News wrap: From Budget 2024, Nepal plane crash to SC’s NEET UG verdict and more – July 21 to 27 | Today News

Several political and financial developments encompassed last week from July 21 to July 27 right from Budget 2024 to Supreme Court’s NEET-UG 2024 exam verdict where the top court said that there would be no retest. In addition, this week featured the release of Q1 results from major companies. Notably, President Joe Biden announced his decision to step down from the 2024 presidential race, endorsing Vice President Kamala Harris as his successor.

Here are some highlights from the foregone week.

July 21

Joe Biden steps down: US President Joe Biden announced his exit from the 2024 presidential race under growing pressure from his fellow Democrats. He endorsed Vice President Kamala Harris as the party’s candidate to face Republican Donald Trump in the November election.

July 22

Economic Survey: Finance Minister Nirmala Sitharaman presented the Economic Survey 2023-24, along with the statistical appendix, in the Lok Sabha on Monday. It said India’s GDP is likely to grow at 6.5 to 7 per cent in the current fiscal year.

July 23

Budget 2024: Finance Minister Nirmala Sitharaman announced the Union Budget 2024-25 in the parliament on July 23. The Budget focused on provisioning for the agricultural sector, the introduction of schemes related to employment, loan schemes, announcements for financial support to the MSME sector, infrastructural development, and fiscal deficit projection at 4.9% with a commitment to reducing it down to 4.5%.

HUL Q1 Results: Hindustan Unilever Ltd (HUL) announced its April-June quarter results for fiscal 2023-24 (Q1FY25) reporting a rise of 2.7 per cent in standalone net profit at ₹2,538 crore, compared to ₹2,472 crore in the corresponding period last year.

NEET UG verdict: The Supreme Court on Tuesday declined to cancel the NEET-UG 2024 exam. The apex court said that it realises that giving direction for a fresh NEET-UG for the present year would be replete with serious consequences for over 24 lakh students who appeared in this exam.

24 July

Nepal Plane Crash: A total of 18 people died when a Saurya Airlines aircraft crashed at the Tribhuvan International Airport in Kathmandu on July 24. A total of 19 people, including two crew members, were on the Pokhara-bound flight that took off from Kathmandu.

Axis Bank Q1: Axis Bank announced its April-June quarter results for fiscal 2024-25 (Q1FY25) on Wednesday, July 24, reporting a rise of four per cent in net profit at ₹6,035 crore, compared to ₹5,797 crore in the corresponding period last year. 

L&T Q1 results: L&T posted a 12 per cent surge in its profit after tax (PAT) at ₹2,786 crore for the June quarter compared to ₹2,493 crore in the same quarter last year.

July 25

Mumbai rains: Normal life was disrupted in Mumbai, Thane, and Palghar after heavy rains created havoc. With waterlogging reported in several areas, there were reports of flights and train cancellations. 

Pune Rains: Heavy rains wreaked havoc in Pune on Thursday where at least four persons died in rain-related incidents while several houses and residential societies in low-lying areas in the city were inundated, prompting evacuation. According to the India Meteorological Department, Shivajinagar in Pune recorded 114 mm of rainfall in the 24 hours ending at 8:30 am on Thursday, marking the third-highest single-day rainfall in 66 years.

HDFC Bank fixed deposit rates: HDFC Bank has revised its fixed deposit rates for deposits less than ₹3 crore. Following the changes, HDFC Bank currently offers interest rates on deposit tenors of 7 days to 10 years ranging from 3% to 7% for the general public and 3.5% to 7.5% for elderly individuals.

SC on mineral rights: On July 25, a nine-judge bench of the Supreme Court ruled by a majority that states possess the authority to impose taxes on land containing minerals. The court further clarified that the royalty payments made by miners to the Central Government should not be classified as a tax but rather as a contractual payment.

July 26

Kargil Vijay Diwas: On July 26, 1999, the Indian Army announced the successful culmination of ‘Operation Vijay’, declaring victory after a nearly three-month-long battle on the heights of Kargil in Ladakh – then part of Jammu and Kashmir. Yesterday, on the occasion of Kargil Vijay Diwas, PM Modi warned Pakistan that its nefarious plans would not materialise. 

Paris Olympics 2024: After a glaring and first-of-its-kind opening ceremony on the Seine River, the highly anticipated Paris Olympics 2024 was declared open in the French capital on Friday

IndiGo Q1: InterGlobe Aviation Ltd., which runs India’s largest IndiGo airline, reported a nearly 12% fall in net profit at ₹2,729 crore for the June quarter, its first year-on-year decline in about two years, on account of higher costs. 

July 27

Kamala Harris candidature: US Vice President Kamala Harris, on Saturday, July 27, signed the forms, officially declaring her candidature for the US Presidential Elections, due on November 5.