At the issue price, the Tatva Chintan commanded a PE of 41.62 times and a market-cap of Rs 2,400 crore compared with listed peers Aarti Industries 63 times and Navin Fluorine International at 61.4 times.
Astha Jain of Hem Securities advised long-term investors to pare at least 50 per cent of their holdings. Investors, who were seeking listing gains only, should book 100 per cent profits on Day 1 itself, she said.
The Rs 500 crore IPO, which was sold from July 16 to 20, saw strong demand. Overall, the issue was subscribed over 180 times, with the quota reserved for qualified institutional buyers (QIBs) 185.23 times while the one reserved for non-institutional investors (NIIs) 512.22 times. The retail quota was subscribed 35.35 times.
Navin Fluorine International - High opex dents margin - HDFC Securities
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Tatva Chintan set to become 2nd stock in July to double investor money on debut
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The stock markets opened negative on Monday (July 26), first day of trading week amidst negative global cues.
Sensex was down 150.83 points or 0.28 percent at 52,824.97 while Nifty declined 43.80 points or 0.28 percent at 15,812.25 points.
After slipping over 192.17 points lower, the 30-share BSE index pared some of its losses to trade 54.98 points or 0.10 percent lower at 52,920.82 in initial deals, while the broader NSE Nifty fell 11.55 points or 0.07 percent to 15,844.50.
Axis Bank was the top loser in the Sensex pack, shedding more than 1 percent, followed by Maruti, SBI, HDFC and ICICI Bank. Reliance was trading 0.41 percent lower.
On the other hand, ITC, Titan, Infosys, Sun Pharma, NTPC and Tata Steel were among the gainers.