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On the corporate front, Zoho-backed Silectric plans to invest ₹3,426 crore in Karnataka’s first electronics manufacturing cluster, a move expected to create over 450 jobs. Meanwhile, GST changes on pre-owned cars and caramelised popcorn stirred discussion.
In global news, US President-elect Donald Trump threatened to regain control of the Panama Canal, while Israeli PM Netanyahu vowed severe retaliation after a missile attack on Tel Aviv. Back home, the Rajasthan High Court raised concerns over the reintroduction of sedition laws in the new criminal code.
Meanwhile, attention is also on Bangladesh, where the interim government has formally requested India to extradite former PM Sheikh Hasina.
Catch up on these key stories and more!
Closing Bell: Sensex, Nifty end higher as Reliance Industries, ITC, HDFC Bank lift indices
Indian shares rebounded sharply on Monday after five days of steep decline as investors took to value buying at lower levels amid positive global cues. The 30-share BSE benchmark Sensex rose by 498.58 points, or 0.64%, to close at 78,540.17. During the day, it soared by 876.53 points, or 1.12%, reaching 78,918.12. The NSE Nifty climbed 165.95 points, or 0.70%, to settle at 23,753.45.
Despite an overall positive trend, however, the Nifty remained below its 200-day moving average (DMA) and the market closed off its intra-day highs.
The Indian rupee continues to weaken against the U.S. dollar, hitting another record low in trade today. It has depreciated by 2% against the greenback so far in 2024.
Zoho-backed Silectric to invest ₹3,426 crore in Karnataka’s first electronics manufacturing cluster
Karnataka approved a ₹3,425.6 crore investment by Zoho-backed Silectric Semiconductor in Mysuru’s electronics cluster, a move that is expected to create 460 jobs. The Karnataka cabinet approved a total of ₹9,823 crore in SHLCC-approved investments across sectors, which it says will generate 5,605 jobs.
Watch | Decoding GST council decisions
The 55th meeting of the GST Council in Rajasthan’s Jaisalmer decided to hit the pause button as 
far as taking a call on reducing GST on insurance premia was concerned. Parikshit Luthra speaks with Vivek Johri & Najib Shah, Fmr Chairmans of CBIC India on the key takeaways from the meeting.
Additionally, the GST on profit margin for the sale of pre-owned small cars, including electric vehicles, has been increased from 12% to 18%. This new rate applies only to registered dealers, the Finance Minister clarified. She added that the 18% GST on caramelised popcorn is merely a clarification, not a new tax imposition.
Donald Trump threatens to regain control of Panama Canal
US President-elect Donald Trump accused Panama of charging excessive rates for use of the Central American passage, which allows ships to cross between Pacific & Atlantic Oceans. He said if Panama did not manage the canal in an acceptable way, the US would take control over it.
Israeli PM Netanyahu vows severe action after a Houthi attack on Tel Aviv
Israeli PM Benjamin Netanyahu has delivered a harsh warning to the Houthis. He vowed to retaliate with ‘force & determination’ after a Houthi missile hit Tel Aviv. The Israeli Army also launched a retaliatory strike against the Houthis in Yemen, targeting the country’s port & energy facilities.
Honda & Nissan agree to officially begin merger talks
Japanese automakers Honda and Nissan plan to conclude merger talks around June, 2025. In a press conference, top executives of both the companies said that the new entity will most likely set up and be listed by August, 2026. Honda officials also said the car maker will appoint the majority of the holding company’s board. The merger will create the world’s third largest automaker.
Rajasthan HC flags re-entry of ‘sedition’ in new criminal law, says it cannot become ‘sword against dissent’
The Rajasthan High Court has called out the “lawmakers in Parliament” for reintroducing the controversial sedition provision in the new criminal law Bharatiya Nyaya Sanhita (BNS). In a recent judgment, the court noted that while Sedition (Section 124A of IPC) may have been removed from the BNS, a similarly worded section has found its way back into the new law.
The court was hearing the plea of a preacher appointed by the Sikh Gurudwara Prabandak Committee. He was facing charges of advocating for Khalistan. The court termed the proceedings against the preacher as undue harassment and directed quashing the FIR.
Bangladesh wants Sheikh Hasina back, sends diplomatic note to India
Bangladesh’s interim government said that it has sent a diplomatic note to India to send back deposed prime minister Sheikh Hasina to Dhaka.
Sources told CNBC-TV8, “We confirm that we have received a Note Verbale from the Bangladesh High Commission today in connection with an extradition request.”
“At this time, we have no comment to offer on this matter.”
10-Minute Delivery Revolution: How quick commerce redefined Indian consumer expectations in 2024
Not long ago, the idea of delivering goods in 10 minutes seemed implausible. Sceptics doubted its necessity, but as some players ventured into this uncharted territory, they inadvertently set a new standard for the Indian consumer. Suddenly, 10-minute deliveries became the norm for everything—groceries, iPhones, party decorations, flowers, juicers, and even bedsheets.
Sriharsha Majety, CEO of Swiggy, captured the zeitgeist when he said, “Consumer expectations keep expanding, higher and higher. Wanting a lot more things in 10 minutes, even food. Most searched with less selection were bedsheets. You would wonder why people want bedsheets in 10 minutes, but they do.”
Directorate General Of Trade Remedies recommends a safeguard investigation on steel imports
Steel stocks buzzed today after the Directorate General of Trade Remedies recommends a safeguard investigation on imports. Watch Sudarshan Kumar with more details.
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