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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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Gold falls Rs 125 on weak global cues, easing demand

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Commodity Intraday Tips, Equity Tips, Market UpdateGold price drifted lower by Rs 125 to Rs 29,275 per 10 grams today, 6 April 2017, on weak global cues despite fall in demand from local jewellers. On the other side, Silver followed suit and softened by Rs. 100 to Rs. 42,500 per kg due to reduced off-take by industrial units and coin makers.

In New Delhi, gold of 99.9 purity traded lower by Rs 125 to Rs 29,275 and 99.5% purity traded lower to Rs 29,125 per 10 grams. Gold had gained Rs 340 in the past three sessions. Globally, the price of Gold fell by 0.13% to USD 1,253.80 an ounce, and silver fell by 0.25% to USD 18.22 an ounce in Singapore.

Price of Sovereign remained unaltered at Rs 24,400 per piece of eight grams. Following the precious metal, silver ready declined by Rs 100 to Rs 42,500 per k.g . The weekly-based delivery is noted by Rs 185 to Rs 42,240 per kg. Silver coins held steady at Rs 71,000 for buying and Rs 72,000 for selling of 100 pcs.