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Journalism of Courage
Defying the weak broader market sentiment,stock of Sanghvi Forging & Engineering ended on a spectacular note today,skyrocketing by nearly 33 per cent to close at Rs 113 on the NSE vis-a-vis the issue price of Rs 85.
After debuting with a premium of over 3 per cent,the stock settled at Rs 113,up 32.94 per cent from the issue price on the National Stock Exchange (NSE).
The company’s counter saw heavy buying on the Bombay Stock Exchange (BSE) as well,where the scrip surged by 31.47 per cent to close at Rs 111.75.
On the volume front,over 7 crore shares of the company changed hands on the bourses during the day.
The company had entered the capital market with a price band of Rs 80-85 a share through a Rs 36.9-crore initial public offer.
The firm intends to utilise the issue proceeds for partly financing the cost of setting up 15,000 MTPA open die forging unit (with single piece forging up to 40 MT) to manufacture proof machined products viz stepped shafts,bars & hollows,blocks,flanged shafts,gear blanks,forging items.
The company is a manufacturer and exporter of forging products for the non-automotive sector.
Meanwhile,the BSE benchmark Sensex ended lower by 332.76 points at 17,993.33.
