RITES IPO likely in mid-June, sharetips

The initial public offering (IPO) of RITES Limited, earlier known as Rail India Technical and Economic Service, is expected to hit the market between June 20 and 22. About 12% shares of the Railways’ subsidiary will be offered for sale, as per sources familiar with the issue.

With this, RITES will emerge as the second public sector undertaking (PSU) of the Indian Railways to be listed on the NSE and BSE.

The IPO will see sale of 2.4 crore equity shares, amounting to 12% by the promoter, as per Draft red herring prospects (DRHP) filed with Sebi.

As per the annual report of RITES Ltd, it recorded revenue of Rs 1,509 crore in fiscal 2017.  RITES has also been approached by the IRSDC to buy up to 25% stake in the station development arm for Rs. 250 crore, according to the DRHP.

Elara Capital (India), IDFC Bank Ltd, IDBI Capital Markets & Securities Ltd and SBI Capital Markets Ltd will manage the company’s IPO.  As per merchant banking sources, the IPO is expected to fetch around Rs 600 crore.

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Markets Drops For 5th Straight Day, How to find out best stocks

Key Equity indices plunged for the fifth straight day, since the political state of affairs in Karnataka left investors on edge. Besides, elevated crude oil prices added more sentiments.

NSE Nifty dropped 79.80 points at 10516.70 while the BSE Sensex finished 23.17 points, on Mondays’ closing bell.

Oil marketing companies raised fuel prices afresh, taking petrol prices to a historic peak in select metropolitan regions, which impacted market sentiments to a great extent.

Among the top Nifty losers was Dr. Reddy’s, whose shares fell 4.64% at Rs.1,890, followed by Sun Pharma, UPL Ltd, Yes bank and Zee Entertainment Enterprises whicih went down upto 4 percent on NSE. On the other hand, State bank of India, Bharat Petroleum Corporation were top gainers on NSE.

Shares in Jaiprakash Associates Limited plunged 18.62 percent at Rs.14.20 on NSE, after reports that the NCLT had asked the company to return 750 acres to its subsidiary, Jaypee Infratech.

DB Corp Ltd stock rose over 10 percent to Rs. 276 after the company announced its share buyback proposal.

Shares of Colgate Palmolive (India) Limited erases its gains @0.18% to Rs. 1220 after the company’s fourth quarter revenue misses estimate.

Stocks of Indiabulls Real Estate Ltd falls 10.74% after its BoD approves Rs 624 Crore buyback proposal.

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Market are on high points, can oyu trade in market

Stock Tips Indore

Strong global signals and high trading in FII, Sensex jump over 500 points. Nifty also break all record and move above 8300 points. But the question arise behind that, where market moves on next week. On that pinnacle financial services discussed with you on some points.

Our Market Expert Shakher Mishra says market continue run above side. Strong global signals, decreasing the price of Crude Oil and increasing relaxation in monitory policy in Japan that’s a positivity of market. Investors can trade down in market. And Auto, Cement, IT and Banking sector’s can perform apposite to it.