NEW DELHI: Anupam Rasayan saw a tepid listing on Wednesday, as the share got listed at Rs 520 on NSE, a 6.31 per cent discount to its issue price of Rs 555
On BSE, the stock opened at Rs 534.70, down 3.66 per cent. The listing ceremony of the company took place at the BSE Convention Hall at 9 am earlier in the day.
Anupam Rasayan manufactures a variety of intermediates and ingredients for insecticides, fungicides and herbicides for agrochemical companies. Besides, it also produces anti-bacterial and ultraviolet protection ingredients for FMCG and pharma companies.
The recent market volatility had hit the grey market premium (GMP) of
Anupam Rasayan shares. The premium for the unlisted shared had plunged 54 per cent to Rs 80 in the unofficial market on Tuesday from Rs 173 early last week.
The Rs 760 crore IPO, which was sold from March 12 to 16, had received 44.06 times bids, with the HNI quota (NII) receiving 97.42 times subscription, the QIB quota 65.74 times and the retail quota 10.77 times.
At the issue price, the scrip commanded a PE of 95.2 times trailing 12-month basis on a restated EPS of Rs 5.80. This is significantly higher than the peer average of 33 times.
7 stocks that analysts believe can deliver good returns in the near term
Money-making ideas
Amid the heightened volatility in the market due to rising risks of bond yields and surge in Covid-19 cases, focus will remain on stock-specific action. Here are a few stocks that analysts believe can make good money for investors in the next few weeks:
Sequent Scientific | BUY | Target Price: Rs 270
The stock witnessed a sharp upside bounce on Tuesday and closed higher. This pattern indicates an attempt of upside breakout after a down trend. The 10-week EMA is continuously offering support for the stock price. The recent upside bounce has occurred from near this support around Rs 225. Traders can buy Sequent Scientific at Rs 244.25, add more on dips down to Rs 235, wait for the upside target of Rs 270 in the next 3-4 weeks. Place a stop loss at Rs 228.
(Analyst: Nagaraj Shetti, Technical Research Analyst, HDFC Securities)
Berger Paints | BUY | Target Price: Rs 825
The paint stock has been moving in a larger consolidation pattern over the last few months, as per weekly time frame chart. The medium term uptrend is intact and we observe a larger degree of higher tops and bottoms. The 14-week RSI shows positive indications. Traders may consider buying Berger Paints at Rs 745.95, add more on dips down to Rs 715 and wait for the upside target of Rs 825 in the next 3-4 weeks. Place a stop loss at Rs 695.
(Analyst: Nagaraj Shetti, Technical Research Analyst, HDFC Securities)
Symphony | BUY | Target Price: Rs 1,650
On the charts, the pattern of a classic higher highs and higher lows is intact. The moving averages on the daily time frame are sloped higher and this denote a strong uptrend. On the weekly time frame, the nearest resistance is around Rs 1,550, giving us a good reward to risk on the trade. Traders may buy Symphony at current levels for a rally towards Rs 1,550 and above that to Rs 1,650 over the next 6-8 weeks. Keep a stop loss below Rs 1,120.
(Analyst: Manish Shah, Trader, Researcher and Trading Coach, Niftytriggers.com)
GE Shipping | BUY | Target Price: Rs 430
On the weekly charts, the stock is showing major signs of reversal which could mean a long term reversal in trend that could last for several months. On the daily time frame, we see prices in a range of Rs 340-300. This is a short term pause within an ongoing uptrend. The longer term moving averages show a rising trend on the daily time frame. Buy GE Shipping for a rally towards Rs 375 and above that to Rs 430 over the next 6-8 weeks. Keep a stop loss below Rs 290.
(Analyst: Manish Shah, Trader, Researcher and Trading Coach, Niftytriggers.com)
Analysts said considering the company's 75 per cent capacity utilisation in the first nine months of FY21 and likely interest cost savings from debt repayment from IPO proceeds, earnings can potentially grow 35-40 per cent CAGR over FY20-23.
Despite factoring that, at the issue price, the scrip was valued at over 40 times FY23 earnings, which was expensive compared with its quality peers like SRF and PI Industries.
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