Top News Today (August 30): Supreme Court Deliberates AGR Dues, PM Modi in Maharashtra, Exciting Baazar Style Retail IPO, Surprising India Q1 GDP & More!
Top News Today, August 30: Significant developments across markets, politics, finance, and general sectors are anticipated both in India and internationally today, August 30. Here’s a brief rundown:
SC to Hear Telcos’ Curative Pleas on AGR Dues Today
The Supreme Court of India is set to hear curative petitions from Bharti Airtel, Vodafone Idea, and other telecom operators regarding adjusted gross revenue (AGR) dues. A three-judge bench led by Chief Justice DY Chandrachud will review the case at 1:30 p.m. in a closed court hearing. The telcos argue that the Department of Telecommunications (DoT) made significant errors in calculating AGR dues, resulting in arbitrary penalties.
PM Modi’s Visit to Mumbai and Palghar
Prime Minister Narendra Modi will be in Maharashtra’s Mumbai and Palghar today. In Mumbai, he will address the Global Fintech Fest at the Jio World Convention Centre, an event organized by various fintech councils. Later, Modi will proceed to Palghar to inaugurate and lay the foundation stones for numerous development projects.
Baazar Style Retail IPO Opens Today
Baazar Style Retail’s initial public offering (IPO) opens for subscription today and will remain available until September 3. The company aims to raise ₹834.68 crore through this book-built issue, which includes a fresh issue of 38 lakh shares worth ₹148 crore and an offer for sale of 1.8 crore shares valued at ₹686.68 crore. The lead managers for the issue are Axis Capital, Intensive Fiscal Services, and JM Financial, with Link Intime India as the registrar.
India’s Q1 GDP Data Release
India will release its gross domestic product (GDP) data for Q1 of the fiscal year 2023-24 today. Projections suggest a potential slowdown in GDP growth to 6.85%. The Reserve Bank of India recently indicated that headline inflation could spike in the coming months due to supply disruptions from adverse weather, possible El Niño events, and geopolitical tensions affecting global food prices.
Stay tuned for these and other significant updates throughout the day.
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