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Meanwhile, the Centre mulls over safeguard duties on steel imports to protect the domestic industry.On the international front, Honda and Nissan are in talks for a massive $54 billion merger, which could shake up the global auto landscape.
Back home, India’s tourism sector is poised to create 61 lakh new jobs by 2034, while the Supreme Court settles the decades-old debate on coconut oil taxation, bringing major relief to FMCG companies. And finally, AAP’s Arvind Kejriwal promises free healthcare for senior citizens under the Sanjeevani Yojna as the Delhi polls approach.
From market trends to policy updates, we’ve got you covered. Stay tuned as we bring you the biggest stories of today
The three new listings of Dalal Street are now worth ₹70,000 crore
Shares of Vishal Mega Mart Ltd., One MobiKwik Systems Ltd., and Sai Life Sciences Ltd. got off to a strong start to their listing journey, with all three of them ending at a significant premium to their IPO price on Wednesday, December 18.
Shares of Vishal Mega Mart made their stock market debut at a 33% premium to their IPO price of ₹78. The stock ended 45% higher on its trading debut at ₹112.36.
Post its debut, the stock ended with a market capitalisation of over ₹50,000 crore.
Budget 2025 could include changes to import duty on gold
India’s gold imports surged to record levels in November, significantly contributing to a widening trade deficit and raising concerns for policymakers.
According to the Ministry of Commerce, gold imports hit an all-time high of 173 tonnes for the month, far surpassing figures from previous years.
For the financial year to date (April-November), gold imports have risen 49% year-on-year, with 2024 poised to exceed 800 tonnes, well above the average annual imports of around 700 tonnes seen over the last two years.
Government deliberates safeguard duty on steel imports, sources say
Commerce and Industry Minister Piyush Goyal chaired a high-level meeting on Tuesday to discuss the imposition of a safeguard duty on steel imports, industry sources told CNBC-TV18.
While the domestic steel industry has pushed for a safeguard duty of up to 25% to address challenges from low-cost imports, especially from Free Trade Agreement (FTA) partner countries, no final decision has been made yet.
India buys 19% fewer vehicles in Dec as two-wheeler sales fall sharply, UBS says EVs in focus
In the first 17 days of December, retail vehicle registrations fell 19% to 9.79 lakh units compared to 12.1 lakh in the same period the previous year, according to data on the government’s Vahan portal. In its latest brokerage note, UBS projected that the December industry retails are on track to post a decline led by Hero Motocorp and Bajaj Auto.
Vahan data shows there has been a major fall in the two-wheeler category with registrations down 24%. While passenger vehicles or cars are also expected to post a drop in sales, they could relatively outperform.
Honda and Nissan eye $54 billion EV merger to become world’s No.3 automaker by sales
Honda and Nissan are in talks to deepen ties, two people said on Wednesday, including a possible merger, the clearest sign yet of how Japan’s once seemingly unbeatable auto industry is being reshaped by challenges from Tesla and Chinese rivals.
A combined Honda and Nissan would create a $54 billion company with annual output of 7.4 million vehicles, making it the world’s third-largest auto group by vehicle sales after Toyota and Volkswagen.
Coconut oil tax: Hair oil (18%) or edible oil (5%)? SC says it’s edible oil
In a major win for FMCG players like Marico and Bajaj Consumer, the Supreme Court on Wednesday (December 18) resolved a 15-year-old debate by ruling that coconut oil can be classified and taxed as edible oil.
The court rejected the tax department’s petition, which sought to classify and tax coconut oil sold in small packages as hair oil.
This judgment has major tax implications for companies manufacturing and selling coconut oil.
India’s tourism sector to add 61 lakh jobs by 2034, spending to rise 1.2 times: Report
India’s tourism and hospitality sector is set to create a staggering 61 lakh new jobs by 2034, with spending projected to rise by 1.2 times. This surge in employment and economic activity signals the sector’s growing prominence as a driver of India’s future growth story.
Currently contributing 8% of the nation’s total employment, the industry is poised to expand significantly, fuelled by domestic tourism and the rising demand for skilled professionals.
Home Minister Amit Shah addresses media on Ambedkar row
Union Home Minister Amit Shah addressed the Rajya Sabha on the discussion on the “Glorious Journey of 75 Years of the Constitution of India” on Tuesday.
Earlier today, Leader of the House in the Rajya Sabha JP Nadda said that even a good constitution can prove to be bad if those implementing it are not good. Nadda attacked the Congress over the Emergency amendment to the Preamble of the Constitution and also raised the Article 370 issue. He said the nation is indebted to the members of the Constituent Assembly who shaped the Constitution.
Ravichandran Ashwin retires from international cricket after Gabba Test
Indian spinner Ravichandran Ashwin has announced his retirement from international cricket after the third Test against Australia in Brisbane on Wednesday.
Ashwin took 537 wickets in his glorious Test career spanning across 105 matches. Across all three formats, the spinner took 765 scalps and represented India in 287 international matches.
Kejriwal announces free healthcare for senior citizens under Sanjeevani Yojna ahead of Delhi polls
AAP National Convener Arvind Kejriwal has announced a healthcare promise aimed at senior citizens, declaring free treatment for individuals over 60 years under the proposed Sanjeevani Yojna.
Addressing the public, Kejriwal stated, “Elderly over the age of 60 will receive free treatment under the Sanjeevani Yojna, in private and government hospitals alike. There will be no upper limit on the cost of treatment.”
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