The Times of India News

UltraTech Cement faces a significant Rs 782.2 crore GST demand notice from authorities for alleged short payment and improper input tax credit use between 2018-19 and 2022-23. The company, India's largest cement producer, stated it is reviewing the order and plans to challenge it, asserting its submissions were not duly considered.

Taxpayers under the old regime can still claim deductions for charitable donations via Section 80G. New FAQs from the Income Tax Department detail verification processes, emphasizing donor-donee data matching. Remember, cash donations over Rs 2,000 are ineligible, and this benefit isn't available under the new tax regime.

Brazilian President Lula da Silva expressed hope that the Mercosur-EU free-trade agreement will be signed in January, despite delays caused by opposition from some EU members and farmer protests. European negotiators had initially aimed for a weekend signing, but Italian Prime Minister Meloni requested more time, postponing the deal.

The Indian government has reduced its stake in Indian Overseas Bank (IOB) to 92.44% after completing an offer-for-sale, diluting 2.17% of its equity. This move aligns with Sebi's minimum public shareholding norms, with a forbearance granted until August 2026 for public sector entities.

Power Minister Manohar Lal consulted MPs on the proposed Electricity (Amendment) Bill, 2025, aiming to strengthen the sector by mandating cost-reflective tariffs and empowering regulators.

Artificial intelligence is now the primary driver of global economic growth, particularly in the US, according to economist Ruchir Sharma. He warns of significant risks due to this concentration, noting that while AI fuels investment and market gains, its true productivity impact remains uncertain.

A CREDAI and CRE Matrix survey reveals nearly 70% of real estate developers anticipate housing prices to rise by over 5% in 2026, driven by sustained end-user demand. Developers also expect home demand to grow by more than 5%, indicating a positive outlook anchored in genuine market needs and a calibrated approach to new supply.

Gold and silver are set for a strong 2026. Gold prices are predicted to rise moderately to strongly. Silver is also expected to maintain its upward trend. This positive outlook is driven by robust global demand for gold and increasing industrial use of silver.

Walmart is bolstering its in-house maintenance workforce through revamped training programs. These initiatives aim to equip employees with skills in areas like HVAC and electrical work, addressing a critical shortage that impacts store and distribution center operations.

Parliament has enacted sweeping financial reforms, including 100% foreign ownership in insurance and pension firms, to boost domestic investment amidst global trade tensions. These changes aim to lower costs for consumers, improve product offerings, and channel capital into India's growth story, promising a more competitive and efficient financial landscape.

India's market regulator Sebi is forming a working group. This group will explore future technology for stock exchanges. The aim is to strengthen market infrastructure. It will also benchmark global practices.

WD-40 CEO Garry Ridge transformed his leadership from command-and-control to empowering his team, realizing personal growth was key to company expansion. He emphasized creating a safe environment fostering trust and shared purpose, enabling WD-40's global reach. Ridge now coaches, warning against ego-driven, micromanaging leaders, advocating for servant leadership focused on people and values for better outcomes.

The World Bank has approved $700 million in fresh financing for Pakistan to bolster macroeconomic stability and enhance public service delivery. This funding, part of a larger $1.35 billion program, will support federal initiatives and a provincial project in Sindh, signaling continued multilateral support despite governance concerns.

US-listed Infosys shares surged nearly 40% in minutes, briefly adding billions to its market value and triggering a NYSE trading halt due to extreme volatility. The rapid, unexplained rally, occurring during low liquidity, is being attributed to a potential short squeeze or a data error mislabeling the ticker.

The Government of India is seeking suggestions for the upcoming Budget 2026 from the general public to help make new rules and plans for the country. According to a post on X by MyGovIndia, the government encouraged people to participate in this important task.

India's telecom sector concluded 2025 with significant advancements in digital connectivity and infrastructure. The National Broadband Mission 2.0 accelerated high-speed internet access nationwide, while 5G services now reach nearly the entire population. A major achievement includes developing indigenous 4G technology, bolstering India's self-reliance and manufacturing capabilities.

Global oil demand reversed its predicted decline in 2025, with India emerging as a major consumption driver. This resurgence was fueled by delayed clean energy policies and geopolitical tensions, while India diversified its oil imports, notably from Russia, and expanded refining capacity. Stable oil prices provided fiscal relief for importers like India.

Parle Agro has achieved a significant multi-fold growth in its consolidated net profit, reaching Rs 115.38 crore in FY25. The beverage giant's revenue also saw a 5% increase, climbing to Rs 3,284.13 crore. This performance was accompanied by a reduction in advertising promotional expenses.

Elon Musk has secured a significant legal victory as the Delaware Supreme Court reversed a lower court's decision, reinstating his $5556 billion Tesla pay package. The court found the original ruling went too far in cancelling the compensation, despite acknowledging concerns about Musk's influence over the company.

Prime Minister Narendra Modi inaugurated Guwahati's new Lokapriya Gopinath Bardoloi International Airport terminal today, a significant infrastructure upgrade for Assam. This nature-themed facility, featuring a 'Sky Forest' with indigenous plants, aims to enhance passenger experience and boost commerce and tourism. The terminal is designed to handle millions of passengers annually, incorporating modern digital features for efficient travel.

Mumbai is set to get a world-class marina in its harbour, a Rs 887-crore project approved by the Union government. This initiative aims to boost maritime tourism and waterfront development, creating over 2,000 jobs. The facility will accommodate 424 yachts and includes plans for a sailing school and extensive onshore amenities, positioning Mumbai as a global maritime hub.

Gautam Adani's conglomerate is making a significant foray into hospitality, planning over 60 hotels across its airports and real estate. This ambitious move aims to diversify revenue streams beyond aeronautical income, positioning Adani Group as a major competitor to established players like Taj and ITC Hotels. Navi Mumbai is set to be a key development hub for these new ventures.

Adani Group plans a massive Rs 1 lakh crore investment in aviation infrastructure over five years, aiming to bid for a dozen airports. This expansion, funded by debt and equity, includes new terminals and facility upgrades. The group, already a major player, is preparing its airport business for a potential 2030 listing, focusing solely on domestic growth for now.

Corporation tax collections have surpassed personal income tax collections. This has led to a growth of 4.2% in gross direct tax collections until mid-December. The overall tax kitty has crossed Rs 20 lakh crore. This development signals strong corporate earnings. However, a fall in refunds has resulted in an 8% rise in net direct tax collections.

The Indian rupee experienced its strongest single-day gain since May, closing at 89.27 per dollar, up 97 paise. This rebound followed a period of record lows, driven by aggressive Reserve Bank of India intervention and corporate dollar inflows. The central bank's proactive measures appear to have countered speculative attacks, shifting the short-term outlook for the rupee.

US President Trump announced agreements with nine major pharmaceutical companies to lower prescription drug prices in the US, aligning them with those in other wealthy nations. These deals will impact Medicaid pricing and introduce most-favoured-nation pricing for new drugs across all markets. Companies also committed to a direct-to-consumer platform and offered discounts.

The Reserve Bank of India's central board has approved a shift to a risk-based pricing system for deposit insurance, moving away from the current uniform premium. This reform will allow better-rated banks to pay lower premiums, while weaker institutions will face higher charges, reflecting their financial strength.

Japan's MUFG is acquiring a 20% stake in Shriram Finance for $4.4 billion, marking the largest FDI in India's financial services. This strategic partnership will enhance SFL's capital adequacy and balance sheet, leveraging MUFG's global expertise and financial strength for long-term growth and improved credit ratings.

ICICI Prudential Asset Management Co debuted on Friday with a 20% premium, becoming India's most-valued fund house. The IPO, one of the most subscribed offers ever, saw its stock list at Rs 2,606 and close at Rs 2,587, achieving a market capitalization of nearly Rs 1.28 lakh crore.

GVK Reddy's daughter, Shalini Bhupal, is set to acquire Indian Hotels' 25.5% stake in Taj GVK Hotels & Resorts for Rs 592 crore, becoming the largest shareholder. This move increases the GVK Reddy family's stake to approximately 75%, while Indian Hotels will continue to manage the hotel portfolio under long-term contracts.

Enforcement Directorate questioned Anil Ambani's son, Jai Anmol, for over seven hours in a Yes Bank money laundering probe. He's summoned again Saturday to clarify transactions. The ED alleges a quid-pro-quo between Ambani's group and Yes Bank promoter Rana Kapoor, leading to substantial losses for the bank due to significant exposure to Ambani's companies.

Dense fog grounded operations at Delhi's Indira Gandhi International Airport on Friday, leading to at least 177 flight cancellations and over 500 delays. Airlines are offering full refunds and free rescheduling, with airport authorities ensuring passenger support amidst ongoing CAT III operations.

India and the Netherlands have launched a Joint Trade and Investment Committee (JTIC) to boost economic ties and resolve trade barriers. An MoU establishes this formal mechanism for annual meetings, co-chaired by senior officials, to review relations, promote investment, and explore mutual cooperation.

A top US Federal Reserve official indicated no immediate need for further interest rate cuts. New York Fed President John Williams believes recent inflation data might be skewed. He suggested December's inflation figures could offer a clearer picture.

US existing home sales saw a slight monthly increase in November, reaching a seasonally adjusted annual rate of 4.13 million units. Despite this, the national median sales price continued its upward trend, rising 1.2% year-on-year to $409,200.

Wall Street opened higher, boosted by AI-linked stocks and a positive outlook following the Bank of Japan's anticipated interest rate hike. Major indices saw gains, with Nvidia leading the tech sector. Winnebago Industries surged on strong earnings, while Nike experienced a significant drop due to tariff concerns.

The Asian Development Bank committed $4.258 billion in sovereign lending to India for 2025, supporting key sectors like workforce skilling, renewable energy, and urban infrastructure. Major initiatives include financing for PM-SETU skilling program and the PM Surya Ghar rooftop solar scheme, alongside investments in urban transport and healthcare.

India's foreign exchange reserves surged by $1.689 billion to $688.949 billion in the week ending December 12. Special Drawing Rights and India's reserve position with the IMF also saw modest gains.

China has initiated a WTO dispute against India, challenging New Delhi's tariffs on ICT products and solar sector subsidies. Beijing claims these measures violate WTO rules, grant unfair advantages to Indian industries, and harm Chinese interests.

India and Oman are set to activate their new economic partnership within three months, a swift rollout compared to past agreements. This pact grants India duty-free access to over 98% of Oman's tariff lines, benefiting key sectors like gems, textiles, and pharmaceuticals.

India's $5 trillion economy target has been pushed to 2028-29, primarily due to currency depreciation and lower-than-expected nominal GDP growth. While the real economy continues to grow, this delay impacts imported goods, foreign education costs, and potentially government finances, urging a focus on long-term financial planning over political timelines.

The Competition Commission of India (CCI) has initiated a probe into IndiGo's operations following widespread flight cancellations. CCI chairperson Ravneet Kaur clarified that the investigation is based on initial information received and is currently focused solely on IndiGo, not the entire aviation sector. The CCI is yet to decide if the matter falls under abuse of dominant position.

Piramal Finance is divesting its 14.72% stake in Shriram Life Insurance Company to South Africa's Sanlam Group for Rs 600 crore. The proceeds is expected to bolster Piramal Finance's balance sheet, as Shriram Life's contribution to its revenue was minimal.

Shriram Finance Limited (SFL) has entered into a definitive agreement with MUFG Bank Ltd., Japan's largest bank and a part of Mitsubishi UFJ Financial Group (MUFG), for an investment of Rs 39,618 crore, the company informed stock exchanges in a regulatory filing on Friday.

Gold prices opened lower on the MCX at Rs 1,34,027 per 10 grams, a 0.37% dip, but remain above the crucial Rs 1.34 lakh mark. Spot gold and US gold futures also saw declines, while silver prices retreated from a record high.

India's Lok Sabha has passed the SHANTI Bill, ushering in a significant overhaul of its civil nuclear framework. The legislation opens parts of the sector to private participation for the first time, aiming to boost nuclear power capacity and modernize regulations. It also introduces a new safety and liability framework.