Top stories | Maharashtra CM swearing-in ceremony tom, market rally continues, RaGa’s Sambhal visit blocked, and more
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The suspense surrounding Maharashtra’s new chief minister ended with Devendra Fadnavis being unanimously elected to the top post for a third term. Fadnavis is set to take the oath tomorrow, ushering in a new chapter in the state’s political landscape. Meanwhile, the markets extended their upward momentum, driven by gains in financials and insurance stocks, marking a four-day winning streak.
In other headlines, Amazon launched new AI models to rival Microsoft and Google, making waves at the re:Invent 2024 summit. SEBI, on the other hand, ordered Trafiksol ITS Technologies to refund IPO money to investors, following complaints about fund diversion.
Elsewhere, Congress leaders Rahul and Priyanka Gandhi faced setbacks in their attempt to visit Sambhal, while Shiromani Akali Dal leader Sukhbir Singh Badal narrowly escaped an attack at Amritsar’s Golden Temple. In South Korea, opposition parties have filed a motion to impeach President Yoon after a turbulent political episode, adding to the ongoing political drama.
Stay tuned for more updates on these and other key stories from politics, business, and beyond.
Nifty 50, Sensex extend winning streak for 4th day, led by financials and insurance stocks
The headline domestic stock indices closed higher for the fourth consecutive session on Wednesday, marking the longest gaining streak in two months, with financials and insurance stocks driving market gains ahead of the Reserve Bank of India’s (RBI) upcoming policy review.
The RBI is likely to keep rates unchanged at its policy meeting on Friday, December 6, though a reduction in the cash reserve ratio (CRR) remains a possibility, according to a majority of economic experts reviewed by CNBC-TV18’s Citizen’s Monetary Policy Committee.
The benchmark Sensex rose 11 points to 80,956, while the Nifty added 10 points, closing at 24,467. Broader markets outperformed, with the Midcap index gaining 603 points to 58,112, and the Nifty Bank advancing 571 points to 53,267.
Don’t kill the golden goose: Revenue Secretary stresses balanced Customs enforcement
Revenue Secretary Sanjay Malhotra has underscored the importance of exercising restraint when issuing high-pitched demand notices to businesses and industries. On Wednesday, December 4, he said that Customs duty enforcement should prioritise fostering broader economic well-being rather than focusing solely on revenue generation.
Speaking at the DRI Day, while addressing the officers, Malhotra acknowledged the government and officers should consider balancing revenue goals with the broader economic interests of the country.
"We have to be very careful when we are taking action against some of the traders…technical nature of some of the tax avoidance or evasion which may be a classification dispute leading to a very high pitched demand notice which is pervasive across industry," he said.
Vodafone Plc to offload 3% stake in Indus Towers
British telecom major Vodafone Group Plc is offloading its remaining 3% stake in Indus Towers, entirely exiting India's largest telecom tower provider, which is now a Bharti Airtel subsidiary.
"Vodafone Group Plc ("Vodafone") announces that it has launched a placing of its remaining 79.2 million shares in Indus Towers Limited ("Indus" and such shares, the "Indus Shares") representing 3.0% of Indus' outstanding share capital through an accelerated bookbuild offering (the "Placing")1. The proceeds from the Placing will be used firstly to repay Vodafone's outstanding borrowings of US$101 million to Vodafone's existing lenders, secured against Vodafone's Indian assets," the company said in a release.
Ericsson bags multi-year deal from Bharti Airtel for 4G, 5G network upgrade
Ericsson has signed a multi-year, multi-billion-dollar extension agreement with Bharti Airtel to supply radio access network (RAN) products and solutions for its 4G and 5G networks. The deal includes the deployment of centralised RAN and Open RAN-ready solutions aimed at expanding network capacity and coverage.”
Amazon launches AI models to rival Microsoft & Google
Amazon Web Services' (AWS) CEO Matt Garman flew into Las Vegas this week for the flagship summit re:Invent 2024, with a tall task at hand – to reassure markets about Amazon’s Gen AI play, in relation to competitors like Microsoft and Google.
India votes in favour of UNGA resolution on Palestine calling for end to Israeli occupation
India voted in favour of a UN General Assembly resolution that called for the withdrawal of Israel from the Palestinian territory occupied since 1967, including East Jerusalem, and reiterated the call for achieving a comprehensive, just and lasting peace in West Asia.
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The draft resolution ‘Peaceful settlement of the question of Palestine’ tabled by Senegal was overwhelmingly adopted in the 193-member General Assembly on Tuesday.
South Korean opposition parties have filed a motion to impeach the president
After a night of remarkable events, including Yoon's surprise imposition of martial rule, the convening of 190 MPs to vote it down & the abrupt reversal of the decision, South Korea woke up to an unknown reality.
The parliament now has 72 hours to decide on impeaching Yoon.
Fadnavis unanimously elected as Maharashtra BJP legislature party leader, to take oath as CM tomorrow
The suspense around the new chief minister of Maharashtra ended on December 4 after Devendra Fadnavis was chosen for the top post for a third time. Fadnavis was unanimously elected as Maharashtra BJP legislature party leader today.
Shiv Sena leader Eknath Shinde and NCP's Ajit Pawar will be sworn in as deputy chief ministers at the ceremony, scheduled for December 5 at the sprawling Azad Maidan in south Mumbai.
Sambhal violence: Rahul and Priyanka returns to New Delhi after convoy stopped at Ghazipur border
Congress MPs Rahul Gandhi and Priyanka Gandhi Vadra returned to the national capital after their convoy was stopped at the Ghazipur border on the Delhi-Meerut Expressway while they were on their way to the violence-hit Sambhal district of Uttar Pradesh.
Rahul said he was ready to go Sambhal alone. "As leader of the opposition, it's my constitutional right. I should have been allowed. I am ready to go alone to Sambhal with police, but not being allowed"
Opposition leaders walked out of the Lok Sabha after Congress leader Mohammad Jawed expressed concerns over Rahul Gandhi being stopped from visiting Sambhal. Presiding Speaker Jagdambika Pal intervened, emphasising that issues beyond Parliament’s jurisdiction should not be raised in the House.
Sukhbir Singh Badal attacked in Amritsar Golden Temple, escapes unhurt
Shiromani Akali Dal leader Sukhbir Singh Badal was shot at in the Golden Temple in Amritsar on Wednesday (December 4). The incident happened while he was offering 'seva' at the entrance of the gurudwara.
People overpowered the accused as he tried to shoot at the SAD chief. Badal escaped unhurt. Police have identified the accused as Narayan Singh Chaura, who has been involved in Khalistani activities, News18 reported.
SEBI has ordered Trafiksol ITS Technologies to refund IPO money to investors
SEBI has orders Trafiksol ITS Technologies to refund the proceed to the investors following a complaint on the diversion of funds, a day prior to its listing. Yash Jain with more details.
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