Sensex Trades Flat; Energy Stocks Drag


After opening the day in green, Share markets in India traded down throughout the day and are currently trading marginally above the dotted line. Sectoral indices are trading on a mixed note, with stocks in the realty sector and the metal sector witnessing maximum buying interest. Stocks in the energy sector are trading in the red.

The BSE Sensex is trading up by 11 points (up 0.1%) and the NSE Nifty is trading up 12 points (up 0.1%). Meanwhile, the BSE Mid Cap index is trading up by 0.6%, while the BSE Small Cap index is trading up by 0.7%. The rupee is trading at 63.99 to the US$.

In news from the IPO space. ICICI Lombard General Insurance Co.’s initial public offering (IPO) will be open for subscription from 15 to 19 September.

The company plans to an equity dilution of over 86 million shares, with a reservation of up to 4.3 million shares of ICICI Lombard for ICICI Bank Ltd’s existing shareholders. However, the price band for the offer has not yet been decided.

Two state-run general insurers-General Insurance Corp. of India and New India Assurance Co.-as also two life insurance firms – SBI Life and HDFC Standard Life – have lined up IPO plans and are awaiting the market regulator’s go ahead for their respective draft papers.

In related news, two IPOs viz. Dixon Technologies and Bharat Road Network are making waves in the market with their initial share sale offers. The initial public offerings of both these companies will be open for subscription during 6th-8th September.

Dixon Technologies, a consumer electronics manufacturer, has fixed a price band of Rs 1,760-1,766 per share for its IPO, through which it aims to raise about Rs 6 billion. Its public issue was fully subscribed at the time of writing.

Meanwhile, Bharat Road Network (BRN), a Srei Infrastructure Finance initiative, has fixed price band of Rs 195-205 per share for its IPO and also aims to raise Rs 6 billion. At the time of writing, BRN’s public issue was subscribed by 26%.

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