India to Release Services PMI Today, Markets Set to Open Soon

Superplum, an agritech start-up, has successfully raised $15 million in its latest Series A funding round. The firm announced this significant milestone on Monday, with plans to utilize the funds for expanding its business operations. The funding round was primarily driven by the incoming Chairman, Erik Ragatz.

On the other hand, Embassy Office Parks REIT has disclosed its intention to invest a whopping Rs 3,800 crore over the next four years. The investment is aimed at completing its ongoing office complexes to further enhance its rental portfolio. Aravind Maiya, the CEO of Embassy Office Parks REIT, highlighted the firm’s growth trajectory and revealed plans to construct 61 lakh square feet of premium office space in Bengaluru to cater to both global and domestic demand.

In other news, India’s services PMI data for April stood at 60.8, showcasing a slight decline from the previous month’s figure of 61.8. Despite this dip, the index still indicated a robust growth rate in business and output activities within the sector, marking one of the highest growth rates seen in about 14 years. Additionally, the HSBC Composite PMI data for the same period came in at 61.5, slightly below the initial estimate of 62 but still among the highest recorded in nearly a decade and a half.

The stock market opened on a positive note on Monday, with the Sensex trading at 74,332.20, up by more than 450 points, and the Nifty50 standing at 22,586.25, showing a gain of over 100 points. This positive momentum follows a week of mixed performances in the market, with investors closely monitoring key economic indicators and corporate earnings reports for further insights into market trends.