The Indian central bank (RBI) has been trying to prevent the rupee from sinking to a new record low by intervening on behalf of the state-run bank in non-deliverable forwards and in currency futures, according to sources. They sold large amounts of dollars aggressively that enabled the rupee to recover from 83.12 to 82.97 against the USD.

Reliance Industries, a telecoms-to-energy conglomerate owned by billionaire Mukesh Ambani, is exploring semiconductor manufacturing to address supply chain needs and cater to growing chip demand in India. Talks are on with foreign chipmakers, but no timeline has been set and Reliance is yet to make a call. Investment in India's semiconductor market is estimated at $80 billion by 2028.

✅ Amid positive global cues, benchmark indices closed on a positive note today. 📢 At 3:30 PM, the Sensex improved by 333.35 points or 0.50% at 66,598.91, and the Nifty was up 92.90 points or 0.47% at 19,819.95. 📊Among sectoral, Nifty Energy (⬆️1.39%) turned out to be the best performer while Nifty Pharma (⬇️ 0.36%) saw considerable selling.

Shreyas Shipping & Logistics (SSL) obtained in-principle approval to be delisted from BSE and NSE. The promoter, Transworld Holdings, has proposed an indicative price of INR 338, much lower than the existing Rs 373. If successful post meeting conditions, they'll acquire SSL's equity shares via reverse book building process at a fair price to satisfy all stakeholders.

NVIDIA and Reliance are partnering to develop an Al infrastructure that is over an order of magnitude more powerful than the fastest supercomputer in India. NVIDIA provides access to advanced chips and Al services, while Reliance's execution and implementation will be managed by Jio with its mobile telephony, 5G spectrum etc.

FM Sitharaman has called for global cooperation into creating a responsible financial ecosystem. This follows multiple companies, including tech giants, facing tax evasion allegations in India and abroad. To combat this, India, as head of G20, is discussing two-pillar tax solutions to help ensure revenues earned in one country are benefiting that nation.

Govt has implemented the third phase of mandatory gold hallmarking which will cover 55 new districts in 16 states and one UT. So far 4 lakh gold articles have been hallmarked and over 26 crore articles of gold jewelry have been verified using the BIS Care app. Consumers can easily verify the authenticity and purity of gold jewellery with the HUID number purchased using the 'verify HUID' feature.

With sustainability becoming one of the top priorities for countries and businesses alike, the narrative around increasing the usage of electric vehicles (EVs) has taken centre stage in the past few years. Though the electrification of vehicles started a bit late in India, the country’s EV adoption has grown exponentially.

On September 8th, the SAT began hearing arguments for SEBI's confirmatory order barring Subhash Chandra Goenka and his son from holding managerial positions in ZEEL or its subsidiaries. The regulator alleged that they abused their positions for personal financial gains by falsifying loan recoveries. SEBI also noted the public interest of the recently approved Zee-Sony merger.

Indian markets are in a bull phase but yet to reach a bubble. FPI flows and state election results will determine future course. DAM Capital Advisors identified 11 stocks with $2B+ m-cap, expecting them to double in 3 years with EBITDA CAGR of 25%. Its favorite largecaps include HDFC Bank, SBI, ICICI Bank & Tata Motors.

As oil prices reach a 10-month high, Indian rupee has begun weakening against the US dollar. Brad Bechtel of Jefferies suggested the rupee staying between 83 to 85. India's central bank intervention has supported the rupee and curbed volatility but if oil prices don't fall, the rupee could reach record lows of 82. Being internationally accepted as a currency is a long journey for the Indian rupee.

K-12 teachers are embracing cloud-based solutions for attendance tracking, GPS tracking, timetable automation, online content dissemination and more. The Covid pandemicdriven need for digital tools, financial saving opportunities, real time modifications as well as parent consent code are driving the adoption of services. From July 2022 to 2023 there was an increase in adoption by 35%.

RBI has decided to discontinue the incremental cash reserve ratio (I-CRR) in a phased manner. 25% of the I-CRR will be released on September 9th, another 25% will be released on September 23rd and the final 50% will be released on October 7th. The I-CRR was implemented as a response to the withdrawal of the Rs 2,000 currency note, allowing citizens to either exchange the note or deposit it.

Investors showed strong support for Jupiter Life Line Hospitals' IPO, with bids 16.75 crore shares (19.72x subscription) on the final day. Qualified Institutional Buyers (QIBs) were particularly aggressive at 43.12x, while retail and HNIs subsribed 5.73x and 22.15x respectively. The offer size was Rs 869.08 crore between Rs 695-735/share.

FII inflows show strong confidence in the Indian capital goods sector due to an election kicker and increased corporate spending. There has been a 25% year-on-year increase in ordering flow for 6 quarters, driving revenues. RBI data indicates capacity utilisation reaching a 10-year high across markets.