India Week Ahead (Nov 06-10): Indian market eyes GST Council meet
Indian market rallied last week to touch fresh highs. Key indices – Sensex ended 1.5% up, Nifty rose 1.2% and Bank Nifty gained 3.1%. Positive global cues and India’s move into the top 100 in World Bank's 'Ease of Doing Business ' list aided the market sentiments.
A look at some key events:
Reliance Nippon Life list on exchanges
Reliance Nippon AMC will make stock market debut on Monday, the company will be the first mutual fund to be listed on Indian stock exchanges. RNAM's IPO was subscribed 81.54 times during October 25-27, worth Rs 88,022.67 cr, price band at Rs 247-252. This is the first IPO from Reliance Group after Reliance Power in 2008.
GST Council meet in Guwahati on November 10
GST Council will meet on Friday in Guwahati. The council may reduce number of products falling under highest tax slab of 28%. GST Council may also discuss bringing real estate under its ambit. Finance Minister last month said that real estate is the one sector where maximum amount of tax evasions take place, there is a strong case to bring it under the ambit of the GST.
Q2 Earnings continue with as many as 7 Nifty companies announcing their numbers, among them will be M&M, SBI, L&T, Coal India and Cipla. Earnings have been mixed bag till now and crucial to hold the current rally in markets.
HDFC Standard Life IPO to hit market on November 7
HDFC Standard Life Insurance, a subsidiary of mortgage lender HDFC, said its initial public offer (IPO) will hit the market on November 7. HDFC will dilute 9.55% stake and Standard Life Mauritius will dilute 5.42% stake via IPO. The IPO will be open for subscription by anchor investors on November 6 and by the public on November 7-9. Promoters are expected to get about Rs 7,500 cr from the stake dilution. The objects of the offer are to achieve the benefits of listing the equity shares on the stock exchanges.