Good morning!
Here are the top stories to start your day.
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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)
| Indices | Today's movement |
| SGX Nifty | ▼ 0.19% |
| Nikkei 225 (Japan) | ▼ 0.14% |
| Hang Seng (Hong Kong) | ▼ 0.97% |
| SSE Composite (China) | ▲0.23% |
| Dow Jones (US) (September 02) | ▼ 1.07% |
| NYSE (US) (September 02) | ▼ 0.89% |
| Nasdaq (US) (September 02) | ▼ 1.37% |
| S&P 500 (US) (September 02) | ▼ 1.07% |
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