ISSUE NO: 17
shares of Reliance Industries( RIL) slipped more than 1 per cent during his address to the AGM.
In the first week of September Bank shares rose to their highest in 20 months on as foreign investors bought them amid the rebalancing of MSCI indices.
The Bank Nifty rose 2.73 % to close at 20,426.20— the highest since January 28, 2015— on Tuesday. The index is 129 points away from its peak of 20,555, touched on January 27.
The rally was probably on account of the MSCI increasing its weightage on a couple of bank stocks. This had to buying by active and passive FII funds.
Axis BankBSE 0.45 % and Yes BankBSE-0.40 % were among the banks that saw an increase in weightage. Many global mutual funds follow the MSCI indices.
Therefore, an addition or deletion of a stock or change in its weightage on the index leads global funds tracking the index to make adjustments to their portfolio.
SEP-OCT
L & T Technology services also bought its IPO in September. It had set the price band of initial public offer at Rs 850-860 apiece. The 1.04-crore-share issue, which opened on September 12, helped L & T raise up to Rs 894 crore.
L & T is sold a 10.2 % stake in the engineering, research and development services company in the initial public offer( IPO). Investors had to bid for at least 16 shares in the issue and its multiples. Analysts said the IPO price valuations are pricey compared to its peers like Tata ElxsiBS.
ICICI Prudential Life Insurance will become India ' s first insurer to hit the capital market, when it launches its Rs 6,000 crore initial public offering( IPO) on September 19.
The insurer plans to sell up to 18.13 crore shares in a price band of Rs 300-334 in what would be the biggest IPO of the calendar year. At the upper band of the price band, the issue will fetch Rs 6,057 crore, while at the lower end, it will garner Rs 5,440 crore.
The offer would comprise 12.63 per cent of total post-paid equity share capital of the company.
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