Prakash Steelage Limited listed on the BSE and NSE yesterday. The share had a great debut yesterday. There was a glittering listing ceremony held at the BSE for the same. The share made its debut at the BSE at Rs 118.55 and at Rs 122 on the NSE. The lows were made in the morning itself and were at Rs 117 on both the exchanges. The share moved up steadily and was trading between Rs 140 and Rs 145 till about 2.30 pm. Thereafter there was frantic short covering and accompanied with huge volume the share touched Rs 200 before closing at Rs 187.95 on the BSE and Rs 185.35 on the NSE. The highs were Rs 201.90 on the BSE and Rs 200 on the NSE.

Exchange	Open	High	Low	Close	Net Change	% gain	Wt Avg	Volume	Delivery	Del % age
BSE	118.55	201.90	117.00	187.95	77.95	70.86	148.50	46862627	2576818	5.50
NSE	122.00	200.00	117.00	185.35	75.35	68.50	150.13	61634263	2716349	4.41
Total								108496890	5293167	4.88

Trading volume which was 2.34 cr shares at the end of the first hour continued its momentum and in the last hour went crazy clocking a turnover of 4.68 crs on the BSE and 6.16 crs on the NSE. The total traded turnover was 10.85 cr shares which is 17.36 times the IPO size of 62.5 lakh shares. The delivery volume was 52.93 lakh shares or a mere 4.88% of traded volume. However as a %age of IPO size it was 84.69%.   

Institutions have sold their shares and some of them include names like Somerset Emerging Opportunities Fund, Somerset India Fund, India Max Investment Fund Limited, Deutsche Securities Mauritius Limited and Taib Securities Mauritius Limited. It appears against the institutional and retail selling some corporate and HNI’s have bought shares and these names are available on the BSE and NSE bulk trades segment.

For the share to remain strong and continue to trade at current levels which are fundamentally unjustifiable, the people or entities who have bought yesterday should continue to hold their shares. The current price makes the share extremely expensive and though there has been unexpected movement yesterday, one should not get tempted to buy this share at current levels.