After weak start share recovers to close in positive territory
Electrosteel Steels Limited made its debut on the bourses by listing its shares on the BSE and NSE on Friday the 8th of October 2010. The company had issued shares in a price band of Rs 10-11. The issue raised Rs 285.28 crs at the top end of the price band and also included a green shoe option.
The share listed at Rs 12.35 on the BSE and at Rs 11.35 on the NSE respectively. The highs were the open of Rs 12.35 on the BSE and Rs 11.85 on the NSE while the lows were Rs 9.35 on both the exchanges respectively. All the action happened in the initial few minutes of listing and once the share had made its low the share began recovering and continued to do so, virtually for the entire day.
| Exchange | Open | High | Low | Close | Net Change | % gain | Wt Avg | Volume | Delivery | Del % age |
| BSE | 12.35 | 12.35 | 9.35 | 11.25 | 0.25 | 0.08 | 10.79 | 141904149 | 42363485 | 29.85 |
| NSE | 11.15 | 11.85 | 9.35 | 11.25 | 0.25 | 0.08 | 10.78 | 229888785 | 73863017 | 32.13 |
| Total | 371792934 | 116226502 | 31.26 |
The traded volume was 37.18 cr shares which was 1.43 times the IPO size of 25.93 cr shares. The delivery volume was 11.62 crs which was 31.26% of the traded volume and 44.81 % of the IPO size. The weighted average was 10.79 which are significantly lower than the close of Rs 11.25.
On the institutional activity side there was only one name and that company Wellcome Vyapaar Private Limited bought 1,46,25,000 shares on the NSE at an average of Rs 10.67 and bought 1,26,17,030 shares on the BSE at Rs 10.46. The total that this firm has bought is 272.42 lakh shares which are roughly 23.44% of the total delivery volume on the two exchanges combined.
The share has recovered well from the lower levels and seeing this recovery one believes that there could be upside in the coming days.
