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MAS Financial Services IPO, Global Stock Market Events & Top Cues in Action Today
Fri, 6 Oct Pre-Open | Rini Mehta, TM Team

Indian share markets ended lower on Thursday after four straight sessions of gains, as investors booked profits in oil refiners amid a lack of fresh triggers after the Reserve Bank of India (RBI) kept interest rates unchanged in a move that was widely expected.

At the closing bell, the BSE Sensex closed lower by 80 points and the NSE Nifty finished down by 26 points.

NTPC, Coal India, Aurobindo Pharma and Ambuja Cements were the top gainers, while ICICI Bank, Hero MotoCorp, Tech Mahindra and Bharti Infratel lost the most.

Top Stocks in Action Today

Glenmark Pharma is set to hog limelight today after UK drug regulator renewed a manufacturing certificate for Glenmark's Baddi unit.

VST Tillers Tractors will be in focus today as it reported a 31% growth in total sales at 3,196 units in the month of September. It had sold 2,440 units in the same month last year.

Maruti Suzuki India has reported 3.3% rise in its production to 1,51,239 units in September 2017, as compared to 1,46,434 units in September 2016.

Mahindra and Mahindra is also likely to be in focus after a rating upgrade on the stock by leading brokerage firm.

State Bank of India's senior most of the managing directors, Rajnish Kumar will become the 25th chairman of the country's largest lender, succeeding Arundhati Bhattacharya, who is set to retire today.

The National Company Law Tribunal (NCLT) has sanctioned the scheme of amalgamation of Zuari Agro Chemicals with Zuari Fertilisers and Chemicals (ZFCL), Zuari Speciality Fertilisers (ZSFL) and Zuari Agri Sciences (ZASL).

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Global Stock Market Drivers

Asian shares were a tad firmer on Thursday, taking their cues from strong US data although holiday-thinned trade and uncertainty about the impact of recent hurricanes on the US economy are likely to keep investors cautious.

The broader European equity gauge declined while Treasuries and the dollar were steady. While, the pound fell against most major peers as political noise swirls around UK Prime Minister May's leadership.

Here are the key events coming up during the remainder of this week:

  • Minutes of the last ECB meeting.
  • The US September nonfarm payrolls report, likely to be affected by the impact of hurricanes on southern states, comes out today.

From Commodities Space

Gold prices tumbled by Rs 225 to Rs 30,375 per 10 grams at the bullion market on Thursday on muted demand from local jewellers even as the metal strengthened overseas. Silver followed suit and dropped by Rs 450 to Rs 40,000 per kg due to reduced offtake by industrial units and coin makers.

Meanwhile, oil prices steadied on Thursday on expectations that Saudi Arabia and Russia would extend production cuts, although record US exports and the return of supply from a Libyan oilfield dragged on the market.

To keep a tab on the movements in crude oil and other commodities, you can read the stock market commentary from the Daily Profit Hunter team. Their commentary tracks the developments in the global economy as well as stock, currency and commodity markets.

From the IPO Space

MAS Financial Services, a Gujarat-based non-banking financial company (NBFC), is set to raise Rs 4.6 billion from the primary market through its initial public offer (IPO) of shares, which will open today.

The MAS Financial Services IPO, priced in a band of Rs 456-459, is a mix of fresh issue and offer for sale by early investors and will give the company a post-issue valuation of Rs 25 billion. The IPO can be subscribed in lot sizes of 32 shares.

Meanwhile, the Rs 1,157 crore IPO of Godrej Agrovet (GAVL) was subscribed 89% on day two of the bidding process on Thursday.

So, do these companies have sound business models? Are they leaving enough money on the table for investors? We will soon release the IPO note for the above IPOs. You can access the same in our IPO section.

To know which IPOs to subscribe to, you can download our FREE report - How to Get Rich with IPOs. This report will show you how to safely profit from the 2017 IPO rush.

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

Read the latest Market Commentary

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Mar 21, 2018 (Close)