Newsletter | Record breakers today: Sunak, Starmer, Rajnath Singh, Trent, Mazagon Dock, Kalki 2898 AD
We also broke the record for the maximum delay in releasing our newsletter, which is supposed to drop at 11 am. I hope you forgive us because Bharvi, who writes this for you every day, has fallen sick. Wish her well while you get the daily round-up of the most interesting stuff happening in India and around the world.
Mark the date, boys and girls. July 5 is turning out to be a day for shattering records. Keir Starmer will become the Prime Minister of the United Kingdom after the Labour Party won by the biggest margin for any British party in nearly 100 years.
But Starmer has to wait because things are never so simple in Great Britain. The people have chosen, but King Charles, too, has to say yes.
Consequently, the Conservatives under Rishi Sunak lost by the worst margin in their history.
While you wait for some internet maverick to produce a meme of Starmer’s singing “Sunak, Sunak, Sun.. Tarara!” in a Daler Mehndi outfit, remember the 44-year-old Indian-origin billionaire has broken many records: both good and bad.
As Vijay Anand put it, while much of Europe seems to be swinging right, the UK has gone in the other direction, but just not enough.
Nigel Farage also broke a record by winning a seat in the UK’s House of Commons for the first time as the leader of the far-right Reform Party, which campaigned for Brexit, wants to cut taxes (including the inheritance tax), a crackdown on immigration and increase the number of prisons in the country, has grabbed some of the votes meant for the Tories.
Do check out the CNBC-TV18 Specials page where an insightful piece on what India should expect from Starmer’s foreign policy from a former diplomat will drop in some time.
Why does this stuff matter?
India and the UK have already had 14 rounds of negotiations to hammer out a free-trade agreement but have failed because India wants more UK visas for its people while the government in London wants lesser duties on its exports to India.
Remember, India’s foreign minister will be dealing with a non-conservative British Prime Minister for the first time in 14 years. The bilateral trade between the two countries was $39 billion in 2023, making India twelfth among UK’s biggest trading partners.
Rajnath Singh informed the Parliament today that India broke a new record producing defence equipment worth Rs 1,26,887 crore between April 2023 and March 2024.
How can you benefit from the government’s commitment to make India “a global hub for defence production”? Here’s an example.
Mazagon Dock started as a small dry dock in 1774, and went on to become a private limited company in 1934 before being taken over by the government in 1960.
It’s now a company that makes warships for the Indian Navy and is worth ₹1 lakh crore.
The value of shareholders’ investment in Mazagon Dock has multiplied more than four times in just the last one year. Guess who’s the biggest shareholder in the company? The government of India, which owned 84.8% stake at the end of March 2024.
The stock is breaking new records every day but it’s not alone. Shipbuilding stocks in India have added over ₹1.5 lakh crore market cap in 2024 so far.
Shipbuilders are trending on stock markets but they are not alone. Trent is trending too.
Tata Group’s retail chain operator Trent has been on a tear since the beginning of the year and today, it became one of the country’s top 46 companies with a market capitalisation of Rs 2 lakh crore or more.
Going into the weekend, Kalki 2898 AD has collected a staggering Rs 700 crore at the box office in the first seven days of release. Did I mention it’s a new record? Meanwhile, Mirzapur fans! Your favourite show may break a record by being the least interesting of the three seasons so far.
Speaking of bummer records, here’s another one:
Record date for record dividend coming up
A few weeks ago, Life Insurance Corporation of India declared a dividend of Rs 6 per share, the highest ever in the company’s history. Now, if you own LIC shares and are waiting for the record dividend to drop into your bank account on July 19, there’s an important message from the company.
And now, The biggest of the big fat Indian weddings is almost here.
The Anant Ambani-Radhika Merchant wedding is scheduled next week but the pre-wedding celebrations are already on. Check out the video from the Mosalu Ceremony at the Antilla.
What is the Mosalu ceremony? Why wonder when you can read more about it here.
That's all from us today! We'll see you on Monday with another 11:11 and hopefully, at 11 am. Happy Weekend!