Shares traded up – but appear to be under pressure and have cracked.

Trading in shares of Euro Multivision Limited began today on the BSE and the NSE. The company had come out with its IPO in a price band of Rs 70-75 and the shares were allotted at the top end of the price band of Rs 75. The company is setting up a project to manufacture photo-voltaic cells in Bhachau in Gujarat. The company is presently engaged in the business of manufacturing CD’s or compact disc recordable. The issue was for 86 lac shares and was open for subscription during the 22nd and 24th of September 2009.

Trading began on a brisk note and in the first thirty five minutes of trade over 103 lakh shares or more than the issued capital was traded. The opening price on the BSE was Rs 75 while on the NSE it was Rs 70. The share has been continuously slipping and it would have to be seen where it attracts support.