Shares opens strong but profit taking erases more than half the gains
DQ Entertainment (International) Limited made its debut on the BSE yesterday. It had a colourful listing ceremony and the share had a flying start. The share which was issued at Rs 75 per share opened at Rs 135 and made a high of Rs 140, a gain at the highest level of 75%. From these levels the share started falling and made a low of Rs 106.55, and finally closed at Rs 108.55, a net gain of 28.55%.
| Exchange | Open | High | Low | Close | Net Change | % gain | Wt Avg | Volume | Delivery | Del % age |
| BSE | 135.00 | 140.00 | 106.55 | 108.55 | 28.55 | 35.69 | 115.23 | 39945184 | 7704269 | 19.29 |
The share had decent volumes and the traded quantity on the BSE was 4 cr shares. Incidentally this share is not listed on the NSE as yet. The issue size was 1.6 cr shares which mean that roughly 2.5 times the IPO size was traded on day one. The delivery as a percentage of shares traded was 19.29% and in absolute numbers 77.04 lakh shares. Looking at the delivery figure in terms of percentage of IPO size it is 48.06% which is fairly high for day one. I believe the price drop towards the latter half of the day has been because of this selling pressure.
The share should hold ground today as trading for the new financial year begins. Trading for the financial year 2010-2011 would begin from today.
