Giving up gains?
Good morning from Morning Khabar
A strong start to the day as both Nifty and Sensex were in the green but it was not before investors started booking profits!
Markets at a glance
Nifty50 ended just below the 17,400 mark as Nifty IT was dragged down by heavyweights Wipro and Infosys.
Small and Midcap stocks also underperformed.
American Markets were shut on Monday due to the Labour day weekend but opened lower following Europe at the time of writing.
What’s making headlines?
In a hit to the Indian Auto sector, the Government plans to reduce their PLI (Production linked Incentive) scheme by almost 50% (CNBC)
HUL (NSE: -0.24%) set to raise the prices of detergent by 3.5-14%, company looking to pass on increasing raw material costs on to its consumers (CNBC)
Cairn Energy to accept a $1 Billion refund offer from the Indian government bringing a long drawn retrospective tax case to a close (MC)
PLI schemes expected for Telecom, Auto and Aviation sectors in the coming weeks
Was it the ITC (NSE: +1.22%) meme we posted in yesterday’s newsletter or an international brokerages’ buy call on the company that caused the stock to rise? Let us know via email or on twitter @khabarmornings! (MC)
Where’s the money flowing?
Global Auto giant Toyota to spend $13.5 Billion to develop EV battery technology by the year 2030 (Reuters)
Gurgaon based B2B supply chain startup Geniemode receives $2.25 Million in funding led by Info Edge Ventures (Entrackr)
Interior design startup Flipspaces raises $2 Million in Pre-Series B round funding (Entrackr)
Zoho invests ₹35 Crores in medical devices startup Voxelgrids (MC)
Coinswitch Kuber the Indian crypto exchange is set to join the Unicorn Club as it looks to raise money at a $2 Billion valuation (TC)
More news?
El Salvador becomes the first country to accept Bitcoin as a legal tender, holds 400 Bitcoin which causes a spike in prices (Reuters)
US-based crypto exchange CrossTower is set to enter Indian markets soon (Reuters)
Protests continue in Kabul against the Taliban, shots fired to disperse crowds (CNN)
Escalations were also seen in Guinea, as a military coup was underway after the President was detained and the government was dissolved (Hindu)