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This stock rallied over 40% in two days after tepid market debut

SI Reporter/Mumbai 16 Apr 18 | 12:44 PM

Shares state-owned Mishra Dhatu Nigam (Midhani) rallied more than 40% in past two trading sessions on back of heavy volumes.

At 12.29 pm; Midhani was up 18% to Rs 132, surging 42% in past two trading sessions from Rs 92.95 on Thursday. On comparison, the S&P BSE Sensex was trading 0.16% lower at 34,139 points.

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The trading volumes on the counter jumped nearly three-fold with a combined 11.69 million equity shares representing 6% of total equity have changed hands on the NSE and BSE so far, the exchanges data shows.

Currently, Midhani was trading 47% higher against its issue price of Rs 90 per share.  The company offered a discount of Rs 3 on the issue price to retail individual bidders and to eligible employees bidding in the employee reservation portion.

The stock iron & steel products company had made a tepid debut by listing at Rs 87, a 3.3% lower against issue price on the NSE and the BSE. The stock touched low of Rs 86.35, finally ended at par on first day of its listing i.e. April 4, 2018.

The issue, which ran on March 21-23, was managed to subscribed 1.23 times mainly on due to support from state-run insurance behemoth Life Insurance Corporation of India. The quota for qualified institutional buyers (QIBs) was subscribed 1.96 times, non institutional investors 12% and retail investors 72%.

Midhani, a Mini Ratna, Category-I status company - is one of the leading manufacturers of special steels, superalloys and only manufacturer of titanium alloys in India. These are high value products which cater to niche end user segments such as defence, space and power.

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