Good morning, people!
Here are the top stories to start your day.
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⭐ Maruti-Toyota to launch new SUV 🚙
Sports utility vehicles (SUVs) have been a weak spot for Maruti Suzuki. However, its parent Suzuki is working with Toyota to launch a new SUV for the Indian market that will rival the likes of the popular Hyundai Creta. The company’s management said that the new SUV will be manufactured at the Toyota-Kirloskar plant in Bengaluru and the production is likely to start in August.
⭐ Zomato to acquire Blinkit 🍛
Zomato's board approved the acquisition of the quick-commerce company Blinkit for ₹4,447 crore. The all-stock deal is expected to be completed in August. The food-delivery app operator already holds a 9% stake in Blinkit. CEO Deepinder Goyal said that quick commerce is the future of the food delivery business.
⭐ Jet Airways begins operational hiring
Grounded Indian carrier Jet Airways started its operational hiring and has asked its former cabin crew members to rejoin. Last month, it got a nod from the DGCA to resume commercial flight operations and is likely to restart operations in the July-September quarter. Meanwhile, India’s newest airline, Akasa, will hold a proving flight with the DGCA next week. After this, it is likely to get its air operator’s certificate, apply for airport slots and begin offering tickets within 2-3 weeks.
Global markets (at 7:30 AM today)
| Indices | Today's movement |
| SGX Nifty | ▲ 1.15% |
| Nikkei 225 (Japan) | ▲ 0.96% |
| Hang Seng (Hong Kong) | ▲ 2.02% |
| SSE Composite (China) | ▲ 0.79% |
| Dow Jones (US) (June 24) | ▲ 2.68% |
| NYSE (US) (June 24) | ▲ 2.63% |
| Nasdaq (US) (June 24) | ▲ 3.34% |
| S&P 500 (US) (June 24) | ▲ 3.06% |
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Fact of the day
Inflation in Zimbabwe is at an eye-popping 191%! To tackle sky-rocketing inflation, the country’s central bank plans to more than double the interest rate from 80%, which is already the highest in the world, to 190%!
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Investment in securities markets is subject to market risks; please read all the related documents carefully before investing. The securities quoted are exemplary and are not recommendatory. Past performance is not indicative of future results. Details provided in the above newsletter are for educational purposes and should not be construed as investment advice by RKSV group. Investors should consult their investment advisor before making any investment decision.