NDTV Profit Pulse On June 7 — Top 8 Stories At 8 P.M. Under 8 Minutes

Among Friday's top stories, the Reserve Bank of India surprised markets by cutting the repo rate by 50 basis points to 5.5% and changing its policy stance to neutral, alongside a 100-bps cut in the Cash Reserve Ratio. Meanwhile, Elon Musk-owned Starlink has secured a license to operate satellite internet services in India, marking a key step in expanding connectivity.

On the corporate front, LG Electronics India’s IPO price will be decided over the next six months amid volatile markets, while Akasa Air announced plans to launch operations from Navi Mumbai Airport with over 100 weekly flights.

Here’s a roundup of the biggest headlines today:

The Reserve Bank of India’s Monetary Policy Committee, led by Governor Sanjay Malhotra, cut the repo rate by 50 basis points to 5.5% — the third straight cut this year. With Saugata Bhattacharya voting for a smaller 25 bps cut, the final tally was 5:1. The committee also shifted its stance to ‘neutral’ and cut the Cash Reserve Ratio by 100 basis points, to be staggered in four tranches starting September 6.

Elon Musk’s Starlink received a government license to provide satellite internet in India, sources told NDTV Profit. The Department of Telecommunications confirmed Starlink’s compliance with GMPCS security norms, with more clearances coming soon.

Harvard University filed a fresh lawsuit against President Donald Trump’s move to bar foreign students from the US, calling it a national security risk. The university urged a judge to stop Trump’s latest crackdown, which also cut off Harvard’s visa sponsorship for foreign scholars.

A very public feud between Trump and Musk saw the Tesla and SpaceX CEO lose $34 billion — the second-largest one-day wealth loss ever. It all started when Musk vowed to kill Trump’s “Big, Beautiful Bill.” Trump hit back by threatening to cut off federal contracts.

The RBI moved to ease access to gold loans for small borrowers. Governor Malhotra said loans up to Rs 2.5 lakh won’t need a credit check — just a declaration of ownership.

Korean major LG Electronics Inc. said it will take up to six months to finalise the sale price for the IPO of its Indian arm. The IPO will be a pure offer for sale, but LG says market conditions will determine the price tag.

Akasa Air will start operations from Navi Mumbai International Airport with over 100 weekly flights. Founder and CEO Vinay Dube said Akasa will have 10 aircraft based there by fiscal 2027, with big domestic and international plans.

The RBI’s rate cut fuelled a third day of gains on Dalal Street. The NSE Nifty 50 rose 252 points to 25,003, while the BSE Sensex added 746.95 points to close at 82,188.99. This week, Nifty gained over 1% and Sensex snapped a two-week losing streak.