Stock markets in India are presently trading near the dotted line with positive bias. Sectoral indices are trading on a mixed note with stocks in the consumer durables sector and realty sector witnessing maximum buying interest. Telecom stocks are trading in the red.
The BSE Sensex is trading up 59 points (up 0.2%) and the NSE Nifty is trading up 21 points (up 0.2%). The BSE Mid Cap index is trading up by 0.5%, while the BSE Small Cap index is trading up by 0.9%. The rupee is trading at 64.12 to the US$.
In the news from IPO sector, two IPOs viz. Dixon Technologies and Bharat Road Network are headed to the market with their initial share sale offers this week. The initial public offerings of both these companies will be open for subscription from 6th-8th September.
Dixon Technologies (India) Ltd, a consumer electronics manufacturer, has fixed a price band of Rs 1,760-1,766 per share for its IPO, through which it aims to raise about Rs 6 billion. Meanwhile, Bharat Road Network Ltd, a Srei Infrastructure Finance initiative, has fixed price band of Rs 195-205 per share for its IPO and also aims to raise Rs 6 billion.
We’ll be soon releasing our IPO note on both the above IPOs today. You can access the same in our IPO section.
Speaking of IPOs, fundraising through initial public offerings (IPOs) is set to hit a record high this calendar year, as fifteen companies have already raised more than Rs 125 billion (till July), with much bigger offerings in the pipeline.
Further, five insurance company offerings are expected to raise a whopping Rs 400 billion collectively by the end of the year. State-owned General Insurance Co of India and New India Assurance Ltd, which have both filed their draft red herring prospectus (DHRP) with the regulators, are expected to raise a mammoth Rs 100 billion each. Similar offerings from SBI Life Insurance, ICICI Lombard General Insurance, and HDFC Standard Life Insurance are set to raise around Rs 70 billion, Rs 50 billion, and Rs 75 billion, respectively.
