Narendra Modi elected leader of NDA

• Earlier, he was unanimously elected as leader of the BJP parliamentary party
• In the first back-to-back majority in Lok Sabha polls for a single party in over three decades, the Modi-led BJP won 303 seats out of 542

Modi likely to stake claim tonight to form government

• The BJP-led NDA on Thursday stormed to power winning 353 seats, beating the previous election's tally of 336 seats
• Modi is likely to meet President Ram Nath Kovind later in the evening today

Rahul Gandhi offers to resign as Congress president, CWC rejects

• The Congress Working Committee authorised Rahul Gandhi to take all the required steps to restructure the party
• The resolution adopted by the CWC also called for a 'thorough introspection and complete overhaul' of the party at the earliest, while committing to bring about a plan soon to this effect

RBI releases draft liquidity framework guidelines for ailing NBFCs

• NBFCs will have to maintain minimum high quality liquid assets of 100% of total net cash outflows over the following 30 calendar days
• The LCR is proposed for all deposit taking NBFCs, and non-deposit taking NBFCs with an asset size of 50 billion rupees ($720 million) and above

Delhi may gain from US-China trade war by slashing own tariffs

• A panel report recommends that India’s upper range of tariffs and number of tariff rates should be reduced over a five-year period
• The panel also says after reducing customs tariffs for over two decades, India’s average tariffs were hiked in 2017

1.37 crore formal sector jobs created in FY19, shows EPFO subscription data

• CSO used addition to the EPF subscriber base to derive employment generation
• However former Chief Statistician of India Pronab Sen, the data only shows the growth in the organised sector

L&T hikes shareholding in Mindtree to 28.45%, picks up 24.9 lakh shares

• After the latest transaction, L&T's shareholding in Mindtree stands at 28.45%
• On Thursday, L&T had acquired 4.5 lakh shares of Mindtree from the open market

Fixing the economy should be the priority for the new government

• The economic growth rate has steadily slowed from a peak of 8.3% in the last quarter of fiscal year 2018 to 6.6% in the third quarter of fiscal year (FY) 2019
• This has implications for the jobs and incomes of 250 million households

SpiceJet, Vistara add planes to make the most of Jet Airways’ slots

• Airlines seek to cater to growing demand in wake of Jet’s grounding by raising capacity
• Govt temporarily reallocated Jet’s slots to keep a check on reducing capacity in the sector

Liberalize investment cap, review restrictions for FPIs, says Sebi panel

• Sebi has sought comments from the public on the recommendations till 14 June
• It also suggested tweaking rules pertaining to FPI investment limits and reclassifying FPI to foreign direct investment

Liquor firms cheer end of poll dry days

• Sale of alcohol was barred at stores, bars, restaurants and hotels 48 hours before polling ended
• The elections were held across seven phases from 11 April to 19 May. 23 May, the day of counting, was also a dry day

IHH to proceed with Fortis open offer after Supreme Court lifts stay

• IHH said the delay in the open offer is due to a Supreme Court stay in a contempt case by Daiichi Sankyo
• The delay is due to the stay imposed on the open offer by the Supreme Court in the contempt case filed by Daiichi Sankyo

Surat: 19 students die as fire engulfs commercial complex

• A fire official said 19 fire tenders and two hydraulic platforms were pressed into service to douse the fire
• Locals were seen helping in the rescue operation to save stranded students as well as other occupants of the four-storey building

16th Lok Sabha dissolved, all eyes now on swearing-in

• The new govt will be sworn in between 29 and 31 May. Invitations have been sent to some key foreign leaders
• The newly-elected MPs of the BJP-led NDA will meet today to formally elect Modi as their leader

Opinion | How Brexit consumed a British prime minister

Theresa May couldn’t break a political stalemate that’s British national divisions. That’s her legacy, but only partly her fault

Not collaborating with any car manufacturers: Ashok Leyland on Tesla rumour

• Ashok Leyland Ltd has lined up a capex plan of ₹2,000 crore spread over two years
• Ashok Leyland registered and a net profit of ₹1,983 crore last fiscal

Diageo wins $135 million claim against Vijay Mallya in UK court

• Diageo is seeking a total of $175 million from embattled liquor tycoon Vijay Mallya
• Over and above the $135 million, Mallya is liable to pay interest incurred at a commercial rate

How wealth and crime shaped the 2019 elections

Contests in constituencies were largely between two rich candidates while others lagged behind

Event risk over, but key issues aren't fading soon and markets know that

Beyond the elections, the focus now shifts to fundamental issues such as consumption slowdown, unemployment, liquidity crisis and fiscal position

New direct tax code draft by July-end

• Finance minister Arun Jaitley extends deadline till 31 July for a task force to come up with a new draft direct tax code
• The proposed new direct tax code will replace the Income Tax Act of 1961

'India lucky to have him as PM', Trump congratulates Modi, fixes meet at G-20

• Both Modi and Trump agreed to work together for further enhancing the strategic partnership between India and the
• The meeting between the two comes as the US is set to withdraw some preferential trade measures for IndiaUS

What happens on iPhone doesn't stay there: Customer sues Apple for selling data

• Apple iTunes customers from Rhode Island and Michigan sued Friday in federal court in San Francisco
• The disclosure of Apple iTunes customers’ personal data isn’t only unlawful but can also be dangerous

Film review: ‘Aladdin’ is a whole old world

• This live action remake is practically the same as the 1992 animated film, yet diminished
• Will Smith appears as the genie, a part made famous by Robin Williams

HDFC sells 6.1% in subsidiary Gruh to comply with RBI directive

• The sale was carried out through stock exchanges at the prevailing market price
• HDFC has mopped up ₹1,327.89 crore by selling the stake in Gruh Finance

How people gave a thumbs up to Modi’s politics of performance

• Voters posed trust in Modi’s leadership for his welfare schemes like Jan Dhan Yojana
• The Modi govt took a few policy missteps but came back strongly with focus on social sector schemes

Operation Bengal pays off for BJP

Riding on a latent anti-incumbency, the BJP devised a unique campaign strategy to take on Mamata Banerjee

Ten charts that explain the 2019 Lok Sabha verdict

India seems to be witnessing the rise of a new political order, with a broad-based Hindu alliance driving the growth of the Bharatiya Janata Party

RBI tweaks norms on VRR investment by FPIs

• VRR for investments by FPIs was introduced on March 1
• The revised VRR scheme will open for allotment from May 27

PM Modi may take oath of office on Thursday

• The Bharatiya Janata Party (BJP) won a record 303 seats, according to the latest data available
• The new Cabinet is also likely to be sworn in on Thursday

GoAir offers one million seats for fares starting at ₹899

• The bookings under the three-day sale will start from May 27
• The sale offer will give customers the freedom to choose their date, time and cost of travel between June and December

New  govt has its task cut out amid turbulence in economy

Govt needs to fix slowdown in consumer demand, falling investments and slowing exports amid global trade wars

Lok Sabha polls over, all eyes now on assembly elections

• In Delhi, the BJP is set to take on the Congress and the Aam Aadmi Party
• Elections are also due to be held in Jammu & Kashmir, which has been under president's rule since November

Karnataka: JD(S)-Congress to continue coalition government

• Deputy CM Parameshwara says the JD(S)-Congress will continue its term in office as the election mandate was for the Lok Sabha and not for the state
• An informal cabinet meet was convened by CM Kumaraswamy to discuss the next course of action for the state government

At 14%, 17th Lok Sabha has highest number of women MPs

• There are 78 women members of parliament, the highest since independence
• Parliament this time has 300 first-time MPs and 197 MPs who have been re-elected for a second consecutive term

10 reasons why the BJP swept the polls

• Modi made people believe in themselves and in him
• Modi’s nationalism brought down the traditional hurdles of caste and, in some areas, religion, too

197 sitting MPs retain seats in 2019 Lok Sabha polls

• Kiren Rijiju, Jual Oram, Raja Mohan Singh, Nitin Gadkari and Babul Supriyo are among over 145 sitting BJP MPs from across the country who have retained their seats
• The NCP had renominated sitting MP Mohammed Faizal P P from Lakshadweep and secured the seat in 2019 as well

Congress stares at erosion of its political credibility

• Results a poor reflection on Rahul Gandhi’s leadership capabilities and Congress’ poll strategy to take on the BJP
• Congress' campaign did not find resonance with the people and only those candidates who were strong locally, ended up winning

Opinion | An Omani book wins

• Jokha Alharthi, a professor at the University of Muscat, Oman, won Man Booker International prize for Celestial Bodies

Mother Dairy hikes milk prices by up to ₹2 a litre

• Mother Dairy will raise the price of its poly pack milk variants in Delhi NCR from Saturday
• The 1 litre pack has been increased by Re 1 only and the 500 ml pack by ₹2 a litre, effectively impacting the consumer by Re 1 per pack

JSW Steel profit halves to ₹1,495 crore in Q4

• Consolidated revenue for the March quarter stays flat at ₹19,264 crore
• For FY19, JSW Steel reports a net profit of ₹7,524 crore, up 23% year-on-year from ₹6,113 crore in FY18

Opinion: The rise and rise of brand Modi, how winner takes all

Today Modi is unassailable. He just needs to change gears, from salesman to statesman

Prajwal Revanna offers to resign from Hassan LS seat to reinstate Deve Gowda

• Deve Gowda was defeated by G.S. Basavaraj of the BJP in Tumakuru (Tumkur) by a margin of 13,339 votes
• Deve Gowda had earlier given up his home seat of Hassan to Prajwal

Modi 2.0: Sensex @45,000 is Morgan Stanley’s new one-year target

• Morgan Stanley expects the RBI to be more accommodative and the economy to come out of its soft patch
• The ongoing trends suggest that there will be continuity in administration, says Morgan Stanley

SpaceX launches first 60 satellites of its internet network

• One of the company's Falcon 9 rockets blasted off without incident from Cape Canaveral in Florida around 10:30 pm
• Starlink will become operational once 800 satellites have been activated

Equity market gets a reality check as election season ends

• Stocks fell after rallying to records and the rupee slid as investors refocused on domestic realities, and posted modest gains on Friday
• The government is already borrowing a record $100 billion, a key reason behind why a big rally has eluded local bonds

Netflix isn't absent at Cannes. It's everywhere.

• A study conducted by the Sorbonne captured just how vital Netflix has been to festival marketplaces
• 39% of Cannes premieres since 2009 have gone on to stream on Netflix, although most first had theatrical runs