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Markets at a Glance:
Following global markets’ trend, Indian markets too contracted by almost 1.6% today. Indo-China border tensions and weak service sector output fuelled this fall. Sensex fell by 633 points and closed at 38357, while Nifty plunged by 193 points and closed at 11333. All sectoral indices were in red, with Bank and Metal sectors leading the fall. India VIX, which measures volatility and fear in the near term, was jumped by 7.15%.
Top Gainers/Losers:
India’s largest car producer, Maruti Suzuki was the sole winner in today’s session while Tata Steel, Axis Bank, Adani Ports, JSW Steel and NTPC were among the top losers.
DII/FII Data:
DIIs and FIIs both divested Rs. 456.88 crore and 1888.78 crores amid weak performance of Indian Markets.
| CATEGORY | DATE | BUY VALUE (₹ Crores) | SELL VALUE (₹ Crores) | NET VALUE (₹ Crores) |
| DII | 04-Sep-20 | 3,784.71 | 4,241.59 | -456.88 |
| FII/FPI | 04-Sep-20 | 4,931.66 | 6,820.44 | -1,888.78 |
Manufacturing PMI indicates Growth, but Service PMI still show the contraction:
As per the Purchasing Manager’s Index (PMI) data released by IHS Markit, Indian economy’s most significant contributor, the service sector’s PMI stood at 41.8 for August month, still 8.2 points away from the stable 50-point mark. On the other hand, the Manufacturing industry PMI first time rose above 50 points in August and stood at 52 after the last four months of contraction. PMI number indicates the overall health of the economy.
Route Mobile Launches IPO:
The primary market is getting into action next week with the launch of 2 IPOs. Route Mobile, an omnichannel cloud communication service provider, is coming with an IPO offer with a price band of Rs.345-Rs.350 in a fixed lot of shares, from September 9 to September 11. Company is planning to raise Rs.600 crore including promotor’s share sell of Rs.240 crore and a new issue of Rs.360 crore.
As mentioned in an earlier article, Happiest Minds, an IT service company also launching its IPO from September 7 to September 9 in the price band of Rs.165-Rs.166 with a fixed lot of 90 shares.
Vodafone Idea finally Approve fundraising up to Rs.25000 crore via Equity, Debt:
In Friday’s meeting, Vodafone-Idea’s board approved fundraising to Rs.25000 crore through equity and debt. It may be through a preferential allotment, QIP, public issue or any other permissible way. It is planning to issue secured/Non-secured NCDs of Rs.15000 crore and will raise the remaining amount through equity.
Not only new cases but the legacy cases and appeals too will also be handled under new ‘Faceless’ tax regime, says Fin Secretary:
Fin Secretary Ajay Bhushan Pandey says the faceless taxation will apply to both new and the older tax cases. Even the pending appeals will also be taken up by this regime starting from September 25. He also mentioned that only seven crore people out of a total population of 130 crores filed tax returns last year. Out of those seven crores, only 1.5 crore people were in the tax paying bracket. He further said that this is the problem they are trying to address.
He told the objective of the faceless regime is to eliminate harassment and corruption that people used to complain about in the tax administration earlier.