Morning Update for 7 September 2021

Indices at previous closing

Nifty50: 17,377 ▲+54 (+0.3%)
Sensex: 58,296 ▲+166 (+0.2%)
Nifty Bank: 36,592 ▼ -16 (-0.4%)

In the news

Maruti Suzuki raises prices again 

India’s largest carmaker has said that it has raised prices for select models. The price hike comes in the wake of rising input prices and will be the third hike by the carmaker this year. 

The average price increase is 1.9% across select models and comes ahead of the upcoming festive season. Besides the challenge of rising input prices, automakers including Maruti Suzuki have been forced to implement production cuts due to the shortage of semiconductors. Meanwhile, the shares of the company were down 0.3% yesterday. 

Anant Raj sells part of warehousing biz

The New Delhi-based real estate company has sold its warehousing assets in North Delhi to BlackRock, the asset management major. The sale fetched Anant Raj Limited ₹295 crore. 

The deal is in line with the company’s aim to become debt-free and maintain focus on core development projects. Yesterday, the shares of the company gained 4.2%. 

Air traffic witnesses uptick

Last week, airlines reportedly witnessed an average of 220,000 fliers per day. This represents about 8% week-on-week improvement in daily air traffic.

The improvement comes on top of a 30% month-on-month jump seen in August. Market experts believe that air travel bookings are picking-up on account of the upcoming festival season and expect a much faster revival for the sector going ahead. While Spicejet has declined about 5% in August, Indigo has gained 16% during the same period. However, shares of both the companies showed weakness yesterday. 

Sectoral indices (September 6)

Global markets (at 8:00 am)

Fact of the day

The Tata-owned Taj Mahal Palace Hotel was the first building in Mumbai to be lit by electricity. It also had the the city’s first licensed bar and India’s first all-day dining restaurant,

Source: Vogue

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