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Stock Market Live: The Indian market was trading lower on Thursday following losses in global markets after the US Federal Reserve’s policymaking committee indicated the overnight rate could stay close to zero for years to reach its 2 percent inflation target. Losses in the domestic indices were led by banking and IT stocks.
Oil steady as demand worries revive, crews return to US Gulf rigs
Oil prices were mixed in early trade on Thursday, just clinging to overnight gains, as concerns about weak fuel demand were in the frame again after Hurricane Sally blasted through the Gulf of Mexico into the southeastern United States. US West Texas Intermediate (WTI) crude futures were flat at $40.16 a barrel at 0118 GMT, after jumping 4.9 percent on Wednesday. Brent crude futures gained 5 cents, or 0.1 percent, to $42.27 a barrel, after climbing 4.2 percent on Wednesday. Prices were mostly in negative ground in early trade after a bigger than expected rise in U.S. distillate stockpiles, which include diesel and heating oil, raised alarm about fuel demand in the world’s biggest economy.
CAMS IPO to open on September 21, price band fixed at Rs 1,229-1,230/share
Computer Age Management Services (CAMS) is planning to raise about Rs 1,500 crore from the general public via initial public offering (IPO), which will open for subscription on September 21 to September 23. The price band is fixed at Rs 1,229-1,230 per share. Just like Chemcon Speciality Chemicals, the bidding by anchor investors will take place on September 18. The Chennai-based company seeks to raise Rs 2,240-2,242 crore from the market. The IPO consists an offer for sale of 1,82,46,600 equity shares by Great Terrain Investment, NSE Investments, Acsys Investments, HDFC and HDB Employees Welfare Trust, as per the draft papers filed with Sebi. CAMS is the largest registrar and transfer agent of mutual funds with an aggregate market share of approximately 70 percent based on mutual fund average assets under management. More here
Take a look at how markets are performing elsewhere.
Happiest Minds to list on exchanges today
IT services firm Happiest Minds Technologies, which concluded its initial public offering last week on a remarkable note, will make stock market debut on Thursday. The Rs 702-crore initial public offering of Happiest Minds Technologies, promoted by Ashok Soota, garnered massive response from investors as it was subscribed a whopping 151 times. The price band for the offer, which closed for subscription on last Wednesday, was fixed at Rs 165-166 per equity share.
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