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This is an archive article published on May 23, 2011

Sanghvi Forging debuts at over 3 premium

Shares opened at Rs 88 apiece,reflecting a jump of 3.52 per cent over the issue price.

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Shares of Sanghvi Forging amp; Engineering got listed on the NSE today at a premium of over 3 per cent vis-a-vis their issue price of Rs 85 apiece.

Shares of the company opened at Rs 88 apiece,reflecting a jump of 3.52 per cent over the issue price on the National Stock Exchange NSE. Later,the stock was trading at Rs 89.90 apiece,up 5.76 per cent from the issue price.

On the Bombay Stock Exchange,the scrip debuted at Rs 85 and was later quoting at Rs 90.10.

In terms of volume,over one crore shares of the company changed hands on the bourses in early trade.

The company had entered the capital market through a Rs 36.9 crore initial public offer with a price band of Rs 80-85 per share.

The firm intends to utilise the issue proceeds for partly financing the cost of setting up a 15,000-MTPA open die forging unit with single piece forging up to 40 MT to manufacture proof-machined products such as stepped shafts,bars amp; hollows,blocks,flanged shafts,gear blanks and forging items.

The company is a manufacturer and exporter of forging products for the non-automotive sector.

 

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