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Mumbai: The initial public offering of HDFC Mutual Fund, the second largest badet management company in India, will run at a price range of Rs 1,095-1,100 per year. share through which two of its shareholders – HDFC and Standard Life about Rs 2,800 crore. The IPO will begin on July 25 and will end on July 27, a deposit by HDFC on the stock exchanges indicated.
Through the IPO, HDFC, the housing finance specialist, sells 4.08% of its stake in the fund house while Standard Life, its joint venture partner, is off the hook. nearly 8%. Once listed, the HDFC branch will be the second mutual fund to become public. Last year, when Reliance Nippon Life MF went public, it became the first listed fund house in India.
The senbad, meanwhile, rebounded by more than 196 points to close at 36,520 while the Nifty NSE was established above the 11,000 level while the oil, metal and PSU shares went up. were recovering after a sharp decline in world crude prices.
The sentiment rose after world crude prices fell more than 4% on Monday because of oversupply fears, helping the rupee to strengthen against the dollar, brokers said. In addition, reports that the Ministry of Finance could inject about Rs 10,000 in a matter of days into some public lenders, including PNB, Corporation Bank and Central Bank of India, to help them meet the regulatory capital requirements accelerate the pace of purchase. added. "Oil and gas stocks, banks and the pharmaceutical sector have stolen the show, lifting the senbad to a new high," said Manoj Choraria, an NSE broker based in Delhi.
Investors were also awaiting the first testimony of US Federal Reserve Chairman Jerome Powell for clues to the pace of interest rate hikes, they added. After a positive opening, the senbad rose to 36,550, but profit taking in HUL, ITC and Infosys reduced its gains. The index hit a low of 36,262 before settling at 36,520, a gain of 196 points or 0.54%. The gauge was removed from the record closing level by losing 2235 points in the previous two sessions.
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