Here are the top stories to start your day.
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⭐ RIL to acquire polyester firms
Reliance Industries is set to acquire the polyester business of Shubhalakshmi Polyesters Limited (SPL) and Shubhlaxmi Polytex Limited (SPTex). The acquisitions are worth ₹1,522 crore and ₹70 crore, respectively and are part of Reliance’s strategy to expand its downstream polyester business. SPL has a continuous polymerisation capacity of nearly 2,52,000 million tonne per annum.
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⭐ Car dispatches rise in August
With the festive season upcoming, automakers dispatched 2.8 lakh vehicles in August, up 21% year-on-year (YoY). This comes on the back of improved supplies of semiconductor chips and robust demand for SUVs. According to numbers from SIAM, passenger car sales jumped 23% YoY at 1.3 lakh units, while sales utility vehicles and SUVs rose by 20% YoY at 1.3 lakh units.
⭐ Harsha Engineers’ IPO to open on 14 Sept
Ahmedabad-based Harsha Engineers International will open its ₹755 crore IPO on 14 September. The price band has been set at ₹314-330 and the lot size is 45 shares. While 50% of the shares will be reserved for qualified institutional buyers, non-institutional bidders and retail individual bidders will be allotted 15% and 35%, respectively. Funds raised from the IPO of up to ₹270 crore will be used for debt repayment.
Global markets (at 7:30 AM today)
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|SGX Nifty||▲ 0.15%|
|Nikkei 225 (Japan)||▲ 1.11%|
|Hang Seng (Hong Kong)||▲ 2.69%|
|SSE Composite (China)||▲ 0.82%|
|Dow Jones (US) (September 09)||▲ 1.19%|
|NYSE (US) (September 09)||▲ 1.12%|
|Nasdaq (US) (September 09)||▲ 2.11%|
|S&P 500 (US) (September 09)||▲ 1.53%|
Fact of the day
Archeologists have discovered a 1.8 million year old tooth belonging to an early human species.