Among the top stories of the day is India’s decision to switch to competitive bidding for all major defence projects, a significant policy shift that could open up new opportunities for private players.
Elon Musk is also making headlines for admitting his posts about Donald Trump "went too far", while Gujarat-based cafe chain Tea Post has filed papers for an initial public offering.
Here’s a quick roundup of today’s key headlines:
India Shifts To Competitive Bidding For Major Defence Projects
In a policy shakeup, the Indian government has decided to replace nomination-based contracts with competitive bidding for all major defence projects, aiming to provide equal opportunities to the private sector. Defence Secretary Rajesh Kumar Singh told NDTV Profit that this includes projects like the AMCA fighter jet and standard shipbuilding contracts.
Elon Musk Regrets Posts On Trump That ‘Went Too Far’
Elon Musk admitted to overstepping in recent posts about Donald Trump’s tax policies and alleged ties to Jeffrey Epstein. Following the fallout, including a $153 billion market cap decline, Musk said he would reduce his attacks and had also dropped threats to pause SpaceX operations.
Tea Post Files For IPO; Meesho Eyes Mumbai Listing
Gujarat-based cafe chain Tea Post filed draft papers for a 2.85 crore-share IPO, including a fresh issue and an offer for sale. Meanwhile, Meesho plans to file for a Mumbai IPO in the coming weeks, aiming to raise up to $800 million, according to people familiar with the matter.
SEBI Launches Valid UPI Handle To Curb Payment Fraud
SEBI has launched an exclusive valid UPI handle system for brokers, exchanges, and depositories to prevent payment fraud. The regulator said investors will be able to verify UPI IDs and bank accounts of SEBI-registered intermediaries through a new system called SEBI Check.
US, China Near Deal To Cool Trade Tensions
American and Chinese trade officials have agreed to a preliminary plan to ease trade tensions, focusing on the shipment of sensitive goods. US negotiators said they expect to resolve issues around rare earth minerals and magnets.
BSE Shares Put Under Additional Surveillance After Rally
BSE Ltd. shares have been placed under the Additional Surveillance Measure framework after a sharp price rally. The stock, listed on NSE, fell over 3% on Wednesday, with 100% margin requirements now in place to curb speculation.
No Aadhaar, No Tatkal Booking From July 1
Starting July 1, only Aadhaar-authenticated users can book Tatkal train tickets on the IRCTC platform, the Railway Ministry said in a circular. The move aims to ensure the Tatkal Scheme benefits reach genuine end users.
Market Recap: Sensex, Nifty Close Higher
Indian equity indices ended higher on Wednesday, snapping a brief pause in their upward run. The NSE Nifty 50 rose 37 points to 25,141 and the BSE Sensex gained 123 points to 82,515.
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