Quality Power drops 10% on mkt debut; Mirae Asset MF launches two ETFs

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Shares of Quality Power Electrical Equip­ments fell nearly 10 per cent on their trading debut on Monday. Shares of the electrical equipment maker ended at ₹384, down ₹42, down 9.7 per cent, over issue price of ₹425. The stock hit a high of ₹431 and a low of ₹383 on the NSE, where ₹459 crore worth of shares changed ha­nds. At the last close, the firm was valued at ₹2,970 crore.  Quality Power’s ₹634 crore IPO, which concluded last week, had garnered 1.3 times subsc­rip­tion. Through the IPO, the company had raised ₹225 crore in fresh capital. 

 

Mirae Asset MF launches two ETFs 

Mirae Asset Mutual Fund (MF) on Monday launched two exchange traded funds (ETFs) — BSE Select IPO ETF and BSE 200 Equal Weight ETF. The fund house has also launched two fund of funds (FoFs) which will invest in the two ETFs.  While the BSE Select IPO ETF and FoF will provide exposure to new firms after listing, the BSE 200 Equal Weight ETF and FoF is an equal weighted strat­egy where each stock is assigned equal weight in a portfolio consisting of 100 largecap and top 100 midcap comp­anies, said Siddharth Srivastava, Head-ETF Product & Fund Manager, Mirae Asset Investment Managers (India).