Investors are reallocating money to drugmakers, and healthcare companies boosted by their status of being sound bets in challenging stock market conditions. Analysts expect many of these stocks to extend recent gains as improved sector prospects and a slowdown in the domestic economy could continue to drive investor appetite for companies with global exposure.
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Rajasthan-based Mangal Electrical Industries plans to approach the primary market to raise Rs 450 crore via an initial public offering for its capacity expansion and working capital requirements. It has filed a draft red herring prospectus (DRHP) with the SEBI on December 24. The IPO consists of an entirely fresh issue by the company, with no offer-for-sale component.
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According to the latest RBI data released in its monthly Bulletin on Tuesday, most external sector parameters weakened in October. The only exception was gross foreign direct investment, which rose 14% to $6.8 billion in October. However, other indicators showed a decline. Non-resident Indian (NRI) deposits and outward remittances under the liberalised remittance scheme slowed in October.
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