Harsha Engineers shares continued their gaining streak on Tuesday, a day after the stock made a strong debut on the exchanges despite a market-wide sell-off.
At the intraday high of Rs 518.30, the stock Harsha Engineers shares were at a premium of 57 percent over the upper end of its IPO price range of Rs 314-330 on the BSE. At 12:15 pm, the stock was trading 1.82 percent higher from yesterday’s close at Rs 494.75.
Shares of the Ahmedabad-based firm were listed on BSE at Rs 444 apiece — a premium of 34.5 percent and on NSE, they began the journey at Rs 450 apiece, a premium of 36.4 percent. The stock finished its first day in the secondary market at Rs 482.9 apiece on BSE and Rs 472.5 apiece on NSE.
The management of the precision bearing cages manufacturer expects the company to exceed industry revenue growth of 6-8 percent on the back of its strong product portfolio.
Harsha Engineers has five manufacturing facilities, including at Changodar and Moraiya in Gujarat, Changshu in China, and Ghimbav Brasov in Romania.
"We are working on a lot of outsourcing of cages, and we see how the whole China Plus One strategy plays out... There are a lot of factors going into that. ...Because of China Plus One and outsourcing, we are quite confident that we can hit the teen numbers again," Vishal Rangwala, CEO of Harsha Engineers, told CNBC-TV18.
Harsha Engineers International's IPO to raise up to Rs 755 crore was a combination of fresh issuance of shares worth up to Rs 455 and an offer for sale (OFS) by existing shareholders.
Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!
In Ayodhya, voters talk of a promise fulfilled and yearning for development
May 17, 2024 2:10 PM
Fight of heavyweights in Sambalpur where farmers, weavers hold the key
May 17, 2024 12:25 PM
Odisha: Fight of heavyweights in Sambalpur where farmers, weavers hold the key
May 17, 2024 10:22 AM
Lok Sabha Election 2024: What rural Delhi wants
May 16, 2024 10:10 PM