Top Newz for this week (23-Mar-2014)
CPSE ETF Oversubscribed, RBI allows Pvt banks to import gold, Oceana Biotek IPO closes, BOI Axa applied for FMP mutual fund to SEBI, Women Next Lingerie IPO to open this week for subscription are some of the top news in personal finance and investment world.
Whatz happening in Financial Markets?
Sensex has lost 52 points this week. Currently SENSEX is at 21,757. We still expect that SENSEX may show new highs in coming weeks due to the elections ahead.
- Top 5 Gainers are Maruti 8%, Tata Steel 6%, Hindalco 5%, Wipro 5%, HUL 4%
- Top 5 Losers are M&M 5%, GAIL 5%, ONGC 4%, L&T 3% and Infy 3%
The rupee has strengthened this week against the dollar. Currently trading at Rs 60.89 / dollar compared to the previous week of Rs 61.19 / dollar.
Top newz in the investment and personal finance world
1) Loha Ispat IPO revises issue price, closure date: Loha Ispta IPO was oversubscribed by QIB portion. For Retail investors, it has revised the issue price band between Rs 74 to Rs 77 and extended the date to 26th March, 2014 (Tuesday). I have recommended this Loha Isppaat as good IPO.
2) CPSE ETF oversubscribed: CPSE ETF which opened for subscription this week has been oversubscribed. CPSE ETF invests in 10 PSE where Govt. of India planned to dis-invest. CPSE ETF was able to get Rs 3,500 Crores from investors.
3) Oceanaa Biotek IPO: Oceanaa Biotek IPO opened for subscription this week and ended this week. Issue price is Rs 10. I have indicated that it is high risk to invest in such IPO’s.
4) FII’s pour Rs 5,000 Crores in Stock market in last 15 days: FII’s have been net buyers in last 15 days for an amount of RS 5,000 Crores. FII’s has been pumping money hoping new expectations from the government, which would be formed in next month's elections.
5) Women Next Lingerie IPO to open this week: Women Next Lingerie Ltd, which is specialized in manufacturing women inner wear segment is coming up for IPO this week. The issue price is Rs 65 which includes premium of RS 55 per share. This company has started 3 years back and showing a good growth in revenues and profits. You would see our analysis on Women Next Lingerie IPO tomorrow.
6) RBI allows Private Banks to import gold: RBI has allowed top private banks to import gold. This would ease the norms imposed by RBI a year back. This move would increase gold supplies in India and there are chances that gold prices may decline in coming months.
7) Infy – 10 Executives quit may hit performance: Analysts expect that 10 executives exit from Infosys in the last few months can hit the Infosys turnaround efforts. Infosys already sees the heat in stock price in the last few days and it is in decline mode.
8) BOI AXA FMP NFO: BOI AXA has applied to SEBI for fixed maturity plan NFO. This FMP is a low risk mutual fund, which would open for subscription once SEBI approves.
9) Reliance applies to SEBI for Capital Protection Oriented Fund NFO: Reliance MF is planning to come up with Capital protection oriented fund which is a close ended fund with low risk. Reliance MF has applied to SEBI and is expected to be launched soon. This fund has been rated by CARE as AAAmfs.
10) Gold and Silver: Gold and Silver prices have declined this week. Gold has declined by 1.7% and Silver declined by 5%. Current gold prices are at Rs 29,700 for 10 grams. Silver is at Rs 44,700 per Kilogram.
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