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GST council decisions, Sensex rejig, IPO action, and more to drive markets this week
Indian equities wrapped up their worst week of 2024, with the Sensex and Nifty50 tumbling nearly 5% amid a global sell-off triggered by hawkish comments from the US Federal Reserve.
The Sensex sank 1,176.46 points or 1.49% on Friday to close at 78,041.59, while the Nifty50 shed 364.20 points or 1.52% to settle at 23,587.50. Over the week, investor wealth eroded by a staggering ₹18.5 lakh crore. As markets reopen on Monday, both domestic and global cues will shape sentiment.
GST Council outcome
Insurance stocks are expected to remain in focus after the GST Council deferred its decision to reduce GST rates on life and health insurance premiums by 18%. Meanwhile, the council raised the tax rate on all used cars, including EVs, from 12% to 18%, though sales between individuals remain exempt. Auto stocks are likely to react to this move.
Why India Cements shares surged up to 11% on Monday? Explained
Shares of India Cements Ltd., which was recently acquired by India’s largest cement company UltraTech Cement Ltd., rallied as much as 11% during Monday’s trading session.
The upmove in the stock price was seen after the Competition Commission of India (CCI) cleared over ₹7,000-crore deal, wherein billionaire Kumar Mangalam Birla-promoted UltraTech Cement will acquire a majority stake in India Cements.The key approval comes less than two weeks after the CCI had issued a show cause notice to UltraTech seeking clarification on the proposed deal, that will help consolidate its market lead amid rising competition posed by Adani group, which is scaling up capacity with acquisitions.
Smallcap stocks have seen PE / VC exits worth over ₹54,000 crore in 2024
India’s smallcap companies have had a lion’s share of Private Equity (PE) and Venture Capital (VC) firms exiting their stake in part or in full in 2024, a recent note from Nuvama Alternative and Quantitative Research stated.
Out of the 103 unique companies that saw 165 deals worth ₹1.13 lakh crore take place during the course of the year, 48% or ₹53,900 crore ($6.3 billion) worth of deals took place in the Smallcap companies, the note stated. Midcap companies stood second with 34% of the deals worth ₹38,300 crore, while largecap companies saw deals worth ₹20,800 crore or 18% of the total transactions. The total number and value of the deals is also higher than calendar year 2023, where 78 unique companies saw deals worth ₹97,500 crore take place across market cap categories.
#TechTalks
Why energy consumption is the biggest bottleneck for AI adoption — JP MorganChase’s Eshan Kaul explains
As artificial intelligence (AI) continues to impact every aspect of modern life, from healthcare to finance, and from manufacturing to entertainment, the rapid advancement of AI technologies presents both exciting opportunities and significant challenges. While the potential benefits of AI are vast, one issue threatening to slow down its widespread adoption is the immense energy and power requirements that drive data center usage. Consider this — A single Google search query consumes approximately 0.3 watt-hours (Wh) of electricity. In contrast, generating a response from ChatGPT requires about 2.9 Wh per query.
As AI models grow more complex and data-intensive, the demand for energy to power these systems is skyrocketing, raising concerns about sustainability, cost, and scalability. In this context, energy and power are emerging as the biggest bottlenecks for the future of AI.
India’s rapid digisation needs robust cybersecurity, says Zscaler’s Jay Chaudhry
As India rapidly digitises, the nation faces an escalating risk of cyber threats, warned Jay Chaudhy, CEO of global cloud security leader Zscaler.Speaking to CNBC-TV18 on the evolving digital landscape, Chaudhary praised India’s technological advancements but emphasised the growing need for robust cybersecurity measures.
Chaudhry commended India’s strides in digital transformation, citing initiatives like Aadhaar and UPI as groundbreaking technologies that have propelled the country ahead of many global counterparts. However, he highlighted that increased digitisation comes with heightened vulnerabilities.
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GST Council update | What changes, what remains: Key decisions from the 55th meeting
The 55th GST Council meeting, chaired by Finance Minister Nirmala Sitharaman, made a series of important announcements on December 21. These decisions address concerns across various sectors including exports, insurance, electric vehicles, and more.
Here’s a quick rundown of the major updates.
Banks can now charge higher penalties for card defaults: Supreme Court new ruling explained
The Supreme Court of India has overturned a 2007 National Consumer Dispute Redressal Commission (NCDRC) order that capped interest rates on overdue credit card payments at 30%. This ruling will allow banks to set their own penalty rates for credit card defaults, with no upper limit imposed.
The decision came after several financial institutions, including HSBC, Standard Chartered, and Citibank, appealed to the apex court, arguing that the 30% cap was unviable and hindered their ability to manage credit card defaults effectively. With this verdict, banks are now empowered to impose penalty rates potentially as high as 49%, aligning these charges with operational costs. The ruling, however, has raised questions about its implications for millions of credit card users in India.
#ExpertEdge
India’s climate-health conundrum — why it’s a call for action and a $3 billion opportunity too
The year 2023 proved tougher as India experienced 318 days of extreme weather events, highlighting the abundance upon climactic shifts and their repercussions on health. These range from heatwaves to an erratic monsoon, all of which have created additional demands on healthcare systems which are already overstretched.
Statistics do not provide any optimism; it is estimated that more than 90% of the Indian population faces the extreme risk of heat stress, and heat exposure related productivity losses in labour might account for 4.5% of the GDP in 2030.The impact of the situation is catastrophic. Increased temperatures are linked to the rise in heat ailments, malnutrition, and the increase of vector borne diseases like dengue and malaria, whilst polluted air serves to aggravate all respiratory and cardiovascular disease.
Crime Dramas and Books: How are they shaping perceptions of the criminal justice system
Crime dramas and books have long held a special place in the entertainment world, with gripping plots, complex characters, and suspenseful storytelling. In recent years, such stories have gained even greater popularity in India, thanks to a growing library of crime-related content on streaming platforms, television, and in books. While these stories provide thrilling entertainment, they also play a significant role in shaping public perceptions of the criminal justice system. With a mix of reality and dramatic exaggeration, crime stories influence how audiences view police work, the courts, and justice itself.
Crime dramas are often crafted to keep viewers on the edge of their seats, and to achieve this, creators add suspense, twists, and moral complexities that may not always align with reality. Shows like Delhi Crime or Sacred Games have drawn massive attention, depicting the underbelly of society, the grit of investigative work, and the challenges within law enforcement.
We’ll see you tomorrow with another 11:11
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