Share markets in India are presently trading marginally lower. Sectoral indices are trading on a mixed note with stocks in the metal sector and FMCG sector witnessing maximum selling pressure. Energy stocks are trading in the green.

The BSE Sensex is trading down 45 points (down 0.1%) and the NSE Nifty is trading down by 22 points (down 0.2%). The BSE Mid Cap index is trading down by 0.5%, while the BSE Small Cap index is trading down by 0.1%. The rupee is trading at 64.33 to the US$.

Tejas Networks is set to hit the IPO markets today.

Tejas Networks is an optical and data networking products firm with customers spread over 60 nations. The company designs, develops and sells software enabled networking equipment products to telecommunications service providers, internet service providers, utility companies, defence companies and government entities.

The IPO of the company in will close on June 16, 2017. The price band for the same has been set between Rs 250 and Rs 257 per share and the company plans to issue fresh equity shares worth Rs 4.5 billion and an offer for sale of up to 12,711,605 equity shares.

We will shortly release a note on the above IPO. To know our view on the same, you can visit our IPO page.

One shall note that one of the factors drawing retail investors to Indian share markets is revival of the IPO market.

Given the ongoing buoyancy surrounding IPOs, many expect that fund raising through IPOs would remain robust in FY18.

In the news from global financial markets, investors are keeping tabs on the ongoing US Federal Open Market Committee’s (FOMC) rate-setting meeting.

Most of the market participants believe that Governor Janet Yellen is poised to raise interest rates today. If it does so, it would be the third interest rate hike in the past seven months.

While sluggish US economic growth stands as a possible deterrent to the rate hike, Fed officials have clarified they are not worried about the strength of the economy.

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