Welcome back, readers!
Hope everyone had an amazing weekend.
A lot happened over the weekend so let’s dive right into what’s moving markets!
Markets at a glance
A greener end to the Indian indices as the market extended its rally at the top, creating new highs.
A host of economic factors played the role catalyst during last weeks’ rally including strong GDP and GST numbers. India also posted an 18-month high PMI figure.
All sectoral indices ended higher except FMCG as Sensex ended above 58K for the first time.
What made headlines over the weekend?
The August service sector PMI numbers were up at 56.7 way above the 50 threshold and also July’s 45.4 (Mint)
PMI or the Purchasing Managers’ Index is a good trend indicator of the health of the economy. It indicates whether the economy is expanding or contracting from a purchasing managers’ perspective. It summarises various factors including production levels, inventories, employment numbers, supply deliveries and new orders. (MORE)
After the chip shortage setback, carmaker Maruti (NSE:+1.12%) is hit by yet another crisis as it recalls more than 181,000 PV cars due to faults in their motor (AC)
Oil behemoth RIL’s (NSE:+4.15%) commitment to pivot to green energy sources was reiterated by Mota Bhai Mukesh Ambani as the company is set to invest up to ₹75,000Crores over a span of 3 years (Mint)
Where’s the money flowing?
HDFC Life Insurance Co. (NSE:-3.29%) to acquire Exide Life Insurance co. for ₹6,687 Crores (Hindu)
We surely know where the money is not flowing, Byju’s the ed-tech startup is leaking money as net losses increased 30-fold (MC)
Believe it or not! E-commerces’ neglected 3rd child Snapdeal is in talks with IBs to get listed on the Indian Markets and possibly raise up to $400 Million (check meme)(ET)
RIL subsidiary, Reliance Strategic Business Ventures acquires Strand Life Sciences for ₹393 Crores (BS)
Vijaya Diagnostics saw its IPO subscribed 4.5x whereas Ami Organics was subscribed 64x (ET)
India finishes its stellar performance at the Tokyo 2020 Paralympics with 19 medals, ranks 24th overall (NDTV)
Japan’s Yoshihide Suga steps down from his position as Prime Minister (Reuters)
Youtuber Jarvo finally arrested after several pitch invasions during India’s tour of England (Reuters)
Hyundai’s luxury brand Genesis sets its eyes on the Indian market (TOI)