Stock market Sep 17: Tata shares rise after reports of Chandrasekaran's reappointment; NSE IPO opens | Business News

Stock market Sep 17: Tata group companies' shares rose on Thursday after media reports said that Tata Sons has approved a fresh five-year term for N Chandrasekaran as executive chairman, reversing his earlier decision to not see a reappointment.Meanwhile, the National Stock Exchange of India (NSE) opened its ₹22,569 crore initial public offering (IPO) for public subscription at 10 am on Thursday. The shares are being offered at ₹1,700 to ₹1,785 a share and will close for subscription on September 21.At the upper end of the price band, the IPO is set to raise ₹22,600 crore ($2.4 billion), making it the second-largest IPO in India after Hyundai Motor India Ltd.'s 2024 listing, which raised ₹27,900 crore, according to data mentioned in a Bloomberg report.The price would value NSE at about 42.9 times its earnings for the year ended March. While that is a discount to domestic rival BSE Ltd., it is well above the roughly 24 to 25 times earnings multiple for some of the world's largest listed exchanges.Indian stock market indices BSE Sensex and NSE Nifty had a muted start on Thursday after the US Federal Reserve raised interest rates and signalled further hikes. Elevated crude prices and a busy primary market, led by the National Stock Exchange of India's IPO opening, weighed on sentiment.The Fed raised rates by 25 basis points in a unanimous decision, its first increase in more than three years. Updated quarterly projections showed that 16 of 18 policymakers expected at least one additional 25-basis-point increase by year-end.