Making a stellar debut on the Bombay Stock Exchange,shares of leading hair oil producer Bajaj Corp today rallied by nearly 15 per cent over their issue price to Rs 758.25 at the close of trade.
Bajaj Corp surged by 10.60 per cent to Rs 730 in early trade on the BSE,before ending at Rs 758.25,up 14.88 per cent over the issue price of Rs 660 a share.
During the day,the scrip climbed over 23 per cent to touch an intra-day high of Rs 812.
“The broader market was bullish today,propelling the stock to see an upsurge. Also,the rise was very much in line with market expectations,” SMC Global Vice-President Rajesh Jain said.
The company performed smartly on the National Stock Exchange as well and closed at Rs 754,up 14.24 per cent.
On the volume front,a total of over 95 lakh shares of Bajaj Corp changed hands on the two exchanges.
The company had entered the capital market on August 2 with an initial public offer of 45 lakh equity shares,through which it raised Rs 297 crore.
Meanwhile,the BSE-30 Sensex closed the day up by 208.27 points at 18,257.12.
Bajaj Corp is the second largest company in the Shishir Bajaj Group of companies. The company manufactures and markets five major brands.