Business News: Bihar Deputy CM Seeks CBI Probe into Tejashwi Yadav's Alleged NEET Case Links

The RBI has mandated that all credit-card bill payments be routed through Bharat Bill Payment System from July 1. The mandate has hit big fintech companies like PhonePe and Cred. Big banks like HDFC, ICICI and Axis—which jointly issue more than 5 crore credit cards—have not yet flicked the BBPS switch. Only 8 of the 34 banks are compliant. It is likely to improve the RBI's visibility on payment trends and, hence, would be useful in improving fraud detection and resolution. The industry of payments has sought an extension of 90 days.

The re-election of Narendra Modi to office for a third term has brought turbulence to Indian financial markets, with uncertainty witnessed by key market indices-like the NSE Nifty 50 and S&P BSE Sensex at the beginning. Even as concerns were aired about continuity in policymaking because of the ruling NDA's narrower majority, India's sound economic fundamentals still say a lot about its long-term outlook being bullish. It is therefore incumbent upon retail investors to focus on reasonably valued stocks, diversify into sectors that are stable, and actively manage risks through diversification and disciplined investment strategies. The fact that Indian equities have bounced back every time after the elections, coupled with a host of positive macro indicators, provides strong support for an optimistic market view.

There was a surge in business activity in India during June, with the strong growth in both manufacturing and services, according to HSBC's flash India Composite Purchasing Managers' Index, coming at 60.9. It was almost three years of continuous expansion. Under this study, an increased output and orders from the manufacturing and services sectors, respectively, were recorded; the job creation was the highest since April 2006—new export orders continued to rise for the 22nd consecutive month. Though selling price increases have eased and optimism in business has dipped slightly, the outlook is still positive, with expectations of future output gains.

The last day for shareholders to be eligible for Bharat Petroleum Corporation Limited's 1:1 bonus share issue is today. The record date was fixed on June 22. BPCL would be issuing 216.92 crore bonus shares to double its equity share capital. Both Jefferies and Citi maintained a 'buy' call on BPCL with target prices at Rs 730 and Rs 760, respectively. It further declared a final dividend of Rs 21 per equity share for FY24. BPCL shares have surged 68.2 per cent in the last one year, and closed 1.7 per cent higher at Rs 626.30 on Thursday.

Grocery startup Zepto raised $665 million in a funding round that popped its valuation to $3.6 billion from $1.4 billion in August 2023. Joining the funding round is Avenir Growth Capital, Lightspeed Venture Partners, and Avra Capital. By May 2024, Zepto crossed $1 billion in gross merchandise value with 75% of its stores EBITDA positive. Noting this, the company's CEO, Aadit Palicha, has added that the company has turned profitable at utmost pace and would also be increasing from 350 to 700 stores since it holds 28% market share in India's quick commerce segment, growing fantastically in 2030.

The government of India increased the price of CNG by one rupee per kg at several places, including New Delhi, Noida, Greater Noida, and Ghaziabad. Now, CNG is sold at Rs 75.09 per kg in New Delhi. Increases in each area of Uttar Pradesh, Haryana, and Rajasthan; readjustment done in Meerut, Ajmer, and Lucknow, have notched rates to Rs 80.08 to Rs 94.00 per kg with immediate effect.

According to Karnataka Health Minister Dinesh Gundurao, the BJP engaged BCG since it was already involved in the 2047 Vision Document and most of the works were presented with former chief ministers Yediyurappa and Bommai. This company has been working with successive governments across various strategic initiatives in different timelines. This includes the restructuring of the National Informatics Center and the preparation of an economic plan for Goa and Tamil Nadu. Congress leader Praveen Chakravarty later criticized the policy functions outsourcing; he, however, clarified his remarks as being of an academic nature and not against any member of the party, and apologized for the same.

Bihar Deputy CM Vijay Kumar Sinha has demanded a CBI probe into the suspected links of a NEET "paper leak" suspect with officials close to Tejashwi Yadav. "The officials facilitated the suspect. That is why I am demanding a high-level probe," Sinha alleged. Yadav hit back, welcoming any investigation into the BJP's "accused" ties, while wondering why the focus was only on his associates. He turned around and criticized Sinha for indulging in diversion of attention and pointed out that, in fact, there was a history of leaks of examination question papers during BJP rule.