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On the corporate front, Bajaj Auto is ramping up its EV ambitions, while SoftBank’s Masayoshi Son is collaborating with Trump on a massive $100 billion U.S. investment.Elsewhere, the Delhi High Court summoned SpiceJet’s CEO and COO over non-payment issues, and the GST Council is gearing up for its December 21 meeting to address critical matters.
It was also a day of highs and lows—India mourned the loss of tabla legend Ustad Zakir Hussain, even as chess prodigy Gukesh D received a grand welcome home after his historic world championship win. And to round it all off, India’s luxury real estate market hit new heights with blockbuster property deals.
India’s trade deficit widens to $37.8 bn in November; Gold imports hit record high
India’s trade deficit ballooned to $37.84 billion in November, a sharp increase from the $23 billion gap forecasted by economists in a Bloomberg survey. This widening deficit came as imports surged while exports struggled. In October, the deficit had stood at $27.1 billion.
Merchandise exports grew by 2.17% year-on-year in the April to November period, but imports increased at a faster pace of 8.35%, further exacerbating the trade imbalance. In November, merchandise exports reached $32.11 billion, down from $39.2 billion in October, while imports surged to $69.95 billion from $66.34 billion the previous month.
IT stocks weigh on Nifty 50 while financials recover; Sensex drops below 82,000 points
The domestic IT stocks weighed heavily on domestic benchmark indices, falling 0.7%, whereas a last-hour recovery in financial stocks saw the Nifty 50 and Sensex come slightly off lows after extending early losses on Monday.
Indices had fallen as much as 0.5% earlier in the day, but recovered some losses as some banking stocks came off their intraday lows. However, they remained lower as losses in information technology stocks continued to weigh on the market. As a result, indices started the week with losses after four consecutive weeks of rising.
The Nifty 50 lost 0.4% to end at 24,668.25 . The Sensex closed 0.5% lower to reach 81,748.57.
Bitcoin rises to record after longest weekly winning run since 2021
Bitcoin climbed to a record high, extending a rally sparked by President-elect Donald Trump’s support for digital assets and his plan to turn the US into the dominant force in the sector.
The largest token rose more than 3% at one point on Monday in Asia to an unprecedented $106,493, exceeding its previous peak from Dec. 5. The advance helped to boost sentiment in the wider crypto market.
Trump is moving toward creating a friendly regulatory backdrop for digital assets, undoing a crackdown imposed by President Joe Biden’s outgoing administration.
GST Council to discuss these issues at December 21 meeting
The 55th Goods and Services Tax (GST) Council meeting, scheduled for December 21 in Jaisalmer, will address several critical matters.
From disbanding the Group of Ministers (GoM) on revenue analysis to deciding on a three-month extension for the GoM on compensation cess, here’s what’s likely to be discussed at the meeting.
Bajaj Auto likely to launch new EV brand, targets over half a million electric sales in FY26
Bajaj Auto, which is among the top three electric two-wheeler makers in India, is all set to ramp up its EV play. Sources have told CNBC-TV18, the company is planning to launch five new Chetak scooters and five new electric three-wheelers in the coming months.
Speaking exclusively to CNBC-TV18, Rajiv Bajaj the MD of Bajaj Auto said. “With the rapid launch of new products over the next quarter, we anticipate that the continued rise in sales of our electric Chetak, electric three-wheeler and electric cargo three-wheeler will be significantly bolstered by the imminent launch of our e-rickshaw. This should have our electric vehicle portfolio exit FY25 at a rate of half a million units per year”
SoftBank’s CEO, Trump to unveil $100 billion US investment with focus on AI, jobs
SoftBank’s Masayoshi Son, Trump to Unveil $100 Billion U.S. Investment with Focus on AI and Job
SoftBank CEO Masayoshi Son is expected to announce a $100 billion investment in the U.S. during a meeting with President-elect Donald Trump at Mar-a-Lago, Florida. The commitment will span the next four years, with a focus on creating 100,000 jobs in artificial intelligence and related infrastructure, according to sources familiar with the matter.
Delhi High Court summons SpiceJet CEO, COO after failure to pay Lessor
In a major setback for SpiceJet, the Delhi HC has issued orders summoning the CEO and COO of SpiceJet, after failing to comply with an earlier order to pay $6 million to engine lessor Team France. The company records reflect Ajay Singh as the Chairman and MD. CNBC-TV18 checked with the airline on the posts of CEO and COO and learnt that both positions are lying vacant.
Interestingly, the latest available annual report (2023-24), has shown Ajay Singh discharging the function of a CEO. As a part of “other disclosures”, the annual report states that it is the MD (Ajay Singh) and the Deputy CFO who, as per regulation 17(8), provided the compliance certificate to the Board of Directors. As per regulation 17(8) of SEBI’s Listing norms, it is the CEO and CFO who need to provide the compliance certificate.
Ustad Zakir Hussain, tabla maestro, passes away at 73; Family confirms
Renowned tabla maestro and Padma Vibhushan awardee, Ustad Zakir Hussain, passed away on Sunday, December 15, at the age of 73.
Confirming the same on Monday, December 16, his family said Hussain succumbed to complications arising from idiopathic pulmonary fibrosis. He had been hospitalised for the last two weeks and his condition worsened before he was moved to the ICU.
Watch: World Chess Champion Gukesh returns home, accorded grand welcome at Chennai Airport
Freshly crowned World Chess Champion Gukesh D was given a grand welcome at Madras International Meenambakkam Airport when he landed in Chennai from Singapore on Monday. Indian Grandmaster Gukesh last week became the youngest world chess champion at 18 years after beating title-holder Ding Liren from China. Gukesh is also only the second Indian to achieve the feat after Viswanathan Anand.
DLF Camellias to Oberoi 360: India’s luxury real estate sees blockbuster deals in 2024
India’s ultra-luxury real estate market has reached new heights in 2024, with blockbuster deals that underline the growing appetite for opulent homes. From Gurgaon’s iconic DLF Camellias, where a 16,290 sq. ft. apartment sold for ₹190 crore, to Mumbai’s Lodha Malabar and Oberoi Three Sixty West, which saw sales exceeding ₹200 crore, the year has set benchmarks in high-rise living.
Sources in the industry attribute this unprecedented surge to increasing wealth among India’s ultra-rich and a strong preference for marquee properties that offer exclusivity, luxury, and state-of-the-art amenities.
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