Share markets in India are presently trading on a negative note, tracking the mixed trend in Asian peers as investors await the US Federal Reserve's interest rate decision.
Benchmark indices are trading with slight cuts in today's rangebound trade, weighed down by IT stocks.
Prime Minister Narendra Modi is set to hold a meeting with the chief executives of state-owned and private banks today.
This is the first meeting that the Prime Minister is going to hold with the brass of financial institutions after the Covid-19 pandemic.
In early trade today, the BSE Sensex rose as much as 100 points. Presently, the is trading down by 74 points, at 38,400 levels.
Meanwhile, the NSE Nifty is trading down by 12 points.
Both, the BSE Mid Cap index and the BSE Small Cap index are trading up by 1.1%.
On the sectoral front, IT stocks are witnessing most of the selling pressure.
The rupee is trading at 74.75 against the US$.
Gold prices are trading down by 0.2% at Rs 52,507.
Her efforts have paid off well. Every single smallcap in the list has offered gains, beating the benchmark indices by a handsome margin as can be seen in the chart below.
But even if the gains had not come, Richa's conviction in these 'Essential stocks' would not have been any less. That's because these are coffee can stocks.
The Rs 45 billion IPO of the real estate investment trust has managed to attract bids for 8,34,33,000 units against the 6,77,46,400 units on offer.
The IPO includes fresh issuance worth Rs 10 billion and an offer for sale worth Rs 35 billion.
The real estate investment trust was subscribed to 0.83 times by qualified institutional buyers (QIB). Among QIBs, foreign institutional investors bid for 13.1 million units while domestic financial institutions like banks and NBFCs bid for 1.6 million units, and mutual funds bid for 3.6 million units.
REITs have to pay out at least 90% of their net distributable cash flows to stockholders as dividends.
The majority of the demand came from non-institutional investors that oversubscribed their portion on day two itself. Bids were received for 52.7 million units against the 30.7 million on offer. Among these corporate bids were for 9.5 million units while individuals bid for 39.4 million units.
Mindspace Business Parks REIT has also received Rs 15.2 billion from 54 anchor investors.
Some of the marquee anchor investors include the Government of Singapore, Cohen and Steers Global, HSBC, Fidelity, Nomura, Morgan Stanley, SBI Life Insurance, and HDFC Life Insurance.
Mindspace Business Parks REIT is the second such issue to enter the stock exchanges after Embassy Office Parks was listed last year.
To know more about the REIT, you can access our latest report on the IPO here: Mindspace Business Parks REIT IPO - Should You Apply? (requires subscription).
Moving on to news from the IT sector, NIIT Technologies is among the top buzzing stocks today.
Shares of the company rallied 7% today after reporting a healthy order intake of US$ 186 million in the June quarter (Q1FY21).
The stock of the IT consulting & services company is trading close to its 52-week high level of Rs 2,057, touched on January 23, 2020.
The company said that a fresh business of US$ 186 million was secured during the quarter, which included a large deal along with two more significant deals. A total of 11 new clients were added during the quarter.
On the back of this continued deal signing momentum, the order book executable over the next twelve months increased to US$ 465 million, representing a growth of 18% year on year (YoY).
However, the company's consolidated revenues during the quarter under review declined sequentially by 6.8% in constant currency terms to Rs 10.6 billion.
The decline in revenue was attributed to the slowdown in the travel, transport, and hospitality vertical which declined 31.6% quarter on quarter.
The company reported a 20.6% drop in profit after tax at Rs 799 million for Q1FY21.
NIIT Technologies' share price is presently trading up by 5.9%.
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