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#830 Daily Money Show | Money Purse Stock Market News
Takeaway
Modi 3.0 oil minister pushes fuel into GST again, Vodafone Idea got Rs 14,000 cr loan approval, and onion plus sugar are seeing demand-supply spikes.
Summary
- Market: Sensex -33 to 76,456; Nifty +5 to 23,264; midcap +0.71%, smallcap +0.57%, bank nifty flat
- Modi 3.0 portfolio assignments: Home, Finance and Railway ministers retained; Hardeep Singh Puri continues as Oil Minister and committed to working strongly toward bringing petrol/diesel/natural gas into GST (would significantly reduce fuel prices but states resist since fuel taxes are a major state revenue source)
- Vodafone Idea reportedly received in-principle approval for Rs 14,000 cr loan from SBI-led consortium (unofficial via media) — relief for funding 5G rollout and spectrum bids, but still faces strong Jio/Airtel competition
- Onion prices spiked 30-50% recently per Economic Times — Bakrid demand, weak Rabi rainfall fears, farmers hoarding stock; Nashik wholesale prices rose from Rs 17/kg (May 25) to Rs 26/kg now
- Sugar stocks rallied on ISO 2023-24 global sugar deficit forecast and Oil Ministry confirming 25% ethanol blending target by 2025; SEBI extended demat/MF mandatory nomination deadline to June 30
Modi 3.0Vodafone Ideasugar
Original description
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