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Shekhawati Poly-Yarn has an impressive debut

Shekhawati Poly-Yarn has an impressive debut
PTI
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First Published: Wed, Jan 12 2011. 11 06 AM IST
Updated: Wed, Jan 12 2011. 11 06 AM IST
Mumbai: Textile firm Shekhawati Poly-Yarn on Wednesday made a stellar debut on the bourses, opening at a premium of over 66% against its issue price of Rs30 on the National Stock Exchange (NSE).
Shares of the company listed at Rs50 per piece, reflecting a jump of a whopping 66.66% from its issue price on the NSE.
However, on the Bombay Stock Exchange, the new comer witnessed a modest debut as it opened 8.33% higher at Rs32.50. But within the minutes of trade, the scrip gained momentum and surged by 62.66% to an early-high of Rs48.80.
Meanwhile, the 30-share benchmark was trading at 19,214.07, up 17.73 points from previous close.
Shekhawati Poly-Yarn has raised Rs36 crore through its initial public offer. The company proposes to use the proceeds for buying new machines and corporate office and working capital requirements.
Shekhawati is presently engaged in manufacturing of texturised and twisted yarn.
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First Published: Wed, Jan 12 2011. 11 06 AM IST