Tags:
Journalism of Courage
Defying the broader bearish market sentiment,garment manufacturer Sudar Garments today zoomed by nearly 47 per cent to Rs 113.10 against its issue price of Rs 77 on listing on Bombay Stock Exchange (BSE).
After making a weak debut on the BSE,the stock ended the day at Rs 113.10,reflecting a jump of 46.88 per cent from the issue price on the back of handsome buying by the investors.
In intra-day session,the stock jumped by 52.85 per cent to a high of Rs 117.70.
Investors flocked the company’s counter on the National Stock Exchange as well,where it shot up by 47.08 per cent to Rs 113.25 a share.
The company had fixed a price band of Rs 72-77 a share for its Rs 70 crore initial public offer.
The funds raised through the IPO will be used for expansion of the company’s existing apparel manufacturing unit at Khalapur,in Maharashtra,besides working capital requirements,setting up retail outlets and brand building.
Meanwhile,the BSE 30-share barometer Sensex closed 153.89 points lower at 18,174.09 level.
