Top news: Karnataka schools and offices closed, Sanjay Malhotra takes charge as RBI Guv, 3 IPOs today & more on Dec 11
Top news today, December 11: Schools, colleges and offices in Karnataka are closed today; Sanjay Malhotra takes charge as the new RBI Governor; PM Modi at Smart Hackathon; Toyota Camry launch, three IPOs to open today — Mobikwik, Vishal Mega Mart and Sai Life Sciences among other developments.
Top news today, December 11: A host of developments, updates, and events are expected in India and internationally on December 11 in the markets, political, financial, technology, and general spheres. We take a look.
Today (December 11), the schools, colleges and offices in Karnataka are closed today, IAS Sanjay Malhotra takes charge as the new RBI Governor, PM Narendra Modi to address teams and participants at Smart Hackathon, Toyota to launch 9th edition of Camry, three IPOs to open today — Mobikwik, Vishal Mega Mart and Sai Life Sciences, among other developments.
Karnataka schools, colleges, offices closed to honour ex-CM SM Krishna
The Karnataka government has declared a holiday to all government offices and schools and colleges on Wednesday, December 11, as a mark of respect to veteran politician and former Chief Minister Somanahalli Mallaiah Krishna who passed away following a prolonged illness. The former Maharashtra Governor breathed his last at 2.45 am on December 10 after prolonged illness.
The Karnataka government also announced state mourning for three days starting December 10 . His last rites will be performed with full state honours at Somanahalli in Mandya district today. During the three-day state mourning period, there will be no official entertainment programmes and the national flag will be flown at half mast in all government buildings.
Sanjay Malhotra begins his term as RBI Governor today
Revenue Secretary IAS Sanjay Malhotra, who has been appointed as the next Reserve Bank of India (RBI) Governor, will begin his term as the central bank chief today. The Appointments Committee of the Cabinet has appointed Malhotra for a three-year term from December 11, 2024, according to the official notification.
Notably, Malhotra will be the 26th RBI Governor, succeeding Shaktikanta Das, whose tenure ended on December 10. Malhotra is an IAS officer from the 1990 batch; he graduated in computer science from the Indian Institute of Technology (IIT), Kanpur, and completed his Master's in Public Policy from Princeton University, United States.
In his 33-year career, Malhotra has worked in finance, IT, power, finance, mines, and taxation, among other sectors. He last served the Indian government as Secretary of Revenue with the Ministry of Finance and has in-depth experience in finance and taxation at both State and central government levels.
PM Modi to interact with Smart India Hackathon
Prime Minister Narendra Modi will interact with young innovators at the grand finale of Smart India Hackathon 2024 via videoconferencing at 4.30 pm today, according to the PMO. The seventh Smart India Hackathon will run concurrently at 51 centres nationwide. The PM will also address the over 1,300 student teams participating, it added.
Like in past editions, the student teams will work on either the problem statements given by ministries, departments, or industries or submit their own ideas in the Student Innovation Category against any of the 17 themes linked to sectors of national importance, as per a PTI report.
New Toyota Camry launch in India
Japanese automaker Toyota is set to introduce the ninth-generation Camry to the Indian market today, as per HT Auto. The Camry will be imported as a CKD (Completely Knocked Down) unit. The current generation, priced at ₹46.17 lakh (ex-showroom), is expected to see a slight price increase, with the upcoming model anticipated to retail around the ₹50 lakh mark, it added.
Already available globally, it will now be locally assembled to offer more competitive pricing to Indian customers. The report added that the new Toyota Camry comes with a host of design changes that distinguish it from the current model on sale in India.
Reportedly, the forthcoming iteration features a bold design overhaul. The front fascia boasts a wider grille and more angular headlamps, while the rear draws inspiration from Lexus models, enhancing the car’s premium appeal. Integrated LED daytime running lights and a prominent radiator grille further elevate its aesthetics.
Maharashtra cabinet expansion likely today
The cabinet expansion of the Devendra Fadnavis-led Maharashtra state government will happen today or tomorrow (December 11 or 12), according to a PTI report citing sources. They added that it is likely that the Ajit Pawar-led NCP faction will retain the Finance portfolio while the BJP keeps the Home department, and the Eknath Shinde-led Shiv Sena will retain urban development and may also get the revenue department.
The Maharashtra Cabinet can have a maximum of 43 ministers, including the chief minister. The BJP, the biggest constituent of the Mahayuti alliance, is expected to get 21-22 ministerial posts. The sources said the Shiv Sena could get 11 to 12 ministerial berths and NCP nine to 10 berths.
IPO in Focus: Mobikwik IPO
The initial public offering of One Mobikwik Systems will hit the Indian primary market today. Bidding for the public issue will begin from 10 am today (December 11) till 5 pm on December 13.
The fintech company has fixed the IPO price band at ₹265 to ₹279 per equity share. The company aims to raise ₹572 crore from this fresh IPO. A bidder can apply in lots, and one lot of the Mobikwik IPO will comprise 53 company shares. Further, as per stock market observers, Mobikwik shares are available at a premium of ₹132 in the grey market today.
The most likely date of share allotment is Saturday, December 14 or in case of a delay, it can be expected on December 16.
IPO in Focus: Vishal Mega Mart IPO
The Vishal Mega Mart IPO will hit the primary market today. Bidding for the public issue will begin from 10 am on December 11 till 5 pm on December 13. The hypermarket company has fixed the Vishal Mega Mart IPO price band at ₹74 to ₹78 per equity share. The company aims to raise ₹8,000 crore, an entire offer for sale (OFS).
A bidder can apply in lots, and one lot of the Vishal Mega Mart IPO will comprise 190 company shares. According to stock market observers, Vishal Mega Mart shares are available at a premium of ₹26 in the grey market today.
The most likely date of share allotment is Saturday, December 14 or December 16.
IPO in Focus: Sai Life Sciences IPO
TPG-backed Sai Life Sciences IPO is scheduled to open for subscription today. The firm is a contract research, development, and manufacturing organisation (CRDMO) that focuses on innovation.
The issue is scheduled to open on December 11 and will end on December 13. The price band has been set in the range of ₹522 to ₹549 per equity share of the face value of Re 1. Bids can be placed for multiples of 27 shares, with a minimum bid of 27.
The IPO comprises a new issuance of equity shares valued at a maximum of ₹950 crore, along with an Offer For Sale (OFS) of up to 3.81 crore equity shares. The company proposes to use the net proceeds for the following purposes: to repay or prepay, in whole or in part, certain outstanding borrowings, as well as for general corporate purposes. The tentative timeline for Sai Life Sciences IPO share allotment date is December 16.
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Business NewsNewsTrendsTop news: Karnataka schools and offices closed, Sanjay Malhotra takes charge as RBI Guv, 3 IPOs today & more on Dec 11
First Published:11 Dec 2024, 07:35 AM IST
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