Asian stock markets are trading mixed today. The Shanghai Composite is lower by 0.20% while the Hang Seng and Nikkei 225 is trading flat. On the Wall Street, Thursday session closed with huge gains as the Dow Jones Industrial Average crossed the 24,000 landmark for the first time and the S&P 500 also reached new record closing highs.
Back home, India share markets have opened the day on a firm note after India’s GDP growth quickened to 6.3% in the September quarter, up from a three-year low of 5.7% in the June quarter. The BSE Sensex is trading higher by 115 points while the NSE Nifty is trading higher by 32 points. The BSE Mid Cap index and BSE Small Cap index opened the day up by 0.8% & 0.7% respectively.
All sectoral indices have opened the day in green with automobiles sector, realty sector and healthcare sector witnessing maximum buying interest. The rupee is trading at 64.43 to the US$.
In news from the IPO space. As per an article in a leading financial daily, Housing Development Finance Corporation Ltd (HDFC) has initiated the process to list its mutual fund arm, and the parent firm will divest a part of its holding in the initial public offering (IPO).
HDFC’s holding in HDFC Asset Management Co Ltd following the IPO will be at least 50.01%. Its joint venture partner, UK-based Standard Life Investments, will hold at least 24.99%.
HDFC’s ownership in its mutual fund arm stood at 57.36% at the end of September 2017, compared with 59.99% at the end of fiscal 2016-17.
One shall note that HDFC AMC will be India’s second mutual fund to go public. Reliance Nippon Asset Management Co, India’s third-largest mutual fund, went public last month through a Rs 15.4 billion (US$238 million) IPO that was subscribed 81 times at close.
To know more about the Reliance Nippon, you can read our IPO note on the company in our IPO section.
