The Indian IPO market is set for a busy week, with six new public issues scheduled to launch. This surge in IPO activity comes on the back of a strong macroeconomic environment and positive market sentiment. Five of these IPOs are slated for the SME segment, while one will be listed on the mainboard.
Meanwhile, gold prices are expected to be impacted by the recent Fed rate cut. Experts are closely watching the situation, as gold has consistently seen a decline every September since 2017. This trend, which averages a 3.2% drop, makes September the worst-performing month for gold.
In positive news, India’s Goods and Services Tax (GST) collections have seen a significant increase, reaching ₹ 1,74,962 crore in August. This represents a 10% growth compared to the same period last year.
However, the country is facing severe weather challenges. Coastal Andhra Pradesh and Telangana are grappling with exceptionally heavy rainfall, causing widespread disruptions. Nine people have lost their lives, and over 13,000 individuals have been evacuated from 294 villages in five districts of Andhra Pradesh. The Indian Meteorological Department (IMD) has issued a five-day weather alert, as a cyclonic depression is expected to move away from the Indian coast.
In other news, the market capitalization of eight out of the top ten most valuable companies in India witnessed a significant increase last week. Bharti Airtel, Infosys, and Tata Consultancy Services (TCS) led the gains, reflecting a strong rally in the equity markets.
The Railway Minister, Ashwini Vaishnaw, unveiled the prototype version of the Vande Bharat sleeper coach. This new coach aims to provide an affordable travel option for the middle class and will undergo rigorous testing before being deployed.
Finally, political tensions continue to simmer. Shiv Sena (UBT) chief Uddhav Thackeray criticized Prime Minister Narendra Modi’s apology over the collapse of Chhatrapati Shivaji Maharaj statue, calling it ‘smacked of arrogance’. The incident occurred during a protest in Maharashtra’s Sindhudurg.
