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In the policy space, the government reloaded the PLI scheme for the steel sector with a ₹4,400 crore outlay and approved a ₹25,000 crore PLI scheme for electronics components manufacturing. Additionally, after his meeting with External Affairs Minister S. Jaishankar, US NSA Jake Sullivan announced that the country will remove long-standing regulations limiting nuclear cooperation with India.
In an exclusive interview with CNBC-TV18, Union Minister Ashwini Vaishnaw defended the proposed law requiring parental consent for under-18s to access social media and e-commerce platforms.
Lastly, sources have indicated that Canadian Prime Minister Justin Trudeau is likely to announce his resignation after nine years in office.
Sensex falls 1,200 points, Nifty sheds 1.5% — These are the key factors behind Monday’s drop
The S&P BSE Sensex ended over 1,200 points on Monday, extending the fall seen during last Friday’s trading session. The Nifty 50 index too shed 375 points on Monday, extending the two-day drop to over 550 points.
Multiple factors contributed to the fall seen in the benchmark indices on Monday.
The street is reacting to a slew of business updates, particularly from banking names. HDFC Bank reported a loan growth of 3% during the quarter, compared to the same quarter last year. While this is due the lender’s focus on bringing down the Credit-Deposit ratio, which did decline during the quarter, and the management also expects it to fall to 85% to 90%, the street has not reacted well to the stock.
Rupee gears towards fresh low of 86 per dollar amid broad-based dollar bids
The Indian rupee was gearing towards a fresh all-time low of 86 per dollar on Monday, driven by broad-based demand for the greenback, with the currency facing pressure due to a strengthening US dollar index.
As at 14:34 IST, the rupee was down 6 paise from its opening level of 85.77, falling to 85.83. The RBI, which has intervened several times over the last 10 days, has been active in defending the rupee around the 85.80 level as the currency’s depreciation accelerated in December.
ITC shares now trade ex-hotels; Check stock price post demerger
At end of a special trading session on stock exchanges on Monday, January 6, for the price discovery of ITC Ltd., the market has assigned a price of ₹455.60, as the hotels arm spins off from cigarettes-to-FMCG conglomerate.
The price for ITC Ltd. was determined by the difference between the closing price of ITC Ltd. on January 3, and price of ITC discovered during the special pre-open session.
India introduces new steel PLI scheme with ₹4,300 crore outlay
The outlay for the government’s new Production Linked Incentive (PLI) scheme for the steel sector is approximately ₹4,300 crore, sources told CNBC-TV18. The revised scheme aims to boost the manufacturing of specialty steel and electrical steel.
Speciality steel is a high-grade product used in sectors like defence, automobile, and electrical, among others. This second iteration of the scheme has been introduced after extensive consultations with industry stakeholders. Officials have taken into account key concerns raised by the sector to attract more companies and investments.
US to remove regulations limiting nuclear cooperation with India: Jake Sullivan
US National Security Advisor (NSA) Jake Sullivan has announced that the United States is set to remove long-standing restrictions and regulations that have hindered deeper civil nuclear cooperation with India.
This announcement marks a significant step toward enhancing the civil nuclear partnership between the two countries, which was initially outlined in the India-US Civil Nuclear Agreement of 2005. Sullivan revealed the move while addressing key issues surrounding US-India relations and global security concerns.
Naxals blow up security personnel vehicle in Chhattisgarh, 9 killed
A group of Naxals on Monday, January 6, blew up a vehicle carrying police personnel with an improvised explosive device (IED) in Chhattisgarh’s Bijapur district. At least nine people, including eight jawans and the driver, have been confirmed dead, police said.
The blast took place on the Bedre-Kutru Road when the security personnel were returning from a joint operation conducted in the Dantewada, Narayanpur, and Bijapur regions, according to Inspector General of Police, Bastar.
Chhattisgarh journalist murder: Prime accused Suresh Chandrakar arrested from Hyderabad
Suresh Chandrakar, the prime accused in the murder of a journalist in Chhattisgarh’s Bijapur district, has been arrested from Hyderabad by a Special Investigation Team (SIT), police said on Monday. The accused, a contractor by profession, was absconding since the murder of journalist Mukesh Chandrakar came to light on January 3.
Sheesh Mahal row: Renovation of Kejriwal’s residence costs over ₹33 crore, CAG flags irregularities
The Comptroller and Auditor General (CAG) has flagged that over ₹33 crore was spent on the renovation of then Delhi Chief Minister Arvind Kejriwal’s residence, far exceeding the initial estimate of ₹7.9 crore. The renovation, which began in 2020, included extravagant purchases and upgrades, the report revealed.
Among the listed expenses were an 88-inch 8K OLED TV worth ₹28.9 lakh, 10 Sony 4K OLED TVs for ₹43.9 lakh, a luxury refrigerator for ₹3.2 lakh, two steam ovens for ₹6.5 lakh, and 10 beds and sofas costing ₹13 lakh. Additionally, a jacuzzi, sauna, and spa were installed at a cost of ₹19.5 lakh.
Canada PM Trudeau is likely to announce resignation, says source
Canadian Prime Minister Justin Trudeau is increasingly likely to announce he intends to step down, though he has not made a final decision, a source familiar with Trudeau’s thinking said.
The source spoke to Reuters after the Globe and Mail reported that Trudeau was expected to announce as early as Monday that he would quit as leader of Canada’s ruling Liberal Party after nine years in office.
HMPV in India: Bengaluru reports two cases, Gujarat one
Indian Council of Medical Research (ICMR) reported three cases of Human Metapneumovirus (HMPV) on Monday (January 6). Reports said an eight-month-old infant in Bengaluru is infected with the virus. The infant is recovering from the infection.
In another case, a three-month-old infant was reported to be infected with the virus in the IT capital. The infant has recovered from the illness and has been discharged. The cases came to notice in a Baptist hospital in the city. The report said the children do not have any history of international travel.
Gujarat also reported its first HMPV case today. A two-month-old boy admitted to a private hospital in Ahmedabad has been detected with HMPV infection.
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