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Ircon IPO opens today, should you subscribe?
The initial public offering (IPO) of Ircon International (Ircon) opens today its subscriptions. The government plans to sell about 10% of its rail subsidiary.
Founded in 1976, this Miniratna is an integrated engineering and construction company (EPC) specializing in major infrastructure projects, including railways, highways, overflights, tunnels, maintenance hangars planes, etc.
Representative picture (Photo: Shutterstock)
Market check
Index
Current
Pt. Change
% Change
S & P BSE SENSEX
37747.48
-343.16
-0.90
S & P BSE SENSEX 50
11,937.91
-103.03
-0.86
S & P BSE SENSEX Next 50
34,443.49
-177.10
-0.51
S & P BSE 100
11,710.66
-94.88
-0.80
S & P BSE Bharat Index 22
3617.16
-26.41
-0.72
(Source: BSE)
According to Goldman Sachs, the time has come for stock market recovery in India
Goldman Sachs Group Inc. has called time for the soaring Indian stocks. According to analysts Goldman Sachs, the domestic stock market seems less favorable because of high valuations, the potential slowdown in economic growth and elections to come. The company has been upbeat about Indian equities since March 2014 and the market has almost doubled since then, more than double that of global equities. READ MORE
Interview of the day India will continue to outperform emerging markets: Nischal Maheshwari
Nischal Maheshwari, general manager of institutional and advisory actions at Centrum Broking, told Puneet Wadhwa that, over the next year, the result of the 2019 general election represents a bigger challenge for the market. READ THE COMPLETE INTERVIEW
Nischal Maheshwari
Sector trend
Top Sensex winners and losers
The benchmark is trading at nearly 1% below the indexes of their international counterparts, who said the United States would announce a new series of tariffs on Chinese imports.
That aside, a weak rupee also affected feelings. The national currency opened at 72.53 against the greenback earlier in the day. The national unit jumped 34% Friday to close at 71.84 against the US dollar, the highest level of a week, on positive macroeconomic data and hopes that the government will intervene to defend the currency.
Investor sentiment could take a hit as global financial services firm Goldman Sachs said the Indian stock market is in full swing. He reduced the national shares to the equivalent of a rating on the part of buy. This is the first time that it has been reducing Indian stocks since 2014.
Modi Govt Announces Five-Point Plan to Control CAD
A high-level meeting chaired by Prime Minister Narendra Modi on Friday decided to limit non-essential imports and increase exports, in addition to announcing five-pronged measures to increase the inflow of dollars into the country. The Canadian dollar reached 2.4% of the country's gross domestic product (GDP) in the first quarter of 2018-19, compared with 1.9% in the fourth quarter of 2017-2018. READ MORE
Global markets
Most Asian equity markets slid on Monday, as Washington was preparing to announce a new round of tariffs on Chinese imports, paving the way for any retaliation by Beijing.
The largest MSCI Asia-Pacific ex-Japan index fell 1%, posting three consecutive gains. Shanghai blue chips dropped 0.8%, while Hang Seng lost 0.9%. EMini futures for the S & P 500 declined 0.2%.
(with wire entries)
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