Bharat-22 ETF to raise Rs 8000 Cr.

The government will start the 'Bharat 22' ETF (Exchange Traded Fund), managed by ICICI Prudential MF, to garner about Rs 8000 cr. As per statement, the new fund offer will open for anchor investors on Nov 14 2017, whereas subscription for retail investors will launch from Nov 15 and continue till Nov 17.

Bharat-22 ETF consists of 22 scrips of public sector units, banks and companies in which the govt holds a minority stake.  It is a good opportunity for investors to play a part in some of the best entities with high future growth potential.

The state-owned companies or PSUs that are part of the new ETF are IOCL, ONGC, BPCL, SBI, Coal India Ltd and Nalco.  The other Central PSUs on the list are Bharat Electronics, Engineers India, NTPC, NBCC, SJVNL, NHPC, PGCIL, GAIL India and NLC India.

The govt is expected to fetch an initial amount of Rs. 8,000 cr from the Bharat-22 ETF. ICICI Prudential MF has already filed docs for the new ETF with markets regulator Sebi.

Mahindra Logistics settles tepid on stock market debut

Shares of Mahindra Logistics, a subsidiary of Mahindra & Mahindra, made a tepid debut in stock market on Friday. The stock settled at Rs 429.15 on BSE, nearly flat in comparison with its issue price of Rs 429 on its debut on the Exchange on Friday, 10 Nov, 2017. 

The stock hit an intraday low of Rs. 416.55 per share, down by nearly 4%t and an intraday high of Rs. 433.95 /share, higher by 0.45% on BSE in Friday’s trade. The stock closed at Rs. 429.15 per share, higher by 0.03% from its previous close on BSE. 

Just Dial Surge 20% on Report of Takeover Talks With Google

The stock of Just Dial registered a surge of 20% during the early hours of trade on Friday. Shares jumped to Rs.549.85, 19.79% higher than the last session's closing of Rs.459 on BSE. Increased investor interest in the stock comes on the back of news report that Google is in talks with Just Dial for an acquisition deal.

The scrip pared some of the gains at 11.30 am, the scrip traded at Rs. 532.20, 15.95% higher than the previous session's closing on BSE. The stock is, still far lower than its 52-week of Rs. 619 that it attained on March 17 this year.

The company had posted net profit after tax of Rs. 37.46 cr in the Q2FY18.  In the first quarter, the company posted Rs. 38.16 cr profit after tax. Revenue for the last two quarters figured at Rs.194 cr and Rs.190 cr by Sept and April quarter, respectively.