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Here are the top stories to start your day.
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⭐ HDFC Bank to buy stake in Go Digit Life Insurance
India’s largest private lender, HDFC Bank, has announced plans to invest up to ₹69.9 crore in Go Digit Life Insurance. The proposed investment will be carried out in two tranches and upon completion HDFC Bank will have 9.9% equity stake in the company. Go Digit General Insurance Ltd has recently filed draft papers with SEBI for its proposed IPO worth ₹1,250 crore.
⭐ 5G rollout from October
Union IT minister Ashwini Vaishnaw on Thursday said that 5G telecom services are likely to launch by October 12. He added that the government will make sure that the services remain affordable and hope that the technology should reach every part of the country in the next two to three years.
⭐ US GDP contracts in Q2
As per the latest government data, US GDP in Q2 shrank 0.6%, less than the 0.9% drop expected. However, the shrinking GDP raises concerns about a potential recession in the US, which is often defined as two successive quarters of negative growth.
Global markets (at 7:30 AM today)
| Indices | Today's movement |
| SGX Nifty | ▲0.60% |
| Nikkei 225 (Japan) | ▲0.94% |
| Hang Seng (Hong Kong) | ▲0.73% |
| SSE Composite (China) | ▲0.50% |
| Dow Jones (US) (August 25) | ▲0.98% |
| NYSE (US) (August 25) | ▲1.12% |
| Nasdaq (US) (August 25) | ▲1.67% |
| S&P 500 (US) (August 25) | ▲1.41% |
Fact of the day
Google has removed over 2,000 loan apps from India Play Store since Jan 2022 for violating norms.