The Indian stock market witnessed a remarkable surge on September 9th, with over 250 stocks hitting their 52-week highs. Notable performers included Hindustan Unilever (HUL), Dabur, DMart, Divi’s Labs, Godrej Consumer Products, Pidilite Industries, and Shriram Finance. This bullish sentiment was further fueled by the successful subscription of Bajaj Housing Finance’s initial public offering (IPO), which was fully subscribed within four hours of opening. The Non-Institutional Investors (NII) category saw a subscription of 4.35 times, while the Retail Individual Investors (RIIs) portion was subscribed 1.51 times, showcasing strong investor confidence in the company.
Meanwhile, the Supreme Court resumed hearing the case related to the tragic rape and murder of a trainee postgraduate doctor in Kolkata. The court directed the Central Bureau of Investigation (CBI) to submit a fresh status report on the probe by September 17th.
In other developments, Union Road Transport and Highways Minister Nitin Gadkari highlighted the growing importance of electric vehicles (EVs) in the Indian automotive market. He emphasized that automakers neglecting to manufacture EVs would eventually face the consequences due to market competitiveness.
The GST Council is set to review the potential reduction of GST rates on life and health insurance premiums, currently at 18%. A rate cut could significantly lower insurance costs for policyholders.
Tech enthusiasts were buzzing with anticipation as Apple unveiled its highly anticipated iPhone 16 series. Rumors suggest the iPhone 16 Pro will feature a major upgrade with a 5x optical zoom telephoto camera, compared to last year’s 3x zoom.
Looking ahead, Tesla founder Elon Musk is projected to become the world’s first trillionaire by 2027, according to an Informa Connect Academy report. Meanwhile, the India Meteorological Department (IMD) has predicted heavy rainfall on September 9th in Chhattisgarh, Odisha, and East Rajasthan, with the potential for very heavy rainfall in other regions, urging residents to stay vigilant and take necessary precautions.
