What is it:
This Keyboard short cut is to enter Current System Time in Excel Cell.
The Excel formula or function available for the same is
But the above formula or function will include the current Date also along with the Time (Eg:10/13/2014 15:15) and the value will be updated, If you want only the Static Time except the Date (Eg: 3:15 PM) then you should use the below keyboard shortcut.
Use the Ctrl + Shift + : function to enter current system time in Excel Cell