Tue Sep 24 11:11:10 UTC 2024: ## Market News: KRN Heat Exchanger IPO Opens, Tata Motors Unveils New Nexon Models, and More

**India:**

* **KRN Heat Exchanger IPO** is set to open for subscription from September 25 to 27, with a price band of ₹209 to ₹220 per share. The company, specializing in fin and tube heat exchangers for HVAC and refrigeration industries, plans to utilize the proceeds for expansion and general corporate purposes.
* **Tata Motors** has launched two new versions of the Nexon – a CNG model starting at ₹8.99 lakh and an electric variant starting at ₹13.99 lakh.
* **Auditors** of over two dozen companies have resigned abruptly in August, raising concerns within the financial sector.
* **Passive investing** is experiencing significant growth, driven by retail participation alongside institutional investors and high-net-worth individuals.
* **S&P Global Ratings** has reaffirmed India’s growth projection at 6.8%, suggesting that the Reserve Bank of India (RBI) might lower interest rates in October.

**Global:**

* **Polar Semiconductor** received a $123 million grant from the US Commerce Department to expand its plant in Minnesota, nearly doubling its US production capacity of power and sensor chips. This is the first finalized award under the Biden administration’s $52.7 billion semiconductor manufacturing and research subsidy program.

**Other Highlights:**

* **Traders Gurukul** is hosting its **BOTS (Biggest Options Traders Summit)**, a prestigious options trading event held on the 2nd or 3rd Sunday of every month across major Indian cities.
* **Nurix AI**, a startup founded by Myntra and Cultfit founder Mukesh Bansal, has raised $27.5 million in seed and Series A financing co-led by General Catalyst and Accel.
* **Manba Finance Limited**, an NBFC-BL, provides financing for two-wheelers, three-wheelers, electric vehicles, used cars, and small business and personal loans.

**Sector Watch:**

* **IT stocks** and **Banking stocks** are currently attracting attention from investors.

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