Discover the top business headlines that are trending across the world today!
On December 12, the Sensex dipped 213 points to 81,312, and the Nifty dropped 81 points to 24,560 by noon, influenced by weekly derivatives expiry and anticipation of inflation and industrial output data. Adani stocks grabbed attention, with Adani Green Energy leading gains, boosting the conglomerate’s market value by Rs 27,000 crore.
The Nifty IT index rose over 1%, fueled by positive U.S. inflation data hinting at a Federal Reserve rate cut, a potential boon for Indian IT companies reliant on U.S. revenues. Meanwhile, sectors like oil & gas, auto, and FMCG weighed on the market. The Nifty Oil & Gas index fell 0.5%, dragged by RIL, ONGC, and BPCL amid concerns over reduced APM gas allocations.
Auto and FMCG indices dropped 0.9% and 0.8%, respectively, with major contributors including Tata Motors and ITC. Market sentiment remained cautious, with range-bound trading expected to persist.
Elon Musk has become the first individual to exceed $400 billion in net worth, with his fortune reaching $447 billion according to the Bloomberg Billionaires Index. This milestone follows significant developments in his ventures, including a private share sale of SpaceX that reportedly added $50 billion to his wealth. Tesla's stock also hit a record high, further boosting his fortune.
In addition to Tesla and SpaceX, Musk's AI startup, xAI, has doubled its valuation to $50 billion since May, underscoring his dominance across various industries. Despite this success, Musk faced a setback when a Delaware court invalidated his $100 billion Tesla pay package.
With Amazon’s Jeff Bezos at $249 billion and Mark Zuckerberg at $224 billion, Musk remains far ahead of his peers, cementing his influence in the electric vehicle, space exploration, and AI sectors. His ventures continue to define innovation and wealth accumulation on a global scale.
Reliance Power shares surged 5%, reaching the upper circuit at Rs 46.29, following a significant 930 MW solar energy contract win by its subsidiary, Reliance NU Suntech. The project, awarded by Solar Energy Corporation of India (SECI), includes a battery energy storage system (BESS) and requires a minimum storage capacity of 465 MW/1,860 MWh powered by solar energy. The bid was secured at a tariff of Rs 3.53 per kWh, though the Letter of Award is awaited.
Notably, SECI recently revoked its three-year debarment notice against Reliance Power and its subsidiary. The company’s stock has shown impressive growth, delivering 92% year-to-date returns and a 98.5% gain over the past year, outperforming benchmarks like the Nifty 50. Reliance Power's IPO price, however, remains significantly higher than its current valuation, highlighting its potential turnaround amid strong renewable energy strides.
Prime Minister Narendra Modi is set to visit Prayagraj on December 13 for a three-hour program, inaugurating and laying the foundation for projects worth around Rs 7,000 crore. The visit includes a puja at the Sangam and a journey aboard the hybrid electric catamaran "Nishadraj," which he previously inaugurated in Varanasi. Key projects include the Shringverpur Dham Corridor (Rs 135 crore), Bharadwaj Ashram Corridor (Rs 13 crore), Akshayavat Corridor (Rs 18 crore), and Hanuman Mandir Corridor (Rs 40 crore). Seven bathing ghats, completed at Rs 240 crore, will also be unveiled.
Other developments span railways, airports, road projects, irrigation, and ghat beautification. The launch of the “Kumbh Sahayak Chatbot” and the virtual inauguration of the Shringverpur Dham corridor aim to enhance pilgrim accessibility and tourism. The Shringverpur Dham holds historical significance as the "Kingdom of Nishadraj," referenced in the Ramayana.
