Hyderabad-based Electronics Mart made a strong stock market debut on Monday with its share listing at a 51.5% premium over the issue price.
The stock closed at ₹84.45 on its first day of trading on the BSE, up 43% from the IPO price of ₹59 per share. The stock touched a high of ₹91 during the day. Analysts are advising short-term investors, who bet on Electronics Mart’s IPO, to book profits.
“Investors may book profit at the current levels,” said Ravi Singh, vice president at Share India. “Place a trailing stop loss around ₹80 levels for the remaining positions. To re-enter, one can wait for lower levels for a better return from a long-term perspective.”
Electronics Mart now commands a market capitalization of ₹3,249.20.
“The stock appears to be suitable for short-term for a target of ₹120 with a stop loss of ₹75,” said Ravi Singhal, CEO, GCL.
