Sensex Opens Lower; IndusInd Bank & Bajaj Finance Fall 3%

The rupee is trading at 73.35 against the US$.

Gold prices are trading down by 0.1% at Rs 45,360 per 10 grams.

Speaking of the current stock market scenario, note that after the recent volatility in the market, the fears of a correction have only grown.

In news from the IPO space...

As per a leading financial daily, Indian stock markets will witness as many as six major companies offering initial public offerings (IPOs) in April.

A similar trend was also seen in March with a total of nine companies being listed on the bourses. These included Laxmi Organic Industries, MTAR Technologies, Nazara Technologies, Easy Trip Planners, Heranba Industries, Craftsman Automation, Suryoday Small Finance Bank, Anupam Rasayan India, and Kalyan Jewellers India.

IPOs like MTAR Technologies and Nazara Technologies listed with whopping premiums of 85% and 79%, respectively, and the biggest issue in terms of size in the month of March was Kalyan Jewellers IPO, which raised Rs 11.8 billion from the primary market.

The public offering of Macrotech Developers will open on April 7 and close on April 9. The issue price for the IPO has been fixed at Rs 483 - 486 per share. Through the IPO, the company aims to raise Rs 25 billion.

Meanwhile, the IPO of Dodla Dairy will reportedly comprise a fresh issue of up to Rs 500 million by the company and an offer for sale (OFS) of up to 10.09 million equity shares by the promoters and an investor.

Seven Islands Shipping is aiming to raise Rs 6 billion through the IPO which will comprise a fundraise via fresh issue amounting to Rs 4 billion and an OFS aggregating up to Rs 2 billion.

Apart from these, through the Rs 73 billion IPO, Aadhar Housing Finance will issue fresh shares worth Rs 15 billion. The IPO is backed by private equity firm Blackstone which will sell existing shares worth Rs 25 billion in the IPO.

How the above IPOs sail through remains to be seen. Meanwhile, we will keep you updated on the latest developments in this space.

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Disclosure: Equitymaster Agora Research Private Limited (Research Analyst) bearing Registration No. INH000000537 (hereinafter referred as 'Equitymaster') is an independent equity research ...

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