India's Shyam Metalics, Sona Comstar make stellar market debuts

Shyam Metalics and Energy

24/06/2021 07:56

** Shares of Shyam Metalics and Energy  SHYE.NS  and Sona
BLW Precision Forgings (Sona Comstar)  SONB.BO  log hefty gains
in their market debut
    ** Iron and steel manufacturer Shyam Metalics rose ~30.4% to
399 rupees compared to its issue price of 306 rupees, after its
subscription received strong response amid firm commodity prices
    ** Shyam Metalics' offering was subscribed 121.43 times at
the end of the subscription period
    ** Auto components maker Sona Comstar rose ~24.12% to 361.20
rupees compared to its issue price of 291 rupees
    ** Sona Comstar's issue did not attract a bumper response
and was subscribed just 2.28 times, according to media reports https://www.livemint.com/market/ipo/sona-comstar-ipo-share-allotment-how-to-check-your-shares-11624327964264.html
    ** "Both companies are present in niche space and have good
fundamentals and financials," ‍said Hemang Jani, head equity
strategist, Broking & Distribution, Motilal Oswal Financial
Services
    ** Both companies made their debut in a slightly firm Mumbai
market; the benchmark Nifty 50 index was up 0.34% by 0640 GMT
    

 (Reporting by Chandini Monnappa in Bengaluru)
 ((Chandini.M@thomsonreuters.com; 910867497919;))