The recent Rs 12 crore initial public offering of Resourceful Automobile, a Delhi-based company with just two outlets and a workforce of eight, has taken the market by storm with the issue receiving bids worth close to Rs 4,800 crore.
Infratech firm Mytek Innovations is seeking to raise $10 million to leverage favorable market conditions and expand its order pipeline. The company aims to increase its order book from Rs251 crore in FY24 to Rs729 crore by FY25, targeting revenues of Rs320 crore for this fiscal year.
The Nifty Realty index closed 0.2 per cent up at 1038.1.
Shares of PFC and REC rose over 4% on BSE as the RBI considers a staggered approach to increasing provisioning requirements for project financing. This move aims to mitigate the impact on lenders and avoid making projects unviable.
Prime Minister Narendra Modi will pay an official visit to Singapore after a key ministerial meeting between India and Singapore. Discussions focused on advanced manufacturing, semiconductors, aviation, and maritime connectivity. The meeting, described as productive, aimed to enhance bilateral cooperation across these sectors and more, building on the strong foundation of economic and people-to-people ties.
Bangla Bandh Tomorrow: BJP Bengal called a 12-hour bandh to protest alleged police atrocities on students demonstrating against a recent doctor’s rape and murder in Kolkata. Student protests turned chaotic as police clashed with demonstrators. Essential services are expected to function, although markets may close. The disturbances mainly occurred around the Nabanna Secretariat, prompting heavy police deployment.
Bank holiday in September 2024: The Reserve Bank of India (RBI) releases a monthly list of bank holidays to ensure customers are not inconvenienced and can plan their banking tasks accordingly.
Edelweiss MF's Trideep Bhattacharya stated that in the past six months, they increased their portfolio's allocation towards IT services, consumption, and rate-sensitive financials. He also mentioned profit-booking from defence and capital goods sectors. Bhattacharya expressed optimism towards traditional two-wheelers with EV exposure and platform-based tech firms showing cash flows and profits.
India is leading the global front in enhancing transparency, with expanded data coverage and improved data quality across various property sectors. The country is now ranked among the top ten global improvers and was the most improved in Asia Pacific in the 2024 rankings.
The US Navy’s deployment of the AIM-174B missile marks a pivotal moment in the Indo-Pacific power dynamics, directly challenging China’s military advancements. With a range of 400 kilometers and a speed of Mach 3.5, the AIM-174B represents a revival of Cold War-era strategies, aimed at maintaining US dominance in the region. This new missile reflects the broader geopolitical struggle between the US and China, particularly as tensions over Taiwan and the South China Sea continue to escalate.
Amazon has launched AI assistant Rufus for customers in India, which will help shoppers get product recommendations, compare customer responses etc. It is available in beta mode for now. It was rolled out to all customers in the US in July.
Air India added seven new languages, including Marathi, Punjabi, Tamil, and Malayalam, to its IVR system. The system now automatically recognizes the customer's language from their mobile network, reducing response time. Air India also set up five new contact centers providing round-the-clock support, with special Indian language services available daily from 8 am to 11 pm.
India's first additional Tier I perpetual bond issuance after recent rule changes to make them more appealing was sold at a lower-than-expected coupon, indicating a revival in demand for such papers, four merchant bankers said on Tuesday.
Deepak Kesarkar, School Education Minister, reported that 15 days of CCTV footage went missing from a Badlapur school after two girls were assaulted. To prevent such incidents, he suggested installing panic alarms in areas without cameras. The government provided financial aids and educational support to the victims' families.
The 30-share BSE Sensex closed up 13.65 points at 81711.76
The Nifty Pharma index closed 0.77 per cent up at 22729.0.
The NSE Nifty index closed 7.16 points up at 25017.75
India and Oman are close to finalizing a Comprehensive Economic Partnership Agreement (CEPA) to increase bilateral trade and investments. The agreement would benefit Indian exports, including textiles and pharmaceuticals, by eliminating duties. Improved direct shipping links were also discussed to reduce trade costs and enhance economic ties.
The Asia Internet Coalition (AIC) - whose members include Google, Meta and X - had made the call in an open letter to Prime Minister Anwar Ibrahim, citing a lack of clarity over the proposed regulations.
BJP Bangla Bandh Tomorrow: The Bharatiya Janata Party (BJP) has called for a 12-hour general strike in West Bengal on Wednesday, from 6:00 am to 6:00 pm, in response to alleged police brutality against participants of the 'Nabanna Abhijan' rally. BJP leader Suvendu Adhikari accused the police of excessive force, including using water cannons, tear gas, and lathicharge on peaceful protesters.
Starmer, whose Labour Party won a landslide election victory in July, has vowed to rebuild the fabric of British society, saying this month's anti-migrant riots reflected divisions that have taken hold, stoked by the Conservatives' preference for populism over problem solving.
The tech landscape in India has been shifting towards tier-II cities, with growing investments in AI, ML, and blockchain. The country's tech market, which stood at $254 billion in FY24, is expected to reach $350 billion by 2025. High-demand skills such as AWS and DevOps have been on the rise.
After board exams, students faced CUET and NEET for admission to top institutes. CUET covers multiple subjects, leading to diverse undergraduate programs, while NEET is essential for medical course admissions, focusing solely on science subjects. Both exams are managed by the National Testing Agency.
The report identifies the key challenges faced by merchants and consumers in the adoption of digital payment services at the grassroots level.
