Business news: Stock Market Warning; Insurance Record; Suzlon Surge; Ministerial Continuity; Congress Gains

Prominent United States economist Harry Dent warns that there will soon be a stock market crash worse than the 2008 financial crisis. According to Fox News Digital, Dent warned of an imminent collapse with the S&P potentially dropping 86% and the Nasdaq by 92% due to the pumped-up \"everything\" bubble supported over 14 years. He says that this coming collapse has been brought on by the chronic artificial stimulation and that it could happen in early 2023 because of the aggressive monetary tightening that the Federal Reserve will experience. There are big risks building in the housing market and the economy in general.

Industry grows robust in May '24, Life Insurance Council. The May 2024 data shows that NBP stands at Rs 27,034 Crs, growing by 15.15% Y-o-Y, with YTD at 31.2 %. In such a trend, individual policy issuances are seeing growth at 12.45%, with single and non-single premiums growing at 18.3 % and 18.7% Y-o-Y, respectively. The premiums arising out of the group policy rose by 16.7%.The insurance industry has recruited over 1,30,000 agents to enhance the industry's performance to aid in further insurance penetration and premium collections by paying more focused attention to first-time buyers and digitization.

Shares of Suzlon Energy, on June 11, rallied over 4% to Rs 49.2 after the company received a 103.9 MW order from AMPIN Energy Transition for supply and installation of wind turbines in Rajasthan. A 'Buy' recommendation prevails on the street, since strong order inflows and financial turnaround in Suzlon are being demonstrated. The surge remains optimistic on the stock on the back of continuous efforts for debt reduction, improved transparency, and governance. The positive outlook in the wind industry is also an aid to that. The close to 52-week-high stock has clocked over 271% gain from the one-year low.

Rajya Sabha MP from Karnataka Nirmala Sitharaman has presented a fiscally prudent Budget just weeks before the elections are announced, ensuring the Indian economy is back on the path of over 7 per cent growth for three straight years. Nirmala Sitharaman continues to be Union Finance Minister for the BJP-led government and becomes the longest-serving full-time woman in this position, also entering her third term. Since May 2019, Sitharaman has presided over the Ministry of Finance and Corporate Affairs, and in this capacity, she has presented six Budgets, matching Morarji Desai in this regard.

Piyush Goyal, who has been given the portfolio of Minister of Commerce and Industry under the BJP government, emerged as the clear victor over his nearest rival after winning the Lok Sabha seat from Mumbai North by a margin of over 3.57 lakh votes. His ministry would aim to finalize pending FTAs with the UK and EU and start parleys with the Russialed Eurasian Economic Union towards boosting declining labor-intensive exports. Goyal, who has held important assignments in the BJP during the last 35 years of his political career, was a member of the Rajya Sabha and the Leader of the House in the Upper House in the previous term.

In the recent 18th Lok Sabha elections, BJP won 240 seats as it lost some prominent seats from 303 won in 2019, whereas the Congress secured 99 seats as against 52 in its previous elections. Among SC seats, Congress won in 20 seats with a 3.17 lakh vote margin while BJP in 30 seats with 2.91 lakh votes. Of the ST seats, Congress took the lead in 12 seats with a vote margin of 4.29 lakh votes while BJP won in 25 seats with 3.31 lakh votes. Both parties had better average victory margins as compared to 2019.