Perspectives - May 2016
Indian equities were in positive in May 2016 with Nifty 50 closing 3.95% higher than the previous month. May 2016 saw an uptick in deal activity with 10 deals amounting to ~US$1 bn. The key deals were the BP's ~11.8% stake sale in Castrol India ($307mn) and the promoter's ~4.2% stake sale in Eicher Motors ($313mn) in the secondary market. In the primary markets, the IPOs of Ujjivan Financial Services (~$133mn), Parag Milk Foods (~$112mn) and Thyrocare Technologies ($72mn) were the notable ones.