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HDFC AMC IPO hits Capital Market this week

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HDFC Asset Management Company is expected to report stellar growth performance in the long run at par with its listed group companies.

India’s second-largest fund house by assets under management, HDFC AMC, the subsidiary of Housing Development Finance Corpn (HDFC) is planning to raise around Rs 2,800 crore from its IPO, making it the fifth listed entity from HDFC group.

The anchor investor portion of the IPO will be open for subscription on 24 July 2018 whereas retail investors can start subscribing to the offer from 25 July 2018. The issue closes on Friday, July 27, 2018.

HDFC AMC IPO offers up to 2.54 crore equity shares of the fund house through an offer for sale (OFS) of 4.08% stake (85.92 lakh shares) by HDFC and up to 7.95% holding (1.68 crore shares) by Standard Life.

The shares will be listed both on National Stock Exchange (NSE) and Bombay Stock Exchange (BSE).

Presently, HDFC Asset Management Company has 60,000 em panelled distribution partners across India. The Company is expected to report strong growth performance in the long run matching with its peers.

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ITC Stocks rallied over 6 percent on the previous day of trade

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ITC, ITC Share Prices, Stock NewsThe ITC Ltd stock has projected a bearish outlook in today’s session registering weak trading of over 1 percent at Rs 300.45/ share on BSE, in the mid noon hours.

ITC share rallied over 6 percent on the previous day of trade, its single biggest gain in 14 months. The stock has also traded on a new 52-week high of Rs 304.90 share apiece, on BSE and Rs, 304.80 share apiece on NSE on the previous day trade.

The stock today attracted a traded volume of Rs 10,153,037 shares and a traded value of Rs. 30,486.52 lakhs on National Stock Exchange. Meanwhile, FMCG index was trading in bearish sentiments plunging over 153 pts or 0.61 percent at 25,076 levels.

ITC shares is presently trading at Rs 300.2, down by Rs 3.45 or 1.14 percent from its last closing of Rs 303.65 on the BSE. The scrip opened at Rs. 302 and has touched a high of Rs 303.75 and a low Rs 298.3. The current market capitalization of the company is Rs 3,68,855.29 crore. The holding of promoters in the company stood at zero percent, Institutions held 55.76 percent and Non-Institutions held and 44.04 percent.