India's Modi elected as leader of coalition and set to form new government

NEW DELHI (AP) — Indian Prime Minister Narendra Modi on Friday was formally elected leader of the National Democratic Alliance coalition, which won the most seats in the national election after his political party failed to win a majority on its own.

The 73-year-old leader, who will be sworn in as prime minister on Sunday for a rare third term, will now form a coalition government.

Modi’s Hindu-nationalist Bharatiya Janata Party has governed India as part of the NDA coalition over the past decade, but this is the first time under his leadership that the party has needed support from its regional allies to form a government.

“This alliance of ours reflects India's spirit in its true sense,” Modi said after the BJP and coalition members backed him as their prime ministerial candidate. “We were neither defeated nor are we defeated ... it was an NDA government in the past, still is and will be,” he added.

Full results from India’s marathon election, which began in mid-April, were released Wednesday. The BJP won 240 seats, well below the 272 needed for a majority in a stunning outcome. Together, the parties in the NDA coalition bagged 293 seats in the 543-member lower house of parliament.

Meanwhile Modi's political challenger, the INDIA alliance led by the Congress party, put up a stronger-than-expected fight doubling its strength from the last election to win 232 seats.

Before Modi was formally elected as the NDA leader, local media reported that the two key regional allies which can make or break his coalition government — the Telugu Desam Party in southern Andhra Pradesh state and Janata Dal (United) in eastern Bihar state — were eyeing posts in important ministries, some of which the BJP have held so far.

On Thursday, the newly emboldened opposition ramped up pressure on Modi and the BJP. In a news conference, the Congress party's main campaigner Rahul Gandhi demanded a parliamentary investigation into what he called the “biggest stock market scam," alleging that Modi and other top BJP ministers misled retail investors who ended up losing money.

India's two main benchmark stock indexes hit new highs on Monday after exit polls predicted a BJP sweep, but dropped sharply on Tuesday to close down more than 5% as early vote figures trickled in.

In television interviews last month, Modi and Home Minister Amit Shah said the markets would surge when results were declared on June 4.

The BJP denied Gandhi's accusations of a ploy between the party and exit pollsters and accused the Congress leader of trying to discourage investors.

Indian Prime Minister Narendra Modi displays a letter from the President of India, Draupadi Murmu, inviting him to form the next central government, outside the Rashtrapati Bhavan in New Delhi, India, Friday, June 7, 2024. (AP Photo/Manish Swarup)

Indian Prime Minister Narendra Modi walks to address media at the forecourt of the Indian presidential palace after receiving a letter from the President of India, Draupadi Murmu, inviting him to form the next central government, in New Delhi, India, Friday, June 7, 2024. (AP Photo/Manish Swarup)

Indian Prime Minister Narendra Modi speaks to the media outside the Rashtrapati Bhavan after receiving a letter from the President of India, Draupadi Murmu, inviting him to form the next central government, in New Delhi, India, Friday, June 7, 2024. (AP Photo/Manish Swarup)

Indian Prime Minister Narendra Modi displays a letter from the President of India, Draupadi Murmu, inviting him to form the next central government, outside the Rashtrapati Bhavan in New Delhi, India, Friday, June 7, 2024. (AP Photo/Manish Swarup)

Indian Prime Minister Narendra Modi leaves the residence of the veteran senior leader of Bharatiya Janata Party (BJP) Murli Manohar Joshi after paying him a visit, in New Delhi, India, Friday, June 7, 2024. PM Modi on Friday was formally elected as the leader of the National Democratic Alliance coalition, which won the most number of seats in the country's national election after his political party failed to win a majority on its own. (AP Photo/Dinesh Joshi)

Indian Prime Minister Narendra Modi, second right, pays a visit to the veteran senior leader of Bharatiya Janata Party (BJP) Murli Manohar Joshi, at his residence, in New Delhi, India, Friday, June 7, 2024. PM Modi on Friday was formally elected as the leader of the National Democratic Alliance coalition, which won the most number of seats in the country's national election after his political party failed to win a majority on its own. (AP Photo/Dinesh Joshi)

Indian Prime Minister Narendra Modi greets supporters as he arrives at Bharatiya Janata Party (BJP) headquarters after the election results were announced, in New Delhi, India, June 4, 2024. PM Modi on Friday was formally elected as the leader of the National Democratic Alliance coalition, which won the most number of seats in the country’s national election after his political party failed to win a majority on its own.(AP Photo/Manish Swarup)

Indian Prime Minister Narendra Modi is garlanded by senior Bharatiya Janata Party (BJP) leaders Rajnath Singh, left, party President JP Nadda, right, and Amit Shah, at Bharatiya Janata Party (BJP) headquarters after the election results were announced, in New Delhi, India, June 4, 2024. PM Modi on Friday was formally elected as the leader of the National Democratic Alliance coalition, which won the most number of seats in the country’s national election after his political party failed to win a majority on its own. (AP Photo/Manish Swarup)

The mortgage company Rocket is buying competitor Mr. Cooper in an all-stock deal valued at $9.4 billion, just weeks after acquiring real estate listing company Redfin.

Rocket Cos. said Monday that bringing Mr. Cooper Group Inc. into the fold will create a business representing one in every six mortgages in the United States and give it almost 7 million additional clients. The deal will boost loan volumes, the company said, while lowering client acquisition costs.

“By combining Mr. Cooper and Rocket, we will form the strongest mortgage company in the industry, offering an end-to-end homeownership experience backed by leading technology and grounded in customer care," Mr. Cooper Chairman and CEO Jay Bray, who will become president and CEO of Rocket Mortgage, said in a statement.

The U.S. housing market has been slumping for years with homebuyers, and sellers, buffeted by soaring mortgages rates and sky high prices that have put homes out of reach for many Americans.

Companies like Rocket, which is on an acquisition streak, are attempting to create more of a one-stop shopping experience for frazzled would-be homebuyers.

Bray will report to Rocket Cos. CEO Varun Krishna.

Mr. Cooper shareholders will receive a fixed exchange ratio of 11 Rocket shares for each share of Mr. Cooper common stock. Mr. Cooper is based in Coppell, Texas.

Rocket shareholders will own approximately 75% of the combined company, while Mr. Cooper stockholders will own about 25%. The combined company's board will have 11 members, with nine being from Rocket and two from Mr. Cooper.

Earlier this month Rocket, based in Detroit, announced that it was buying Redfin in an all-stock deal worth $1.75 billion.

Redfin, which was founded in 2004, has more than 1 million for sale and rental listings on its online platform.

The National Association of Realtors announced this month that existing home sales rose 4.2% in February from January to a seasonally adjusted annual rate of 4.26 million units. That was in part thanks to easing mortgage rates and more properties on the market encouraging home shoppers.

The U.S. housing sales began to slump in 2022, when mortgage rates began to climb from pandemic-era lows. Sales of previously occupied U.S. homes fell last year to their lowest level in nearly 30 years.

FILE - A Rocket Companies sign is displayed on the exterior of the New York Stock Exchange, Aug. 6, 2020, in New York. (AP Photo/Mark Lennihan, file)

FILE - A for sale sign stands outside a single-family home Thursday, June 27, 2024, in Englewood, Colo. (AP Photo/David Zalubowski, File)