Money on the markets

A maturing market amid the mayhem

The new IPO index


INDIA-BUDGETThe recently launched BSE initial public offering (IPO) index gained nearly 2 percent on Monday, as the stock market surged to its 15-month closing high just above the 16,000 mark.

The index was launched on August 24 to track the value of stocks for two years after listing. It currently has 50 stocks and the maximum weighting for a stock is capped at 20 percent.

The base date of the index is May 3, 2004 and the base value was set at 1000 points. The index closed at 1,985 on Monday.

Stocks like Reliance Power, Mundra Port, Motilal Oswal and Gammon India are included in the index.