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Dow Jones closed the week with modest gains and was up 38.25 points or 0.14 per cent at 27,192.45 points. The Fed meets during the upcoming week and is widely expected to reduce interest rates. The Indian Rupee lost 10 paisa or 0.15 per cent to close at Rs 68.90 to the Dollar.July futures expired on a weak note and the series was down 693.75 points or 5.81 per cent to close at 11,252.15 points. This was probably the worst expiry since the beginning of the current calendar year.Results season continues to be tough. Tata Motors reported huge losses for the quarter with net revenue on a consolidated basis at Rs 61,467 crore while there was a loss before tax of Rs 3,129 crore. Revenues were down 7.7 per cent compared to a year ago. The share price corrected on Friday and lost almost Rs 7 at Rs 144.35.The fresh issue of Rs 90 crore and simultaneous offer for sale of 49,53,020 equity shares from Affle India Ltd begins July 29 and closes on July 31. The price band is Rs 740-745. The price earnings multiple based on consolidated results for the year ended March 2019 is 36.82-37.06 based on the EPS of Rs 6.87. The company had earlier on Friday allotted 27,72,483 shares to 15 anchor investors comprising of 28 entities.The company is a global technology company and derives the largest part of its revenue from consumer platform. This platform provides new consumer conversions (acquisitions engagements and transactions) through relevant mobile advertising. It has in the last 12-18 months completed three acquisitions which would going forward result in margin expansion as the margins currently from these acquired businesses were lower compared to the parent's core business. The issue is a Newgen business and is currently focused on the smart phone or hand held device.There would be more IPOs coming in the next fortnight as companies look to raise capital to fund their businesses and also provide exit to private equity investors. The success or otherwise of these issues would depend on pricing.The week ahead would see markets try to build on the base after the sharp correction since budget was presented three weeks ago. The selling from FPIs should also abate going forward which would provide relief to the markets.It makes sense to look to build one's portfolio going forward from hereon and use dips to add to the same.(Arun Kejriwal is founder of Kejriwal Research and Investment Services. The views expressed are personal.)( With inputs from IANS )

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