Indian share markets ended their session on a positive note today. Gains were largely seen in the banking sector and healthcare sector.
At the closing bell, the BSE Sensex stood higher by 347 points (up 1%) and the NSE Nifty closed higher by 100 points (up 0.9%). The BSE Mid Cap index ended the day up by 0.4%, while the BSE Small Cap index ended the day down by 0.7%.
Asian stock markets finished on a mixed note as of the most recent closing prices. The Hang Seng was down 1.6% and the Nikkei was trading up by 0.3%. The Shanghai Composite stood lower by 0.6%.
The rupee was trading at 72.64 to the US$ at the time of writing.
Stocks from the telecom sector witnessed selling pressure today on news that the Department of Telecommunications (DoT) is set to conduct special audits of mobile phone operators from the fiscal year 2011-12 onwards to check for under-reporting of revenue that might account for a sharp downturn in license fees and spectrum usage charges.
Stocks such as AGC Networks and Reliance Communications were the top losers in the sector.
In the news from the IPO space, garden Reach Shipbuilders and Engineers, which opened its issue for subscription yesterday, received a tepid response as the issue was subscribed 0.01 times on its first day of bidding.
As per the data, of the 2.9 crore equity shares offered by the company, only 1% of the shares were subscribed on the first day of the bidding process. The shares earmarked for the retail segment were subscribed 0.02 times.
The IPO of the company closes on 26 September 2018. The IPO is priced in the range of Rs 115-118 per share. Retail investors and employees will receive shares at a discount of Rs 5 per share on final offer price.
The offering is entirely an offer for sale (OFS) of 29.2 million shares by Government of India. With this OFS, the Government aims to divest 25.5% stake in the company. No new shares are being issued by the company and all the IPO proceeds will go to the Government.
