Reliance Nippon IPO sets price band, seeks to garner Rs1,542 crore

Reliance Nippon Life Asset Management Ltd (RNAM), comes up with an initial public offering (IPO), to raise up to Rs. 1,542 crore with the company, on Thursday.  The price band set of Rs. 247-252 per share. RNAM is a subsidiary of Reliance Capital, with Japan’s Nippon Life Insurance Co, as its strategic partner.

The offer will run from 25 to 27 October, involves a 10 percent stake sale in the company. Its two main shareholders viz. Nippon Life will sell up to 2.55 million and Anil Ambani’s Reliance Capital will sell up to 1.12 million shares, each.

JM Financial, Citic CLSA, Nomura and Axis Capital are the main banks managing the offer, while the book runners namely - Edelweiss, IIFL Holdings, SBI Capital Markets and Yes Securities.

Oil stocks surge on Wednesday

Oil stocks gained on Exchanges post lunch hours. Oil stock gains as the central govt might incentivize investments in the oil & gas exploration sector, as the GST Council had proposed.  Hindustan Petroleum Corporation Ltd (HPCL) rose 5.45% , Indraprastha Gas up 2.85%, Indian Oil Corporation (IOC) up 2.71%, Petronet LNG rose 2.48% Bharat Petroleum Corporation Ltd. (BPCL) up 2.41%, Reliance Industries rose 1.11% and GAIL up 0.50% , while Oil India stocks was trading on lower, down by 0.23%

V I P Industries Share Technical Recommendation for Tomorrow Trading ( 10 Oct 2017)

Research Head (MONEY MAKER RESEARCH & INVESTMENT ADVISOR PVT LTD) is having a view that one can go long in VIPIND.

“VIPIND is the stock which I would suggest to buy above 276; this can see upside to levels closer to Rs 287 - 290 zones, keep stop loss below Rs 272.50.

Stock has been gaining for the last 3 days and has risen 6.56% in the period & Outperformed Sector by 1.92%.

Stock has traded higher than 5 day, 20 day, 50 day, 100 day and 200 day moving average.

VIPIND was closed 2.93 percent up today at 116.40 at NSE.