Top Stories | India mourns Manmohan Singh, rupee hits record low, Ultratech’s big acquisition and more
India mourns the passing of former PM Dr Manmohan Singh, who died at the age of 92 following a prolonged battle with age-related ailments. In recognition of his contributions, the government has declared a seven-day state mourning.
Tributes from across political parties and leaders, including President Murmu, PM Modi, and the Congress leadership, have poured in. His funeral, with full state honours, will take place tomorrow.
In economic news, the Indian rupee continues its downward spiral, hitting a record low.
On a slightly positive note, the Sensex and Nifty indices gained 1% this week, although market volumes remained thin, and mid-cap stocks remained flat. Auto and pharma stocks saw gains, while metal stocks faced a decline.
The government’s latest Household Consumption Expenditure Survey for 2023-24 reveals an encouraging trend in the narrowing consumption gap between urban and rural areas. Rural consumption per capita rose by 9%, while urban areas saw an 8% increase, with the urban-rural consumption gap shrinking from 71% to 70% compared to the previous year.
In corporate news, Ultratech Cement has acquired an 8.7% stake in Star Cement for ₹850 crore. This acquisition is expected to be the first phase of a larger stake purchase.
Meanwhile, five companies—Concord Enviro, Dam Capital, Mamta Machinery, Sanathan Textiles, and Transrail Lighting—made their stock market debut, with strong initial gains, boosting market sentiment.
The government is also considering the creation of an insurance index to track trends in life and general insurance premiums, which could be included in the inflation basket.
Meanwhile, Ola Electric is facing significant leadership changes, with the resignation of its Chief Marketing Officer and Chief Technology Officer, adding to the wave of departures, with more than 500 employees leaving the company in recent months.
Lastly, the automotive sector mourns the passing of Osamu Suzuki, the visionary who led Suzuki Motors for four decades and helped build Maruti Suzuki, which now commands over 40% of India’s car market share. He was 94 years old.
Here are the top 10 buzzing stories from #markets, #business, #economy, and beyond.
'History will be kinder to me': Dr Manmohan Singh's last press conference as Prime Minister
Dr Manmohan Singh, India's 13th Prime Minister, died on Thursday, December 26, at the age of 92. Dr Singh served as Indian Prime Minister from 2004 to 2014 and remains one of the most significant leaders in post-independence Indian politics. His journey to the Prime Minister’s Office started as the finance minister in 1991, when he implemented landmark economic reforms.
In January 2014, months before the Congress-led UPA government lost the polls to BJP-led NDA, Dr Singh made a profound statement that has resurfaced over the years:
“History will be kinder to me than the contemporary media.”
This remark was in response to criticism about his leadership, particularly regarding his perceived inability to control his ministers and act decisively in critical situations.
Political leaders across India, including PM Modi, Sonia Gandhi, Arvind Kejriwal, and others, paid tribute to Dr. Singh, acknowledging his contributions to the nation's growth and development.
Madhuri Dixit to Kamal Haasan, celebs pay tribute to ex-PM Dr Manmohan Singh
Bollywood celebrities described Singh's passing as a loss to the nation. Celebrities like Madhuri Dixit, Swara Bhasker, Sunny Deol, Diljit Dosanjh, and many others came forward to share heartfelt tributes to the legendary leader.
Rupee posts biggest single-day drop in two years against the US Dollar
The rupee tumbled to a record low of 85.81 against the US dollar on Friday, December 27, marking the biggest single-day fall in two years. This decline puts the Indian currency on track for its seventh consecutive year of annual losses against the dollar and its steepest monthly drop in two years.
The Indian currency weakened to close at 85.27 against the greenback on Thursday. The rupee breached the 85 mark against the US dollar for the first time on December 19.
Several factors are driving this decline. Firstly, the US Dollar has strengthened, supported by expectations around the incoming Donald Trump administration's policies and the Federal Reserve's hawkish stance on interest rates.
Nifty closes 1% higher this week despite thin trading volumes
Domestic headline indices closed in the green this week, with the Nifty rising by 1% despite thin trading volumes and lack of cues as the year-end approaches.
On Friday, the Sensex advanced 227 points to 78,699, and the Nifty gained 63 points to end at 23,813. The Nifty Bank Index also saw a rise of 141 points, closing at 51,311.
"With no major triggers in the near-term, markets are likely to trade near current levels, while investors await December quarter earnings season, which will be the next significant factor shaping the market's trajectory," Siddhartha Khemka, head of research of wealth management at Motilal Oswal Financial Services told Reuters.
Urban-rural consumption gap continues to narrow: Govt survey
The Ministry of Statistics & Programme Implementation has released the Household Consumption Expenditure Survey for 2023-24, highlighting key trends in rural and urban spending patterns. The average monthly per capita consumption expenditure (MPCE) in rural areas increased to ₹4,122, while in urban areas it stood at ₹6,996 at current prices.
Including the imputed value of free items received through government programmes, the MPCE rose to ₹4,247 for rural areas and ₹7,078 for urban areas.
Rural MPCE grew by 9%, while urban MPCE recorded an 8% rise compared to the previous year. The urban-rural gap in MPCE continued to narrow, dropping from 71% in 2022-23 to 70% in 2023-24.
DAM Capital, Mamata Machinery Listing: All five stocks list at a premium
December 27 has been the busiest Friday for the exchanges with as many as five IPOs (initial public offering) getting listed in a single day. The shares of these companies — Concord Enviro, Sanathan Textiles, DAM Capital Advisors, Transrail Lighting, and Mamata Machinery — made their stock market debut on Friday, December 27. These five IPOs were open for subscription from December 19 to December 23.
UltraTech buys 8.69% stake from Star Cement promoter group for ₹851 crore
UltraTech Cement Ltd., India's largest cement company by capacity, has announced the acquisition of 8.69% stake in Star Cement Ltd. from its promoter group for ₹851 crore.
In an exchange filing on Friday, December 27, UltraTech said that the shares were acquired at a price of ₹235 per share during the block deal window.
UltraTech said in its exchange filing that this is a non-controlling minority stake that it has acquired in Star Cement.
Star Cement is based out of the north-eastern state of Meghalaya and had reported an overall turnover of ₹2,910 crore in financial year 2024.
Govt is contemplating bringing out an index on insurance pricing: Sources
Sources indicate that the government is considering the introduction of an index to track insurance pricing trends, covering both life and general insurance premiums.
Watch the accompanying video for more details ⬇️
Ola Electric CMO and CTO resign following major layoffs and retail expansion push
Homegrown electric vehicle manufacturer Ola Electric's Chief Marketing Officer (CMO), Anshul Khandelwal, and Chief Technology Officer (CTO), Suvonil Chatterjee, have resigned from their roles, sources confirmed to CNBC-TV18.
The exits occurred shortly after a major restructuring initiative announced in November 2024, which involved laying off around 500 employees. The company, however, has yet to issue a comment regarding the departures.
Former Suzuki Motor Chairman Osamu Suzuki, who led company for 40 years, dies at 94
Osamu Suzuki, former chairman of Japan's Suzuki Motor, has died, the company announced Friday. He was 94 years old. Suzuki led the company for more than 40 years, until he stepped down as chairman in 2021, transforming the Shizuoka-based company into a global automaker.
Born Osamu Matsuda on January 30, 1930, in Gero, Gifu Prefecture, Japan, Suzuki was the fourth son in a farming family. While his early aspirations leaned toward politics, his career trajectory took a dramatic turn when he married into the Suzuki family, joining the automaker that would come to define his legacy.
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