You want to know what is cooking in Indian markets these days. Let’s hope in with us to know one by one,
1. Indian stock market: Sensex and Nifty 50
Indian stock market indexes Sensex and Nifty 50 are most likely to open on a note Tuesday, tracking weak cues from global peers.
Gifty Nifty in the past was trading around 25 025 levels with a discount of nearly 20 points.
On Monday, domestic equity market indexes were higher, with the Nifty 50 reclaiming the 25000 level.
Sensex rallied 0.75%, closing at 81,698.11; on the other hand, Nifty 50 settled at 0.76%, higher at 25,010.60.
Nifty formed a bull candle on the chart with the minimum shadow.
This pattern indicates an upside breakout of the previous gap resistance of August 2 at 24950 and 25000 levels, so the gaps between August 2 and 5 have been filled, which is a positive indication.
The Nifty 50 regained its momentum on August 26 and closed the day with gains of around 187 points.
2. Free from income tax: nine countries in the American region
What a dream to live tax-free! Well, you can if you shift here.
A study by Varonai showed that there are at least nine regions of America that do not have income tax requirements. These regions include Cayman Island, Bermuda, the Bahamas, and the Middle East, including the UAE, Qatar, Oman, Kuwait, and Bahrain. Asian countries like North Korea and Brunei, along with Europe’s Monaco and Vatican City, are exempt.
3. Nirmal Singh Bhangoo: Pearl’s group owner passed away.
Owner of Pearls Group Nirmal Singh Bhangoo was accused of cheating with nearly 5.5 crore investors of 45,000 crore Indian rupees. He was arrested by CBI in 2016 for collecting thousands of rupees by issuing fake land allotments in several regions. He was hospitalized after the discovery of his health in Tihar jail and recently passed away.
4. A1 and A2 milk types don’t conform FSSAI Act: The advisory has been withdrawn.
The FSSAI, in its advisory on August 21, claims that A1 and A2 types of milk and milk products don’t conform to the FSSAI Act 2006.
Reported by PTI
Now a new advisory that was issued on August 26 has withdrawn the previous advisory.
The advisory was withdrawn. Further consultation is needed with stakeholders.
5. CAPITALMIND gets in principle: Mutual Fund Launch
Founded by Deepak Shenoy, Capitalmind Financial Services has received approval from SEBI to launch a mutual fund. The firm manages to get over 2200 Indian cores from 1150 clients through portfolio management services.
On Twitter, Shenoy wrote, “This coincides with us turning 10, and we are grateful for the opportunity.”.
6. Last day, of bidding: IPO subscribes 400 times.
On the last day of bidding, the SME IPO of Resourceful Automobile to raise 11.99 crore Indian rupees was subscribed to more than 400 times. The company has eight employees and operates just two Yamaha showrooms in New Delhi. This oversubscription has ignited concerns on social media over the limited operational scale of the business as well as the objective of the IPO.
7. RBI on AI: critical decision-making (sanction loan)
The governor of Reverse Bank of India, Shaktikanta Das, on the use of AI, said, “Leaders should be careful while using AI for critical decision-making segments like loan sanctioning. He said that financial institutions must check that AI models can explain serious results. Moreover, he added that AI poses challenges like privacy concerns.
8. The stock declined by 22%: OLA Electric M cap days
After OLA Electric’s stock decline of around 22% in the last 5 trading sessions, around 11000 crore Indian rupees were erased from the market value. After doubling the investor’s wealth by hitting 157.53 Indian rupees, the stock has been on a downtrend.
The company has made its market debut after issuing shares at 76 Indian rupees per piece through an IPO.
9. Pune Burger King: Who lost the name?
After a fiery battle, a US-based Burger on the hearing of the Bombay High Court was temporarily restricted from using the name. Local Burger was allowed to use the name as it won the case over a lack of evidence in the case filed by US Burger King. The next hearing will be on September 6.
10. Agricultural innovation: Kisan Drones
Ram Info Ltd., which opened at 118.95 Indian rupees and peaked at 133.80 Indian rupees, has gained around 13%. On this, they have announced KISAN Drone Private Limited. This is aimed at enhancing agricultural practices in India by using advanced drones that allow precision in mapping and efficient fertilizer application.
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Written by Kashaf Muhammad