August 26th, 2010
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BSE price & volume chart
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.
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August 25th, 2010
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Prakash Steelage Limited listed on the BSE and NSE today. There was a glittering listing ceremony held at the BSE. The company had its IPO between the 5th and 10th of August and the size of issue was 62.5 lakh shares. The price band was Rs 100-1110 and the issue was subscribed 4.53 times.
The share listed at the BSE at Rs 118.55 on the BSE and Rs 122 on the NSE. The highs were Rs 132.70 and Rs 132.55 respectively. The lows were Rs 117 on both the exchanges. The traded volume in the first hour of trade was 2.35 cr shares or 3.76 times the IPO size of 62.5 lakh shares.
| Exchange |
Open |
High |
Low |
Close |
Net Change |
% gain |
Volume |
Wt Avg |
| BSE |
118.55 |
132.70 |
117.00 |
132.65 |
22.65 |
20.59 |
10495308 |
126.24 |
| NSE |
122.00 |
132.55 |
117.00 |
132.35 |
22.35 |
20.32 |
12952491 |
126.42 |
| Total |
|
|
|
|
|
|
23447799 |
|
The share has made a good start and is currently holding on to all its gains and trading close to the highs made. It would be interesting to see how the share fares at the end of the day.
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August 23rd, 2010
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Prakash Steelage Limited had tapped the capital markets with an issue for 62.5 lakh shares in a price band of Rs 100-110 during the 5th and 10th of August. The issue was oversubscribed 4.53 times overall. The company is to list on the BSE and NSE and there would be a listing ceremony held at the BSE.
Prakash Steelage Limited is in the business of manufacturing of seamless and welded stainless steel pipes, tubes and U-tubes. It has two manufacturing units located in Silvassa and Umbergaon in Gujarat.
The company had raised Rs 192.5 crs through the IPO and the price fixed was Rs 110.
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