Share closes with gains of 58%
Shekhawati Poly-Yarns Limited had a great start at the bourses yesterday. The share which was issued at Rs 30 listed at the BSE at Rs 32.50 and at Rs 50 at the NSE. The high was Rs 69 at the BSE, a gain of Rs 39 or 130%, and Rs 69.70 on the NSE. The low was Rs 30.70 on the BSE and NSE and was made in the last few minutes of trade as is visible from the price chart.
| Exchange | Open | High | Low | Close | Net Change | % gain | Wt Avg | Volume | Delivery | Del % age |
| BSE | 32.50 | 69.00 | 30.70 | 47.50 | 17.50 | 58.33 | 50.70 | 105114237 | 3001645 | 2.86 |
| NSE | 50.00 | 69.70 | 30.70 | 47.50 | 17.50 | 58.33 | 51.24 | 119347258 | 4590225 | 3.85 |
| Total | 224461495 | 7591870 | 3.38 |
The issue size was 1.2 cr shares and the amount of money raised through the fixed price issue was Rs 36 crs. The traded volume was 22.44 cr shares or 18.7 times the IPO size. The delivery volume was 75.91 lac shares which was a mere 3.38% of the traded volume but a staggering 63% of the IPO size. A very interesting observation from the price chart appended below shows that the stock was continuously moving up from the time trading began at 9.15 am and made a high at just around 3 p.m. Thereafter in the next 30 minutes of trade it was a free fall and from Rs 69 it fell all the way to just about the issue price. The last traded price on the NSE was Rs 32.05 and a similar price or thereabouts on the BSE as well. The fall in price was huge and was accompanied with very heavy volumes.
The weighted average of the day was Rs 50.70 on the BSE and Rs 51.74 on the NSE, implying that investors had every opportunity to make money in this share. The weighted average last 30 minutes close saw the share price close at Rs 47.50 on the BSE and the NSE respectively indicating the severity of the fall and the level from which it fell. The stock price which was ruling at Rs 69 at around 3 pm reached a level of Rs 32 in a flat 30 minutes.
There are no fundamentals in the scrip and neither the issue price nor the levels reached yesterday are justifiable in any manner. Investors may read the issue analysis to understand what the company is all about before trying to enter a stock simply because it had intraday appreciated 130% and closed with a gain of 58.33%. Expect the share to open sharply down today simply because the last trade was around the levels of Rs 32.
