Decent start – Selling pressure but has found support
The company has declared its results for the quarter and year ended March 2010 which is far ahead and better than expected in the article which I had written about the company. There is a seasonality factor in the business and the second half and particularly the fourth quarter is very strong.
In the article the seasonality factor was taken into account and sales were expected at Rs 500-520 crs against which the company has delivered gross sales of Rs 559 crs. The net profit was expected to be Rs 30.5 to 31.5 crs against which the company has reported a PAT of Rs 34.20 crs.
Coming to the listing itself. The share listed at Rs 76 on the BSE and Rs 75 on the NSE. The highs were Rs 79 on the BSE and Rs 75.95 on the NSE, while the lows were Rs 65.80 and Rs 65.70 respectively.
| Exchange | Open | High | Low | Close | Net Change | % gain | Volume | Wt Avg |
| BSE | 76.00 | 79.00 | 65.80 | 67.45 | -7.55 | -10.07 | 3416747 | 70.13 |
| NSE | 75.00 | 75.95 | 65.70 | 67.40 | -7.60 | -10.13 | 4765250 | 70.18 |
| Total | 8181997 |
The volume has been quite brisk and in the first hour of trade a total volume of 81.81 lac shares or roughly 30.6% of the IPO issue size has been traded. The share opened steady and was under pressure after some trading but appears to have found support after making the lows. If one were to look at the performance of the company on a day when the markets are down over 1% it seems to be a reasonable listing and if the share is able to recover from these levels and close better than Rs 70 it would be a good performance.
More about the share at the end of the day looking at the delivery and trading volumes.
