition of 11:11!