India’s trade deficit widens

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⭐ India’s trade deficit widens

In August, India's exports shrank by 1.1% year-on-year (YoY) to $33 billion, for the first time in nearly two years. Meanwhile, imports rose by 37% to $61.68 billion in August 2022, on the back of increased crude oil imports. As a result, the trade deficit widened to $28.68 billion from $11.71 billion in August 2021.

⭐ Petronet to invest for expanding infra

Petronet LNG is planning to invest ₹40,000 crore in the next five years for expanding import infrastructure at its Dahej and Kochi terminals. Further, it plans to enter into the petrochemicals business by setting up a petrochemical facility at its Dahej terminal. The company believes this will help to boost profitability by up to ₹10,000 crore. 

⭐ Tamilnad Mercantile Bank IPO opens today

Tamilnad Mercantile Bank will launch its ₹832 crore IPO on Monday. The 100-year-old private sector bank has set a price band of ₹500-₹525 per share for its public issue. The bank has raised a little over ₹363 crore from anchor investors prior to the IPO. Click here to pre-apply for the IPO on Upstox.

Global markets (at 7:30 AM today)

Fact of the day

Google received 37,173 user complaints in July, up 13% from June. Most of the complaints from Indian users were related to copyright violations. 

Source: TOI